Yep, I’m going with ponzi for bitcoin.
It is hard to figure out what exactly BTC is, my sense is it is akin to a piece of Picasso.
It doesn’t need more and more entrants to keep rising – it just needs a stable amount of people buying and requiring it for some transactions.
A view I like is that it is shares without all the BS of companies and profits and exec bonuses.
Many people saying it was all a big scam and ranting about “bricks and mortar” being more important than all this virtual software stuff.
It only goes up because the currency it is being measured in, USD, only goes down.