I seriously don't know the difference between the concept for bitcoin and what Bernie Madoff.

[Bernardo de La Paz]

11. Not Ponzi, but still a house of cards. Nothing stopping bitcoin holders selling out and buying etherium etc.

There is not backing behind it. No intrinisic value. No industrial usefulness. No "full faith and credit of the government".

The closest it comes to Ponzi is "the greater fool theory" of stock ownership. People buying Tesla stock are thinking "Regardless of what happens later, I will be able to sell to a greater fool than I". It's like "meme stocks" that get pumped up far beyond natural value by retail investors buying a wave.

The only reason bitcoin has value is people think other people value it. They used to think it had value for dark web transactions and it still does, but more and more authorities are able to trace transactions.