I found the article interesting and makes good points. One possible difference between bitcoin and a Ponzi scheme – in your definition you say the early investors in a Ponzi get their returns out whilst new investors provide more funds. But are big early investors in bitcoin actually getting their money out? The value is increasing sure but are they cashing in or are they hodling and if so isn’t that a bit different to a normal Ponzi scheme ? Curious as to your view. Thanks!