Bitcoin is "literally" not a Ponzi scheme. Ponzis are an investment fraud where fraudsters pay old investors w/ new investor $$, unknown to either. Also, $25 million a day in investor cash "literally" does not go to miners.

Maybe dumb for you to spend $$ on, but not a Ponzi. https://twitter.com/JorgeStolfi/status/1343152597293801473

This is not a Bitcoin panegyric. You can think Bitcoin is heavily manipulated, a stupid thing to spend money on, used for bad things, etc etc etc. it simply doesn't meet the definition of a Ponzi scheme. If you're going to argue against it use better arguments & legal theories.

Among other things, you'd have to show intent to defraud, which means "to act knowingly and with the intention or the purpose to deceive or to cheat" & reliance on false statements made by defendants w/ intent to induce it.

Ponzi as a legal theory, standing alone, against "Bitcoin" doesn't work in the U.S. Other theories that might against individual defendants (or groups of them). But you can't successfully paint the asset writ large as "a Ponzi", that's as dumb as claiming it's not manipulated.

Let's also acknowledge that the fact that Bitcoin price is manipulated isn't an argument against it. Name a commodity whose price hasn't been manipulated? Hell, we have an entire statute devoted to Onions in the US, just for this reason.