that's exactly how I see crypto. I don't know why ppl are buying BTC. I feel even Peds have more use than BTC. I can't buy anything with BTC. Biggest Ponzi currently. Ppl just buy BTC hoping that other ppl will pay more for BTC than they paid for. definition of ponzi right there.
If I don't see people starting around me, does that mean there is no world honger? No, it doesn't!
Point 1:
There is thousands of places today where you can pay directly with BTC or alike, There is thousands of BTC atm's around, There is many thousands of webshops that accept crypto, Today there are quite a few ppl that live without a regular bank account, and using their crypto accounts for everything...
so... maybe crypto hasn't penetrated to your living environment, but there definitely is use case for it today.
Point 2
Gold has been around for quite some time. The arguement of gold is that its value has remained more or less stable throughout the ages. Let me explain: 1 ounce of gold allows you to buy a custom tailored suit. In the 1950's that suit costed 40 USD, today that suit would cost you around 2000 USD.
So basically gold has been increasing over time, due to money devaluation. The realistic gold value is give or take a bit, the same as it was x years ago. The usd amount has increased because its value has decreased, mainly due to inflation and money printing.
According to your view above, gold is one big ponzi!
People who bought gold 20 years ago, are just hoping that ppl will pay more for gold then they paid for. Definition of a ponzi right here... ?
Definitely NOT. There is a big difference between wealth preservation, and short term ponzi. Bitconnect, now that was a ponzi. A fun one, but a ponzi. It ran for like 6 months to a year. Davor was another ponzi. It ran for like 4 months before it busted. Ponzi's pop up and go away.
Point 3
Typical ponzi's go up and up and up untill they are bust. BTC goes up and down just as the stock market does, and will over time raise just as the stock market and gold do.
BTC has been here in the digital age for 15 years now. It isn't going anywhere. Currently the worlds' largest asset management companies are involved, such as Blackrock, Vanguard, Fidelity, and many national banks as well inclucing some of the richest national banks on this planet.
People by BTC because the don't trust their national currency. The only thing national currencies do is devaluate your wealth. For example when you earn 3000 USD today, you won't be able to buy with it in 1 month, then what you can buy with it today due to inflation.
It has been like this for centuries. Currencies come, devaluate, and finally disappear. Some people see this large scale economic factors and try to hedge against it.
Investors say that, putting your wealth into USD is a sure bet to loose value every year.
Some call the USD an 'international tax': New currency is printed, the usd you have in your pocket devalues, and its value goes to the newly printed currency. It is called, weath transfer. Not everyone is a fan of their hard earned wealth diminishing, hence hedging against it. Some ppl see value in crypto for this reason, others do more stockmarket, precious metals or rental properties or something else, some do it all...