re: Why bitcoin is worse than a Madoff-style Ponzi scheme

if you ascribe to Metcalfe’s Law where the intrinsic value of a network is proportional to the square of the number of interconnected users of that network, the market cap of BTC should be parabolically linked to the adoption curve. I think the adoption curve is likely to look like a logistic curve (sigmoid function shape) where you see exponential growth transition to linear growth and ultimately to slower growth leading to saturation at some point. I think we are in the start to middle of the exponential growth phase of the adoption curve. At that end point the only gains the network would see is relative to the debasement of whatever you are measuring the network value in, because “absolute value” would have hit its final value assuming adoption stays constant