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

I think a big misconception is that crypto is billed as currency, but in its present form and how the population interacts with it, it's really just an investment. The main reason people buy it is to hope for a return.

I've invested and profited from crypto, but I don't see a future without government regulation if it was truly to be used. Once governments step in, the game completely changes and the crypto community seems to disregard any potential negative impact from this regulation. Everyone turns a blind eye and doesn't even consider the fact that their coin can depreciate. I've had people tell me the Fed is too stupid to create their own blockchain network and basically render any current project useless.

I'm interested to see how crypto reacts in 2022 with the rate hikes on the horizon because crypto is treated like a high growth asset, but the difference between a high growth company and crypto is that crypto fundamentally has no backing to support its price. Crypto and the stock market have both greatly benefited from QE the past year and a half so we'll see how it plays out.

Digital currency is the future, but I'm not sure why any current project would be used by a major central bank and I don't understand how people are so steadfast in their opinion that their coin has no downside risk, especially at current price levels after the run up.