Anyone can call it ponzi scheme and fraud but if you think of it, everything worldly is fraud. You buy apple products with thousands of dollars but how much are they really worth? Why would people give out thousands of dollars for a macbook when they can buy a laptop for $300? Is it really worth that much or is it just another ponzi scheme that apple is bringing to the world better gadgets than any other brands? So we're talking about bitcoin now. What are we really paying for when we buy bitcoin? We pay for an online program and the people running the program helping transactions go through, or we call mining. Miners put in so much time and most especially the cost of mining is so much. That is merely the reason why bitcoin will cost much and if incase it will dive too low and will not be enough to pay for miners, then that could be the time bitcoin will die, or not.
We cannot really control what other people say bitcoin is. We are all entitled of our own opinion, we can call bitcoin whatever we want. We should not really care. Its not making any sense having a conversation with people who are closed minded.
People probably talked negatively about currency when it first started out. Intially people bartered goods or paid with gold. So the idea of a standard token backed by a bank probably sounded mad. But traditional currency lasted a long, long time. Of crypto can be used for fraud, so can ordinary currencies. Hopefully, we'll look back one day at things people said about Bitcoin and laugh at them.