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.
I think many people recognize it that way based on its beginnings. I think, many of the people who has gained so much from it today are those that tried different strategies in order to gain it as quickly as possible knowing and feeling that it will be big quite quickly, and so, no other way to do that buy through using ponzi schemes or networking strategies. That way, they can get some capital by the use of other people which they will then use in order to gain more assets. Unfortunately, maybe some really did scam a lot of people to achieves their ends.