a fake investment is when you are investing in something useless. it is like if you were investing in bags of dog shit and kept buying more of it. since it is useless, it is a fake investment. similarly investing in altcoins that are useless fall under the same definition.
but when what you buy has utilities such as bitcoin (a decentralized payment system) then the investment is meaningful.
you argument can NOT be about whether bitcoin is fake investment or polluting environment. your arguments MUST be about why you think bitcoin is useless when it is clearly providing hundreds of thousands of people all around the world a great and unique utility?
No, a fake investment product is when profits for investors can come only and only from new investors. A real investment product is when profits for investors can come from both, new investors and business arrangement behind the investment product. Moreover, the latter is what constitutes the real value of a product. Meaning, the real value of a product where profits can come only from new investors iz zero.