Yeah well Paypal is still better faster and cheaper. I don't see why I need to buy Bitcoin just to buy something from Japan. A ponzi is something that relies only on new recruits to grow. Since when was Bitcoin backed by something else than new recruits?
Paypal has burned way too many people, with frozen accounts, etc, for you to win that one.
A ponzi is something that relies only on new recruits to grow, and
BTC has that in common, to some extent. However, gold is
not a Ponzi and someone has to buy the newly mined gold or prices will eventually crash.
Sure, Paypal sucks. It was an intentionally ridiculous example. We need to learn from these Bitcoins design flaws which are increasing blocks size and the transparent ledger. These two features lead to the centralization of Bitcoin. For example Monero has a dynamic block size which eliminates the need for miners to merge as unions and the stealth ledger that prevents identifying user, node or miner.