Unpacking the Ponzi Scheme label

Ponzi schemes involve the greater fool theory

Ponzi schemes also involve fraud or lies

How do we determine what is fraud

How can a decentralized blockchain like bitcoin punish those that lie or mislead? We can't because decentralized means no one is responsible or no one has any liability

What is considered an investment, gambling, or speculating

Bitcoin is better described as a greater fool game, not necessarily a ponzi

Every asset could have elements of zero sum game on top of fundamentals. Gold market for instance. 

Gold has consuming demand, or a utility, bitcoin does not. 

Zero sum games aren't illegal. People like gambling. 

A lot of misleading information about the crypto industry that makes an already hard to understand abstraction like crypto even more confusing to understand- like this statement 'bitcoin is better than real estate- which is never challenged. 

When do misleading statements about what bitcoin is become fraud? I'm not sure the answer to this question, but I'm confident that if bitcoin isn't labeled a security, no one is responsible and soon Michael Saylor will be saying bitcoin is better than food. But is it a lie or just dumb? It isn't a crime to be dumb.