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As long as the vast majority of Bitcoin owners are HODLing and not using it, it's behaving as a Ponzi. Bitcoin has a few uses, but getting rich speculating on it isn't one.

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Bitcoin bubbles burst all the time. Everyone have the opportunity to buy "cheap". Why do you care if some people take the risk to "hodl"? You can still get in (and take the same risk) without buying _their_ coins.

That's not what I meant, and that you're thinking this kinda proves my point. People holding onto Bitcoin hoping to get rich don't contribute to Bitcoin as a technology. They're making Bitcoin a speculative asset.

Bitcoin is supposed to be used as currency. The vast majority of Bitcoin owners don't do that.

Of course they don't contribute to Bitcoin's technology, they are not coders. Using Bitcoin as a speculative asset is part of the adoption process. It is not yet a currency, it will take many years to be completely adopted. It's a natural process, I cannot imagine any other way for a decentralized currency like Bitcoin to become a global reserve currency. Can you?

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