The blockchain itself is nothing bad or wrong, it's an interesting piece of technology in fact. The issue is that the current valuation of the whole crypto market is based on future, hopeful and unrealised potential, based on shaky foundations and questionable politics, not on actual value. Which is fine, but it starts to be an issue when laymen buy into it because they see a high price and think this must mean high value. And thus it increases, and more hopefuls and people with more money than sense keep the party going and more suckers are pulled in. But while the price has increased a million-fold over the years, the value has remained the same.

Yes, it certainly feels like a Ponzi scheme.