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> Ponzi scheme

Doesn't meet the requirement: New investor money to pay old investors.

Which is not to say it's problem free, but that problem is at the exchange level. Art suffers the same flaws. And Yachts. And on and on and on. That's why we have regulations.

Desperately need regulation at the fiat/crypto exchange

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Yes it does - Bitcoin is mainly used for speculation. Paying for groceries with Bitcoin is too expensive (transaction fees) and you typically cannot use your Bitcoin savings as a collateral for another investment due to the price volatility.

This means that if you want to cash out, you need someone else to invest their "new investor money" in Bitcoin.

Nah, a lot of things are that without being a ponzi, like Amazon stock. It pays nothing. Does nothing. Requires you to find someone who will pay more than you paid and sell it to them to make money.

It’s not.

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