Is Bitcoin a ponzi, a greater fool scheme, a bubble, a scam, intrinsically worthless? Using logic to refute all claims

1) Greater fool scheme

All assets or investments can become greater fool schemes at one point especially during speculative excesses that make people fomo in so the relevant question is, is Bitcoin more than a greater fool scheme?

The answer is yes. Bitcoin does not depend on more users(or fools) coming in to function as a store of value, medium of exchange or even investment.

Our monetary supply is in constant expansion, an ever increasing quantity chasing a limited number of goods. The market responds by producing more goods but Bitcoin can't be produced in larger quantities so it price will go up more relative to other goods that can be produced.

That means the price of Bitcoin will go up faster than anything else you can acquire even if the number of people in the network doesn't grow making it uniquely useful as a store of value even in absence of any greater fool dynamics.

2) Ponzi Scheme

A ponzi scheme is a centralized scheme, promising guaranteed high and fast returns often in form a dividend, for example 30-50% returns every month. Dividends are paid out with money from new people coming in. As such a scheme can't last and has no utility other than making unsustainable payouts it is mathematically guaranteed to collapse. Bitcoin does not have a centralized operator and it does not have certain payouts of dividends so it does not meet the criteria of a typical ponzi scheme. Sometimes people claim that Bitcoin is a ponzi scheme in a broader sense. In that case they would be referring to a greater fool scheme that was already discussed and refuted above.

3) Bubble

Bitcoin is also often called a bubble. All asset classes have at one point experienced bubbles. A bubble doesn't mean that an asset isn't legitimate just the prices are driven up to unrealistic valuations that can't be sustained. A bubble is a collective psychological phenomenon driven by greed and fomo.

Historically we can see that this process reverses itself pretty quicky. Bubbles last a few months to 2-3 years at best. Once prices correct, the bubble is over. Bitcoin has certainly experienced intense fomo phases that resemble bubbles but it also has experienced long bear markets. We are certainly not in a bubble now after a 2 year bear market. Since Bitcoin was not in a bubble phase for much of it's existence it can't just be explained by bubble psychology alone.

4) Intrinsically worthless

The problem with intrinsic value is that the term is poorly defined and can have different meanings.

In the end what matters is anything that is useful to some human being in one way or another and that requires some effort to obtain will have a value to some humans and also have a market value. Since Bitcoin can be useful in some ways(send money, protect money, store money safely, serve as an alternative to banks etc.) it also must have a value to some humans and it also must have a market value. For practical purposes it can't be worthless.

There is another problem with the concept of intrinsic value. All fiat currencies are often considered to have no intrinsic value. If we require Bitcoin to have something all other monies don't have we are not using objective criteria to evaluate it. Therefore we can also reject the intrinsic value argument in a different way as we can show that money doesn't need to have an intrinsic value.

TLDR; We can use logic to refute common arguments that are made against Bitcoin by showing that they are not based on any sound reasoning.