There are a lot of more or less valid criticisms of crypto currencies.
While the environmental concerns are true for PoW coins (to a point, where I would simply forbid this madness), it is less of a problem for Cardano and other PoS coins. The ridiculousness of NFTs – spiked with misunderstandings of what they really prove (almost nothing) and what you are really buying there (almost nothing) – is also a very valid criticism, especially since it is such an omnipresent hype.
But I was thinking a bit about the Ponzi scheme accusation. People getting into crypto currencies and then having a huge incentive to fuel the hype, so that they can later sell their coins to an even more naïve newcomer with large profits … until the flow of newcomers dries up, the system collapses, and the last holders lose everything.
If a crypto currency succeeds in becoming a useful currency in the long term, the system collapse and the loss of everything will not happen. It will “just” be that at some point buyers cannot expect huge gains in value anymore. The usefulness will have to suffice as an incentive to buy into an ecosystem.
But, what about the early birds? If Cardano will at some point be spectacularly successful and attract one billion users, then their average wealth will be 45 ADA (fixed maximal supply 45 billion ADA divided by 1 billion people). So (again if it is successful and useful, which is just a hope or belief now), the value of these ADA in fiat money or in purchasing power will be many times of what it is today.
This will be an unequal community/society from the very start! Those who had the information and the money lying around to enter now (more so two years ago) will be ridiculously rich for nothing more than buying an obscure coin early enough. Yes, it’s a risk. One could argue that risks legitimately should bear the chances of some profit. But becoming the Ebenezer Scrooges of tomorrow just because you had 1000 Dollar lying around in 2020?
Is this really a better system than the old one? Or are the profiteers just (partly) others?