Bitcoin vs Central Bank Manipulations

I am not a crypto fan but I have commented on many occasions that it is a free market construct. 

And although some cryptos may be Ponzi schemes, neither Bitcoin nor Ethereum is in that class. 

Modern central bank operations are far removed from free market constructs. And central rate setting central bank manipulations that require lower and lower interest rates and ever-increasing amounts of debt for Peter to pay back Paul have all the hallmarks of one giant Ponzi. 

One Giant Ponzi     

That is the thought-provoking assessment of Wolfgang Münchau in his Eurointelligence column Let's talk Ponzi

Macroeconomists have been hyperventilating recently about bitcoin and other cryptocurrencies as Ponzi schemes, the original snowball investment scheme. Behind this assessment lies a combination of wishful thinking and ignorance. I would acknowledge that some of the critics understand bitcoin on a technical level. The ignorance is about why people want to use non-fiat money, and why it was created in the first place.