Why should that particular pyramid scheme be labeled a crime in the first place? It just seems so arbitrary to me.
Err.. because Bernie Madoff didn't tell his investors that he was running a ponzi scheme? (Maybe you need to research the definition of "fraud").
Tulips were the flowers of the future in 1637. Railways were the transport mode of the future in 1845. Joint stock companies were the trading organisations of the future in 1720. They all bubbled and crashed. I'm not saying that blockchain will crash, and vanish as a technology; I'm saying that Bitcoin will crash. I'm not saying that joint stock companies disappeared in 1720. I'm saying that the South Sea Company bubbled and popped. Its shareholders lost their money, and its directors were indicted and sanctioned, crooks that they were.
How does any of that have anything to do with bitcoin? Bitcoin is totally unique. There is no comparison with any past investment - successful or otherwise.
Unless you have evidence to justify that, here is why I won't accept it. Bitcoin is bought and sold, by people who intend to secure capital gains from trading in it. That has plenty of "comparison with past investment". You're like some Bible thumper: my holy book is totally unlike any other book. There's no comparison. Well, show us why.
Apparently there are about 1000 cryptos you can buy.
And yet in almost 500 years of history you can only find 3 examples where investments of that sort of investment that ended up badly. You can't say "ergo bitcoin" because you need more similarities that just people put a lot of money into them. You need to do a point by point comparison with each individual example and show that bitcoin is matching these points exactly.
No I don't need to do anything like that, because your claim is that
Hmmph! I knew you wouldn't be able to do it.
That's why bubbles are often created from impressive new technologies. The promoters have a convincing selling point: there's never in the past been anything like these ... railways, interncontinental trading organisations, internet, tulips ... whatever is being marketed. And that is often perfectly true. So, they say this time it's different. It will go up and up, and never come back down.
So what? Most businesses fail in their first year operation. The extreme examples that you cherry picked failed because ultimately they were based on contracts that would become unfulfillable. In the case of the tulip mania the problem was offering massive amounts of money for tulips that hadn't been grown yet. In the case of the company stocks that you cherry picked, the company couldn't match the hype and so failed.
I d buy that