I first came across Bitcoin in 2013. A decentralized way to transact anywhere in the world, anonymous, fast and without high bank fees. To be honest I was enthralled, the libertarian side of me loved the fact that we finally had a way to get government out of our money. So, what went wrong?

Obsolete tech. We live in a fast paced world with rapid technological changes happening everyday all around us. There is no place for old technology. Yet, if we look at block-chain technology, it is 10 years old. If I asked you to "invest" in my revolutionary software called Windows 7 (also 10 years old), how much would you be willing to part with? Yet, millions of people still believe that the block-chain is the next big thing.

Useless tech. It is all hype, with very little function. In the past 10 years nobody could come up with a use for block-chain technology, except coming up with a plethora of other crypto-currencies like, Litecoin, Ethereum, Bitconnect, there is even a Dogecoin, Garlicoin and soon to be launched Killyourselfcoin, I kid you not.

Inefficient tech. Instead of storing a transaction on a bank's mainframe, Bitcoin takes another approach, a more 'retarded' approach, to put it mildly. If a government scientist where tasked to come up with the most inefficient database, that requires the same data to be processed, stored and verified by thousands of computers, he might come up with the block-chain. As Teunis Brosens, an economist at ING pointed out, it takes almost 200 kilowatt hours of electricity to authenticate a single Bitcoin transaction across the network. In fact Bitcoin mining (which requires power hungry computers) now uses more electricity than 159 countries.

Lack of adoption. A currency needs to be widely accepted to be successful. Despite what the true Bitcoin believers will tell you, this has not happened in the past 10 years, and I doubt it will ever happen. You still cannot walk to 711 and buy something with crypto. Sure, you can order drugs of the darknet with bitcoin, but that is more of a niche purchase. And with new tools developed by law enforcement agencies to track and identify crypto users, those days are fast coming to an end.

Which brings us to the ponzi part. A ponzi scheme is an investment scheme where the operator generates profits for existing investors on the back of new investors, without actually trading or engaging in any business other than the ponzi scheme. This description perfectly fits Bitcoin, the more suckers "invest", the higher the price goes. But what are they buying? Nothing, literally nothing. People are handing over their hard earned money for "special" numbers on the scammers computers. Sure, these are "limited, super special numbers", but at the end of the day, they are still worthless.

In closing. Bitcoin's $12000 "value" is completely removed from reality and there is no justification for it. At this stage it is no longer a currency, but a cult, which will most likely come crashing down sooner than later. But then again, I might be wrong, only time will tell...