Bitcoin IS the business, and there is a near zero fraud element.Bitcoin is a ponzi scheme because it's a near zero-sum game (it's not truly zero-sum due to mining). One person's losses are another person's gains.
Stocks, by comparison, are not zero-sum because they reflect ownership of an underlying (and likely profitable) business.
You buy\mine BC, you know exactly what you are doing and why. The entire process and value is reflected constantly, just like stock prices. And NOBODY will lose money because of a built-in lack of honesty and fraudulent intent that is any worse than the stock market.
A Ponzi scheme has none of those qualities.
I know some folks are probably sick of me saying this, but you place your bets and you takes your chances.
Stocks also have intrinsic value, whereas cryptos have none. Speculative buying and selling of an intrinsically worthless asset = ponsi scheme.
With all respect, that is one of the worse definitions of a Ponzi scheme I have heard.