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>>Payment system, currency, or ponzi scheme?<<

None of the above. It’s a speculative investment in something that few people understand at all. It can’t serve as a payment mechanism because it’s far too volatile. And it’s not a currency because it’s not generally accepted by everyone doing business in a country (and never will be due to it’s failure to maintain a stable value from one transaction to the next.)

It appears similar to a Ponzi scheme only because early holders are able to sell to new holders at significantly higher prices. But then so do holders of rare collectibles, and no one considers those Ponzi schemes.

Buy it, sell it, speculate in it all you want, but that’s all it is—a speculative investment. It will eventually go the way of carbon credits, toward zero over a short time span, as it’s utility is deemed worthless and the perceived risk of holding it becomes considerable.