Part 6/9:
In dissecting the argument against Bitcoin, Livingston illustrates that no promise of returns, no central operator, and no requirement for new buyers defines its structure. Unlike Ponzi schemes that require new participants to function, Bitcoin offers no illusions or guarantees—just a transparent and decentralized monetary system.
Bitcoin is labeled a “monetary exoskeleton” for individuals and communities seeking power over their financial destinies, representing a form of ownership untethered from traditional financial control. The core of his argument lies in the recognition that Bitcoin’s essence is not about leveraging others but about the autonomy it provides to its users.