First---I refer to it as a pyramid--different from a Ponzi scheme. A pyramid scheme just requires that the returns be predominantly from bringing in additional purchasers rather than production of value.

For a product to have a non-zero value, it is not enough for some people to have used it. There needs to be enough usage over time and sufficient value added to exceed the costs involved.

For the reasons I have outlined in the article and my responses to the comments, it is unlikely the achieve sufficient usage over time. There are far less costly technologies for moving funds. When one adds the environmental costs of mining and the social costs from its abuse, the long term value added is negative.