Cash flow analysis allows us to sidestep thinking about utility and price by drawing a circle around Bitcoin and calculating cash in minus cash out. The only cash in is new investors and the cash out is miners+old investors selling.

The only way the current crop of investors can make money is by getting even more newer investors (ie greater fools). Eventually such a scheme will fail because of the same reason that ponzi schemes fail.

Compare this to something like apple which has an additional cash in (ie the company's profits). So the apple investors can make money without needing more investors.