People who get USD do not expect it to gain value on the long term. They do not see that as a speculative investment. Some will use it as a reserve currency, mo

People who get USD do not expect it to gain value on the long term. They do not see that as a speculative investment. Some will use it as a reserve currency, most simply as a currency. I guess you can argue some way or another that this is a scam, but certainly not of the Ponzi form, where the returns are funded through the new entrants.