Yes, Bait and Switch is the right term. The author is trying to allude to the positive business sentiment of an every growing base which fuels the hustle until

Yes, Bait and Switch is the right term. The author is trying to allude to the positive business sentiment of an every growing base which fuels the hustle until there are no more takers, but it doesn't quite work I think because it was always costing and losing money. With Ponzis, you need cash from ever more investors to payout previous investors.