This definition is not the best since at the very least it missed that a Ponzi scheme lacks transparency and is fraudulent. PG had one of the best definitions:

This definition is not the best since at the very least it missed that a Ponzi scheme lacks transparency and is fraudulent. PG had one of the best definitions: "a rapid increase in buying based on the expectation of soon selling to a sucker willing to pay more". It's in an old Startup School video and I doubt I am getting his wording correct.