To the OP point, that's just not a ponzi scheme. If the early investors were getting some kind of dividend that was actually just new investor inflows repurpos

To the OP point, that's just not a ponzi scheme. If the early investors were getting some kind of dividend that was actually just new investor inflows repurposed, then sure. But something with an advertised market value, that is just people buying and selling the shares, is not a ponzi scheme by itself. It's just misuse of the word. Pump and dump, sure. Ponzi scheme, no.