Really hate imprecise language, a Ponzi scheme is literally a fraud predicated on bringing jn a constant supply of new investment dollars to pay the earlier inv

Really hate imprecise language, a Ponzi scheme is literally a fraud predicated on bringing jn a constant supply of new investment dollars to pay the earlier investors (fraud because there either is no underlying asset at all (Madoff's returns) or its value is fraudulently misrepresented to investors (the original scheme by Mr. Ponzi himself)) It is not * speculation or "asset bubbles" (I don't believe in bubbles, but they are definitely not Ponzi schemes) * MLM / pyramid schemes (although these can also be Ponzi schemes, usually when the promised levels of operational support, marketing, product dev, etc. aren't honored) * pump and dump / option manipulation ( these can be fraudulent, but they're not Ponzi schemes - they don't require a steady flow of investors to sustain themselves - in fact, one large institutional investor can be sufficient)