> early investors cashing out as gullible later investors buy in This isn't the Ponzi dynamic. Full stop. In a Ponzi scheme, early investors suffer just as muc

> early investors cashing out as gullible later investors buy in This isn't the Ponzi dynamic. Full stop. In a Ponzi scheme, early investors suffer just as much as later investors if they never cash out. "Buy low sell high" (and the reverse) is not the Ponzi dynamic. Speculative asset bubbles do not require continual new investment. They are essentially zero sum games, and if they are traded thinly enough, can be propped up by a tiny band of holders (or even a single trader doing wash trades!). Ponzi schemes are frauds, but not all frauds are Ponzi schemes.