It’s a Ponzi scheme, but he’s not afraid or shamed to blatantly state it because the gains and the responsibility for it are distributed. They are betting that

It’s a Ponzi scheme, but he’s not afraid or shamed to blatantly state it because the gains and the responsibility for it are distributed. They are betting that when the crash comes they can throw their arms in the air and say “well that was to bad, sell pressure outweighed buy pressure as the value went to zero, but that’s not our fault” all the while everyone who ever put money in the box have been slowly draining the excess. Naturally those in the know and on the inside have had the best oppotunity to drain the spoils, but in principle anyone could have done it all along. And so it goes that it’s not their fault and they didn’t mislead anyone. It’s just a Ponzi scheme going Ponzi, with everyone who joined up being partially to blame all on their own. I hope it doesn’t go down like that, but that’s what it looks like.