> But maybe it could have been? Maybe for a while, but ultimately no - reality will assert itself even if you have stopped believing in it. Made-up valuations

> But maybe it could have been? Maybe for a while, but ultimately no - reality will assert itself even if you have stopped believing in it. Made-up valuations of faith-based assets are insubstantial, and anything that is entirely that is completely without substance. There's no financial principle which says it is not a Ponzi scheme until you notice that it is.