Well Madoff funnelled it into lifestyle. Technically you are correct. A ponzi is a single entity paying returns from new marks. It is a straight con. But some

Well Madoff funnelled it into lifestyle. Technically you are correct. A ponzi is a single entity paying returns from new marks. It is a straight con. But some systems can be ponzi-like in that they require more and more investment and people get rich by selling into that. Bitcoin is an example.