Correct. Using new investor money to pay out old investors would make it a ponzi. At this point, from what I can see, it's all money going in, nothing coming o

Correct. Using new investor money to pay out old investors would make it a ponzi. At this point, from what I can see, it's all money going in, nothing coming out yet. So hence, not ponzi. It may be a bubble. Or it may be smart investing. At this point it could go either way.