@suetanvil I was intentionally avoiding that specific description, though the more I think about it, the more I'm thinking it fits. Payouts from cryptocurrency scams can, by definition, only come from those who've paid into the system later, and eventually, that list of fools will end.
Unless the tokene become directly transactable for other goods as the principle use of interations and transactions. Which it seems pretty clearly isn't the case.
I'll provisionally say that "Ponzi Scheme" fits quite well, if not perfectly.
Disclosure: this isn't my take; I borrowed it from... somewhere? An economist, I think?
But yeah, it's a Ponzi scheme without a Ponzi. Everyone is either a sucker or hopes they're not part of the last wave of suckers.
@suetanvil Nassim Taleb: A tulip bubble without the aesthetics.
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