Doge Branded as Ponzi by Federal Reserve Bank of Minneapolis President
Jeez louise. I guess I give up on my stop misusing the term Ponzi scheme rant. Doge is all sorts of terrible things but it does not meet the traditional technical definition of a ponzi scheme when all of the gains to investors are generated via sale of assets on the open market and they have been totally honest about the nature of the asset from day one (it's a joke, it's a toy, don't take it seriously), and there is no structure of payouts that ensures that money from specific investors gets funneled to other specific investors based on seniority. It literally meets none of the criteria except for the sole fact that people that bought early made money(which is true of literally any asset that has gained in value over a time period).But I guess Ponzi has been officially redefined to "speculative asset that is in a bubble" at this point if that's what the regulators are going with.Except what do you call the thing Bernie Madoff did now? Because that had nothing to do with "speculative asset in a bubble".