Oddbean new post about login | logout Hear me out, if a Ponzi scheme is done correctly shouldn’t it work?
You'd need the original suckers to buy back in repeatedly and you lose value to the people at the top every time. Sort of like government and taxes.
I thought the takeaway is that there is no such thing as doing a Ponzi scheme correctly. They are doomed to fail from the start because of the structure of a Ponzi scheme.