LUNA: A Ponzi All Along?

Luna UST Crash. Luna Crypto. Ponzi Schemes.

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With the latest $40 billion dollar crash of the cryptocurrencies Luna and UST there have been a whirlwind of comments calling the project an outright Ponzi.

But is it really? I feel like I intuitively know what a Ponzi is... some entity is collecting money from new investors to pay out old investors until the money runs dry and the whole thing falls apart
However, doesn’t that also mean gold is Ponzi?

Let’s think about it.. Gold doesn’t produce value.. Like buying gold doesn’t pay you cash... because of this investors only make money when they’re able to sell the gold to a new investor for a higher price
By that logic it kind of sounds like a Ponzi.. But that can’t be right? Gold is useful.. We put it in electronics.. And it is scarce.. The world only has so much...

Then we have crypto projects like the failed Luna and UST
It looks very similar.. New investors paying old.. Pushing prices higher and higher until the music stops. The answer to all of this is far more complicated and fascinating than I would have ever expected..

UST
Terra Luna
Ponzi Scheme
Crypto Crash

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