[4ggr0]

I think people refer to some cryptos as a ponzi scheme in the way that for a lot of coins the only reason that they have a value is that lots of people own them. So the strategy there is to buy low, try to convince or just hope that others will buy it as well, which drives the price up, then sell it when the price is up.

In that description the people on the top of the pyramid are just the early buyers or founders, and the later you buy a specific coin, the lower on the pyramid you are. When early whales start selling of their bag, you as a late-joiner will be left holding your own bag.

This of course does not necessarily apply to the minority of cryptocurrencies which have an actual use-case other than just existing.