“Yes, it is a Ponzi structure. But it is not a Ponzi,” he said. Rong explained that in a true Ponzi scheme, the organizer would have to handle the “fraud money.” Instead, he gave the sneakers away and then only took a small cut of each trade. “The users are trading between each other. They are not going through me, right?” Rong said. Essentially, he was arguing that by downloading the Stepn app and walking to earn tokens, crypto bros were Ponzi’ing themselves.
