The strange thing about Ponzi schemes is that they can be very popular, even if participants know they're join a Ponzi scheme.

The MMM Global ponzi scheme has been operating in the open for about a decade: https://en.wikipedia.org/wiki/MMM_Global

Ponzi schemes benefit greatly from a public perception that "all markets are rigged". Ponzi schemes can feel like a rigged game where they have a chance to get in on the ground floor of a rigged game. They also benefit from false equivalencies such as "after all, nothing good lasts forever" to make ponzi schemes feel like just another bull market opportunity that won't last forever.

It's akin to gambling. Many entrants tell themselves they'll only allocate as much money as they have to lose, or that they'll withdraw their initial investment after the first 100% gain. Sadly, they usually get overconfident when the scheme doesn't immediately collapse and end up investing far more than they would normally be willing to risk.

Yeah, the unfortunate consequence of the widespread misunderstanding and demonization of finance is that everyone thinks its all "made up" or "rigged," and then when they see something that REALLY IS rigged they think it's normal.

Wtf is a pancake swap?

Or another one: sushi swap.

Perhaps this should be a measure of a bubble too: when you ran out of names and you start using food to name financial contracts.