It's a decentralized Ponzi scheme. Just because no one person or entity is orchestrating it doesn't mean it doesn't have the hallmark mechanisms of a Ponzi scheme. Do profits come from anywhere else but new investors? That is the only question needed to establish whether or not it's a Ponzi scheme.

Some of them do promise large returns. And the rest, while they may not directly promise it, certainly insinuate it. Chanting "have fun staying poor" is an indirect way of asserting that you KNOW it will go up, leaving nonholders poor. The entire "HODL" doctrine that's pushed is the philosophy that you WILL make large returns if you hold long enough. Don't play dumb. If it's not direct promises, it's everything short of that. The entire subculture is built on it.

And of course, they do try to attract new members. Why is there advertising in the Super Bowl? On Wall Street? In NBA stadium names? Why do they try to "orange pill" friends and family?