Quite true. Its actually some lazy, sensationalist journalism...

Quite true. Its actually some lazy, sensationalist journalism from AFR, which generally wants to position itself as a credible news source. Using the term 'Ponzi Scheme' is inaccurate and just click bait aimed at a less sophisticated audience. They really should leave this kind of thing for the Daily Telegraph.

People identify a Ponzi Scheme so they've turned it into a blanket description of any questionable investment methodology. It cannot be a Ponzi scheme when there's no investors funds coming in. What Blue Sky is being accused of is manipulating the value of their water rights. That has nothing to do with a Ponzi Scheme.