Onesinglecoin has surpassed the price of Bitcoin to become the most expensive coin. Is it a Ponzi scheme though?

I have noticed this coin in the past couple of has been switching owners and successively gaining 20% in price every time:

The smart contract checks out and there appears to be a recent bitcointalk thread created by the author of the project which was locked down by mods for some reason :

Interestingly, the last post provides links to a Google Docs spreadsheet which shows how much ETH would past owners of the coin pocket based on how far the chain gets. It would take 72 buyers for the price to exceed $1 million at current Ethereum prices.

I played around with the spreadsheet and it’s interesting to see how the most recent buyer always benefits the most in terms of profit but he also takes on the biggest risk of potentially never being able to sell and losing his entire purchase.

Is this project considered a Ponzi scheme or will the greed for being able to pocket more than 10% keep attracting buyers. Will it be worth the nessage/advertising for the last buyer?

There has been a similar project two years ago called King of Ether which went on for three iterations. In the first iteration the price got up as high as 96 ETH. However this project did not have any advertising aspect to it.

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