The more I look at it, the more it feels like a leveraged scheme. The more intricate and complex the design, the easier it is to collapse. If dividend payouts can never be independent of continuous fundraising through new issuance, then it's essentially new investors' money supporting the returns of existing security holders. While it can't be labeled a Ponzi from the perspective of regulation, law, or corporate governance, at its core, it's no different from the ROI, rebase, so-called stable, and other dividend schemes we've played with before.