I don’t need to be a federal reserve chairman to reason that Doge is a Ponzi scheme. The problem is that people want to participate in Ponzis, for the most part, it turns out.
They do until they don't. e.g. (1). Regulation has a role in acting now to prevent harm down the road.
1)
https://en.wikipedia.org/wiki/Pyramid_schemes_in_Albania
https://thetchblog.com/2019/03/18/albanias-pyramid-scheme-ni...