These are not mutually exclusive statements. Actually, this is how Ponzi schemes work ; -)
(Somehow I never connected Bayer et al. and Bayer & Diaconis. Wow!)
https://en.wikipedia.org/wiki/Greater_fool_theory
Pyramid schemes, Ponzi schemes, MLMs, NFTs, Crypto, Memecoins... they're all greater fool scams. All based around playing "hot potato" with investments, where early adopters push the potato on later & greater fools.
Memecoins are the most fascinating type of it because with other schemes, there's usually some veneer of legitimacy (i.e. you gotta actually try to scam somebody). I imagine at this point everybody involved with memecoins understands they're scam, and they're essentially just gambling instead of getting scammed. Although, effectively, gambling is its own type of scam.
Many people "investing" in crypto don't understand that stocks/shares give you have extra value because they pay dividends and give you voting rights for the direction a company takes.
I was not wrong...