> There's no novel economic concept here. It's just a ponzi scheme that has run out of greater fools. Remove the layers of deception and it is fundamentally a ponzi scheme.

I'm not defending the coin, but in what way is this a Ponzi scheme? It may be hair-brained and an absolutely terrible investment, but from OPs description it does sound "novel" to my novice ears. How is this specific concept (pegging one coin to $1 by using a second coin) a ponzi scheme?