Etorro, is this a highly evolved Ponzi scheme?

When I succumbed to FOMO (fear of missing out),  I searched for a popular platform to dabble in cryptocurrencies; and what I came across was etorro.

The signup was easy and the trading android app elegant fast and user-friendly.

Soon everyone at the office was investing in crypto. Some used the training mode others real hard-earned money, and all of us made a profit.

I kept expanding my exposure and soon was heavily invested in a wide range of ecoin.

It seemed like we had the Midas touch. I didn't understand why anybody needed to work if it was so easy to simply "make" money.

Then came that fateful morning when first there was a spike.
Unlike any, I had ever seen.
And instead of cashing out I was overcome by greed and I let it ride.
In half an hour I lost a thousand dollars and over the rest of that day, I lost another two thousand.

The etorro servers were overwhelmed by the traffic and nobody was able to stop their exposure or cash out.

So we were all in it together.

Then the skeptic in me kicked in and I began to question everything.

Was the etorro platform a Ponzi scheme and was the whole crypto mania feeding that scheme?

The signs of a Ponzi scheme.

1. Better yield than institutions.
2. ‎Rapidly expanding the user base. Investor feeding frenzy.
3. Source of the profit, can't be explained in simple terms.
4. ‎Initial profits are so good that one opts to leave one's capital invested, so as not to lose out.

I am not saying that the cryptocurrency concept is a scam. (that discussion will have to wait for another time).
What I propose is that the cryptos offer a perfect vehicle for a Ponzi scheme.

When etorro was "overwhelmed" by the 22nd December 2017 crash, we all got a bit skittish and tried to jump ship, but all attempts to stop xrp positions were met with "pending". From the comments, its was clear that this was a universal phenomenon. At this stage, I was stricken with fear that the house of cards was collapsing and it had all been smoke.

So I did the only thing a scared but greedy person would do. I invested more..!
Thinking there was only one way forward, up.
And it tanked again and again. After small gains the bottom kept falling and I saw my life flashing before me.

Then yesterday the platform stabilised and I could stop any stock and even attempt to cash out.

So it's all good.

I don't mind losing on bad choices so long as etorro was not an elaborate con.

The crypto currencies are still all over the place. One step forward and two steps back and I realise that I just need to weather the storm and not check the values every few seconds.
So now I pledge to leave it alone. A watched kettle doesn't boil.

And maybe, we will make a fortune yet.