Early Ponzi scheme investors always get high returns to sucker them and new victims into putting more money into now-trusted pyramid.
Early Pirate@40 customers make with over 100% ROI. That proves nothing.
We've already gone over this. Please try to keep up with the class. Spend some time with the special ed tutor if your learning disability needs to be accommodated.
Ponzi schemes require new funds to go to the ponzi company. In AM case once the IPO share were sold then the following ones that brought shares brought them from IPO shareholders, not from AM.
AM made 0 money from the subsequent share sales. Is that so hard to understand? Where is the ponzi scheme since AM could operate independently of what happened with the shares?
And how is that working out for them?

AM found themselves undercapitalized at a crucial moment, just like HF and Cointerra. Except that Eddie and Ravi stuck around to face the music and deal with the fallout, while FC took the money and ran for the hills of Chiang Rai.
Maybe AM should have offered pre-orders, so it would have had enough BTC to put in an order for wafers (and hire an intern to do share transfers, tech support, and customer service).
AM got 6xROI to IPO shareholders, managed to get 30% of solo mining at one point, had 2 successful generation of miners + 1 additional generation that failed and delivered tens of thousands of miners.
What did HF managed to do with 50M$? Deliver one batch of miners and leave 3 batches of customers empty handed!
Go join scammer Inaba and eat a bowl of dicks please.