What makes a ponzi a scam?
Because it will collapse at some point as a result of basic mathematics and, up until the point it does, those who participate are seeking to ensure that they get given a share of somebody else's money by the ponzi scam operators as a reward for their assistance in helping the ponzi to function as needed, namely, through their participation.
So, you have both a scam and behaviour from participants which proves they don't give a shit where their 'profit' is coming from.
That is the definition of an untrustworthy person, QS.
Maybe so, but informing all participants that they are at risk of losing money is not scamming.