Yes, a very fine pyramid scheme indeed.

Anyway, it doesn't matter how small or big the IPO is, I've already explained why it's not a decentralized currency.  The ONLY reason these fucktards from Eastern Europe began promoting these recursive systems is because it was the EASIEST way to do a pump and dump, just like in the movie Wolf of Wall Street.  People have been letting them slide far too long, probably because barely anyone understands cryptocurrency at all to call them out on it.