zlacker

To be clear, I was interpreting josu's “these platforms” as the layers on top of UST, not inclusive of UST itself. He also mentions that they might be ”front ends for a ponzi” which is basically where I fall on this. (So, to your question, the answer would be that the yields in fact do come from a ponzi mechanic)

This is a pretty meaningless distinction if you invested in them, because you were exposed to the same mechanics, but it does have some implications for culpability because it's the difference between “should have known it was a ponzi” and “actually operated a ponzi”.

>>paulgb+(OP)
A feeder fund for a Ponzi is a still a ponzi, even if it is a step removed from the core fund. Thus a "front-end for a ponzi" is a ponzi.

>>paulgb+(OP)
> but it does have some implications for culpability

In many jurisdictions around the world, there isn’t much of any difference between “directly handed the loaded gun to the killer” and “pulled the trigger and killed someone”.