Theoretically, the coins also act as an ownership share in their respective technology. Or are a transaction unit for it. You could have a deed to something on a blockchain instead of at a title company.

But to your point, if 99.99% of the technology the coins represent is... more coins? Then yeah, it's a big ol' Ponzi scheme.

I always thought it would be interesting to have a coin specifically based on its demand. You have to post something for sale in that coin for a new coin to be minted. So the coin only propagates so long as there is actual demand for it.