The game has always been promoted as a play&earn. This makes it a Ponzi scheme. Because obviously only a small part of the players can earn and practically only among the first players. Those who start playing today will never be able to earn from the game, even if it still promotes itself as play&earn.

You're right: a game must have players willing to pay to have fun. Is Splinterlands like that? I don't think so: the majority of players of a certain level don't even really play but use BOTs. Where's the fun?