I've seen many blog posts describing bitcoin as a ponzi scheme, but looking at the current inflation of fiat it now looks like a Ponzi. Don't know who is the beneficiary in this kind of fiat Ponzi. The earlier generation had enough to buy with few amounts that can't buy anything reasonable today. I also saw Elon in a tweet saying or calling fiat a Ponzi scheme. People suffer to get fiat and lose it on high food prices and products. In a Ponzi, everyone end up losing money, same with fiat. A good number of people around me complain of not being able to purchase product with a fair sum of money they feel is big.
Do really know what a ponzi scheme is(and how a ponzi scheme operates)?
Fiat is not a ponzi scheme. Fiat currencies are a legal tender with a decreasing value. The value is decreasing simply because the governments can't take financial responsibility and completely balance their budgets. It's easier to earn less and spend more. It's also easier to get into more and more debt, which is supposed to be paid by the future generations. The central banks are simply buying all this debt(in the form of government/treasury bonds) by printing more money. Those newly printed money aren't backed by more products(or assets), therefore the overall value of the money goes down(bigger money supply growth and less product supply growth).
The actual ponzi schemes are the national debts, created by the governments. This is basically borrowing money from the future generations in order to artificially maintain the high living standard of the current generation.