M.G. Siegler on why calling Groupon a ponzi scheme misses the point of why they're chasing such an aggressive growth strategy:
If you look at the actual breakdown, most of the money is being spent internationally. In the U.S., they’re actually near break-even. If they can get a strong enough foothold and ensure Google and Facebook don’t run them over, they can pull back that spending substantially. And guess what will be left? A shit ton of money. Profit.