Facebook may not be a Ponzi scheme, but its valuation is based on future advertising growth and the potential of the Messenger platform. Valuations are always wild guesses, but there is a least a bit of concrete in the Facebook case. According to what I’ve read, Facebook has actually been underperforming on advertising sales compared to the size of its audience, so any valuation will factor in the potential growth of advertising. However, Facebook’s main app is losing steam and Messenger is where the money could be. Currently businesses get Facebook pages for free, but there’s every reason to expect paid access to the Messenger plaftorm, maybe free for text, but I can see multiple logins, payment processing and voice services, amongst others, being valuable assets for companies to interact with users and that Facebook will charge for those services.