Does every multi level marketing company eventually collapse, like a pyramid scheme or a Ponzi scheme would?

And if so, is it possible to lose all your money? Is there ever a point where you run out of leads and "get stuck" at the bottom? Let's talk about it...

Skeptics say that MLM relies on the "multiplication factor" and repeatedly throw out simplified "geometric" numbers that look cool on paper, but do they actually happen in real life?

Is there a chance you can lose money, and how does that compare to things like real estate or the stock market?