A Ponkey is synonymous with something that doesn't exist. However, many believe it exists. It doesn't. Even if it does, it's probably the turdiest thing this world has ever seen.
Hammie: Do you see that ponkey over there on that chiffarobe?
Anonymous51993: Um, not really because it's not there. It's just a figment of your imagination.
Hammie: NO ITS NOT IT'S REAL!!!
Anonymous51993: (Kills Hammie with a chiffarobe)