Bitcoin Forum

So, explain why that is not a ponzi?

That's a nice design for a website that uses a free TLD.  ::)

I think you're late with that pure style of ponzi.

at least you're honest with your words even you try to sell ponzi as a marketing thing. :)

Agree.. what a nice design. Well.. I'm sure he or she will work on the design soon.

Anyway.. using a free TLD is a bad idea..

Sound like a ponzi (No. It is a ponzi!). I'm not going to spend my time on this new ponzi.

What kind of site is this?

From the site's FAQ:

Q: What am I buying?
A: You are buying a membership.

BUT WHAT KIND OF MEMBERSHIP?

It is not a Ponzi Scheme. A Ponzi Scheme involves someone at the very top of a pyramid, and money from anyone below that person goes up to the person at the top. The reason this website is not a Ponzi Scheme is because the maximum number of levels the money can go up is two levels. So lets say I'm at the top. Any bitcoin past two levels below me will never reach me. Also this website charges no fees, and the bitcoin payments are made directly from user to user making it impossible for them to be stolen.



Thank you for your comments on the design. What do you think should be changed in the design? I am using a free TLD because I like dot tk TLD's. It is short and simple and allows me to use bitcoinmatrix. I am a college student with no money so I can't purchase a domain (: Also, bitcoinmatrix.com can't be purchased.



I have updated the faq. Please have a look at the new faq. You are not buying a membership, but brackets. To sign up is free. You purchase the brackets so users can sign up under your username.

This is a site where you can make money simply by referring users. It only requires that you purchase brackets. Your first brackets, only 0.05 btc, gives you 4 spots to sign people up under you. Once these spots are filled, this gives the potential to earn up to 0.8 btc. This is more than enough to pay for the next 2 brackets, which are only 0.01 btc.

If anyone is foolish enough to sigh up and pay good bit-coin, I have no sympathy for them lol Just like those who thought Cryptodouble was a good thing. Common, anyone should have seen that coming miles away....

Why do you find this foolish? Please explain to me your reasoning. This is a legit website that I have put a ton of my time in. I don't like people calling something I put hours of hard work into "foolish."

I don't believe you understand how my system works. I can assure you there is nothing foolish about it.

You can't make remarks about something you haven't even tried. Have you even signed up? Sign up is free. Sign up then tell me what you think of it.

Let me state this again. It is impossible for me to take your bitcoins. I can show you the full source code to prove it.

Sorry, am I missing something here? People clearly need to send money to the website in order to buy a bracket.

No, if you read the faq, the bitcoin goes directly to the user without going through my website. The bitcoin spent on the bracket you are sending to the user 2 levels above you. When you purchase your first bracket, it tells you to send the money to an address, and that address is the address of the user 2 levels above you.

Since this isn't clear, where should I put this to make it very clear? I'm pretty sure I state this in the faq and in the payments section.

The FAQ says, "Using the blockchain payments api, a new address is created which forwards any bitcoin sent to it, to the user two levels above you. Our system checks the address that was generated for any transactions, and then retires the address when a transaction comes through, generating a new one for the next transaction. We have no access to the wallet associated with the generated address so their is no way for our users bitcoins to be compromised. If you are waiting on a payment, it may take up to a day which is a flaw in the api."

This makes it seem like the user is not directly sending btc to the user two levels above them, but to the address generated by blockchain.info's API, which then forwards the btc to the user two levels above them. Also, how can we trust that you don't have access to the generated addresses? It seems like you generate them using blockchain.info's API.

Excellent point, I can make a website in 10 min that shows an address, and appears to work just like the blockchain API, but is actually my own.

True, but have you looked at the api?

This is the whole api call:


and the link to the api:
https://blockchain.info/api/api_receive

For the receiving_address we put the user's address that is 2 levels above the user purchasing the bracket.

Then we display the "input_address" for the user buying the brackets to send the coins to.

The only reason we have this intermediate step is so we can check to make sure user1 actually paid user2. The coins are still going directly user to user. We have no access to the wallet associated with the address created by the api. You can have a look at the api, and see that the address in the middle is created by the api and we have zero control over it.

Does that help explain things?

So this is a site that takes your Bitcoin offering you no real product or service, just a hope that some more people will join under you so that you earn more Bitcoins.

Hmmmm...    sounds like a familiar structure. Oh, now I remember! IT IS CALLED A PONZI !!

1) owner sets up a website advertising 300% or more/less ROI to users who invest in their “plans”.
2) Unfortunate victims deposit in the hope of receiving good returns.
3) Users get paid with the deposits of others allowing some to say the investments are working
4) The extra publicity and praise helps rake in more and more Bitcoins
5) When payouts become unsustainable, owner folds and runs with remaining money
6) Rinse and repeat at will.

http://www.investologic.in/wp-content/uploads/2014/03/Ponzi-Schemes.jpg

Exactly what it is.  I've left microzee negative trust for intentionally trying to steal from community members - unfortunately you can't see trust in this part of the forum.  :(

Which also means that OP posted in the wrong section of the forum... I don't think that Project Development is the right place to advertise an "investment opportunity". Or whatever this is...

He actually claimed he was not looking for investors or users, but more of some beta testers for his upcoming website.

...which is a very ridiculous way of advertising his ponzi scheme in disguise.

Yeah. He make use of this excuss to post in the Project Development section.

This seems to simply be a pyramid system like vemma, just instead products you only buy brackets.

If it were products, we would still understand. But you buy fu*king BRACKETS that are worth ABSOLUTELY NOTHING.

I am not trying to steal or scam any of you. The reason I said I'm looking for testers is because I am trying to make a working website. If you want I will lower the bracket price to 0.001 and give you that bitcoin to test out the system. I'll even make so you don't have to sign up under a referrer. And even better I'll give you the entire source code for the website if you want it!

And let me state one more time. Using the block chain api, it is literally impossible for me to steal your bitcoins.

You are not "investing" your bitcoin. You are sending it directly to other users. Everyone in this thread just looks at it and says it looks kinda like a ponzi so I guess it is. But nobody is listening to how my system works. I spent 3 weeks making this website. Why would I be asking for testers if I was just trying to scam you guys?


And so your saying that if you bought some stickers for .05 btc, then I gave you 4 brackets for purchasing some stickers, then you would try it? Because if you want I can send you some stickers or something.


Only one person has signed up. Most of you haven't even looked at my system if you haven't signed up. So how can you keep accusing me without looking at it! Sign up doesn't cost anything.

I would like to beta test it for you once it is up and running or before hand. but it does sound like a pyramid type program.

*COUGH* Excuse me?

You are running a unsustainable site (ponzi).  You will have to steal from new deposits to pay off old deposits.

First off it's not a ponzi. Second, I am not stealing anything and cannot steal anything. The bitcoin goes directly user to user. There are no deposits paying off old deposits because you're paying other users, and not "paying off" anything. Thank you for the negative trust, I really appreciate it.


Cloudflare is currently under maintenance, so in the meantime you'll have to use the alternative domain

http://bitcoinmatrix.x10host.com

Let me get some things clear, If I wanted to be a beta tester for your website I'd have to buy brackets. Those would allow me to get paid by the users that I referred. Ok well, you're right it's not a ponzi, it looks like a pyramid scheme. If you think that it's a great and unique idea you're wrong. You're wasting your time trying to promote this.

If you're good at web design, try providing a service or creating something unique.

Obligatory to add an image from your website here..

https://i.imgur.com/DeonEiH.jpg
Also, this is how you look right now:
https://www.youtube.com/watch?v=a231RLKyfPw

I realize that this idea is not unique. But It is unique to bitcoin (I think). I also realize that most websites like this are actually scams, so I was trying to create a website that wasn't a scam and you really could make bitcoin referring users.

The brackets allow users to sign up underneath you. If they were to type in your username as their referrer when registering, and you had no brackets, It would give them a message: This user has no open brackets please find someone else.

Thank you for that video. I will learn from it and work on my presentation. Also, I am going to be changing the brackets to .001 which is equivalent to about 25 cents so you guys can test it out and see that you don't lose anything.

Welp, good luck whatever you do... But my sugestion would be for you to work on something else because to me this seems like a waste of time to me.

Thank you for being cordial. If you are looking to hire just let me know :P

Anyway for you to get rid of my negative trust? Or does it have to be Vod? He would never remove it because he's set on this is a ponzi.

https://bitcointalk.org/index.php?topic=887515.0

Contact Vod, he'll probably ask you to close down what he called a ponzi

By the way, if you have a web designing portfolio, I could do a good deed and help you find a job. But you having ran a pyramid scheme isn't an advantage.

But I believe in what I have made here. I don't see it as a pyramid scheme. I could always get a new identity, but no, I don't have a portfolio put together.

Vod requires you contact him only after 1 month of cool down period.
Noting that Vod gave him negative trust on 26th March, OP needs to wait until 26th April before contacting Vod.

Also OP needs to stay away from his ponzi during this period, which I think won't happen.

I'm willing to remove negative feedback sooner, but in this case the OP won't even admit they are trying to scam, much less take the scam offline.

They want everyone to believe I could buy 4,000 "brackets" for 1btc (0.001 each four) and earn a return of 16btc (0.016 each four)

1btc to 16btc   ???

If the OP could do this, he would be on his own private island, not trying to scam fractions of bitcoins from other users.

I am not trying to run a scam. If you sign up 4, and each of your 4 sign up four, you receive the bracket money from a total of 16 people. 16 * .001 is .016.

After that you cannot make any more bitcoin without purchasing another bracket.

And if you bought 4000 brackets, you would lose 1 btc. Because I don't think you know 4000 people that you could refer.

OP the more you try to convince people that this is not a pyramid scheme, the more you make a fool out of yourself. If you want your negative trust removed, close it down and move on. Otherwise, quit trying to make other believe that this is not a pyramid scheme and move your topic to the Investor-based games board.

OK then, let's discuss this.

What do you offer to people in exchange to their Bitcoins?
I know you offer 'brackets', but what value do these brackets have? What should I do with them apart from luring others to join this ponzi scheme?

I was talking as someone else. Bob comes to my thread and says "It looks like a ponzi so I guess it is." Better?

I think you should review your site ponzi. It's really not good for invesment.

You also think about a opportunity cost if someone intented to invest into your site.

Not a ponzi.

Again with the same old story, really want to believe that is not a Ponzi?. That so far has not shown otherwise, when you do i think of into your web, now no thanks.

I recommend you read the following article: http://en.wikipedia.org/wiki/Ponzi_scheme

I believe by definition this is a pyramid scheme, and not a ponzi. It may also be a scam, but that cannot be verified unless the source code is looked at. This would only be a scam if microzee received all the money. Since he says many times that he is willing to provide source code, I would like to take a look at that source.

Denying the fact a hundred times does not make it any more legit.

You can use a different name for whatever it is - you can call it
- Investor-based scheme
- Pyramid scheme
- Gambling
- <Insert your own definition here>

But in the end the fact remains same - old investors get paid from new investor's money.
IT IS A PONZI.

there's a difference between an MLM and a ponzi

http://en.wikipedia.org/wiki/Multi-level_marketing

http://en.wikipedia.org/wiki/Ponzi_scheme

as it seems to me, this is a MLM scheme
however, any sort of product should be introduced so there's actually something you sell instead of just a membership :D
like an e-book or something

though, I don't have anything against ponzis as long as everyone investing knows what it is and how it works

At last, a well thought through answer!

You are truly a valuable asset to the Bitcoin Community.

Thank you,

H