Bitcoin Forum

I stumbled upon the profile of Relyt (https://bitcointalk.org/index.php?action=profile;u=21049), which spams about 333ETH in various local forums when he isn't staying in his local russian board (I don't speak russian well enough to know if it is automated spam or legit).

I reported his 333 ETH posts, however I was curious about it.

Seems like there are quite a lot postings being spammed around the forum about this.

Is this considered a scam? Looks like classic ponzi to me.

Banning/Tagging users promoting this would be useful.


https://bitcointalk.org/index.php?topic=5024301.0

EDIT :

Also a possible alt of Relyt, also spamming about 333eth :

https://bitcointalk.org/index.php?action=profile;u=18394

This thread is in Gambling !


Additionally, moderators do not remove likely scams. You must use your own brain: caveat emptor. Do not gamble more than you can afford to lose.

The thread is, not the various messages in other boards promoting it.

A few examples below. I'm sure he is not the only user doing this.

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Yeb see it now just report him ,  maybe with a reason to nuke !

Edited first post with possible alt account spamming also about 333eth

If you consider this as scam then you should move this to Scam Accusations (https://bitcointalk.org/index.php?board=83.0) and also you can PM DT member to tag that account but no ban will be implemented for scammers in my knowledge since scams are not moderated here.

So keeping an account that posts every minute about a scam/ponzi is fine? I don't think we read the same rules. Even if the project was legit such behavior is not allowed.

Just keep reporting them, the spam accounts can be banned and the spam messages can get deleted. The scam thread itself - unlikely.

I have reported the ones I found.

This is more like an invitation for people who find more posts like these to do the same :)

Thanks for your input tho.

Both nuked.

Great. Thanks man

It seems to me that many members of the forum have outdated concepts about the Ponzi scheme. In order to conduct a dialogue in the right direction, we must first give a clear concept of what the Ponzi scheme is. And where, besides financial pyramids (as this market was dubbed), is it still used at the state level?
Only after that, it will be possible to scatter the terminology of Ponzi and brand everything in a row.

US Dollar - Ponzi Scheme?

https://333eth.io/ is a ponzi scheme. You can deflect all you want on other projects such as the US dollar, it really does not make your project any more legitimate.

And for the record. US$ are not (part of) a ponzi scheme imo.

Your service has none of that. Except a referral system and the following interest;

I get 3.33% a day, spreaded over 144 payments a day? (1 payment every 10 minutes?). That together with compound interest seems ABSOLUTELY ridiculous, and 100% unsustainable?

Find me at least one pyramid that reimburses the losses to their investors?

nonsense. If you want to explain to people what a Ponzi is, please go make a post in Beginners or something and paste the wiki page there


Don't forget to put the source in there tho :D

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Not sure what this is about?

As Russian who understand what is written here I can say that it is simple promotion from a forum member. He must be gets something from this, but the thing he is promoting really looks like a Ponzy scheme. People should to use their brains before to react on such things positively.

It seems to me that you are using a standard deflection/denial strawman argument ("outdated"..."What about central banks?"... "Everything is a pyramid") that Ponzi/pyramid scammers have been using for years.
The only marginally gray area where schemes, which have no (or insufficient) core profit generation activity and hence pay out later investors' funds to earlier investors, should be labelled as "scams" is whether they lie about it or not.
This aspect has been discussed several times.
If you say "We are experienced FX/arbitrage/whatever traders and pay daily trading returns of x%", whereas in reality the x% comes from new investors money, then you are a Ponzi scam.
If you say "our scheme is based on a smart contract which allocates x% returns when new deposits are sufficient to do so" then it can be argued that it is a Ponzi "game", as there has been no attempt to mislead regarding the source of the x%.

I invested in 333 v1 and I will invest in their new version. It's not scam I'm sure

Sure.

It doesn't matter, scam or not, probably part of investors earned easy money, but it is just boring to read this posts.

Classic sockpuppet.
All these accounts building quote pyramids/spamming should be nuked and announcement thread thrashed or at least locked if thread starter didn't bother to report all this crap to moderator.
You ain't seen (https://bitcointalk.org/index.php?topic=5053338.0) nothing yet. Reported only 3 times  ::)

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Your brain is outdated.

This is newest concept with only 3 investards( "transparent" zero fee ponzi):

First invest 10$ --> scheme shows 10$
Second invest 10$ --> scheme shows 20$
First withdraw 20$ --> scheme shows 0$
First reinvest 20$ --> scheme shows 20$
Second withdraw 20$ --> scheme shows 0$
Second reinvest 20$ --> scheme shows 20$

Both investards are now waiting for 40$.

Third person see there is 20$ in scheme--> invest 20$ to get that 40$ --> scheme shows 40$, but:

First withdraw 40$ --> scheme shows 0$
First reinvest 40$ --> scheme shows 40$
Second withdraw 40$ --> scheme shows 0$
Second reinvest 40$ --> scheme shows 40$
Third withdraw 40$ --> scheme shows 0$
Third reinvest 40$ --> scheme shows 40$

Now, they all reinvested 40$ and they are all waiting for 80$(or, 240$) while there is only 40$ is in scheme. So they need one fool to invest 240$ so they could get their money out. And so on (Add more people).

Lets take a look this for example this smart ponzi contract https://bitcointalk.org/index.php?topic=5053338.60
They promise to double money while they are taking 10% fee. Everything is visible.

https://etherscan.io/address/0xA3296436f6e85A7e8bfC485e64f05E35c9047C92



283,000$ invested and they promise to give 566,000$ while they are taking 10% fee.

How, the hell, 283,000$ - 28300$ = 254700$ can become 566,000$ ? I would say less than half investards will make profit while others won't.
Or, another scenario: everyone will send zero ethereum transaction and reclaim exactly 90% of their investment and lose 10%. Sounds legit, yeah.

All ponzies are scam, "transparent" or not, in my opinion, irrelevant.

If you knew how many state institutions are disguised under this scheme that you described above.

Who is it then?

People are exchanging money between each other, when new money stop coming people won't have anything to withdraw.
And there is this "not fee" part:  7.5 % Marketing, 5% technical support  ::)

Stop making it sound like it is not ponzi because this is exactly what it is.