Bitcoin Forum

The admin got around 25BTC+ by taking a mere 5% cut from all deposits in less than 48 hours form the start.

Over 575BTC invested now.


The trend is not very good. People will be making big losses by the end. The volume is too big making the system completely unstable.

Understand that not even 2 days of the 7 are over.


To all the members who have some sense, please don't get greedy and put your money there. In the end we all lose. This is not good.  :(

are you sure he didnt "invest" himself just to make it look like it is gonna be a success?
anyhow... that ponzies are just gambling should be known by now by every member here

That is crazy. How is it still sustainable after all those cuts?

It doesn't matter how much you warn people though. As soon as they get a payout, they think it's legitimate. Inherent greed.

It is highly out of balance.


They need around 200BTC new investment to payout all the investors. (Assuming that the admin took only 5% he said as fees.)

180BTC to be exact, atm.

Dude, people know what they are getting into when they send money to that site.
Just leave it be, at least it's an honest site.

Interrobang anyone‽‽‽‽

No, people knows it. But I don't think they can anticipate the losses in advance.
This one is going to hit badly. Very badly.

Just wait 5 more days and you will see.

Well, honestly it's not really the owner's fault.
It would be the investors' fault for taking the risk.

Though I'm not supporting ponzis, be it hidden or open,
I think the right action to take here is to root it out from the source.
That being said, we should educate people about this issue.

I'm not trying to fool anyone. It's 100% transparent, 100% honest in the fact that it's a ponzi scheme, there is a risk of not getting paid out when the week ends. But hey, there's always next week! The users assume the risks by depositing into weeklyponzi. Many users have made a good profit in the last day or so. I don't know what exactly you're trying to prove by creating a thread such as this. There's no mystery surrounding "oh is it a ponzi, idk man - is it?". Yes it's a ponzi. Nothing to debate here.

Why are you defending a scam? How can it be honest when by definition he will shut down and run when there is no more BTC rolling in. Look it front of you 5 feet and see where this is going to lead. Just because you got paid out in a ponzi doesn't mean they are honest. It makes you complicit in encouraging more scammy behavior.

Are you located in the US? What you are doing is fraud.

He isn't doing fraud since he actually *is* telling the truth. It is a ponzi.
And the basic definition of fraud is a lie :/

And yes, in the end the person may run when there is no BTC rolling in,
but that's not his fault, why would you run a falling business?

but really. Just don't use the ponzi. gosh.
I'm sure if we taught newbies about the ponzi scheme it wouldn't get that bad

Even if people stop investing money in the site and people don't get anymore money... that still doesn't make it a scam.
If he steals all the money, then it is a scam.

But right now he gets 5% of every investment, that is not bad at all for him...

No sir. Not everyone on the internet is from the US, are they now? Keep your "legal advice" to yourself. Fraud - wrongful or criminal deception intended to result in financial or personal gain.. Do you see any deception going on here? No sir.

and what is with cryptodouble? They need 4000 new BTC to pay the last people out.

Those users might reinest bigger amounts and at the last moment, whey will be big losers.

For instance, if it closes now, there is around 140BTC investors who lose. Suppose there are 20 investors, it is quite liberal to assume that at least 5 of them will be hugely hit.
The trend is that most of the new transactions are of high denominations while the older ones are low. So the first ones profited. There is no surprise in that. But the losing amount will be huge.


5% of the investment. Over 25BTC. And it is honest? You mention it straight.

A thief says I am going to steal your money, and steals it. The thief is certainly honest, is he?




Oh really? No personal profit?
No deception? Of course, you are honest to the part that says you are stealing.

I'm not claiming to be a securities lawyer. But individuals on this board have gone to prison for the same thing

http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370539730583#.VLDcMSvF-0y

By definition ponzi is investment fraud. Doesn't matter how you spin it.

Actually, i already invest this site
Because i see i still can get profit if i invest now

I'm not sure if this site owner really honest (maybe he can be honest because he's set 5% fee, it's a huge fee)
But for now, it's still safe to invest

As a ReNewbie to BTC why do I see so much fraud/theft/cheating in different costumes (or naked like this one perhaps) in the BTC business world ? Is this how entrepreuners approach or use or attract to the BTC economy ?

I will be grateful to the most enlightened/inclusive answers.

Thanks

There's fucking frauds in Fiat too bro. Pyramid schemes and everything, assholes are everywhere and they found a new currency to exploit. We just need to work together to get rid of them.

please dont call it investment
you are gambling. which is fine... but it has nothing to do with investing

Actually, it's not the same thing. That guy was claiming to invest his users deposits into btc arbs. I don't claim to invest into anything, just a good old fashion, transparent, ponzi.

Read:
The SEC alleges that Shavers promised investors up to 7 percent weekly interest based on BTCST’s Bitcoin market arbitrage activity, which supposedly included selling to individuals who wished to buy Bitcoin “off the radar” in quick fashion or large quantities.  In reality, BTCST was a sham and a Ponzi scheme in which Shavers used Bitcoin from new investors to make purported interest payments and cover investor withdrawals on outstanding BTCST investments.

“Ponzi scheme operators often claim to have a tie to a new and emerging technology as a lure to potential victims,”


ghost isp's find me, please.

I enjoy the transparency, it's cute. ^-^

-Interrobang‽

I repeat the question. If a thief tells the victim he is going to steal, and steals the money, he is a honest thief, right? No police, np investigation, no nothing?

if the person gives him the money without beeing threated and knowing beforehand that the other gonna "steal" it - no police would be interested in it. its called "donation"

There is no greed involved. In this scenario, the opportunity makes greed its weapon. Greed is sometimes more powerful than threat.

This is how it is going to be:
Quotes from cryptodouble, which has reached the limit of growth. It is going down in 2 or 3 days.





There are still people putting money into this...

there's 2 kind of sensible person. the one who plays safe and the one who takes risks.

true, the loses in the end of this "round" will be numerous. in 5 days, more people will invest and the queue will get really long.
only 2 days into the week, and the number of unpaid investors already exceed 200. anyone who doesn't understand the impact of this should think twice before they invest.

a fool and his money will soon be parted.
i dont think this is good, but its the reality we both live in.

ok another example:

i go to a market and tell all people: anyone can come here and get a ticket. every ticket has a 10% winning chance.

^ its the same. except that with the ponzi model you know that the first ticket always wins and the odds getting more bad over time.

a honest ponzi is really just a game and no theft.

if any lottery or casino does not state the odds and advertises like any ticket wins the police will come to them - as they come to ponzi owers who told their customer that anyone will win.

The sensible person is the one who understands that such ponzi schemes is not good for the bitcoin community.
It concentrates money into the hands of a few. Promotes economic divide.

Such a thing is beneficial for no one other than the person who actually makes profit from this, that is the owner of the site.

I am helpless that you are unable to differentiate between honesty and ethics.

Being honest about something does not make it ethical or legal. (refer the thief question. Think if it was more serious than money. like life.)

if you want to talk about ethics: i think providing gambling (casino dicesite etc) is unethical too (except if playing with friends about little money).

please just tell me what is the difference between an honest and open ponzi and a lottery except that with a ponzi the odds get lower over time and stay constant with a lottery?

both WILL make most persons loose money.

I don't think this promotes economic divide in anyway.. at the end of the day, whether the owner stole the money or not, all kinds of people will lose money.

it might be just as beneficial for others too if they takes risk first and plays safe next. re-investing their profit, for example. and not everyone is foolish enough to invest all they have on the last —two or three— days.

+1, I guess the site owner "invest" himself a lot, so fake figures fool stupid people to invest/gamble on HYIP sites.

I also believe that, it's a safe and logical guess. but please, don't go calling everyone who invest on HYIP sites "fool stupid people"

also a quote from the weeklyponzi thread

:) we have another ponzi:

125% instant back  :o :o

https://blockchain.info/address/15CFhG9LuqC3FwdvEzFsuNSNgKJN3TC6bP


but i think it works. looks interesting because they are very new.

Different people call it different things to be honest, Depending on who I talk to I switch between "invest" and "gambling" because it's true, it can be both of those (depending on how careful you are being, or careless you are being) lol

If people lose at the end , well tough shit . you knew the rules so dont get greedy..

funny how ponzies are still popular (maybe even gaining popularity)

people wanted, want and will want to earn easy money. thats the main problem

It is a game, a gambling game. As long as the owner isn't cheating by sending deposits from his own wallets early on and/or won't be running away with deposits, the game is quite decent and should be allowed to run. Of course there will be losers, but the user shouldn't be immediately labelled as a scammer if the gambling game they launch has the word ponzi in it.

Is there a thread on this forum?

there is (https://bitcointalk.org/index.php?topic=919370.0;topicseen)

I must agree that I am so tired of seeing this websites where people get crazy investing thinking they are going to have easy money

Yes its very high risk but people do it.
I have tried myself as everyone else was at http://www.paycoinponzi.com/ and got returns.
Even though the name says what it is there are tons of people doing it, and getting payed out,
I did for a few times and stopped.

I don't see why people are up in arms against open ponzies. It is not investing, not trading it is simply and purely gambling. Just like any dice or similar one dimensional games.

People know there is a good chance they end up losing and the only real risk is if the owner runs away with the coins. But why would they run if they earn quite a bit of money with with fees?

I'm not trying to defend the practice but come on, just because these are ponzies that doesn't automatically make them a scam.

Well all that put btc these schemes know the risks. So I think that leads nowhere be discussing whether and legitimate or not. More in the end always someone will lose out and this without doubt.

There seem to be people creating new threads with new ponzi schemes targetting new people. Looks like couple of ponzis stopped paying out, and have stolen the funds now.
You do want to be careful before sending any money to the new ones.

New ponzi appeared lol ;D
https://bitcointalk.org/index.php?topic=920260.0

i have to say that, this is bad for new year 2015
in the first month of 2015, a lot of people get scam by this website
hope it will not continue for the rest month of 2015

+1, and many of them lost a lot of money finally. :D They pay for their naivety in the end. ;D

seems to be a Ponzi fever 2015  ;D

I fully agree there is fraud in fiat too. But the relative percentage is very small. There is regulation in place and there is justice in place. But in the BTC economy ? I think the fraud % is much much higher. Regulation is loose and many a time, missing. And justice is well; once in a blue moon; if at all. Maybe because alt currency has a design flaw that makes it susceptible to misuse. I guess we need to accept this.

Apart from those who bought & sold (or other way round) to earn their BTCs; who is churning the most BTCs today ? I will need to include the exchanges and other service providers who seem to get "hacked" sometimes.

yeah..I agree..! there is a huge diff between gambling n investment..! n ponzi's r lock on into the gambling category!

just curious I`m aware cryptodouble disappeared like 2 days ago, is it the same owner for both if anyone knows.

Its easy for them to just set up a new ponzi site and scam users all over again .

It seems with ponzis that only a select few people think of it as gambling. Others think it as a sure thing.

These guys are amazing. They are still profiting from these things... And each thread is more "innovative" than the other one before.

I feel like its only getting worse, because the prices of bitcoin is super lower which most operators increase the amount minimum.