Pyramid run by smart Contracts

[bitcoinpete]

I discovered that there are some Ethereum run pyramid schemes run by smart contracts. The link is in my signature its not a referral link. Profit is 2.9x the original 1 eth investment given the circumstances that people continue to send. Its cool because allthough it is what it is, it cannot be destroyed or altered by anyone. I sent 5 eth to see how it goes.

Here is the block explorer where you can see the transaccions https://etherscan.io/address/0x7011f3edc7fa43c81440f9f43a6458174113b162
 

[Phildo]

I discovered that there are some Ethereum run pyramid schemes run by smart contracts. The link is in my signature its not a referral link. Profit is 2.9x the original 1 eth investment given the circumstances that people continue to send. Its cool because allthough it is what it is, it cannot be destroyed or altered by anyone. I sent 5 eth to see how it goes.

Here is the block explorer where you can see the transaccions https://etherscan.io/address/0x7011f3edc7fa43c81440f9f43a6458174113b162
 

All the smart contract does is make sure that the organizer can't run with the money (unless of course they put a way for them to do it into the contract or screw it up).

Smart contracts won't change the fact that eventually people will stop putting money in and the thing will fall apart.

[bitcoinpete]

Yes obviously, it still has its draw backs as the influx of ether will eventually slow down. But its a cool concept as far as ponzi schemes are concerned.

[RussianRaibow]

Yes obviously, it still has its draw backs as the influx of ether will eventually slow down. But its a cool concept as far as ponzi schemes are concerned.

I thought those smart contract pyramids were pretty cool too.  I put 3 ETH into that one quite a while ago and have already gotten my 2.9x payout.  It's pretty cool that a contract can run like that across computers all over the world, and make a fair "pyramid scheme."  I'm looking forward to the different types of smart contracts that people will develop, especially in the gambling scene.

[bitcoinpete]

Yes obviously, it still has its draw backs as the influx of ether will eventually slow down. But its a cool concept as far as ponzi schemes are concerned.

I thought those smart contract pyramids were pretty cool too.  I put 3 ETH into that one quite a while ago and have already gotten my 2.9x payout.  It's pretty cool that a contract can run like that across computers all over the world, and make a fair "pyramid scheme."  I'm looking forward to the different types of smart contracts that people will develop, especially in the gambling scene.

Yeah I agree, this is a big game changer and will force allot of obsolete systems to adjust and adopt inteligent ways to manage money without having to trust a third party.