Video - The First Ever LIVE Bitcoin Ponzi * 1 Hour Life * Minimum 1 Confirm = 2X

[bitcoinmax88]

Last night I decided to finally go ahead and put one of my ideas to get people more interested in bitcoin, into full action......

My idea was to use the popular mobile streaming live video app called Periscope where your audience can interact with you while you are doing a broadcast. I decided to have the world's first LIVE  Bitcoin Ponzi! I set the rules for this first test of the waters...

The rules were as follows:

1) The Ponzi lasts for only 1 hour
2) You must have 1 confirmation on blockchain.info showing for your transaction of what you put in before the hour ends and you get 2x back live. If you have 0 confirmations by the end of the hour, you lose.
3)Keep it fair and fun for everyone, send only smaller amounts and have fun doubling them.

A tweet was posted with the BTC address for everyone who participated to send their BTC over to and the live ponzi started. For the first 20 minutes or so, there was no BTC sent to me at all.. Then one person sent and got a confirm and I sent him back 2x of his send... This is when other people watching my broadcast just started sending in BTC for the chance to get 2x of it back, providing that 1 confirmation shows on the blockchain before the hour is over.

The whole thing was screencapped and uploaded to Youtube and it went really well as expected and will go much better each time I do more without a doubt, everyone loved it, even the people that were saying "scam" in the beginning, were jaw dropped when they actually seen all the people making 2x their money, live.

Here is the video of all that happened right on Youtube.  https://youtu.be/skS8in12sA0

It was a lot of fun for everyone and I look forward to doing many more.

Adam G.

[neoneros]

All ponzi must die.. sorry to say, it is a short term short sighted idea that feeds on greed and scams people making the world an ugly place, with uglyminded people.

Video is a nice medium. Try to use it in a better way, like the guy tagging bananas with a personal message and feeding them to monkeys for a few BTC.
Even the video of simply eating a sandwich brings more joy to the world than any ponzi ever did!

[NorrisK]

As a hoster you take a pretty big risk here.. Sane people will not send anything after 30-40 minutes and you take all the risk, not the people sending as they are not affacted by people sending after them.

A real ponzi needs people sending after the first people, not you paying them personally

[GODLIKE]

All ponzi must die.. sorry to say, it is a short term short sighted idea that feeds on greed and scams people making the world an ugly place, with uglyminded people.

Video is a nice medium. Try to use it in a better way, like the guy tagging bananas with a personal message and feeding them to monkeys for a few BTC.
Even the video of simply eating a sandwich brings more joy to the world than any ponzi ever did!

I think the fact that he published the video about this is a good thing.
Only 3 weeks ago I had a discussion with a guy stating that Bitcoin IS just a ponzi scheme.
He showed me some articles as old as 2013.
I gave him a couple of links from articles of 2015.
He didn't bother to answer.
But just to say: we using Bitcoin are just very very few yet, and many many people still think that Bitcoin is like supermarket points or ponzi scheme or some other shit.
We have to overcome their distorted reality.
And this video proves that Bitcoin is NOT a ponzi, BUT can be used to set up a ponzi, LIKE ANY OTHER CURRENCY (OR FORM OF VALUE) CAN!

[ransomer]

As a hoster you take a pretty big risk here.. Sane people will not send anything after 30-40 minutes and you take all the risk, not the people sending as they are not affacted by people sending after them.

A real ponzi needs people sending after the first people, not you paying them personally

I think the idea is to do a Madoff Ponzi... where the OP pays noone, but uses later people to pay the first, and so on. And in the end does not pay the last ones because they did not get confirmed. The net the OP gets.

But I agree with the guy who said Ponzi should die... it is an ugly and greedy way to exploit other people that are less intelligent but equally greedy.

[neoneros]

And this video proves that Bitcoin is NOT a ponzi, BUT can be used to set up a ponzi, LIKE ANY OTHER CURRENCY (OR FORM OF VALUE) CAN!

That might just be the only justification of this 'experiment'. But do prefer the monkey videos as proof of Bitcoin is not a ponzi.. Or my personal experience in drawing pictures for bitcoin.

[bitcoinmax88]

All ponzi must die.. sorry to say, it is a short term short sighted idea that feeds on greed and scams people making the world an ugly place, with uglyminded people.

Video is a nice medium. Try to use it in a better way, like the guy tagging bananas with a personal message and feeding them to monkeys for a few BTC.
Even the video of simply eating a sandwich brings more joy to the world than any ponzi ever did!

You can clearly see the way that the human brain works though during this Live Ponzi you see that as I get about 14 mins in, the first person sents 14 cents worth, tests the waters. The clock keeps ticking and someone piggybacks with a 49 cent send.... This is the point where people see the confirmation come on blockchain.info and hear me double the first guy's btc... The rest of the people who were on the fence all send in their BTC to race the clock hoping that the remaining time is enough for their btc sends to confirm as well, which they all do! Essentially every other person's btc was paying back the previous person until the 1 hour ended and no further sends came in.

I think it went so well and opens the door for a second run and more after that. There will be people who will not get 2x and are willing to take that chance of double or nothing based on their knowing that other people have succeeded and it has been already documented with video proof they can refer to. The fact that a familiar name/face is hosting also is a major part of the equation, to give that further push they need to send in some coin and give it a shot.

[bitcoinmax88]

As a hoster you take a pretty big risk here.. Sane people will not send anything after 30-40 minutes and you take all the risk, not the people sending as they are not affacted by people sending after them.

A real ponzi needs people sending after the first people, not you paying them personally

This is what happened, however there was not enough time and or fomo of the senders to allow for several at the end to be too "late" for confirmation. So in this case, the 2x had to come out of pocket of the house.

[Nowi]

It is something new, and it looks amazing. Sites which have only small deposits are usually fair :-) I want to try it, it can be good ponzi.

[krunox123]

Sounds like a good idea.
What will happen if someone sent BTC1 or more to you? I mean, are you able to double it?