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Author Topic: Are all these Ponzi schemes and other cons legal?  (Read 1148 times)
Samantha2011
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June 19, 2011, 05:42:45 AM
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Just wondering about the legality of the Bitcoin Ponzi schemes and other cons. Now that I think of it, how about the unlicensed gambling sites?

Does the existence of these sites harm the viability of Bitcoin as a currency? If so, what can be done about it?

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MeowMixer
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June 19, 2011, 05:53:14 AM
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Perfectly legal because bitcoins aren't money. It's like gambling with diamonds. They're worth something but it's not money.

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June 19, 2011, 07:03:56 AM
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In these cases I guess it's good that BTC isn't a "currency" Tongue
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June 19, 2011, 07:30:49 AM
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I think the difference between "real" ponzi schemes and the ones on the forum is that here people know exactly what they are. The ones people are prosecuted for they LIED and would guarantee profits with fake investments.

If some are shown to be cons they should go. Scammers and people who con are not welcome here from me.

As far as the other gambling stuff- it can vary wildly depending on where you live. Some places are okay with online gambling other places not.

If some gambling games are shown to be frauds they should go.

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June 19, 2011, 09:25:24 AM
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No, I think these "cons" (as you call it) are excellent fun and the result of a free, healthy market.

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June 19, 2011, 10:03:31 AM
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I don't think this forum is the best place to find legal advice.

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June 19, 2011, 10:40:29 AM
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I think they are great, but I'm a bit bias because I'm running one of them. I put it up as a way for people to have fun, and I included a nice disclaimer about losing money. All the rules are posted for each of the games, and with block explorer, there isn't really a way the operator can cheat without it being seen in block explorer. As far as health for bitcoins, I think it positive. It moves some bitcoins around and the miners are glad to get a few extra transaction fees out of that. It's also something you can do with bitcoins in their natural form, so it brings some value that way.
Samantha2011
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June 19, 2011, 03:23:35 PM
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I think the difference between "real" ponzi schemes and the ones on the forum is that here people know exactly what they are. The ones people are prosecuted for they LIED and would guarantee profits with fake investments.

No, I think these "cons" (as you call it) are excellent fun and the result of a free, healthy market.

I see your points. I just worry that they could damage Bitcoin's reputation.

The community at the moment is probably quite savvy, but what happens when the adoption of Bitcoin expands to include the stupid and naive?  Undecided

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Samantha2011
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June 19, 2011, 03:37:05 PM
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Just wondering about the legality of the Bitcoin Ponzi schemes and other cons. Now that I think of it, how about the unlicensed gambling sites?

Does the existence of these sites harm the viability of Bitcoin as a currency? If so, what can be done about it?

I wonder, do you accept bitcoins for your trolling/provocation contract work ?


No, The Man pays me in USD.  Cheesy

I wanted to appeal to those who are concerned about the future of Bitcoin. I didn't predict that I'd get so many replies from people involved with the "gaming" sites. Have I posted this in the wrong section?

I'm not against you guys either. I believe in free trade. I just want to be able to use Bitcoin 10 years from now.

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hawks5999
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June 19, 2011, 03:42:04 PM
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I see your points. I just worry that they could damage Bitcoin's reputation.

Which damages the US Dollar reputation more? Las Vegas or Washington, D.C.?

The community at the moment is probably quite savvy, but what happens when the adoption of Bitcoin expands to include the stupid and naive?  Undecided

You mean like those who use Dollars today to buy state sponsored lottery tickets?

You have to consider that as the adoption rate grows and BTC becomes more mainstream a smaller and smaller percentage of its users will be hanging out on this board. I mean if you think  about it, how many people belong to a PayPal community forum just because they use PayPal? Or Visa? or Euro? or Dollar? Most of these games can't be stumbled upon outside these boards (go ahead and Bing bitcoin and see if any of these games are in the top 10 results). These boards are generally enthusiasts and enthusiasts will typically be a self-selected group of either technology or monetary savvy people. Can those people be stupid and naive? Sure. Should an activity be restricted because a minority percentage is at risk of making a stupid and naive mistake? Well, when the NYSE is shut down to prevent stupid and naive people from being at risk, then the games on this forum should consider shutting down as well.

BTW, welcome out of the newbie board. You picked a good first post to get yourself flamed. Cheesy Was that intentional?

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Samantha2011
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June 19, 2011, 04:11:55 PM
 #11

I see your points. I just worry that they could damage Bitcoin's reputation.

Which damages the US Dollar reputation more? Las Vegas or Washington, D.C.?

The community at the moment is probably quite savvy, but what happens when the adoption of Bitcoin expands to include the stupid and naive?  Undecided

You mean like those who use Dollars today to buy state sponsored lottery tickets?

You have to consider that as the adoption rate grows and BTC becomes more mainstream a smaller and smaller percentage of its users will be hanging out on this board. I mean if you think  about it, how many people belong to a PayPal community forum just because they use PayPal? Or Visa? or Euro? or Dollar? Most of these games can't be stumbled upon outside these boards (go ahead and Bing bitcoin and see if any of these games are in the top 10 results). These boards are generally enthusiasts and enthusiasts will typically be a self-selected group of either technology or monetary savvy people. Can those people be stupid and naive? Sure. Should an activity be restricted because a minority percentage is at risk of making a stupid and naive mistake? Well, when the NYSE is shut down to prevent stupid and naive people from being at risk, then the games on this forum should consider shutting down as well.

BTW, welcome out of the newbie board. You picked a good first post to get yourself flamed. Cheesy Was that intentional?

 Cheesy Thanks.

This was just my initial reaction to the proportion of "gaming" sites being discussed here. You make a good point about the board demographics (and the other ones  Smiley). I wanted to make a thread about it but waited to post it here because it seemed like the right section. I never want to get flamed.  Embarrassed

I'm going to go away and try to come back and read everything here with a more opened mind.  Smiley

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hawks5999
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June 19, 2011, 04:35:50 PM
 #12

Please don't go away. Then the male/female ratio goes back to... #DIV/0!
Cheesy

■ ▄▄▄
■ ███
■ ■  ■               
LEDGER  WALLET    ████
■■■ ORDER NOW! ■■■
              LEDGER WALLET
Smartcard security for your BTCitcoins
■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■
Decentralized. Open. Secure.
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