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Author Topic: bitponzi bug  (Read 808 times)
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September 19, 2011, 05:21:28 AM
 #1

The rules at http://bitponzi.net/Rules.aspx say:

End of Round:

    The host will receive 100% of the remaining pot.
    The jackpot will be paid to the last depositor.
Round http://bitponzi.net/Round_Jackpot_Rush_MK6.aspx ended and nobody got paid.
The Jackpot (0.24BTC) should have been paid to the last depositor (me).

mb300sd what gives?

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GimmeDemBitz
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September 21, 2011, 08:32:16 PM
 #2

Really?  The word Ponzi, as in Ponzi Scheme, is in the name, and you thought this was legit?

Do you know what it's like to be built this way?
With only the power to push others away?
tysat
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September 21, 2011, 08:48:59 PM
 #3

http://blockexplorer.com/tx/3f99b6241e739eee7d0c4843e876d94d401f0a1da512539cf191383b386a3534#o1

Looks like you got your jackpot and have used it already.
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September 24, 2011, 08:24:18 AM
 #4

@GimmeDemBitz
bitponzi.com is a "perfectly legit" gambling site. (With its growing pains.)
If you know what you are getting into, a ponzi scheme can be a fun gamble, you just have to try no to get stuck holding the hot potato.

@ tysat
Yes the jackpot eventually got paid to me. Smiley
I was mislead by the web page showing "False" in the "Paid" column.
They should add a line showing to whom the jackpot got paid once the round is over.

The new mystery is with round Very_Low_Risk : http://bitponzi.net/Round_Very_Low_Risk.aspx
I am both the host and bidder #4 so I would have expected to get a payment of 0.4BTC (the jackpot) as the last bidder, and a payment of 0.08BTC (the remaining pot) as the host.
Instead, I received (at the host's address), a payment of 0.12BTC
What does that correspond to?

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GimmeDemBitz
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September 24, 2011, 03:02:11 PM
 #5

Oh hey, why don't we look at wikipedia

Quote from: THE FIRST SENTENCE
A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from any actual profit earned by the individual or organization running the operation.

But I guess since bitcoin isn't actually money, it's all good.

Do you know what it's like to be built this way?
With only the power to push others away?
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September 24, 2011, 04:06:22 PM
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@GimmeDemBitz
I know what a Ponzi scheme is.
bitponzi.com is a gambling site where the game is based on the ponzi scheme with a twist (the jackpot).
Like roulette or any lottery, even though everybody knows that the house always wins, it can be fun to play and there is definitely more strategy and control possible with bitponzi than in roulette.

As for my previous mystery, I think I've got it figured out.
What isn't clearly documented on the site is that any fee above the web site's 2% is paid back to the host.
The round in question had 3% fees, 2% for the web site, 1% for the host.
So the 0.12BTC was 0.08 from the remaining pot plus 1% of the 4BTC deposited.
GimmeDemBitz
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September 24, 2011, 05:04:00 PM
 #7

I stand corrected.

Quote from: bitponzi.com
Later deposits pay out the earlier entries.
Quote from: wikipedia
pyramid schemes explicitly claim that new money will be the source of payout for the initial investments.

Bitcoin:  Even if we could tell the difference between Ponzi and Pyramid schemes, we don't care.

Quote
Like roulette or any lottery, even though everybody knows that the house always wins, it can be fun to play and there is definitely more strategy and control possible with bitponzi than in roulette.

You know how I know you've never been in a casino?

Do you know what it's like to be built this way?
With only the power to push others away?
ineededausername
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September 24, 2011, 09:22:53 PM
 #8

@GimmeDemBitz:
I was about to start a thread here in the Noob section to get more traffic going to bitponzi, and I saw this thread.
I assure you that if you really don't want to lose money on bitponzi, you don't lose money.
It is possible to earn bitcoins in a risk-free way at considerable ROIs.  In fact, if you're willing to tolerate minimal risk, you can have about 3 bitcoins a day, which is a good way to get a newbie started with some bitcoins.  I've earned about 23BTC on bitponzi and for you to call them a scam is just misleading and dishonest.

(BFL)^2 < 0
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September 24, 2011, 09:44:53 PM
 #9

@GimmeDemBitz:
I was about to start a thread here in the Noob section to get more traffic going to bitponzi, and I saw this thread.
I assure you that if you really don't want to lose money on bitponzi, you don't lose money.
It is possible to earn bitcoins in a risk-free way at considerable ROIs*.  In fact, if you're willing to tolerate minimal risk, you can have about 3 bitcoins a day, which is a good way to get a newbie started with some bitcoins**.  I've earned about 23BTC on bitponzi and for you to call them a scam is just misleading and dishonest.

*I'm sure Bernie Madoff has used the exact same phrase at some point or another.

**A pyramid scheme (Can't even name your scams properly!) relies on an influx of new investors to pay off the old investors, and in fact says so in the 'rules.'  Advertising bitponzi as FREE MONEY is a great way to reel them in.

3 BTC a day?  What is that, 12-18 dollars?  AMAZING.

And where did your 23 bitcoins come from, I wonder?  Other 'investors' that lost that round of gambling?  Or does everyone actually win, and bitponzi is just giving away bitcoins?  Sounds like a great business plan.

Gambling is a voluntary tax on people that are bad at statistics.  Or in bitponzi's case, history.

Do you know what it's like to be built this way?
With only the power to push others away?
ineededausername
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September 25, 2011, 03:33:52 AM
 #10

@GimmeDemBitz:
I was about to start a thread here in the Noob section to get more traffic going to bitponzi, and I saw this thread.
I assure you that if you really don't want to lose money on bitponzi, you don't lose money.
It is possible to earn bitcoins in a risk-free way at considerable ROIs*.  In fact, if you're willing to tolerate minimal risk, you can have about 3 bitcoins a day, which is a good way to get a newbie started with some bitcoins**.  I've earned about 23BTC on bitponzi and for you to call them a scam is just misleading and dishonest.

*I'm sure Bernie Madoff has used the exact same phrase at some point or another.

**A pyramid scheme (Can't even name your scams properly!) relies on an influx of new investors to pay off the old investors, and in fact says so in the 'rules.'  Advertising bitponzi as FREE MONEY is a great way to reel them in.

3 BTC a day?  What is that, 12-18 dollars?  AMAZING.

And where did your 23 bitcoins come from, I wonder?  Other 'investors' that lost that round of gambling?  Or does everyone actually win, and bitponzi is just giving away bitcoins?  Sounds like a great business plan.

Gambling is a voluntary tax on people that are bad at statistics.  Or in bitponzi's case, history.

Risk-free meaning that you will either be paid a higher amount because another person lost their money or you will keep your bitcoins.  Essentially, you are making money off gamblers, while they can gamble.  What's wrong?

Yes, my bitcoins did come from other gamblers.  This is an opportunity for any person to become a game operator, basically.  Doesn't a casino's money come from gamblers?  These gamblers voluntarily participate in Ponzis, so why is it a scam? It's only a scam if they don't know that there is risk.

3 BTC is 12-18 dollars, yes.  What's your problem?  Some people aren't willing to put their real money in yet and just want to play around.  3 BTC per day is also way faster than mining-- it's the equivalent of 6 GH/s or so.  Why do people mine if they can do this?

(BFL)^2 < 0
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