PonziCoin (3 letter name is SHT)! Sponsored by Bitcoinduit

[ineededausername]

Hi everyone, just want to let you know, we here at Bitcoinduit are planning Ponzicoin (which may or may not come out this week)!
This is the only honest scammy altcoin!   It's sort of like a game, I guess.  Mine it and hope that other people buy your worthless SHT!!! xD
Of course, we can't make it totally worthless, can we?  Your Ponzicoins are backed at the exchange rate of 0.0001 BTC per SHT.  The "game" will end at 2000 blocks (100000 SHT), and at the end all the SHT is redeemable in freerolls at our site.
If you're interested, post here.

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[BitcoinPorn]

My interest is definitely there, still not fully understanding how this works.  I tend to stay away from the Ponzi games, even knowing they are just games, but this would be some cool SHT to support.

[ineededausername]

My interest is definitely there, still not fully understanding how this works.  I tend to stay away from the Ponzi games, even knowing they are just games, but this would be some cool SHT to support.

hahahaha... it's completely retarded, yes, but then again, it's awesome
I think this concept has potential, man.  Any more potential miners?

[Bobnova]

I love it!

CPU or GPU based?

[ineededausername]

I love it!

CPU or GPU based?

GPU based because all we have to do is ctrl-h the Bitcoin source xD

[Bobnova]

So what happens after all the blocks are done?  No blocks means no transfers, generally speaking.
Or does the reward just drop to something like 1 coin?

[ineededausername]

So what happens after all the blocks are done?  No blocks means no transfers, generally speaking.
Or does the reward just drop to something like 1 coin?

I increase the difficulty to some huge number.  Transfers aren't necessary because it would've ended, so you'd cash out by taking up the freeroll offers.  I guess SHT isn't completely silly.  One side effect would be taking a look at the effect of actual backing on exchange rate.

I'm a bit reluctant to do this now, actually... too many losses incurred by running Bitcoinduit. 

You guys still interested? I think it's a fun idea.

[Bobnova]

I love the concept, really.

[BitcoinPorn]

I also just love this more in theory 

[wigglyuk]

If SHT is launched, you will have my 570 Mhash/s of support.

[ineededausername]

If any exchange is willing to host this SHT, I'll try to get it done