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Author Topic: Why on earth is bitcointalk running adds for a pyramid scheme ?  (Read 1227 times)
Bigeyeone
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March 13, 2014, 12:29:54 AM
 #1

This forum is running adds for ponzicoin.co

This is an obvious pyramid scheme that will sooner or later collapse for sure and a lot of people will loose their money.

When this happens a lot of people are going to use this as ammunition against bitcoin. Like look bitcoin scam, bitcoin pyramid, bitcoin ponzi etc endorsed by bitcointalk, that what they gonna say.

I think it is a very bad idea for bitcointalk to be running these adds

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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
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March 13, 2014, 12:33:08 AM
 #2

That's what I thought when I first read about it.

It's actually a game modelled after a Ponzi scheme [if run honestly].  Sort of a sadistic form of gambling.  Look into it if you like: http://ponzicoin.co.

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Bigeyeone
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March 13, 2014, 12:45:11 AM
 #3

That's what I thought when I first read about it.

It's actually a game modelled after a Ponzi scheme [if run honestly].  Sort of a sadistic form of gambling.  Look into it if you like: http://ponzicoin.co.

hmmm, ok the add promises a 120 % payout, but on the site it says this:

Quote
PonziCoin is a gambling game based on a Ponzi-type model. Before depositing, users should understand and accept the risks associated with this model. Payments will, and can only be made, once new deposits have been made. Should the system reach a confirmed deposit which is older than 12 hours, the game automatically resets.

so it is a pyramid scheme , where people loose their money when there is no deposit for 12 hours and then the pyramid scheme starts over hmmm.

Still pretty fishy if you ask me and I dont think it is prudent for bitcointalk to be associated with this in any way.

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R2D221
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March 13, 2014, 12:58:46 AM
 #4

I decided to enter and use it, just for the lulz, but I can't even find an address to send money to or any login button or anything. If you're going to scam me, do it right.

An economy based on endless growth is unsustainable.
googlemaster1
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March 13, 2014, 02:12:31 AM
 #5

Its probably just assloads of people flooding it when the reset hits, and then waiting for lazy stragglers who are like "hmmm, I'll toss a millibit in.... WHY NOT.

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BADecker
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March 13, 2014, 02:21:50 AM
 #6

It's not the pyramid aspect of something that makes it illegal. Rather, it is damaging someone through the use of a pyramid that makes it illegal.

There are loads of network marketing programs out there that are based on pyramid form for their compensation plan. Yet they sell a product so that when you join, you are buying a product.

The world banking system is by far the biggest pyramid in the world. The thing that makes it legal is that it is formally voluntary, and that the banks have provided, among others, these two documents that you can find online just to see that they ARE pyramids:
Modern Money Mechanics
Two Faces of Debt.

The banking system realizes how powerful a pyramid is. That's why they try as best they can to make pyramids appear illegal. They don't want any competition.

Bitcoin is competition enough. A bitcoin pyramid, one that spells out the inherent dangers of pyramids, and then leaves the freedom up to the individual, is something that can reduce the world banking system to ashes in short order. The bankers know this. And because of it they send their trolls into the Bitcoin forums to make pyramids sound bad. All they want to do is take away your freedom, even your freedom to play the pyramid game if you want.

In America, wasn't it the banking pyramid that caused a whole lot of people to lose their homes, and their life savings in the crash of 2008? Isn't it the banking pyramid that caused citizens of Cyprus, Greece, Spain and Italy to lose a lot of money? They did it by not informing the people about the dangers of making certain kinds of pyramid investments, while at the same time promoting those investments.

I want the freedom to make an informed decision about whether or not to join a pyramid program. I don't want anybody telling me I can't. I want freedom, and if I hurt myself in my freedom, that's my business.

The banks are ripping EVERYBODY off. and they are working as hard as they know how to keep on doing it. If Bitcoin pyramids were promoted with full understanding, they would virtually destroy the banking system overnight. The bankers know this, and send their trolls into forums to badmouth pyramids in general.

Smiley

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March 13, 2014, 04:50:53 AM
 #7

This forum is running adds for ponzicoin.co

This is an obvious pyramid scheme that will sooner or later collapse for sure and a lot of people will loose their money.

When this happens a lot of people are going to use this as ammunition against bitcoin. Like look bitcoin scam, bitcoin pyramid, bitcoin ponzi etc endorsed by bitcointalk, that what they gonna say.

I think it is a very bad idea for bitcointalk to be running these adds

Do you see the disclaimer right below each ad?
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March 13, 2014, 05:15:02 AM
 #8

Whatever reason Theymos has, he has to think about how the Media will think about the largest Bitcoin forum allowing Ponzis.
Bigeyeone
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March 13, 2014, 11:15:09 AM
Last edit: March 13, 2014, 11:37:51 AM by Bigeyeone
 #9

This forum is running adds for ponzicoin.co

This is an obvious pyramid scheme that will sooner or later collapse for sure and a lot of people will loose their money.

When this happens a lot of people are going to use this as ammunition against bitcoin. Like look bitcoin scam, bitcoin pyramid, bitcoin ponzi etc endorsed by bitcointalk, that what they gonna say.

I think it is a very bad idea for bitcointalk to be running these adds

Do you see the disclaimer right below each ad?

yeah but by running the add they are still promoting it no matter what the disclaimer says

the largest bitcoin site is promoting an out in the open pyramid scheme, the bitcoin haters are going to run with this and this not good for bitcoin.

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Vortuarackne
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March 13, 2014, 12:27:07 PM
 #10

I decided to enter and use it, just for the lulz, but I can't even find an address to send money to or any login button or anything. If you're going to scam me, do it right.

That's because the next round starts tomorrow evening @ 20:00 UTC, an address will be released on the site at that time.
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March 13, 2014, 12:29:40 PM
 #11

When you get down to it, ponzi schemes are just a form of gambling that's illegal for the sole reason that they're usually masked as a legitimate investment. "Ponzi" has such a negative connotation, anyone who uses "ponzi" in their name obviously isn't trying to get users to think they can "triple their money with no risk" or any of that bullshit.
NotLambchop
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March 13, 2014, 01:07:36 PM
 #12

...
I want the freedom to make an informed decision about whether or not to join a pyramid program. I don't want anybody telling me I can't. I want freedom, and if I hurt myself in my freedom, that's my business.

The banks are ripping EVERYBODY off. and they are working as hard as they know how to keep on doing it. If Bitcoin pyramids were promoted with full understanding, they would virtually destroy the banking system overnight. The bankers know this, and send their trolls into forums to badmouth pyramids in general.

Smiley

*NotLambchop ponders the depths of human stupidity*
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March 13, 2014, 10:29:02 PM
 #13

As far as the adds are paying well to the forum, what's wrong in running an add even if its ponzi or whatever and hey the forum do use this 'Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.'

just like cigarettes we all know its harmful but they just can't stop selling them they do have a warning on it though  Smiley
acs267
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March 13, 2014, 10:40:30 PM
 #14

As far as the adds are paying well to the forum, what's wrong in running an add even if its ponzi or whatever and hey the forum do use this 'Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.'

just like cigarettes we all know its harmful but they just can't stop selling them they do have a warning on it though  Smiley

 Roll Eyes

Sure.

But getting money from Ponzis, or anything near... Just wait for the media to cover it.

Plus, it's advertising a ponzi. This is one of Bitcoin largest forums, and it overshadows others. Obviously, people with ignorance will just see this as them approving of it. Especially since they're basically taking money from it, and giving them the satisfaction of allowing other people to see them, and then use them.

Hell. I could probably by ad space on this forum, and be able to put anything in it.
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March 13, 2014, 10:43:00 PM
 #15

I guess I should argue since I see it above

What will the media think of the largest bitcoin forum supporting ponzi schemes and how does that look for Bitcoins reputation
We are supposed to be representatives are we not
As I get a giant bong from the old silk road  Wink

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acs267
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March 13, 2014, 10:51:05 PM
 #16

I guess I should argue since I see it above

What will the media think of the largest bitcoin forum supporting ponzi schemes and how does that look for Bitcoins reputation
We are supposed to be representatives are we not
As I get a giant bong from the old silk road  Wink

Exactly.

I get that the forum needs money, and without it, well... Yeah. But don't just accept money from everybody, and everything. Bitcoin's reputation is already terrible. But that's basically telling people that we support scams/schemes of that type. If we accept ads for that, than we should basically accept ads for scams.

And of course, we should get the scammer tag off of Dank.
theMiracle
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March 13, 2014, 11:12:24 PM
 #17

As far as the adds are paying well to the forum, what's wrong in running an add even if its ponzi or whatever and hey the forum do use this 'Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.'

just like cigarettes we all know its harmful but they just can't stop selling them they do have a warning on it though  Smiley

This forum has enough money to run it well into the next century, and still have enough coin left over for hookers and blow.  A fraction of a single bitcoin (which is what the difference is between the Ponzi and the next lower bid) makes absolutely no difference.  So if not the money, it must be the principles.  If I had to chose a cause, Ponzis wouldn't be my first choice.

As far as cigs, which you used as an example, the ads are strictly regulated in US.  And those already have health warnings bigger than the ad itself.
So no, adding some fine print doesn't work.  
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March 14, 2014, 08:26:30 AM
 #18

I guess I should argue since I see it above

What will the media think of the largest bitcoin forum supporting ponzi schemes and how does that look for Bitcoins reputation
We are supposed to be representatives are we not
As I get a giant bong from the old silk road  Wink

Exactly.

I get that the forum needs money, and without it, well... Yeah. But don't just accept money from everybody, and everything. Bitcoin's reputation is already terrible. But that's basically telling people that we support scams/schemes of that type. If we accept ads for that, than we should basically accept ads for scams.

And of course, we should get the scammer tag off of Dank.

The forum really doesn't actually need that much money the Advertising pays the moderators who run the forum but donations from way back means the forum has a huge surplus of cash

It's the reason Theymos went and made a million dollar forum project, in this case the decision to support ponzi sites is just based on them paying for the exposure more than any other basis.

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counter
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March 27, 2014, 06:37:18 AM
 #19

hmm this is interesting if it is a full on obvious scam but I suspect it was not blatant but I don't even know I just hope nobody will lose there pants from an add posted on this site by the admin.
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March 27, 2014, 11:46:52 AM
 #20

Like it or lump it, theymos is not answerable to us. Unfortunately.

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March 27, 2014, 09:39:08 PM
 #21

This forum is running adds for ponzicoin.co

This is an obvious pyramid scheme that will sooner or later collapse for sure and a lot of people will loose their money.

When this happens a lot of people are going to use this as ammunition against bitcoin. Like look bitcoin scam, bitcoin pyramid, bitcoin ponzi etc endorsed by bitcointalk, that what they gonna say.

I think it is a very bad idea for bitcointalk to be running these adds

It's a ponzi scheme which admits it's a ponzi scheme.

You could technically see it as a risky form of gambling I suppose. But the potential payouts vs the risk is far too imbalanced to ever make anything like this worth it IMO.
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March 28, 2014, 06:14:47 AM
 #22

Like it or lump it, theymos is not answerable to us. Unfortunately.

rather unfortunate indeed as there is many issues that need answering.
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