Did anyone try to "gamble" with ponzi scheme crypto scam services?

[elspethrooney]

I think I do not need to explain what I mean by ponzi crypto scam. Every week I see at least ten new ponzi scheme scams.

They often offer something like 100% interest per 24h (or something similar). They commonly run for quite a few weeks (or months sometimes) before "they go scam" publicly. The obvious idea how to exploit them is to invest something small at the first day, withdraw it as fast as possible and repeat just with the interests from the previous bet (and of course take some money away from every successful round).

Has anyone tried that? Have you been successful? Is this kind of gambling popular/common. Has it name?

[samcrypto]

Newbies for sure and I’m confident that gamblers here are not dealing with those Ponzi scheme, we have to stay away from that shit scheme and gamble only with the legit site and free yourself from a big stress of getting scammed. I will never try to gamble on a suspicious gambling site, I’m fine playing on the trusted site so its not worth the risk to try a new one.

[AicecreaME]

Ponzi schemes are just waste of time once you fully understand that you're not making any profits from it, maybe you do but it's so little that's not even worth to stay up all night watching your money you deposited makes profits for you to be able to withdraw it in an instant because you're afraid it may run.

I've tried risking my money from it when I was just a newbie, but only once, since I was not happy about the profits I was making way back then. If you would be lured by their marketing strategy like the percentage of their return investment, I hope you do the math first to avoid wasting your precious time on dealing with such a trash way of making money.

[ronaldo40]

i won't participate on such thing, i haven't encountered yet a ponzi in gambling actually i was wondering how was that? for what i have known the ponzi scheme is more related to investment stuff and the likes.

[Fundamentals Of]

Never joined or invested in something like this. Never have any plans either. It is pretty stupid for anyone to proceed with a ponzi investment even if he knows from the very beginning that what he's about to enter is a scam.

Only an unbelievable amount of greed can push you toward an investment like this. And even if you made profit from this, would your soul be at rest knowing that your huge and quick profit means a huge loss to another one? If you are very much aware of this and yet still decide to support it for the easy money instead of reporting it to the authorities and discouraging people to enter, you are part of the crime.

[kkaroul4]

I'm not quite sure what do you mean by to gamble with ponzi scheme? do you mean to invest to ponzi scheme on hoping that you would get a profit? looks like that what you wanted to say. But honestly don't invest or deal with anything that is ponzi related it's really wrong whenever you look at it.

[elspethrooney]

I'm not quite sure what do you mean by to gamble with ponzi scheme? do you mean to invest to ponzi scheme on hoping that you would get a profit? looks like that what you wanted to say. But honestly don't invest or deal with anything that is ponzi related it's really wrong whenever you look at it.

It seems that you understand what I am asking. Thanks. I was afraid that I ask it totally wrong (according to the number of responses NOT answering any of my questions).

However, can you elaborate your reply more? It sounds more like opinion than experience or knowledge.

[kkaroul4]

A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. The scheme leads victims to believe that profits are coming from product sales or other means, and they remain unaware that other investors are the source of funds.

[1.] https://en.wikipedia.org/wiki/Ponzi_scheme

[elspethrooney]

A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. The scheme leads victims to believe that profits are coming from product sales or other means, and they remain unaware that other investors are the source of funds.

[1.] https://en.wikipedia.org/wiki/Ponzi_scheme

Thanks again. I ask why do you think there is no way to exploint their scheme. I have not ask how the scheme work (that is elementary school knowledge). I am probably the worst asker on the world.

[arwin100]

I think I do not need to explain what I mean by ponzi crypto scam. Every week I see at least ten new ponzi scheme scams.

They often offer something like 100% interest per 24h (or something similar). They commonly run for quite a few weeks (or months sometimes) before "they go scam" publicly. The obvious idea how to exploit them is to invest something small at the first day, withdraw it as fast as possible and repeat just with the interests from the previous bet (and of course take some money away from every successful round).

Has anyone tried that? Have you been successful? Is this kind of gambling popular/common. Has it name?

If your asking about that here then provably there are no users here are still risking theirselves on investing/gambling on Ponzi scheme platforms since many are aware on what will be the ending of the game and the only winner of that are the scammers who operates the said platform. But you can find those people who's trying their luck on social media since I still saw people keep asking a details about those scam platforms around.

And if you want to gamble on it better save your money and find another things to invest since Ponzi scheme cannot bring better life unto us.

[Strongkored]

Is this kind of gambling popular/common.

This is not a gamble, not even gamblers would say it's gambling

Has it name?

The program name is HYIP (High Yield Investment Program).

My advice is never to give your money in a program like this, just use your logic how can they give high return in short time.

[rijaljun]

It's not really a good idea to participate into any ponzi schemes and try to gamble your many in hopes of getting a high and quick profit. You'll just waste your money and time.

[robelneo]

I think I do not need to explain what I mean by ponzi crypto scam. Every week I see at least ten new ponzi scheme scams.

They often offer something like 100% interest per 24h (or something similar). They commonly run for quite a few weeks (or months sometimes) before "they go scam" publicly. The obvious idea how to exploit them is to invest something small at the first day, withdraw it as fast as possible and repeat just with the interests from the previous bet (and of course take some money away from every successful round).

Has anyone tried that? Have you been successful? Is this kind of gambling popular/common. Has it name?

No, and people should not support this kind of program, it's a first in first out program and you never know when it will stop paying, people have a misconception that it's an early bird kind of stuff where if you are an early investor you are likely to make a profit, that is an average Ponzi scheme, but I have seen a Ponzi Scheme where the project closed after 24 hours, after investors who want to make early profit deposits.
Ponzi Scheme is meant to scam people even on day one so don't believe that you will make a profit here.

[elspethrooney]

I think I do not need to explain what I mean by ponzi crypto scam. Every week I see at least ten new ponzi scheme scams.

They often offer something like 100% interest per 24h (or something similar). They commonly run for quite a few weeks (or months sometimes) before "they go scam" publicly. The obvious idea how to exploit them is to invest something small at the first day, withdraw it as fast as possible and repeat just with the interests from the previous bet (and of course take some money away from every successful round).

Has anyone tried that? Have you been successful? Is this kind of gambling popular/common. Has it name?

No, and people should not support this kind of program, it's a first in first out program and you never know when it will stop paying, people have a misconception that it's an early bird kind of stuff where if you are an early investor you are likely to make a profit, that is an average Ponzi scheme, but I have seen a Ponzi Scheme where the project closed after 24 hours, after investors who want to make early profit deposits.
Ponzi Scheme is meant to scam people even on day one so don't believe that you will make a profit here.

Fair point. However according to my observation and the [1], it seems many of them are running for some time. So I guess it should be possible to calcuate some average expiration date and with some other metric (number of users in first days, size for returns) it should be possible overcome this issue in a long run (hundreds of scams).

IMHO I think "went scam already" problem is possible to overcome with bankroll management. I would expect there will be other less predictable problems. That is why I am asking if someone tried that.


[1] Vasek, Marie, and Tyler Moore. "Analyzing the Bitcoin Ponzi scheme ecosystem." International Conference on Financial Cryptography and Data Security. Springer, Berlin, Heidelberg, 2018

[qory]

I won't transfer at least a cent to any ponzi scheme this kind of things should not be supported since they are just deceiving people. I really don't think any gamblers here would try their chance in investing to ponzi schemes, we still prefer playing casinos and sports betting than investing to that.

[$crypto$]

Don't ever try anything in gambling especially with the name of a ponzi scheme, this is a trick that has been around for a long time and no one is as lucky in investing as even if it gives a big return. Just leave it like this because it will drain your money.

In essence, don't ever be tempted by the returns they offer, including gambling or the investment that is at stake, of course at first it will be normal, but after a few deposits have been made, it will be a scamer, I have been a victim since we were aware of it. not a good thing for us to follow.

[Findingnemo]

We never know that hiw long they will run legit before pulling out their scam strategy because there is no common rule exist they they will run for few weeks,they can go scam even in the next day itself so its all about how much target they are having to reach on that attempt. And we can't call it as gambling because this is just pure stupid in my opinion.

[elspethrooney]

I won't transfer at least a cent to any ponzi scheme this kind of things should not be supported since they are just deceiving people. I really don't think any gamblers here would try their chance in investing to ponzi schemes, we still prefer playing casinos and sports betting than investing to that.

Thanks for opinion! It seems that a lot of people here support your point of view.  I generally agree with that, but I would add one more not so obvious point:

- you cannot really report the Ponzi scheme sites - or you can, bud nobody listen and care. I have never heard about anyone who get the money back
- if someone can shutdown Ponzi scheme, because your report, it still does not matter, because:
- that insane number of Ponzi sites are emerging because people are greedy - and this is problem of lack of the math education, not law
- on the other hand, if you participate and make profit, you steal that money from scamers, not from their victims - basically this is only way to stop any internet crime - push it in the zone of no profit

Otherwise as all of you said - Ponzi scheme is a fraud, in many countries it is directly a crime. And it is really bad idea to help criminals get profit. No discussion about that.

[panjul07]

When I was a newbie, I did try some ponzi sites in the past but I did not put a big amount on that ponzi scheme sites.
It was nice on beginning when I could earn some money with it but at the end I lost some money because getting scammed.
It was a good lesson for me obviously, after that time I'm not interested to invest my money on such ponzi scheme sites.
Anyway I'm curious why there are still many people launch ponzi scheme sites and there are still many people being fooled with it.

[ecnalubma]

Only newbies are easily hooked to Ponzi schemes, categorically they don’t belong to gambling. Ponzi investments shouldn’t be entertained, they are doomed to collapse anytime and only founders are benefiting from these frauds. The level of risk is different when you’re really gambling though.