Will it be considered as Ponzi (Strange Bank)

[shasan]

What happened:: Offering 10000x returns

Scammers Profile Link: https://bitcointalk.org/index.php?action=profile;u=3535798

Reference Link: https://bitcointalk.org/index.php?topic=5440397
Additional Notes: Website: https://www.strangebank.io/
Whois information

Important Dates
Expires On
2024-02-16
Registered On
2023-02-16
Updated On
2023-02-16

Strange Bank

The Only Bank Guarantees 10,000x Return

Website: https://www.strangebank.io/

App: https://app.strangebank.io/

What is Strange Bank?
In Strange Bank, we reward patience. Every month, you deposit amount of PAT that you choose. After 48 deposits, you can withdraw 480,000 times of the minimum deposit. For example, if you deposit 1 PAT every month for 48 months, thereafter, you can withdraw 480,000 PAT; that is 10,000 times of your total deposits.

Wait, 10,000 times reward? Is it guaranteed?
The reward is guaranteed by the smart contract. However, the reward is in terms of PAT. The price of PAT may change overtime. You may lose significant portion of your money even if you earn 10,000 times more PAT.

Is PAT inflationary?
Yes, PAT is inflationary. If everyone finishes 48 deposits, there will be 10,000 times more PAT in the market. Fortunately, very few PAT have been deposited, which means there will be no significant inflation when you finish deposits.

What if I miss a deposit?
Every 30 days, there will be a very short time window (48 hours) for your depositing. Specifically, you need to deposit after 29 days but before 31 days since your last depositing. If you miss a deposit, You will lose all your deposits. You need to reset your account to start over again. This feature is written in the smart contract and has no exception. If you plan to go to Mars and there is no web connection, You'd better not participate in the project. If many people do not finish deposits, the inflation will be further reduced (even negative!). Be careful, the countdown in app is only for reference. No one excepts the smart contract is responsible for your deposits.

How are PAT tokens distributed?
PAT tokens are generated only through clicking "FREE PAT" button in app. The first three clicks will generate 7 quintillion PAT tokens each click. The further clicks will generate 100 PAT tokens each click. PAT generation will be ended given one million clicks OR after March 31, 2024. Basically, you can generate as many PAT tokens as you need. Investing in PAT is not be advised.

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[shasan]

Reserve

[rat03gopoh]

Imo that is the way they distribute their custom tokens apart from giving them out for free on the faucet, they can also take all of your deposit due to delays isn't it (1st risk)? I think this is definitely a new kind of game over an investment scheme. They explain the game and how you risk losing.
Of course with their own token they can guarantee as much as they can even with 100k returns, for example by adopting a stable (printable) token way. After all, they acknowledge that their token is inflationary (2nd risk).

[Rikafip]

This looks to me like another version of those DeFi projects that offered crazy high APY.

The key thing here is that they guarantee 10,000x return in their own shitcoin (and not dollars or bitcoin) that they can mint as much as possible, so in the end you may get return as advertised. The only problem here is that those shitcoins will be of course worthless.

[PX-Z]

I'll consider it as ponzi in their^(PAT) currency form.  Their app/account is also strange why would they put a reset button just to clear the whole account balance such feature is unnecessary and useless. Then there's a free pat button where you can get tons of its tokens. It may look like a free money but it will be useless and worth nothing.

[robelneo]

This is something new I tagged the developer to come down here to explain his project I hope he sees the tag in his account, he might as well answer what it will bring to the community it is only these x10000 returns I noticed that the site has warning, about investing on this project, there's risk investing in this project because it has nothing to offer to the community besides collecting their token, I also consider this a useless token or shit token.

[holydarkness]

Unless I missed some points, I don't think I understand this project correctly. They promised their user 100,000x of what's deposited on their account, but the only way to deposit PAT is through clicking the free button. Wouldn't that means we didn't invest anything --aside from time for clicking the button-- for the project? How would they make income and --when the first person finally managed their 48th month-- how exactly would the price be determined? There's no market for their token.


By the way, welcome to Legendary

My countdown to Legendary rank
Number of Merit(s) left : 24 0

[shasan]

They promised their user 100,000x

It will be 10,000X.

There's no market for their token.

You can buy from uniswap
https://app.uniswap.org/#/swap?exactField=input&exactAmount=1&inputCurrency=ETH&outputCurrency=0x9834200065B9D499de94957eE31568FC8605172b

[holydarkness]

They promised their user 100,000x

It will be 10,000X.

There's no market for their token.

You can buy from uniswap
https://app.uniswap.org/#/swap?exactField=input&exactAmount=1&inputCurrency=ETH&outputCurrency=0x9834200065B9D499de94957eE31568FC8605172b

Ahh, sorry, I was multitasking of forcing myself for a quite-late-dinner, typing the post above, and listening to my housemate rambling about his work, I added 1 too much zero.

I'm not good at reading contract, but I dont don't think this project has a smart contract that lock everybody's PAT and the LP? I can't find this info on their very minimalist website, but if I'm correct, then I'll say it's more of a money-grab than a ponzi.

All investors need 4 years before they can earn anything, and if the dev has total control of the LP and or at one point within the 4 years period they got listed on a CEX, it is not impossible for the dev to dump the entire supply they controlled and vanished, especially as during that 4 years, the price have a good chance to move upward, as the dev themselves predicted this,

You are correct that PAT has no value now because the contract was created three days ago. You are also correct PAT price may collapse due to huge inflation one day, which does not mean it cannot surge before its dying. Keep in mind, the first withdraw will happen 4 years later (48 deposits needed), so no huge inflation but only deflation (depositing) within the first four years.

You call the project "really strange and unique". Thank you. This is exactly the value of the project.

[Cryptomiles1]

Only those who are greedy of higher returns that would likely fall into victim. Naturally I wouldn't think any reasonable investors will want to venture into this scamming project in the name of offering them 10k x return of investment.
They should be blacklisted and tag immediately.

[aioc]

Investors are wiser now, a project with a scheme like this has proven to not last long or scam people because they don't have anything to offer to the community but just being deflationary, we are passed over this scheme, so many scammers used this scheme to scam people, the big difference is it has a twist that is very much different from all the other deflationary with high return schemes, but it will eventually scam people.   

[strangebank]

We explain the design and answer the questions below.

What is “FREE TOKEN” bottom in app?
PAT is minted only through “FREE TOKEN” bottom. After the first three clicks, the clicks generate 100 PAT per click. When you click the bottom, you will be charged the Ethereum network transaction fee for around 2 dollars. Therefore, the cost per PAT is around 0.02 dollars by clicking. This mechanism sets an upper bar of PAT price, 0.02 dollars, in smart contract: a welcome offer until March 31, 2024.

Will people dump PAT after a while?
Maybe. Who can guarantee not dump? However, based on our observation over the ten years in crypto, if a token is not huge inflationary, the price will not be dumped 99.9999%. Even if a token is concentrated in a few hands, they will not ruin their own fortunes. Refer to Coase Theorem for more explanation. If the price is not dumped 99.9999%, you are profitable by depositing in Strange Bank.  

Is PAT huge inflationary?
First, PAT is not inflationary in the first four years. There are around 21 quintillion PAT (from the first three clicks of “FREE TOKEN” bottom). The following clicks generate 100 million PAT at most, which reflects 4.76 * (10 ** (-9)) percent of the total supply.

Second, the inflation rate when you withdraw your 10,000x PAT depends on when you start depositing. If you deposit earlier than others, you will withdraw earlier than others.

Third, many people may miss deposits. A person needs to deposit only once per month, which discourages automated depositing by code. Every person has chance to miss a deposit. If miss a deposit, you will lose all your deposits and have to reset your account to start over again. Therefore “RESET” bottom is here. (answer to PX-Z’s question:

Their app/account is also strange why would they put a reset button just to clear the whole account balance such feature is unnecessary and useless.

)

I'm not good at reading contract, but I dont don't think this project has a smart contract that lock everybody's PAT and the LP? I can't find this info on their very minimalist website, but if I'm correct, then I'll say it's more of a money-grab than a ponzi.

(holydarkness)

When you deposit, PAT will be burned, while the time and amount of your deposit will be documented on blockchain. When you withdraw, PAT will be minted based on your records on blockchain.

Is Strange Bank a scam?
We doubt whether we are in the same crypto world. There are many scams here. Some project may promise a huge plan but deliver nothing. Some project may copy codes from other projects and have a new name. Are they scams?

Strange Bank has a unique design and originality and delivers the product in the first place. We also keep telling the truth.

Will Strange Bank be considered as Ponzi?
Again, if you do not understand the value, potential, and risk, we advise you not to participate in the project.

[robelneo]

We explain the design and answer the questions below.

Thank you for coming down I'm sure you notice the tag I place on your account for you to come down here and answer all our questions about your project.
Such a long post, unfortunately, you did not answer my question and those that came from the others and what I'm trying to point out.

What value will it offer to the community, who are the developers of this project, the token percentage of the developers, since you offer this kind of scheme you need to have your smart contract audited by a third party do you have one?

Will Strange Bank be considered as Ponzi?
Again, if you do not understand the value, potential, and risk, we advise you not to participate in the project.

I've seen the risk but have not seen the value and potential of this project.

Because of the lack of transparency, my tag remains.

[strangebank]

Thank you for questions. We answer them below.

What value will it offer to the community?
You can see this project as a web3 game. Unlike traditional games, a web3 game can play with another asset: time. In this project, only people fulfill all the tasks will be rewarded. In traditional games, a task cannot last a long time because game servers may be down, or game may be discontinued. In web3 games, a task can last over years because codes are always running on blockchain.

Therefore, the token is named “Patience”. We are playing with time.

Who are the developers of this project?
The developers of this project plan to be anonymous at this moment.

Token percentage of the developers?
Zero. ~100% PAT tokens are minted to the first three clicks on “FREE PAT” button in app.

Since you offer this kind of scheme you need to have your smart contract audited by a third party do you have one?
We will but we have not. Now we are in very early stage. As shown in this topic, the website was registered a few days ago, as well as the contract and bitcointalk account. However, the contract has been verified on Etherscan, so capable developers can read the contract before we audit.

[Jawhead999]

To be fair there are a lot projects offer insane return which we can easily find on altcoins announcement section, but since they're offer the return on their coin/token, it's possible since they can just create their coin/token out of thin air. If the project offer the return in USD, then it doesn't make sense because it's impossible to happen.

They should be blacklisted and tag immediately.

There's no way to blacklist them, however if you think it's correct to leave negative feedback, you can do it yourself.

If this project deserve negative feedback, +80% of projects in altcoins section should be painted as well.

[Cryptomiles1]

To be fair there are a lot projects offer insane return which we can easily find on altcoins announcement section, but since they're offer the return on their coin/token, it's possible since they can just create their coin/token out of thin air. If the project offer the return in USD, then it doesn't make sense because it's impossible to happen.

They should be blacklisted and tag immediately.

There's no way to blacklist them, however if you think it's correct to leave negative feedback, you can do it yourself.

If this project deserve negative feedback, +80% of projects in altcoins section should be painted as well.

Well I would have done that but due to I am not a DT member I can't just give tag. So if there's anything that needs to be tag I will request those DT members to tag them.
The returns is obviously noticable, how can a project offers promise to offer 10k return of investment how does it sound to your hearing. Legit or fake?

[strangebank]

It is unfair to tag a project because it sounds like crazy. If you find vulnerabilities of the smart contract, we are very happy to deal with them. If it is unclear about the design and methods used in the project, we are also very happy to explain.

[Rikafip]

Well I would have done that but due to I am not a DT member I can't just give tag. So if there's anything that needs to be tag I will request those DT members to tag them.

Just because you are not on DT yet doesn't mean that you shouldn't leave feedback. The only way to end up there is by DT member adding you on his Trust list and that won't happen until you start leaving feedbacks. So, if you think that someone is scammer, leave appropriate feedback.

The returns is obviously noticable, how can a project offers promise to offer 10k return of investment how does it sound to your hearing. Legit or fake?

They offer return in their tokens (and they can mint those as much as needed) not in other currency that they don't control. Whether those kind of shitcoins can have any value is another question, to which answer is quite obvious.

[Cryptomiles1]

Well I would have done that but due to I am not a DT member I can't just give tag. So if there's anything that needs to be tag I will request those DT members to tag them.

Just because you are not on DT yet doesn't mean that you shouldn't leave feedback. The only way to end up there is by DT member adding you on his Trust list and that won't happen until you start leaving feedbacks. So, if you think that someone is scammer, leave appropriate feedback.

The returns is obviously noticable, how can a project offers promise to offer 10k return of investment how does it sound to your hearing. Legit or fake?

They offer return in their tokens (and they can mint those as much as needed) not in other currency that they don't control. Whether those kind of shitcoins can have any value is another question, to which answer is quite obvious.

Okay thank you for the hint, I never knew how to become a DT member though I was thinking is due to your availability and activeness on the forum or that automatically makes one a DT member. I think I have got an insight of how it works now.

[Rikafip]

Okay thank you for the hint, I never knew how to become a DT member though I was thinking is due to your availability and activeness on the forum or that automatically makes one a DT member. I think I have got an insight of how it works now.

In that case I think that you might wanna read LoyceV's Beginners guide to correct use of the Trust system so you have a full understanding on how it works before you start sharing feedbacks and adding/removing people on your Trust list.