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Author Topic: Bitcoin Ponzi Scheme  (Read 2167 times)
MasterOwel
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August 05, 2014, 12:53:24 AM
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Question, is it legal to perform a Ponzi scheme with bitcoin since it is not recognized as a currency?  Huh

I could see some interesting gambling-like sites that use a ponzi scheme in order to allow people to earn money, the more people you refer to the sites the more likely you are to double your BTC by them participating, and so on. After an amount of time (as stated by the site clearly) the unpaid for people could receive 50% of what they put in or something along those lines. That way it's not a scam, and you know what you are getting into.

Just curious.
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Wandererfromthenorth
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August 05, 2014, 12:58:47 AM
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If you clearly state that it is a Ponzi scheme from the start i don't see why. There are already sites that do that, don't now if they are legit:
http://ponzidoge.com/

And in case you don't state that you run a Ponzi scheme but it is, well that's pretty much 99% altcoins right now, so there's that  Grin

Bitcoin and Altcoin trading is completely unregulated for now, you can pretty much do whatever the hell you want.
MasterOwel
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August 05, 2014, 01:02:04 AM
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If you clearly state that it is a Ponzi scheme from the start i don't see why. There are already sites that do that, don't now if they are legit:
http://ponzidoge.com/

And in case you don't state that you run a Ponzi scheme but it is, well that's pretty much 99% altcoins right now, so there's that  Grin

Alright. I've had the thought for a couple days about building my own website similar to this. And have already started coding it (everyone needs to make a couple websites now and then right?  Wink ) But it didn't even occur to me that it could be illegal until someone offhandedly mentioned it to me. I'm hoping to get more users on it by straight up calling it a Ponzi scheme.
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August 05, 2014, 01:06:13 AM
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If you clearly state that it is a Ponzi scheme from the start i don't see why. There are already sites that do that, don't now if they are legit:
http://ponzidoge.com/

And in case you don't state that you run a Ponzi scheme but it is, well that's pretty much 99% altcoins right now, so there's that  Grin

Alright. I've had the thought for a couple days about building my own website similar to this. And have already started coding it (everyone needs to make a couple websites now and then right?  Wink ) But it didn't even occur to me that it could be illegal until someone offhandedly mentioned it to me. I'm hoping to get more users on it by straight up calling it a Ponzi scheme.
Yeah clearly say it in the website explaining what the site is about. Regulation or not if you say exactly what it is you should be fine anyway.
I know there are some legal issues with (online) gambling in general in some countries...

Let us know about the project, sounds cool  Grin
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August 05, 2014, 01:16:36 AM
 #5

The gambling section right now, and has been for a while now, filled with websites/companies explicitly stating they are running a ponzi, and a few, less successful ones, that try to hide their scheme and disguise it as a legitimate business venture. For whatever reason, people are willing to bet their money that someone else will bet their money after them. If you plan on starting up one of these, just make it different from what people have already made and you may get someone to bite.

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MasterOwel
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August 05, 2014, 01:17:18 AM
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Yes. My project will very directly state that it is a Ponzi scheme, and that after each duration of running, people will be refunded a specific amount and out of the rest I will put some percentage to the next duration, and pocket some percentage. I haven't gone into calculating numbers yet as I'm still designing the site and the general idea.
 
This is the first time I've touched bitcoin transactions like this. Never really messed with programming for bitcoin.
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August 05, 2014, 02:20:50 AM
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you want do that ?
end of money its end of customer before scheme close order.
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August 05, 2014, 09:51:59 PM
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I suppose it would be a legal gray area.
Whilst bitcoin is not a currency it is effectively a commodity, it would be similar to wagering gold rather than "Currency".

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August 05, 2014, 10:13:45 PM
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Ask pirateat40 about ponzi schemes. He's the expert.

https://bitcointalk.org/index.php?action=profile;u=35827

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August 08, 2014, 09:51:34 AM
 #10

Question, is it legal to perform a Ponzi scheme with bitcoin since it is not recognized as a currency?  Huh

I could see some interesting gambling-like sites that use a ponzi scheme in order to allow people to earn money, the more people you refer to the sites the more likely you are to double your BTC by them participating, and so on. After an amount of time (as stated by the site clearly) the unpaid for people could receive 50% of what they put in or something along those lines. That way it's not a scam, and you know what you are getting into.

Just curious.

I think ponzi schemes are generally not legal :-)

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August 08, 2014, 11:10:40 AM
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If you clearly state that it is a Ponzi scheme from the start i don't see why. There are already sites that do that, don't now if they are legit:
http://ponzidoge.com/

And in case you don't state that you run a Ponzi scheme but it is, well that's pretty much 99% altcoins right now, so there's that  Grin

Bitcoin and Altcoin trading is completely unregulated for now, you can pretty much do whatever the hell you want.
[/quote
Is it legit?That i'm not certain about but checkout appropriate laws then proceed

MasterOwel
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August 11, 2014, 02:17:14 AM
 #12

Yeah, so I set it up and this is what it looks like: http://creeptech.com/

It is shown quite bluntly to be a Ponzi Scheme and so I see no issue in this. What are your opinions?
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August 12, 2014, 01:18:16 AM
 #13

Is bitcoin legal? Of course it is!

But the World Bank considers it to be a 'naturally occurring Ponzi scheme'  Roll Eyes
http://www.coindesk.com/world-bank-report-bitcoin-naturally-occurring-ponzi/
MasterOwel
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August 12, 2014, 01:49:22 AM
 #14

Is bitcoin legal? Of course it is!

But the World Bank considers it to be a 'naturally occurring Ponzi scheme'  Roll Eyes
http://www.coindesk.com/world-bank-report-bitcoin-naturally-occurring-ponzi/


I know bitcoin is legal, I had no questions about that.
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August 12, 2014, 05:03:37 AM
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Without a doubt it's legal, why wouldn't it be? Tongue
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August 12, 2014, 03:02:21 PM
 #16

Is bitcoin legal? Of course it is!

But the World Bank considers it to be a 'naturally occurring Ponzi scheme'  Roll Eyes
http://www.coindesk.com/world-bank-report-bitcoin-naturally-occurring-ponzi/


I know bitcoin is legal, I had no questions about that.

I was just pointing out that the World Bank considers bitcoin to be Ponzi scheme.
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August 12, 2014, 03:54:41 PM
 #17

Question, is it legal to perform a Ponzi scheme with bitcoin since it is not recognized as a currency?  Huh

I could see some interesting gambling-like sites that use a ponzi scheme in order to allow people to earn money, the more people you refer to the sites the more likely you are to double your BTC by them participating, and so on. After an amount of time (as stated by the site clearly) the unpaid for people could receive 50% of what they put in or something along those lines. That way it's not a scam, and you know what you are getting into.

Just curious.
No. It does not matter how to promise to pay your investors back, if you make a promise that you know you cannot keep and have no intention on keeping, and you intentionally deceive your investors then you are breaking the law.
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August 12, 2014, 06:00:18 PM
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I believe that if you are located in the United States, any form of a Ponzi Scheme is illegal.  Just because Bitcoin is not currently recognized as a currency...does not they won't treat it as so when they are filing charges against you.

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August 12, 2014, 06:03:28 PM
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I believe that if you are located in the United States, any form of a Ponzi Scheme is illegal.  Just because Bitcoin is not currently recognized as a currency...does not they won't treat it as so when they are filing charges against you.



This isn't so much a Ponzi Scheme as an elaborate form of gambling, however. The rules are outlined transparently and precisely, so I believe it would better fit under the laws that govern online gambling. Ponzi schemes fall under fraud laws, which I do not think should apply.

IANAL, however.
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August 13, 2014, 08:31:40 PM
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I believe that if you are located in the United States, any form of a Ponzi Scheme is illegal.  Just because Bitcoin is not currently recognized as a currency...does not they won't treat it as so when they are filing charges against you.



This isn't so much a Ponzi Scheme as an elaborate form of gambling, however. The rules are outlined transparently and precisely, so I believe it would better fit under the laws that govern online gambling. Ponzi schemes fall under fraud laws, which I do not think should apply.

IANAL, however.

Online gambling (in the United States at least) will get you immediate scrutiny, and ultimately you will be shut down.   It is super unfortunate too because I am a firm believer that any adult should be able to do whatever they choose to do with their own money (as long as it doesn't harm someone else)
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