Bitcoin Ponzi - Ponzicoin ?

[BADecker]

Wait? Who's giving Bitcoins to whom in this idea? I'm lost there.

A person receives a Ponzicoin (Bitcoin) install program from a friend.

He installs the program, buys a bitcoin into his bitcoin wallet, and sends .5 bitcoins to his upline by checking the checkbox and clicking the Send button.

He takes his newly created Ponzicoin install program that has his Bitcoin address in it, and gives copies of it to everyone he can think of.

Some of the people who receive the install, use it to join Bitcoin, themselves buy a bitcoin into their wallets, and check the checkbox and click the send buttons, and get their new installs created for them to give/send out.

The person (the first person mentioned in this post) who gave them the program receives .1 bitcoins from each of them, as do the 4 people next in line upline from him.

If 10 of the people he gave the install to use it, he gets 1 bitcoin (.1 from each of them). When they give their newly created installs to other people, he gets more bitcoins from any of those people who "join."

A reasonable explanation of this whole process can be found at https://en.wikipedia.org/wiki/Multi-level_marketing . Look for the picture with the circles about a fifth of the way down the page.

[EnzoBlaque]

The point is, nobody could control a Bitcoin MLM that was built right into the client. If it caught on in the MLM croud, Bitcoin would explode.

I get this.

This isn't a marketing nor or business inclined crowd, so maybe wrong place to post?

Never the less, I get the point of what you're saying 100%.

Those MLM guys are known to make millions of $. MLM used to be big for online marketers, until PayPal crushed them by changing their terms and disallowing any MLM. This wiped out millions in revenue for the entire online MLM industry.

But with Bitcoin. The one factor of decentralisation will allow Multi level marketers to reboot their businesses and get back to making the millions that they had become accustomed to.

I see where you're coming from. If someone were to turn your idea into working code, it will be very big for bitcoin and the online mlm industry.

[Sheldor333]

My tough is that if someone wanted to make a legit coin they would use some other name. That's all.

[cbeast]

My tough is that if someone wanted to make a legit coin they would use some other name. That's all.

Yeah, legitcoin. Sounds legit.

[BADecker]

My tough is that if someone wanted to make a legit coin they would use some other name. That's all.

Too late to start the thread over with a better name. "Ponzicoin" was catchy, and is something to get people to look. When (if?) the real Ponzicoin thing comes about, surely we can find a better name.

[BADecker]

The point is, nobody could control a Bitcoin MLM that was built right into the client. If it caught on in the MLM croud, Bitcoin would explode.

I get this.

This isn't a marketing nor or business inclined crowd, so maybe wrong place to post?

Never the less, I get the point of what you're saying 100%.

Those MLM guys are known to make millions of $. MLM used to be big for online marketers, until PayPal crushed them by changing their terms and disallowing any MLM. This wiped out millions in revenue for the entire online MLM industry.

But with Bitcoin. The one factor of decentralisation will allow Multi level marketers to reboot their businesses and get back to making the millions that they had become accustomed to.

I see where you're coming from. If someone were to turn your idea into working code, it will be very big for bitcoin and the online mlm industry.

You could be right. The MLM crowd just might be the place to post. They don't have the expertise with programming bitcoin, but if they were motivated, they just might find the best programmers.

Because it is Bitcoin, I thought I would start here.