Niothor now runs a HYIP

[nutildah]

.. which we all know are Ponzis, which we all know are scams.

<<< Bitcoin HYIP >>> BTCBackers - We back your BTC with interest! <<< Bitcoin HYIP >>>

https://bitcointalk.org/index.php?topic=824055

I used to think this guy was a reputable member of the community but nope. He is trying to fleece noobs with this "legal scam."

Its absolute bullshit, just like every single "investment program" that promises fixed returns.

There is a 100% probability that this will end as a scam, as 100% of all Ponzis that have ever taken place ended as a scam.

ALL HYIPs are Ponzis, but not all Ponzis are HYIPs:

http://en.wikipedia.org/wiki/High-yield_investment_program

So, if you are also a criminal, by all means, feel free to question my character instead of my reasoning and evidence.

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[Vod]

.. which we all know are Ponzis, which we all know are scams.
https://bitcointalk.org/index.php?topic=824055

I agree it is a ponzi, but it's in the gambling section.  Player beware I guess.   

[nutildah]

.. which we all know are Ponzis, which we all know are scams.
https://bitcointalk.org/index.php?topic=824055

I agree it is a ponzi, but it's in the gambling section.  Player beware I guess.  

A Ponzi scheme is not the same thing as gambling.

Its not a matter of opinion; they are two distinct categories of activity, hence the need for different words and definitions. It doesn't matter what this site categorizes it as. Some truths exist outside of what the forum believes.

A gambling site tells you that you have this or that odds.. maybe you do, maybe you don't.

A Ponzi site tells you you will _always_ receive _consistent_ returns, which is a flat out lie, because at a point unknown to customers the scheme ends, rendering the schemer a liar.

Ergo, by nature of the business, everyone who runs a Ponzi is a liar and is not to be trusted. Its a shitty, dishonest way of doing business.

[nutildah]

Now, a gambling program like PonziDoge... That IS gambling, because it has set rules that can be understood by all the participants and it never fails to operate by those rules.

Ponzis that present themselves as anything other than Ponzis... aren't gambling, they're financial crimes.

[Vod]

I have left him negative trust for running a ponzi.

I will direct him to this thread to post a response.

[awesome31312]

I have left him negative trust for running a ponzi.

I will direct him to this thread to post a response.

You can't do that unless he has scammed. This is what makes ponzi schemes and other mass frauds so difficult to catch and persecute. You can only call them scammers AFTER they have scammed. Right now, there is no proof that Niothor is scamming.

However, the way he deleted my posts leads me to question the credibility of his claims.

[Vod]

I have left him negative trust for running a ponzi.

I will direct him to this thread to post a response.

You can't do that unless he has scammed. This is what makes ponzi schemes and other mass frauds so difficult to catch and persecute. You can only call them scammers AFTER they have scammed. Right now, there is no proof that Niothor is scamming.

However, the way he deleted my posts leads me to question the credibility of his claims.

IMO he is scamming by running a ponzi.

I'm not an idiot that waits until you empty my wallet before I change my password. 

[nutildah]

I have left him negative trust for running a ponzi.

I will direct him to this thread to post a response.

Thank you, Vod.

I think Niothor's kind of behavior really shouldn't be tolerated, and even though we can't do anything to make it stop, we can at least try to warn others about people who engage in fraudulent activity.

Right now, there is no proof that Niothor is scamming.

How's this for proof:

Niothor admits he is running a HYIP. All HYIPs are Ponzis. A Ponzi is a scam. Therefore, Niothor is scamming.

I'm pretty sure that's proof in the pure scientific definition of the term.

[awesome31312]

I have left him negative trust for running a ponzi.

I will direct him to this thread to post a response.

Thank you, Vod.

I think Niothor's kind of behavior really shouldn't be tolerated, and even though we can't do anything to make it stop, we can at least try to warn others about people who engage in fraudulent activity.

Right now, there is no proof that Niothor is scamming.

How's this for proof:

Niothor admits he is running a HYIP. All HYIPs are Ponzis. A Ponzi is a scam. Therefore, Niothor is scamming.

I'm pretty sure that's proof in the pure scientific definition of the term.

Your statement All HYIPs are Ponzis is questionable.

[nutildah]

Your statement All HYIPs are Ponzis is questionable.

Mmm... Not really:

http://en.wikipedia.org/wiki/High-yield_investment_program

[Vod]

Niothor has contributed a lot to this community, and I hate to leave negative trust to someone like that.   

if he closes down his ponzi and settles all balances, I will be happy to remove the negative trust.

Hopefully it hasn't got too large and he IS able to settle all balances.

[awesome31312]

Niothor has contributed a lot to this community, and I hate to leave negative trust to someone like that.   

if he closes down his ponzi and settles all balances, I will be happy to remove the negative trust.

Hopefully it hasn't got too large and he IS able to settle all balances.

Why anyone would want to mar their trust rating after being full time members like that is beyond me

[Vod]

He sent me a PM, but I'm not going to reply, as I'd prefer all communication be public. I have pointed him to this thread.

[niothor]

He sent me a PM, but I'm not going to reply, as I'd prefer all communication be public. I have pointed him to this thread.

From what I saw you didn't respond with the thread link. Your reference led to my thread link for BTCBackers.
If I closed the site, I would have to wait until all revenue is generated (because how would I be able to cover the larger 360% BEFORE the 90 days are up?)

It really is Vods call, I personally think I have this all mapped out, I really hoped for success for the site...but if not, I'll be happy to close up the thread and disable everything on the site and pay out everything once they become due to be paid.

Sorry if I have caused any distruption in the community, I genuinly thought it was a good idea to open a HYIP to help expedite the growth of my plans.

What do you guys suggest instead of a HYIP? Looks like a securities thread or a long term loan is the only option, but without collateral, obviously not possible.

[Vod]

He sent me a PM, but I'm not going to reply, as I'd prefer all communication be public. I have pointed him to this thread.

From what I saw you didn't respond with the thread link. Your reference led to my thread link for BTCBackers.

I sent you a PM pointing you to this thread, before you PMed me.

If I closed the site, I would have to wait until all revenue is generated (because how would I be able to cover the larger 360% BEFORE the 90 days are up?)

It really is Vods call, I personally think I have this all mapped out, I really hoped for success for the site...but if not, I'll be happy to close up the thread and disable everything on the site and pay out everything once they become due to be paid.

I don't buy into HYIPs.  If you really were able to make that money, why pay the outrageous rates you offer?  Give a flat percentage and keep the rest - or don't even borrow money at all!  Right now it is very obvious you are using the promise of high rates to get new deposits.  Why do you need the constant influx of cash if you make such high profits?

I'd like to see you close the HYIP and pay everyone what you owe them.  For those 90 day durations, simply convert them to daily and pay them out.

Sorry if I have caused any distruption in the community, I genuinly thought it was a good idea to open a HYIP to help expedite the growth of my plans.

What do you guys suggest instead of a HYIP? Looks like a securities thread or a long term loan is the only option, but without collateral, obviously not possible.

Luckily, you have a chance to recover from your error.  I'll be happy to remove the trust once everyone has been paid back.  Hopefully, if you managed your coins well, you no longer need deposits to make money!  

What do I suggest instead of a HYIP?  Borrow your seed money if you need to, then reinvest your profits and don't take on new debt.

[CoinCidental]

He sent me a PM, but I'm not going to reply, as I'd prefer all communication be public. I have pointed him to this thread.

From what I saw you didn't respond with the thread link. Your reference led to my thread link for BTCBackers.
If I closed the site, I would have to wait until all revenue is generated (because how would I be able to cover the larger 360% BEFORE the 90 days are up?)

It really is Vods call, I personally think I have this all mapped out, I really hoped for success for the site...but if not, I'll be happy to close up the thread and disable everything on the site and pay out everything once they become due to be paid.

Sorry if I have caused any distruption in the community, I genuinly thought it was a good idea to open a HYIP to help expedite the growth of my plans.

What do you guys suggest instead of a HYIP? Looks like a securities thread or a long term loan is the only option, but without collateral, obviously not possible.

390% return after 90days  is1560% yearly  return  lol

I hoped the btc community  aren't stupid/greedy enough to send any coins but history has shown that they are so they deserve to get some lessons in economics imo
1560% a year is unsustainable, anyone who says different is lying

If anyone had a way to make such returns they would use their own capital and get exponentially rich in a short time without borrowing anything from anyone......

[Vod]

If anyone had a way to make such returns they would use their own capital and get exponentially rich in a short time without borrowing anything from anyone......

Perfect summation of why I think HYIPs are scams.  

[ruggedman_dan]

This is just another form of gambling. It is fun if you do not put up more than you can afford to lose.

Personally, I put about $40 into it. Maybe I make a few bucks, maybe I don't. Take it for what it is.

But I am gambling on niothor to deliver. Kind of like gambling on your favorite horse in the Belmont Stakes.

Place your bets, sip some good scotch and have fun. Don't make this your primary source of income.

[niothor]

He sent me a PM, but I'm not going to reply, as I'd prefer all communication be public. I have pointed him to this thread.

From what I saw you didn't respond with the thread link. Your reference led to my thread link for BTCBackers.
If I closed the site, I would have to wait until all revenue is generated (because how would I be able to cover the larger 360% BEFORE the 90 days are up?)

It really is Vods call, I personally think I have this all mapped out, I really hoped for success for the site...but if not, I'll be happy to close up the thread and disable everything on the site and pay out everything once they become due to be paid.

Sorry if I have caused any distruption in the community, I genuinly thought it was a good idea to open a HYIP to help expedite the growth of my plans.

What do you guys suggest instead of a HYIP? Looks like a securities thread or a long term loan is the only option, but without collateral, obviously not possible.

390% return after 90days  is1560% yearly  return  lol

I hoped the btc community  aren't stupid/greedy enough to send any coins but history has shown that they are so they deserve to get some lessons in economics imo
1560% a year is unsustainable, anyone who says different is lying

If anyone had a way to make such returns they would use their own capital and get exponentially rich in a short time without borrowing anything from anyone......

Wrong
MINUS investment which is 100% = 290% x 4 = 1160% return after a year
Seriously, get your math straight before posting.

[Vod]

Wrong
MINUS investment which is 100% = 290% x 4 = 1160% return after a year
Seriously, get your math straight before posting.

Actually, his math is right.  

Assuming the person who is investing also re-invests the interest he makes...