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Pustul (OP)
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January 10, 2015, 09:43:14 PM |
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Hi guys, I know that pyramid scheme is illegal in many countries: http://en.wikipedia.org/wiki/Pyramid_schemeBut a question rised in the Weekly Ponzi v3 thread. Is using this scheme illegal, if someone is marketing his website as a ponzi gambling site? Considering the fact that the ponzi is using btc and not fiat currency. Hope some of you are more informed that I am  |
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onewiseguy
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January 10, 2015, 09:46:39 PM |
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I would like to know as well.
I understand a ponzi is a ponzi, but fiat and crypto two totally different objects.
in the eyes of most countries btc is just a high risk investment not currency.
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Pustul (OP)
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January 12, 2015, 09:09:46 PM |
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--Encrypted--
Copper Member
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hee-ho.
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January 12, 2015, 09:24:37 PM |
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I think it is considered illegal. I don't hate them, heck, I took part in some of those sites. but I will be really happy if these ponzi schemers get caught.
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RocketSingh
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January 12, 2015, 09:26:32 PM |
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Hi guys, I know that pyramid scheme is illegal in many countries: http://en.wikipedia.org/wiki/Pyramid_schemeBut a question rised in the Weekly Ponzi v3 thread. Is using this scheme illegal, if someone is marketing his website as a ponzi gambling site? Considering the fact that the ponzi is using btc and not fiat currency. Hope some of you are more informed that I am I think it would come under the same category as of gambling sites. If gambling is considered illegal, then declared ponzis are illegal too... otherwise not. |
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onewiseguy
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January 12, 2015, 09:29:56 PM |
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I think it is considered illegal. I don't hate them, heck, I took part in some of those sites. but I will be really happy if these ponzi schemers get caught.
it would only be fair if Ponzi schemers get caught and you as well since "heck, I took part in some of those sites" you were part of the ponzi since you knew what it was. and you helped them commit fraud, IF THAT was the case, but since every single person that deposited btc in them knew it was a ponzi than it is not fraud. there was no promises of any return besides "if the next person send btc" do you see how technicality it is not a ponzi since every party involved knew what it was from the very start, there was no misleading information. |
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--Encrypted--
Copper Member
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hee-ho.
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January 12, 2015, 09:42:57 PM |
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I think it is considered illegal. I don't hate them, heck, I took part in some of those sites. but I will be really happy if these ponzi schemers get caught.
it would only be fair if Ponzi schemers get caught and you as well since "heck, I took part in some of those sites" you were part of the ponzi since you knew what it was. and you helped them commit fraud, IF THAT was the case, but since every single person that deposited btc in them knew it was a ponzi than it is not fraud. there was no promises of any return besides "if the next person send btc" do you see how technicality it is not a ponzi since every party involved knew what it was from the very start, there was no misleading information. sure, all parties —including me— are guilty because they knowingly took part on it honest or not, it is still a ponzi. |
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ivonna
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www.secondstrade.com - 190% return Binary option
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January 16, 2015, 08:28:22 AM |
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Yes. It does not matter if they advertise their services as something that is breaking the law or not. If what they are doing is breaking the law then it is illegal.
I would highly advise against investing as doing so would almost certainly result in you loosing all of your money
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seabass1985
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Think For Yourself Question Authority
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January 17, 2015, 03:41:44 PM |
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good any protection we as a community can get is awesome!
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Marcoser123321
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January 17, 2015, 07:55:53 PM |
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Someone got arrested not too long ago for promoting a ponzi using bitcoins. The news link should be around here somewhere.
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98problems
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January 18, 2015, 08:29:18 PM |
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It really does not matter if they announce that they are running a ponzi. If they are running a ponzi then it is illegal. All they are doing is just making it easier for a potential future prosecutor to win a conviction.
Let me ask you this: would it be illegal to murder someone if you publicly announce that you are going to kill them ahead of time? How is this example different from the ponzis?
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raganius
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January 19, 2015, 01:50:29 AM |
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I might be wrong, but usually the fact that the scheme involves money directly means nothing to law enforcement. The main concern is the fraudulent act in which people are deceived for the benefit of others. So, if you run a ponzi scheme pretending that it is not that, it is a criminal act, no matter if it involves USD, BTC, gold, postcards, kisses, etc.
So, probably, if one makes it very clear to each person participating what it is about and inform them clearly of the inherent risks and losses that participants may experience, it (at least) may not be considered a fraud.
(But, anyway, it will always depend on many other factors, being some of these factors, the involved jurisdiction, laws, peculiarities, amongst others.)
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GrandmaJean
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January 19, 2015, 02:54:48 AM |
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So, probably, if one makes it very clear to each person participating what it is about and inform them clearly of the inherent risks and losses that participants may experience, it (at least) may not be considered a fraud.
No you are wrong. It does not matter if they announce the fact they are breaking the law. If they are breaking the law then it is illegal. Running a ponzi scheme is illegal. /thread |
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HipocriticalPeople
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January 25, 2015, 02:45:32 PM |
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lol lol lol let me tell you about a ponzi scheme: youtube com/ watch ?v= iFDe5kUUyT0 http://oi61.tinypic.com/xprm35.jpgthats real scam that we all should be together fighing against... and not being so hypocritical and naive.  |
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crazyearner
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January 25, 2015, 11:03:08 PM |
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Ponzi/Pryamid is something that is and always been from day 1 that it will pay for x amount of time and then run away with peoples money or cryptos. As in rob Peter to pay Paul. Member 1 comes in deposits. Member 2 comes in deposits and that deposit pays member 1. Member 3 comes in pays and then that pays member 2 and so on. Pryamid or even matrix style and gambling no real services or products to sustain real profits all leading to SCAM.
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polarhei
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Firing it up
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February 14, 2015, 09:51:45 AM |
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If real, then do concealed. All words look like legitimate. Actually after few days you will know.
Let see how.
A real stuff is, You must be doing for real while letting more people in.
New money actually is used for paying for new.
One more thing. They don't promise any. they only say relying on the performance after a period even with good previous records audited by accountancy and government (If this is a PLC).
In ponzi scheme, New money is used for paying for the top ONLY. These schemes usually promise very much, the number is usually very ridiculous.
If you use sense to find, you probably know you should not take part in.
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Nagle
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February 16, 2015, 09:04:06 PM |
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Ponzi schemes using Bitcoins are illegal in the US. See SEC vs. Trendon Shavers, where that issue was decided.
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crazyearner
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February 21, 2015, 07:53:36 PM |
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Ponzi schemes using Bitcoins are illegal in the US. See SEC vs. Trendon Shavers, where that issue was decided.
Indeed ponzi sites and schemes are indeed illegal so many are beginning to start using BTC and crypto because it is not control and does not have a refund policy like many things like Payza Egopay Solid Trust PAy does and has strict rules just like paypal. As to Crypto everything is final and more ponzi are jumping on to this seeing as it is a gold mine for people to jump into gamble win and some and many can easily lose yet ponzi hyip gets off with thousands of $ worth of coin |
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PonZ
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February 24, 2015, 05:37:41 AM |
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1. Just because someone uses the word "ponzi" in a scheme, doesn't make the scheme a "ponzi" scheme. (Going to a murder mystery party does not make you a murderer.)
2. The classical Ponzi scheme involves "fraud". That means deception or an intent to trick the investors.
3. If an investment scheme calls itself a "ponzi" but is totally clear and up front about the method or possibility of payment, there is no fraud.
4. Whether a scheme requires USD or BTC or a box of bananas is not relevant in most jurisdictions. What is relevant is whether the people running the scheme sat out to commit fraud.
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ndnh
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New Decentralized Nuclear Hobbit
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February 24, 2015, 06:41:54 PM |
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Hi guys, I know that pyramid scheme is illegal in many countries: http://en.wikipedia.org/wiki/Pyramid_schemeBut a question rised in the Weekly Ponzi v3 thread. Is using this scheme illegal, if someone is marketing his website as a ponzi gambling site? Considering the fact that the ponzi is using btc and not fiat currency. Hope some of you are more informed that I am Though people go by the way that ponzis are not fraud because it says that it IS a ponzi and it is clear to any rational investor, it is not so. In the case, it would be more like gambling which is illegal on many jurisdictions. If you play ponzi with gold, it is still a ponzi. So I think just because it uses bitcoin doesn't make it legal. |
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