Brewins
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Activity: 1120
Merit: 1000
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January 11, 2015, 03:38:49 PM |
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Would it be possible to use smart contracts to create a perpetual and headless ponzi? I'd guess something like an address to send coins to and receive, say, 1% per week until 110% has been paid out?
Until there are no more suckers to send money to pay 1% weekly for someone. At most when all world is on it except one guy. Won't last longer than any other ponzi |
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sherbyspark
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January 11, 2015, 03:43:25 PM |
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Yesterday I saw 3 ponzis posted on the gambling section. And within minutes they received 5-8 BTC and the funds were locked .The threads are locked now as well.
Despite the risk of losing money in a ponzi people risk losing money to the person running them as well.
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BTCreward
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January 11, 2015, 10:28:15 PM |
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Cryptodouble has been great so far, I'm sad I didn't invest more in the very beggining, but it still feel safer than any ponzi ever. The fact they accept investments in ~200 different cryptocurrencies is amazing! IMHO this is most spectacular crypto ponzi so far, congrats to its creators. Long live cryptodouble  It is another ponzi scam. Just because they are paying out today does not mean they are going to continue to pay forever. They eventually will end up running away with investor money I think the reason that bitcoin sees so many ponzis is because it is so easy to hide your identity when dealing with bitcoin Plus, people are blinded by getting unrealistic returns for any length of time. I get that people want to add to their stash of bitcoins but when you'll inevitably get burned time and again by engaging in activities like this is becomes obvious that the best way to secure your stash is holding what ya got and having a job so you can incrementally buy more. Be smart not greedy and you'll save yourself getting ripped off. People assume that most ponzis are going to pay out to their investors for some short amount of time in order to build up confidence in their scheme. They are essentially gambling that they will be able to exit the ponzi prior to the operators running away with investor money. What people need to realize is that investing in a ponzi has a negative EV because the operators are eventually going to steal investor's money |
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BADecker
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Activity: 3962
Merit: 1382
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January 12, 2015, 12:11:00 AM |
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Cryptodouble has been great so far, I'm sad I didn't invest more in the very beggining, but it still feel safer than any ponzi ever. The fact they accept investments in ~200 different cryptocurrencies is amazing! IMHO this is most spectacular crypto ponzi so far, congrats to its creators. Long live cryptodouble It is another ponzi scam. Just because they are paying out today does not mean they are going to continue to pay forever. They eventually will end up running away with investor money I think the reason that bitcoin sees so many ponzis is because it is so easy to hide your identity when dealing with bitcoin Plus, people are blinded by getting unrealistic returns for any length of time. I get that people want to add to their stash of bitcoins but when you'll inevitably get burned time and again by engaging in activities like this is becomes obvious that the best way to secure your stash is holding what ya got and having a job so you can incrementally buy more. Be smart not greedy and you'll save yourself getting ripped off. People assume that most ponzis are going to pay out to their investors for some short amount of time in order to build up confidence in their scheme. They are essentially gambling that they will be able to exit the ponzi prior to the operators running away with investor money. What people need to realize is that investing in a ponzi has a negative EV because the operators are eventually going to steal investor's money This is exactly the point for doing Ponzi with Bitcoin. Bitcoin is really just starting. Bitcoin has just started making inroads into the economy. Bitcoin is tiny compared with all the fiats of the world. It will be decades before a good Bitcoin Ponzi fails. Those who get in now will wind up becoming rich. In addition, since many folks love a Ponzi, pushing Bitcoin in the direction of Ponzis, will help it spread, worldwide, faster than ever. Do you want Bitcoin to succeed? Look at all the people who play lotteries around the world. Design and implement a good Bitcoin Ponzi.  |
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Pierre11
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January 12, 2015, 12:13:44 AM |
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Interesting read. I think what we need here is a clear explanation on what a ponzi is, to inform new users who still can't differentiate a ponzi from somethig legitimate. I agree with the article.
Ponzi's are fine with me as long as they are honest and don't leave anyone without paying them back, which in most cases is very hard to do.
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R2D221
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January 12, 2015, 12:17:25 AM |
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Ponzi's are fine with me as long as they are honest and don't leave anyone without paying them back, which in most cases is very hard to do.
That is mathematically impossible. To be able to pay everyone, you need an infinite amount of new investors. |
An economy based on endless growth is unsustainable.
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WhalingWhales
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January 12, 2015, 12:47:30 AM |
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What seriously people fall for this crap? It gives me ideas as i believe money/digital numbers should be in the hands of people that cherish multiply and on occasions get abit sweaty over them  |
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doggieTattoo
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January 12, 2015, 06:02:21 AM |
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Interesting read. I think what we need here is a clear explanation on what a ponzi is, to inform new users who still can't differentiate a ponzi from somethig legitimate. I agree with the article.
Ponzi's are fine with me as long as they are honest and don't leave anyone without paying them back, which in most cases is very hard to do.
By definition, it is not possible for a ponzi to pay all investors all the money promised. A ponzi will not actually invest investor money but rather will pay early investors with money from later investors (while using some kind of mixer in the process of course) |
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fildza
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January 12, 2015, 07:29:54 AM |
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Would it be possible to use smart contracts to create a perpetual and headless ponzi? I'd guess something like an address to send coins to and receive, say, 1% per week until 110% has been paid out?
1% = 1 week 52 week = 1 year 104 week = 2 year = 104% So need 2 year + 6 days to get all our money. That what you mean? |
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Snail2
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Activity: 1512
Merit: 1000
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January 12, 2015, 04:07:04 PM |
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Just like there were plenty of scams at the beginning of the internet. People will get smarter and eventually learn, it just will take time.
There are always a lot of "newcomers". Many of them happy to jump into every kind of shit in hopes of making a few quick bucks. |
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NeuroticFish
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Activity: 3850
Merit: 6583
Looking for campaign manager? Contact icopress!
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January 12, 2015, 04:39:38 PM |
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Just like there were plenty of scams at the beginning of the internet. People will get smarter and eventually learn, it just will take time.
There are always a lot of "newcomers". Many of them happy to jump into every kind of shit in hopes of making a few quick bucks. It's quite worrying that lately there are a couple new Ponzi games popping up on the daily basis. People seem not to learn... |
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philiveyjr
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Activity: 840
Merit: 1000
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January 13, 2015, 08:45:02 PM |
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Just like there were plenty of scams at the beginning of the internet. People will get smarter and eventually learn, it just will take time.
There are always a lot of "newcomers". Many of them happy to jump into every kind of shit in hopes of making a few quick bucks. It's quite worrying that lately there are a couple new Ponzi games popping up on the daily basis. People seem not to learn... I dont get it! how r ponzi's still on the rise?? there is enough info abt whats gonna happen in the end..ie. ppl losing money.!! but still they r running successfully! HOW??  |
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koshgel
Legendary
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Activity: 1162
Merit: 1001
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January 13, 2015, 08:48:58 PM |
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Just like there were plenty of scams at the beginning of the internet. People will get smarter and eventually learn, it just will take time.
There are always a lot of "newcomers". Many of them happy to jump into every kind of shit in hopes of making a few quick bucks. It's quite worrying that lately there are a couple new Ponzi games popping up on the daily basis. People seem not to learn... I dont get it! how r ponzi's still on the rise?? there is enough info abt whats gonna happen in the end..ie. ppl losing money.!! but still they r running successfully! HOW?? Greedy people that are realllly stupid. A fool and his money are soon parted |
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noma
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January 13, 2015, 09:28:57 PM |
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Cryptodouble has been great so far, I'm sad I didn't invest more in the very beggining, but it still feel safer than any ponzi ever. The fact they accept investments in ~200 different cryptocurrencies is amazing! IMHO this is most spectacular crypto ponzi so far, congrats to its creators. Long live cryptodouble Wait, I haven't been following all the ponzi threads but wasn't it accused of scam by some users on the forums ? Or were they only late investors who didn't get any money ? |
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