Bitcoin Forum
June 25, 2017, 10:57:04 AM *
News: Latest stable version of Bitcoin Core: 0.14.2  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: The Great Bitcoin Collective Faucet Experiment  (Read 702 times)
Mirceam94
Newbie
*
Offline Offline

Activity: 4


View Profile
July 09, 2012, 12:07:50 AM
 #1

---Used to be a Ponzi scheme, didn't mean to make one, sorry for the interruption everyone. If a mod could delete/lock this thread, it'd be appreciated  Smiley

Mod edit: locked at request.
1498388224
Hero Member
*
Offline Offline

Posts: 1498388224

View Profile Personal Message (Offline)

Ignore
1498388224
Reply with quote  #2

1498388224
Report to moderator
The forum strives to allow free discussion of any ideas. All policies are built around this principle. This doesn't mean you can post garbage, though: posts should actually contain ideas, and these ideas should be argued reasonably.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
mcorlett
Donator
Sr. Member
*
Offline Offline

Activity: 308



View Profile
July 09, 2012, 12:17:48 AM
 #2

Have you heard of a little something called a Ponzi scheme?

Mirceam94
Newbie
*
Offline Offline

Activity: 4


View Profile
July 09, 2012, 12:23:04 AM
 #3

I was literally just notified of this on IRC  Grin All I can say is, I'm doing this with no intent to rip anyone off. Clearly, based on the wikipedia article for Ponzi Scheme, this thread of mine is probably seen in a really dark light right now. I'm not benefiting from this in any way; If I set an upper-limit to requests, could this ever work? A ponzi scheme is more or less destined to collapse on itself, but.... I didn't mean to make a ponzi scheme  Cry Maybe, if thought it out, this can be sustained? Can it be sustained?

EDIT: Nevermind, took it down.
Foxpup
Legendary
*
Offline Offline

Activity: 1890



View Profile
July 09, 2012, 01:10:47 AM
 #4

No, Ponzi schemes can't be sustained (that's why they're illegal). Suppose Alice sends you BTC1 and then Bob sends you another BTC1. You now have BTC2, and so you can pay back Alice BTC1.1. You now have BTC0.9, but you owe Bob BTC1.1. You not only can't pay him the 10%, but you can't even pay him back the BTC1 he originally gave you unless you get someone else involved in the scheme. The last person in the chain is completely screwed because there is literally no way you will ever have enough to pay back their original investment.

You don't seriously expect us to believe you never thought of this, do you?

Will pretend to do unverifiable things (while actually eating an enchilada-style burrito) for bitcoins: 1K6d1EviQKX3SVKjPYmJGyWBb1avbmCFM4
Mirceam94
Newbie
*
Offline Offline

Activity: 4


View Profile
July 09, 2012, 01:15:21 AM
 #5

I did think of that, but I assumed that there would never really be a "last" person. I had a pretty lengthy discussion on IRC about this, I can post the log here if you like. I took the post down anyways, since I realized that not only was it seen in a dark light, but the chances of getting enough donations to keep up with things are slim. I wasn't planning on benefiting in any way, the idea was to let people donate to each other.
Bitcoin Oz
Hero Member
*****
Offline Offline

Activity: 700


Wat


View Profile WWW
July 09, 2012, 01:16:15 AM
 #6

This is a ponzi scam and you shouldnt promote such things. It will end up badly.


Mirceam94
Newbie
*
Offline Offline

Activity: 4


View Profile
July 09, 2012, 01:17:43 AM
 #7

I stopped promoting it a few minutes ago, thank you for the heads-up.
Bitcoin Oz
Hero Member
*****
Offline Offline

Activity: 700


Wat


View Profile WWW
July 09, 2012, 01:18:37 AM
 #8

I did think of that, but I assumed that there would never really be a "last" person. I had a pretty lengthy discussion on IRC about this, I can post the log here if you like. I took the post down anyways, since I realized that not only was it seen in a dark light, but the chances of getting enough donations to keep up with things are slim. I wasn't planning on benefiting in any way, the idea was to let people donate to each other.

Look up the term "bagholder"

Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!