The Great Bitcoin Collective Faucet Experiment

[Mirceam94]

---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 

Mod edit: locked at request.

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[mcorlett]

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

[Mirceam94]

I was literally just notified of this on IRC   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   Maybe, if thought it out, this can be sustained? Can it be sustained?

EDIT: Nevermind, took it down.

[Foxpup]

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?

[Mirceam94]

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]

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

[Mirceam94]

I stopped promoting it a few minutes ago, thank you for the heads-up.

[Bitcoin Oz]

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"