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Author Topic: 02-23-2015 BTC-Flow : The Bitcoin Faucet Ponzi Scheme  (Read 2679 times)
srgkrgkj (OP)
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February 23, 2015, 08:28:00 PM
 #1

http://www.btcfeed.net/fraud/btc-flow-bitcoin-faucet-ponzi-scheme/

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Make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you lose access to your BTC.
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February 23, 2015, 11:38:14 PM
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The article has a nice graphic showing how quickly a "successful" Ponzi can become impossible to sustain.

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February 25, 2015, 07:14:06 AM
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Let's just make a clear differentiation between BTC-Flow and other faucets before we continue.

BTC-Flow asked people to UPGRADE their accounts, to receive higher earnings, and then used that money and Ad income to fund it. {That is a typical Ponzi scheme}

Other faucets in general do not ask ANY money from the people using it.... they just give BTC away for FREE. { That is NOT a ponzi }

I just wanted to make that clear, before NEW people think, ALL faucets are Ponzi's.

A true faucet, will not ask ANY money from you... it will ask you to fill out a captcha {to determine that you not a bot, but a human} and then you will receive FREE money.

They get this money from advertizers and some even use their own money to fund it in the beginning.

Sites like BTC-Flow just taint the reputation of something that was meant to do something good. {Give Free bitcoins/Satoshi's to people, who are either NEW to Bitcoin or who has no other way of acquiring it}   

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February 25, 2015, 07:17:36 AM
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Great blog post to warn new users about Ponzi scheme. I played ponzi in the past but not now. I find out that I lost more than I earn from the investment.

So sad! This profile does not appear as the #1 result (on anonymous) Google searches anymore.

Time to be active on the crypto forums again? Proud to be one of the few Legendary members of the Sparkie Red Dot!

Gonna put this on my resume if I ever join a cryptocurrency/blockchain industry!
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