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Show HN: Ponzi.es – Startup sticker ponzi scheme

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Re: Show HN: Ponzi.es – Startup sticker ponzi scheme

#51

Post by plesner »

Nit, but: it's not actually a Ponzi scheme. What made Ponzi's scheme a Ponzi scheme was not the postal coupons. It was pretending that investors were making huge profits to make them keep their money invested, and paying them with each other's money. At that point the coupons was just an alibi.

Of course I don't know ponzi.es' long-term plan, maybe they'll start taking investment and promising huge returns. That'd be pretty funny. Though I don't know if you can legally run a Ponzi scheme, even an ironic one.

Re: Show HN: Ponzi.es – Startup sticker ponzi scheme

#53

Post by mikeash »

plesner wrote: post #51

Nit, but: it's not actually a Ponzi scheme. What made Ponzi's scheme a Ponzi scheme was not the postal coupons. It was pretending that investors were making huge profits to make them keep their money invested, and paying them with each other's money. At that point the coupons was just an alibi. Of course I don't know ponzi.es' long-term plan, maybe they'll start taking investment and promising huge returns. That'd be…

Isn't that exactly what this is? You "invest" a sticker, and you get a 100% return on your investment by receiving two stickers. It's not explicitly stated, but given the name and the context, I assume that the stickers you receive come from new "investors."

Re: Show HN: Ponzi.es – Startup sticker ponzi scheme

#55

Post by mikeash »

lorenzhs wrote: post #44
zachlatta wrote: post #34

Earlier quoted context omitted.

If we can exchange it at a standard postal office, we'll do it.

The article linked by thesimon states "UPU member postal services are obliged to exchange an IRC for postage, but are not obliged to sell them" so it looks like this would work. They cost 2€ here in Germany ($2.20) compared to $1.20 for a USPS First-Class Mail International Letter, so it's not that bad. Really cool!

And this would nicely keep with the whole theme, since Ponzi's original scheme involved arbitrage with IRCs, before he decided it would be easier to just rip people off.

Re: Show HN: Ponzi.es – Startup sticker ponzi scheme

#56

Post by Piskvorrr »

dkersten wrote: post #31
personjerry wrote: post #21

Earlier quoted context omitted.

Perhaps it's just that great an idea :) Quick, grow and monetize it!

Take a percentage cut of the stickers (or postage cost)

Weeeeelll...if postage is 49 cents and people mail in 50 cents, that's your immense profit opportunity right there ;)

Re: Show HN: Ponzi.es – Startup sticker ponzi scheme

#57

Post by decwakeboarder »

mikeash wrote: post #53
plesner wrote: post #51

Nit, but: it's not actually a Ponzi scheme. What made Ponzi's scheme a Ponzi scheme was not the postal coupons. It was pretending that investors were making huge profits to make them keep their money invested, and paying them with each other's money. At that point the coupons was just an alibi. Of course I don't know ponzi.es' long-term plan, maybe they'll start taking investment and promising huge returns. That'd be…

Isn't that exactly what this is? You "invest" a sticker, and you get a 100% return on your investment by receiving two stickers. It's not explicitly stated, but given the name and the context, I assume that the stickers you receive come from new "investors."

A ponzi scheme would require a larger upfront sticker investment from new investors with large but unsustainable sticker returns over time.

This is just a straight up 'sticker + $.50' for 2 stickers exchange.

Re: Show HN: Ponzi.es – Startup sticker ponzi scheme

#58

Post by mikeash »

decwakeboarder wrote: post #57
mikeash wrote: post #53

Earlier quoted context omitted.

Isn't that exactly what this is? You "invest" a sticker, and you get a 100% return on your investment by receiving two stickers. It's not explicitly stated, but given the name and the context, I assume that the stickers you receive come from new "investors."

A ponzi scheme would require a larger upfront sticker investment from new investors with large but unsustainable sticker returns over time. This is just a straight up 'sticker + $.50' for 2 stickers exchange.

I thought that a Ponzi scheme was simply one where returns to existing investors are paid from the capital contributed by new investors.

Re: Show HN: Ponzi.es – Startup sticker ponzi scheme

#59

Post by driverdan »

icehawk219 wrote: post #48
codeshaman wrote: post #22

From Wikipedia: Ponzi's original scheme was based on the arbitrage of international reply coupons for postage stamps; however, he soon diverted investors' money to make payments to earlier investors and himself. ... The profit that could be made by taking advantage of the differing postal rates in different countries to buy IRCs cheaply in one country and exchange them for stamps of a higher value in another country…

For anyone interested in more information on this, or on Ponzi himself, I'd highly recommend giving Ponzi's Scheme[0] a read. It's a great book on the subject. [0] https://www.amazon.com/dp/0812968360

"Ponzi: The Incredible True Story of the King of Financial Cons" is good too: http://smile.amazon.com/Ponzi-Incredible-Financial-Library-L...
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