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Exit scammers run off with $660M in ICO earnings

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Re: Exit scammers run off with $660M in ICO earnings

#11

Post by chinathrow »

ryanbertrand wrote: post #4

I don’t understand how we have all this information on the internet and people still get sucked into these scams. 48%...that is not a realistic guaranteed return! :/

It's mostly people looking at how Bitcoin et al went up exponentially last fall, fueling FOMO heavily. "What if I had..."

Re: Exit scammers run off with $660M in ICO earnings

#12

Post by creeble »

pjc50 wrote: post #7
ryanbertrand wrote: post #4

I don’t understand how we have all this information on the internet and people still get sucked into these scams. 48%...that is not a realistic guaranteed return! :/

Because the pro-scam information surfaces easier than the anti-scam information? Watch one ponzi scam video on Youtube and the algorithms will start showing you others ...

This is an interesting phenomenon in general.

Re: Exit scammers run off with $660M in ICO earnings

#13

Post by jandrese »

justherefortart wrote: post #6
pjc50 wrote: post #2

> "Investors have been told that they would enjoy a profit rate of 48 percent a month from their initial investment, and recoup all investments after four months. People would also be rewarded with an eight percent commission for every new member they have introduced to the network." There's your red flags right there.

Yep, every Ponzi scheme does this it seems.

That's practically the definition of a pyramid scheme.

Re: Exit scammers run off with $660M in ICO earnings

#14

Post by egeozcan »

justherefortart wrote: post #6
pjc50 wrote: post #2

> "Investors have been told that they would enjoy a profit rate of 48 percent a month from their initial investment, and recoup all investments after four months. People would also be rewarded with an eight percent commission for every new member they have introduced to the network." There's your red flags right there.

Yep, every Ponzi scheme does this it seems.

> every Ponzi scheme does this

This is what a Ponzi scheme does, in other words, this is the definition of a Ponzi scheme.

Re: Exit scammers run off with $660M in ICO earnings

#15

Post by chrischen »

ryanbertrand wrote: post #4

I don’t understand how we have all this information on the internet and people still get sucked into these scams. 48%...that is not a realistic guaranteed return! :/

Because normally there are regulations in place when dealing with USD that protect these people.

Re: Exit scammers run off with $660M in ICO earnings

#17

Post by Rotdhizon »

At this point you really can feel no sympathy towards anyone who gets suckered into these types of scams. Same thing with facebook scams or instagram/snapchat pyramid schemes. If you really are that nice word for lacking intelligence or any ability to think for yourself, then you deserve what you get in terms of financial loss or social backlash. There isn't even a target demographic for this, people from all over the board are falling victim. From old people with their retirement savings to young adults who spend their minimum wage paychecks on it, all in the hopes of getting a quick turnaround. That's not meant to come off as mean or condescending, you can only say to someone "It's okay, everyone makes mistakes" so many times before you stop feeling pity towards their poor decision making.

A thing to note in my eyes is that different to social media scams, these ICO scams aren't even being that pushy in terms of advertising. When engaged with a pyramid scheme, people tend to be pretty aggressive in getting you to join. With these scam coins, people are willingly going up to them with little to no previous information and dumping their bucket of pennies in the well.

EDIT: Getting down voted for being blunt. Sucks to lose rep because people don't like to hear the truth.

Re: Exit scammers run off with $660M in ICO earnings

#18

Post by jandrese »

ryanbertrand wrote: post #4

I don’t understand how we have all this information on the internet and people still get sucked into these scams. 48%...that is not a realistic guaranteed return! :/

I think most people know that these things are basically digital pyramid schemes, but they think they're getting in at the top and will be smarter than the other suckers and will get out before it collapses.

This is also why they collapse so fast. It's basically a race to not be left holding the bag.

Re: Exit scammers run off with $660M in ICO earnings

#20

Post by jimrandomh »

Dollar figures in cases like this shouldn't be trusted. ICO scammers have an incentive to make it look like they're getting more investment than they really are, since that gets them more attention. They can easily achieve this through self-dealing--taking their own money and giving it to themselves under another identity. They can even reuse the same money to do this multiple times; that would leave evidence on the blockchain, but I'm not aware of anyone who checks for such things.
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