81–90 of 170 posts
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Noooooooooo Past performance is not an indication of future.
Remember Bernard Madoff? Edit: Ran a Ponzi scheme (promised 12% p.a.) from the 1970s til 2008. $64.8 billion of damage.
I'm especially dismayed that they brought the Ethereum name into it. Ethereum already gets a bad rap because it's easy to write insecure smart contracts, if someone uses the platform to pull off a scam that's even worse. I doubt they even created a dapp or wrote any code though.
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I would have stopped at ”ICO” .
I stopped at the 'C'. Even if you accept that bitcoin has some legitimate worth there is no justification for all the rediculous Coins that pop up constantly. Why do people buy them? Are they trying to collect them all like a young person's version of Franklin Mint?
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Yep, every Ponzi scheme does this it seems.
That's practically the definition of a pyramid scheme.
Jokes apart, I think it's a good thing. It's 2018, if people are exposed to that kind of scam today, they will evolve quickly, especially the kids. They will develop critical thinking and bullshit detectors. They will stop believing in advertisement and, more importantly, propaganda.
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It's mostly people looking at how Bitcoin et al went up exponentially last fall, fueling FOMO heavily. "What if I had..."
But then instead of buying Bitcoin who has 9 years of storing value, they buy a shitcoin.
>> "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." Scammers don't deserve the money but fools and their money...
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7% is not ridiculous at all. twino.eu has been paying 10-13% backed by their own guarantees and a good income stream for several years.
Noooooooooo Past performance is not an indication of future.
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> >6-7% annual returns I wouldn't say quite that low, even S&P averages are often higher than that. But 48% monthly is going to be something like a >1000% yearly interest rate. You really don't get much more of a dead giveaway than that, at that point you're either a fool or you're gambling and hoping you get out before a greater fool does.
Willfully participating in a Ponzi scheme is a crime.
A Ponzi scheme is when it's an investment vehicle (i.e. hedge fund) that provides returns to older investors through capital acquired from newer investors. In this case, by contrast, it's overhyping (to the point of fraud) a publicly traded security in hopes of rallying some investors to buy in, which increases the price, further validating the potential and convincing more investors to buy in.
Merely participating through buying in a Pump & Dump process is completely legal; it only becomes illegal if you're the party using fraudulent information to increase the value of the security.