Bitcoin Ponzi scheme • Hacker News Board

Re: Bitcoin Ponzi scheme

#31

Post by hendzen » Sat, Feb 08, 2014, 8:01 PM UTC

Kiro wrote: post #17

A bit OT but how do you build automatic Bitcoin services like this?

If you like Java (or other JVM langs), check out BitcoinJ. By far the most solid Bitcoin library.

Re: Bitcoin Ponzi scheme

#32

Post by [deleted] » Sat, Feb 08, 2014, 8:01 PM UTC

bendoernberg wrote: post #8

tommorris wrote: post #5

I'm sure the Dogecoin Ponzi scheme will be better.

Ah, you mean Dogecoingem.com? Been up for over a week :) http://dogecoingem.com/

[deleted]

Re: Bitcoin Ponzi scheme

#33

Post by sashazykov » Sat, Feb 08, 2014, 8:01 PM UTC

sashazykov wrote: post #15

http://bitcoinpyramid.com/r/230 is 3 years old (and still paying :))

Moreover it was the first profitable pyramid.

Income: 751.63949374 btc Deposits: 692.04538439 btc Donations (ads): 59.59410935 btc Expenditure: 748.05864780 btc Withdrawals: 739.21264780 btc

Re: Bitcoin Ponzi scheme

#34

Post by harrigan » Sat, Feb 08, 2014, 8:02 PM UTC

This was tried out about a year ago: https://bitcointalk.org/index.php?topic=138749.0. The rules were originally very similar to the website above; then the owner modified them so that the gem randomly "reset".

Re: Bitcoin Ponzi scheme

#35

Post by maxerickson » Sat, Feb 08, 2014, 8:03 PM UTC

ryanjshaw wrote: post #21

TheAnimus wrote: post #7

Earlier quoted context omitted.

It's brilliant, and it will work, and continue to work until people don't believe in it.

That's the fun part. Watching to see how big it will grow. It's almost like putting an exact dollar value on the amount of greed present.

It's technically how high it goes (the current balance should be quite a bit less than the total paid in).

Re: Bitcoin Ponzi scheme

#36

Post by dclara » Sat, Feb 08, 2014, 8:05 PM UTC

sashazykov wrote: post #15

http://bitcoinpyramid.com/r/230 is 3 years old (and still paying :))

scammed: ponzi is a SCAM

I copy-pasted from the site.

BTW, any pyramid scheme is bad and should be prohibited, right?

But the site is cool though.

Re: Bitcoin Ponzi scheme

#37

Post by maxerickson » Sat, Feb 08, 2014, 8:07 PM UTC

sp332 wrote: post #25

3rd3 wrote: post #20

How does that work exactly? I pay in X BTC and two other people pay in say 0.5 X and 0.7 X then I get these BTC back? How exactly will my X BTC be distributed among other gamblers?

You don't get the original money back at the end, you just get the 1.2x BTC that other people gave you.

It's interesting that this is exactly what a 'high risk' mixer looks like.

Re: Bitcoin Ponzi scheme

#38

Post by haakon » Sat, Feb 08, 2014, 8:11 PM UTC

amark wrote: post #30

bendoernberg wrote: post #8

Earlier quoted context omitted.

Ah, you mean Dogecoingem.com? Been up for over a week :) http://dogecoingem.com/

Dogecoin's already innovating faster then bitcoin!

Bitcoin had these "gem" and "diamond" and "treasure" sites ad nauseum a year ago or more.

Re: Bitcoin Ponzi scheme

#39

Post by eterm » Sat, Feb 08, 2014, 8:11 PM UTC

ryanjshaw wrote: post #21

TheAnimus wrote: post #7

Earlier quoted context omitted.

It's brilliant, and it will work, and continue to work until people don't believe in it.

That's the fun part. Watching to see how big it will grow. It's almost like putting an exact dollar value on the amount of greed present.

I don't find it fun at all, I find it a bit tragic. Looking from the chat it looks like it's a bunch of kids who don't have the sense to not engage with this kind of site.

Re: Bitcoin Ponzi scheme

#40

Post by runn1ng » Sat, Feb 08, 2014, 8:13 PM UTC

What I realized now: if you look at their BTC balance

https://blockchain.info/address/1ponziUjuCVdB167ZmTWH48AURW1...

plus

https://blockchain.info/address/14ji9KmegNHhTchf4ftkt3J1ywmi...

their "debt" - meaning, what other people have to bring into the system - is their balance + 20%. Right now, their debt is about 42 bitcoin.