Bitcoin Ponzi scheme • Hacker News Board

Re: Bitcoin Ponzi scheme

#111

Post by udfalkso » Sat, Feb 08, 2014, 9:41 PM UTC

So how do the creators of this make money from it?

The best solution is one that doesn't infringe on the "correctness" of the game, and it's a simple one. Simply play the game yourself. Send money in, let the system send money back. Do it a lot. Many small transactions. You will never lose, because when the game ends you are the owner of the actual account and won't get screwed like everyone else.

Right? So, perhaps many of the transactions we're seeing go into this are suspect and the total amounts aren't to quite be trusted?

Re: Bitcoin Ponzi scheme

#112

Post by [deleted] » Sat, Feb 08, 2014, 9:45 PM UTC

udfalkso wrote: post #111

So how do the creators of this make money from it? The best solution is one that doesn't infringe on the "correctness" of the game, and it's a simple one. Simply play the game yourself. Send money in, let the system send money back. Do it a lot. Many small transactions. You will never lose, because when the game ends you are the owner of the actual account and won't get screwed like everyone else. Right? So, perhaps…

[deleted]

Re: Bitcoin Ponzi scheme

#113

Post by judk » Sat, Feb 08, 2014, 9:46 PM UTC

udfalkso wrote: post #111

So how do the creators of this make money from it? The best solution is one that doesn't infringe on the "correctness" of the game, and it's a simple one. Simply play the game yourself. Send money in, let the system send money back. Do it a lot. Many small transactions. You will never lose, because when the game ends you are the owner of the actual account and won't get screwed like everyone else. Right? So, perhaps…

The creators buy the first N shares, for guaranteed no-loss.

Re: Bitcoin Ponzi scheme

#114

Post by judk » Sat, Feb 08, 2014, 9:47 PM UTC

BlackDeath3 wrote: post #76

ZitchDog wrote: post #61

Earlier quoted context omitted.

Just like Bitcoin. :)

Just like fiat.

Just like Social Security, really.

Re: Bitcoin Ponzi scheme

#115

Post by GigabyteCoin » Sat, Feb 08, 2014, 9:48 PM UTC

ck2 wrote: post #92

I'm impressed by the vanity address, must have taken a lot of cpu power to hash that one out.

CPU power, maybe. Vanitygen works with GPU power now, however.

https://en.bitcoin.it/wiki/Vanitygen

Re: Bitcoin Ponzi scheme

#116

Post by judk » Sat, Feb 08, 2014, 9:49 PM UTC

dror wrote: post #90

This is almost perfect except for not including a warning: "Warning, if people stop depositing money, you won't get 120% back, and you could lose all your money." Also, it seems like the person running the site is not taking a cut. If that's right, he's not making a profit, and he's less likely to get in trouble when things collapse.

Or the feds will convince a judge that the runner owns the anonymous addresses that got paid.

Re: Bitcoin Ponzi scheme

#117

Post by judk » Sat, Feb 08, 2014, 9:51 PM UTC

tobz wrote: post #57

Why bother with a faceless ponzi scheme? Send your bitcoin directly to me, and I will invest it by hand, making sure to maximize your return: 1HbNxRhrv5Jocr7Q9ZqbbqCwuNNy4UsR77 This is totally legit. Seriously.

I wonder how much enforcement action I could get if I acted on your post at face value...

Re: Bitcoin Ponzi scheme

#118

Post by [deleted] » Sat, Feb 08, 2014, 9:51 PM UTC

sklivvz1971 wrote: post #43

mikkom wrote: post #26

Earlier quoted context omitted.

Ponzi scheme is ok if you are in at the beginning of the scheme. That's what makes this interesting - it's basically a bet that other people will also believe this will go on.

Unless someone runs off with the money (and in any case, unless you are the first, you never know if you are at the "beginning")

[deleted]

Re: Bitcoin Ponzi scheme

#119

Post by BlackDeath3 » Sat, Feb 08, 2014, 9:52 PM UTC

judk wrote: post #114

BlackDeath3 wrote: post #76

Earlier quoted context omitted.

Just like fiat.

Just like Social Security, really.

I mean that fiat will continue to work as long as people believe in it.

Social security, now that I think about it, does sound much like a Ponzi scheme.

Re: Bitcoin Ponzi scheme

#120

Post by udfalkso » Sat, Feb 08, 2014, 9:52 PM UTC

judk wrote: post #113

udfalkso wrote: post #111

So how do the creators of this make money from it? The best solution is one that doesn't infringe on the "correctness" of the game, and it's a simple one. Simply play the game yourself. Send money in, let the system send money back. Do it a lot. Many small transactions. You will never lose, because when the game ends you are the owner of the actual account and won't get screwed like everyone else. Right? So, perhaps…

The creators buy the first N shares, for guaranteed no-loss.

Yes, but they can keep playing as it goes in addition. Making money and reinvesting it.