131–140 of 306 posts
First, as per the central problem of Ponzi schemes, it is missing an "... if ever" at the end.
But further, it is oversimplified, because people can submit different amounts of bitcoins. Covering up that uncertainty -- which while apparent is not as clearly disclosed as the "Ponzi" aspect -- makes it harder for people to assess the likelihood they will get the promised return.
Deposited 0.05859407 BTC ( https://blockchain.info/tx/c5411ae7ad41d6dab5dd879c158cb81f0... )
Recieved 0.0599 BTC back ( https://blockchain.info/tx/ef7f32df518dabb104812ea4a12719026... )
1.2 * 0.05859407 = 0.070312884 BTC
So, somebody owes me 0.010412884 BTC
I will add, since this hit the frontpage: nobody post any big money there . It's a Ponzi scheme. It says so in the title.
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.
Earlier quoted context omitted.
Yeah IMHO it walks the line between ponzi and pyramid scheme, so you'll either have the SEC or FTC coming after you. e.g. FTC has been hassling MLM schemes for years and they argue the differentiator is the fact that there's a product involved, but this clearly does not have a product, so best case the FTC shuts it down, worst case the interested agencies will include FTC, SEC, U.S. postal service and local and state…
If you've been following what's actually gone on in the Bitcoin world for any length of time, you'd know that "BTC investors" aren't "more sophisticated" - they tend to be less so. For one example, take a look at the people in the community who claim BTC exchanges are unregulated, and who "invest" in "stock markets" in BTC and the like: Just because you're not following the law or regulation doesn't mean you're not s…
Part of this is Bitcoin self-selects against those with a rigorous understanding of monetary economics, capital markets, and foreign exchange.
To be technical, there are multiple inaccuracies in "Get 120% back when the next person sends". First, as per the central problem of Ponzi schemes, it is missing an "... if ever" at the end. But further, it is oversimplified, because people can submit different amounts of bitcoins. Covering up that uncertainty -- which while apparent is not as clearly disclosed as the "Ponzi" aspect -- makes it harder for people to a…
How much does creator make?
The creator makes what's leftover in the end of non-payouts whenever he decides to pull the plug.
To be technical, there are multiple inaccuracies in "Get 120% back when the next person sends". First, as per the central problem of Ponzi schemes, it is missing an "... if ever" at the end. But further, it is oversimplified, because people can submit different amounts of bitcoins. Covering up that uncertainty -- which while apparent is not as clearly disclosed as the "Ponzi" aspect -- makes it harder for people to a…
It is either a scam or very poorly coded. I've seen one transaction in the blockchain for 7BTC from yesterday that hasn't been paid. But, people sending 0.01BTC today are being paid. Any proper Ponzi scheme would pay back in time order, not by order of value.