Can anybody tell me how you come I've sent close to the minimum and got almost 100 time more? (this is not a joke, algo. fail?)
cough-bullshit-cough
Bitcoin Ponzi scheme
141–150 of 306 posts
Re: Bitcoin Ponzi scheme
#142Earlier quoted context omitted.
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.
Or you know, take the currency since this is a ponzi scam and ponzi scammers don't want to let pay-outs go to anyone but themselves.
Why is HN giving traffic to scam sites now?
Re: Bitcoin Ponzi scheme
#143Can anybody tell me how you come I've sent close to the minimum and got almost 100 time more? (this is not a joke, algo. fail?)
I sent them 0.001 BTC and got 0.00256 in return over two transactions. Something screwy is definitely going on.
Re: Bitcoin Ponzi scheme
#144Earlier 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.
Ponzi schemes aren't OK. They're a form of theft, both immoral and illegal.
Please justify the usage of the word "theft" to describe this if it is perfectly upfront about what it's doing. Surely you meant to say gambling.
Re: Bitcoin Ponzi scheme
#145I'm wondering though how they can afford to pay some people 400% Kind of seems like a bug might be making this less sustainable than it normally would be.
https://blockchain.info/address/144PHT3EDfKcDreSGHHS3uND52GT...
Re: Bitcoin Ponzi scheme
#146Earlier quoted context omitted.
But it's not completely honest. The FAQ says "Every time you send money to the Ponzi address, you'll get back 1.2x what you put in." But by the nature of these scheme, the last 15% of people won't get their money back.
It also not only plainly labels itself a Ponzi scheme, but explains that you'll only get a return if others invest after you.
It could call itself multi-level marketing and be golden. You just need to resell something tangible, like TF2 hats.
Re: Bitcoin Ponzi scheme
#147Earlier quoted context omitted.
"On-Topic: Anything that good hackers would find interesting. That includes more than hacking and startups. If you had to reduce it to a sentence, the answer might be: anything that gratifies one's intellectual curiosity." - I maintain that a "good" hacker wouldn't find a blatant scam interesting. Especially not "just because it uses bitcoin".
It's beyond blatant; it's unabashed and self-aware. That's interesting - who would make such a thing? Who would pay into it? Will it still work even when people know what it is?
Yes.
http://en.wikipedia.org/wiki/MMM_(Ponzi_scheme_company) http://en.wikipedia.org/wiki/Sergei_Mavrodi
Man who started well known Ponzi scheme in 1990's Russia is at it again, this time with full disclosure. People already lost money on the new one.
They will continue, it's like gambling. You're probably better off gambling on crypto dice sites like https://doge-dice.com though. Bet on 80% odds for a 1.2% payout. Results are instant, so you can develop an addiction.
Re: Bitcoin Ponzi scheme
#148No one finds this repulsive? People will lose money to this. Yes, they are dumb, yes it is obvious. But those who participate are still morally complicit. Enabling others who suffer from serious issues (addiction, gambling) seems like a pretty shitty thing to do.
Theft is theft, even when you label yourself "we steal". Making this do actual and not fake transactions is criminal.
Re: Bitcoin Ponzi scheme
#149[deleted]
Re: Bitcoin Ponzi scheme
#150Something is not quite right. 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
0.05 * 1.2 ~= 0.0599, maybe they round to 2nd decimal?