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Bitcoin Ponzi scheme

ponzi.io

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Re: Bitcoin Ponzi scheme

#151

Post by erikb »

superuser2 wrote: post #98
erikb wrote: post #96

Earlier quoted context omitted.

Beside the word "solicit" the definition you deliver applies 100% to that website. So why do you think it does not follow the definition? The returns come from new investors. It requires a constant flow of money. It will inevitably collapse at one point.

The website does not imply "little to no risk." It explicitly states that it's a Ponzi scheme, which clearly means that you're gambling on not being the last one the party.

Yes, but it is not a requirement to hide the fact that it is a Ponzi to be a Ponzi. It still is, if you know about it or not.

Re: Bitcoin Ponzi scheme

#152

Post by negamax »

ryanskidmore wrote: post #132

Something 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

Transaction fee?

Re: Bitcoin Ponzi scheme

#153

Post by fnsa »

shameless plug: my ncurses thin SPV bitcoin client for linux/mac:

https://github.com/bit-c/bitc

  * 100% C code,
  * support for linux and mac platforms,
  * console based: uses ncurses,
  * home grown async network i/o stack,
  * home grown poll loop,
  * home grown bitcoin engine,
  * supports encrypted wallet,
  * supports Tor/Socks5 proxy,
  * multi-threaded,
  * valgrind clean.
You'll need basic dev skills to install it: check-out the code, install dependencies then build. It's all in the README file. I'm interested in all kinds of feedback you may have: feature requests, bugs, etc. Thanks!

Re: Bitcoin Ponzi scheme

#155

Post by fragsworth »

gojomo wrote: post #122
dwaltrip wrote: post #60

No 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.

It's as repulsive as state-run lotteries. The expected return to entrants, over all entries through its collapse, is likely even better than lotteries. At least this isn't advertising on TV and YouTube to attract even more vulnerable and unsophisticated players!

It's really not much different from gambling. It's not repulsive if they are honest about how it works.

Re: Bitcoin Ponzi scheme

#158

Post by RRRA »

mmaunder wrote: post #141
RRRA wrote: post #140

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

Well, it seems the experiment is over and they tried to pay back everyone, but have a look at my wallet: http://imgur.com/10nx0DG

I sent 0.0012408 + 0.0001 fee and got 0.1199 back... So I just tried again before seeing that it was over and probably will not get anything back from that payment.

So, in total, I "lost" 0.0013408*2 and got 0.1199. That's 76$ profit, at current rate anyway!

Re: Bitcoin Ponzi scheme

#159

Post by runn1ng »

pmikal wrote: post #157

Website shows they've shut it down. "The experiment is over. We will pay back everyone we can. We are not making money from this."

well, that was quick.

note: I did not post the website to make money or anything (and I was not affiliated with the author in any way). I thought it was funny, and I thought nobody will seriously put money into it. I was probably wrong.

Re: Bitcoin Ponzi scheme

#160

Post by fnsa »

fnsa wrote: post #153

shameless plug: my ncurses thin SPV bitcoin client for linux/mac: https://github.com/bit-c/bitc * 100% C code, * support for linux and mac platforms, * console based: uses ncurses, * home grown async network i/o stack, * home grown poll loop, * home grown bitcoin engine, * supports encrypted wallet, * supports Tor/Socks5 proxy, * multi-threaded, * valgrind clean. You'll need basic dev skills to install it: check-out…

it looks like this: http://i.imgur.com/IJJU14s.png
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