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Bitcoin Ponzi scheme

ponzi.io

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Re: Bitcoin Ponzi scheme

#171

Post by magic8ball »

sillysaurus2 wrote: post #95

Here's someone who recently sent 1 BTC to this ponzi scheme: https://blockchain.info/address/1Gh2tRaqaPWFbQVabVD9rPsN1nm9... https://blockchain.info/address/1BYbqzLvAN9PCC4LqNPPG2dHSyTn... I'm going to watch and see what happens to them. If they don't lose their 1 BTC, then that's at least slightly interesting. EDIT: It's been more than an hour; no repayment yet.

The payout system does not seem to be FIFO, that is, just because you put in money before person B does not mean you'll get paid out before person B. I also put in 1BTC (far before these people) and followed it up with a small transaction. The small transaction got paid back (also incorrectly) whereas my 1BTC was never returned. Oh well, it was fun to watch.

Re: Bitcoin Ponzi scheme

#172

Post by vidarh »

BlackDeath3 wrote: post #85
powera wrote: post #82

Earlier 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.

Ponzi/Pyramid schemes often are honest about this. What they are usually not honest about is the mathematical impossibility of it being possible for it to keep going very long. But some simply bet on people being greedy enough to take the chance that they are getting in early enough...

As such I think it is good commentary on Bitcoin and cryptocoins in general - a lot of people do appear to enter expecting a pyramid, and just hoping to get theirs before it collapses.. The question is what proportion they make up.

Re: Bitcoin Ponzi scheme

#173

Post by CamperBob2 »

BlackDeath3 wrote: post #119
judk wrote: post #114

Earlier quoted context omitted.

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.

Anyone who doubts that Social Security is a Ponzi scheme should try starting a similar one themselves, and see how it goes.

Re: Bitcoin Ponzi scheme

#174

Post by spaceborn »

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.

How so? No one is being deceived. Everyone who participates does so of their own volition. Is individual volition repulsive?

Are they really dumb? Is the guy in the middle of the scheme who makes out with a profit dumb? There's known risk - some will decide they'll risk it. It may not be wise (I wouldn't participate, myself), but I wouldn't be so bold as to assume they're dumb.

> But those who participate are still morally complicit.

Who are these morally complicit participants if not the "obviously dumb" persons whom you just described? Are they victims with "serious issues" or are they morally corrupt enablers?

You may mean that the morally-corrupt-enabler(s) are whomever set this up, but that's not really what's suggested by such a broad phrase as "those who participate".

Re: Bitcoin Ponzi scheme

#176

Post by 1Ponzi »

Don't trust on any new address. Legit Ponzi address starts with 1Ponzi, like: 1PonziAwQpnfj15Br4YFJHygWtd5LQKgN1 This is the new address that will be up shortly. Early birds get 1.35X payout.

Re: Bitcoin Ponzi scheme

#177

Post by icpmacdo »

utuxia wrote: post #167
FiloSottile wrote: post #156

The experiment is over. We will pay back everyone we can. We are not making money from this. And it's down.

Here's another one: http://igjam.com/?pool

heres the correct blockchain info on it.

https://blockchain.info/address/1AQxcdPgMTTQghPXt1EXHU8vEjSn...

Re: Bitcoin Ponzi scheme

#179

Post by curiousgeorgio »

FiloSottile wrote: post #156

The experiment is over. We will pay back everyone we can. We are not making money from this. And it's down.

I'm curious - anyone know what happened to cause the (inevitable) end? From what I can tell, it doesn't seem to be the lack of new interest/money. Possibilities I can think of:

- Author got scared (of legal repercussions)

- Author got greedy (pocketing much of the last deposits)

- For some reason (research?) it was intended from the beginning to only run to a certain point

- Technical scaling issues

Anyone know?

Re: Bitcoin Ponzi scheme

#180

Post by paul_f »

skj wrote: post #169
BlackDeath3 wrote: post #119

Earlier quoted context omitted.

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.

Populations grow exponentially, and the whole population is required to pay into SS.

Except they don't. Populations in developing countries have now stabilized and in some cases, Japan, are well below replacement level.
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