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Bitcoin Ponzi scheme
221–230 of 306 posts
Re: Bitcoin Ponzi scheme
#222Earlier quoted context omitted.
> We will pay back everyone we can. We are not making money from this. Paying people back can be done instantly. Adding 20% needed a wait. If they stopped the experiment an hour ago, I'd say my coins should have returned by now :(
Waiting out the confirmations does impose a pretty high floor -- see how many of the transactions are still unconfirmed.
I already had a few confirmations when they quit, and it would show up in my client without any confirmation (as unconfirmed, of course).
Re: Bitcoin Ponzi scheme
#223Earlier quoted context omitted.
It's less of a statement about bitcoin as a statement about people. It shows that people will willingly deposit money into a scheme that they know is broken. Just like with Bitcoin Savings and Trust, people essentially knew it was a ponzi scheme but they still deposited 263024 BTC. It was offering 7% a week which is 3373% a year. There are also debates about whether the people who profited are morally obligated to se…
> There are also debates about whether the people who profited are morally obligated to send their profits to the people who lost money. Are the people who profited considered to have stolen from the people who lost? The same could be asked of state lotteries and other forms of betting. Not sure there's much difference from a moral standpoint.
I think the key difference there is that when you participate in a lottery you know - or can obtain - the odds of a payout up-front.
Ponzi schemes by definition hide the fact that there's any risk of non-payment, that's why it's fraud, and illegal, and immoral.
Re: Bitcoin Ponzi scheme
#224I threw some old satoshi-dice coins at it (0.25) and was saddened at the header mocking that "The experiment is over.". 1.5 hours later 0.30BTC showed up in my wallet! Wow, did not expect that!
Spent 0.03 saw 0.0 in return so far :S
Re: Bitcoin Ponzi scheme
#225First, I fully understood what I was getting in to.
I first deposited .1 bitcoin to see if it was real and got 0.11978 back.
Ok, this will be fun.
I then deposited .8591 and got back 1.1999. Ha this is hilariously fun. More gambling!
I then sent 1.2001 and got back 0.8589. Wait what..
The game ended and he skimmed from me to hopefully pay someone else back and not pocket it.
Re: Bitcoin Ponzi scheme
#226Looks like the fun has moved to http://dogepound.l8.lv/
Who wants to make some money before the prices get too high ;)
Re: Bitcoin Ponzi scheme
#227Earlier quoted context omitted.
Here's another one: http://igjam.com/?pool
Except that one is just a copy of the html and nobody is going to get paid, the chat doesn't even work.
actually I just put in 0.01 BTC, got back 0.015, put that back in again, and now I have 0.0225. I dare not try again, quite pleased with my USD$7 profit. There is definately something much scammier about it. The # of transactions doesn't increment, and with 150% payout it will die much quicker.
Re: Bitcoin Ponzi scheme
#228I'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...
make that 500%... the original 79mBTC got refunded to it 2 hours later...
Re: Bitcoin Ponzi scheme
#229Earlier quoted context omitted.
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…
> 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. Part of this is Bitcoin self-selects against those with a rigorous understanding of monetary economics, capital markets, and foreign exchange.
Can you prove this?
Re: Bitcoin Ponzi scheme
#230Here'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.
such a great attitude for losing USD $700