This is a beautiful piece of art/social experimentation/I-don't-know-what.
It's brilliant, and it will work, and continue to work until people don't believe in it.
Just like Bitcoin. :)
Bitcoin Ponzi scheme
61–70 of 306 posts
Re: Bitcoin Ponzi scheme
#62Earlier 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.
Unless someone runs off with the money (and in any case, unless you are the first, you never know if you are at the "beginning")
[deleted]
Re: Bitcoin Ponzi scheme
#63I'm trying to work out if this is some grand statement on the similarities of Bitcoin to a Ponzi scheme in the way it's deflationary, or just a quick way for someone to make a few BTC. Maybe it's designed as a way to teach people about Ponzi schemes? Got to say, I pity the person who eventually deposits too much money at once, causing the payments to pause while they build up enough to cover his large deposit, in tur…
Even if it's not one person depositing a large amount, the backlog must grow larger and larger as time continues, this site actually has to grow exponentially to keep payout times constant.
Indeed, the liquidity here is the popularity of the site itself so as soon as the media buzz fades out the last ones to invest are going to lose everything; just like it always happens in ponzi schemes.
Re: Bitcoin Ponzi scheme
#64Well, this is how folks get rich in the smartist era, by creating schemes like this. Or buying facebook & google stock. Or creating/investing in the next web 2.0 billion dollar company. A 9-5 chump would have to work for years to make this kind of money, assuming he paid off all his college loans.
Re: Bitcoin Ponzi scheme
#65[deleted]
Re: Bitcoin Ponzi scheme
#66snip
Ponzi Scheme Enforcement Actions
Curtailing Ponzi schemes and holding those responsible for these scams accountable is a vital component of the SEC's enforcement program.
Since fiscal year 2010, the SEC has brought more than 100 enforcement actions against nearly 200 individuals and 250 entities for carrying out Ponzi schemes.1 In these actions, more than 65 individuals have been barred from working in the securities industry. The SEC also has worked closely with the U.S. Department of Justice and other criminal authorities on parallel criminal and civil proceedings against Ponzi scheme operations.
snip
Source: http://www.sec.gov/spotlight/enf-actions-ponzi.shtml
Keep in mind that BTC or virtual money is just another asset class.
Re: Bitcoin Ponzi scheme
#67Earlier quoted context omitted.
Because it's interesting?
"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?
Re: Bitcoin Ponzi scheme
#68http://bitcoinpyramid.com/r/230 is 3 years old (and still paying :))
scammed: ponzi is a SCAM I copy-pasted from the site. BTW, any pyramid scheme is bad and should be prohibited, right? But the site is cool though.
I wouldn't recommend a pyramid schema. You'll run into migration problems down the road. Better to keep it flat.
Re: Bitcoin Ponzi scheme
#69Earlier 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?
This is why I posted it.
I didn't think it will reach #1 spot, but here we go.
Re: Bitcoin Ponzi scheme
#70I bet this ponzi scheme will be much short-lived compared to the one run by federalreserve.io.