The Ponzi Career
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The Ponzi Career
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Re: The Ponzi Career
#2Thanks for this, it was an excellent read and these celebrity coins I personally was not aware of and that’s an interesting use case I never thought of.
Re: The Ponzi Career
#3Explains how people are selling ECR20 tokens with special rights to income from just one person. Also the right to message them. i.e. a fan can buy a token of a "celebrity" and get special inbox rights. But also upside if that person goes on to become very successful.
Re: The Ponzi Career
#4The unstated implication is that these investment vehicles are for suckers, as in any ponzi scheme.
Re: The Ponzi Career
#5How do you tackle issues with manipulation? Can’t I get together with my friends and wash trade each other’s tokens?
Re: The Ponzi Career
#6How do you tackle issues with manipulation? Can’t I get together with my friends and wash trade each other’s tokens?
At the end of a day it's still a token, so all the usual scams (eg. pump & dump) still apply.
Re: The Ponzi Career
#7The future outlined by these new and exciting investment vehicles is horrifying.
Re: The Ponzi Career
#8The unstated implication is that these investment vehicles are for suckers, as in any ponzi scheme.
Unlike a ponzi scheme (which is guaranteed to be a loss overall), a ISA token could theoretically work out for all parties involved. The article mentions that lambda school's business model is based off it. The problem is that the market for such tokens is a market for lemons, and the amount of due diligence you have to do to weed out the scammers vastly outweighs whatever risk-adjusted-returns you can get compared to the s&p 500. It's the p2p loan craze all over again.
Re: The Ponzi Career
#9> As I mentioned in an earlier piece, these tokens are not simply "certificates of ownership"; they can be pre-programmed to behave in a certain way (for example, pay a dividend each time a predefined event happens).
I don't get how you can pre-program a contact to pay a percentage of your earnings. Ethereum is very restricted as to what you can program. I don't think you can just write "check stock price of X on CNBC, if X then Y..." Even if you could you would need to prefund it with Ethereum which would make the fund raising aspect kind of pointless.
> In English, this meant Masmej was selling digital tokens under his own name ($ALEX). The token sale would sponsor his entrepreneurial journey. Owners of these tokens will receive certain rights over Masmej's future income and career decisions.
It's just a promise to backers. I can't see how its enforced by a contract. It's no different than just having people send you money via PayPal and you promising to hit them back when you make some money. I guess easier to administer and track woh you promised?
And I don't see how an income sharing agreement is a Ponzi scheme. A ponzi scheme is current investors paying out to previous investors. This is just a funding mechanism, selling equity instead of debt
Re: The Ponzi Career
#10It’s just more top signals. There’s too much money floating around if people want to invest in nonsense like this. When equities correct from the current Shiller PE ratio higher than 1929 I think you will find less people want to invest in a career token for someone.
https://www.multpl.com/shiller-pe
The Bowie Bond part of the post was fascinating by the way. Had never heard that story. He issued them in 1997 which is a high Shiller PE value also before the 2000 stock bust. Lots of money floating around looking for a home then too.