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I know this is a joke, but there are numerous real life Ponzi and pyramid schemes based on Ethereum smart contracts. PonziCoin, PoWH3D, and EthPhoenix transpare

I know this is a joke, but there are numerous real life Ponzi and pyramid schemes based on Ethereum smart contracts. PonziCoin, PoWH3D, and EthPhoenix transparently advertise themselves as Ponzi/pyramid schemes. There's also a whole genre of "hot potato" collectible games that operate like pyramid schemes. CryptoCelebrities and CryptoKitties are a couple well known games in this genre. Personally, I don't think there's anything unethical about transparent pyramid schemes. They're essentially gambling games where players bet on the greed of other players. The greediest players end up "holding the bag" while every one else makes money. These games can be pretty profitable if you play conservatively.

frgtpsswrdlame 9y ago
>The greediest players end up "holding the bag" while every one else makes money. Bag holders aren't the greediest players they're the last players. >These games can be pretty profitable if you play conservatively. Huh? How exactly do you play ponzi schemes conservatively?
- mieseratte 9y ago
  > Huh? How exactly do you play ponzi schemes conservatively? Get in and out quickly taking the, presumably higher-than-normal, ROI with you. Typically with ponzi schemes, folks put in and keep their money in to compound because, on paper, they have insane ROIs. Their greed blinds them to the "too good to be true." Still, Ponzi schemes do payout to some amount of people, those who pull out before it is too late. None of this is to say you won't be left holding the bag, but if you're an "in-and-out" player you have a better chance of not being the one left holding the bag compared to those who see fake numbers and let greed wash over them.
- Hunisgung 9y ago
  > How exactly do you play ponzi schemes conservatively? You find a bunch of greater fools to play with. But then you are back into scamming territory.
saudioger 9y ago
> PonziCoin When I first heard about ponzicoin I thought for sure it was a joke. But not only did someone swindle people out of money the first time around, but someone also managed to do it again under the same name.

frgtpsswrdlame 9y ago

>The greediest players end up "holding the bag" while every one else makes money. Bag holders aren't the greediest players they're the last players. >These games can be pretty profitable if you play conservatively. Huh? How exactly do you play ponzi schemes conservatively?

mieseratte 9y ago
> Huh? How exactly do you play ponzi schemes conservatively? Get in and out quickly taking the, presumably higher-than-normal, ROI with you. Typically with ponzi schemes, folks put in and keep their money in to compound because, on paper, they have insane ROIs. Their greed blinds them to the "too good to be true." Still, Ponzi schemes do payout to some amount of people, those who pull out before it is too late. None of this is to say you won't be left holding the bag, but if you're an "in-and-out" player you have a better chance of not being the one left holding the bag compared to those who see fake numbers and let greed wash over them.
Hunisgung 9y ago
> How exactly do you play ponzi schemes conservatively? You find a bunch of greater fools to play with. But then you are back into scamming territory.

saudioger 9y ago

> PonziCoin When I first heard about ponzicoin I thought for sure it was a joke. But not only did someone swindle people out of money the first time around, but someone also managed to do it again under the same name.