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Remembering the early days of bitcoin, and Pirateat40's Bitcoin Savings and Trust ponzi (BTCST) from 2012. That also had a pile of feeder ponzis hanging off th
by davidgerard 4y ago
Remembering the early days of bitcoin, and Pirateat40's Bitcoin Savings and Trust ponzi (BTCST) from 2012.
That also had a pile of feeder ponzis hanging off the side. They'd claim to be completely uncorrelated with BTCST, but just put their coins into BTCST.
Crypto has now gone beyond replaying old scams from the history of finance, and is now just replaying old scams from the history of crypto. But now they're VC-funded.
- quickthrower2 4y agoI like the name “Feeder Ponzi” though! Has a sort of legit-not-legit sound to it.
- davidgerard 4y agoMadoff's ponzi had a pile of feeder funds too. Feeder funds are a sorta-legit strategy, but ...