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If only OneCoin had bothered to create any sort of blockchain token, they'd be just like every other altcoin and she could keep the billions (maybe pay a trivia

by pavlov 4y ago

If only OneCoin had bothered to create any sort of blockchain token, they'd be just like every other altcoin and she could keep the billions (maybe pay a trivial fine to a regulator somewhere). Her scheme preceded Ethereum, so she couldn't make use of the convenient Token Scam Construction Kit like the other similarly promoted ICOs that came a bit later.

IMSAI8080 4y ago
Yeah that amazed me also that they failed to produce any kind of blockchain. All they had to do was start a new bitcoin ledger or whatever using the openly available bitcoin software, as several other coins did at the time. They did try to hire a techy at least once to do it, but he refused to take part in it after getting suspicious. But they didn't even bother to try and hire someone else?
- janmo 4y ago
  Apparently they were using an excel sheet for account balances and transfers.
  - RichardHeart 4y ago
    Underrated
    - numair 4y ago
      So Pulse is just one big Excel macro in the cloud…
  - FabHK 4y ago
    Finally, an efficient crypto implementation.
    - funstuff007 4y ago
      It can track changes. :)
  - Saig6 4y ago
    I guess Matt Levine was on to something, https://www.bloomberg.com/opinion/articles/2022-01-10/web3-takes-trust-too https://www.bloomberg.com/opinion/articles/2022-01-10/web3-t...
  - ceejayoz 4y ago
    I wonder what the max transactions per second rate is in a shared Excel doc. More than 7/s?
  - tiarafawn 4y ago
    Nothing wrong with that... https://csvchain.com/ https://csvchain.com/
pcthrowaway 4y ago
I think the issue was that they claimed there was a blockchain, but it was all fabricated. The claims of a blockchain also promised 1 minute transaction confirmation (better than bitcoin), which wouldn't have made sense for an Ethereum token. Also, I think certain token projects can get the releasers arrested too.. I believe the Squid game token creators are wanted in a few countries
t_mann 4y ago
Puzzling indeed. Afaik Dogecoin is pretty much a 1:1 clone of an old version of Bitcoin, and the founder made it sound like it was a weekend's worth of work.
- SilasX 4y ago
  Technically, Litecoin, which was Bitcoin with some parameters tweaked (like more frequent blocks). Then later they also removed the supply cap, which is a pretty fundamental change from the premise of bitcoin, so it’s no longer a trivial copy, I would say. https://en.wikipedia.org/wiki/Dogecoin#Currency_supply https://en.wikipedia.org/wiki/Dogecoin#Currency_supply
  - deleted 4y ago
    [deleted]
5350-uiop-1130 4y ago
that's funny because it's actually kind of true. most erc-20 tokens are just contrived scams, same for bsc.
spaetzleesser 4y ago
A lot of people who run ponzi schemes give up on actually investing after a while. See Madoff and others.

by pavlov 4y ago

IMSAI8080 4y ago

Yeah that amazed me also that they failed to produce any kind of blockchain. All they had to do was start a new bitcoin ledger or whatever using the openly available bitcoin software, as several other coins did at the time. They did try to hire a techy at least once to do it, but he refused to take part in it after getting suspicious. But they didn't even bother to try and hire someone else?

janmo 4y ago
Apparently they were using an excel sheet for account balances and transfers.
- RichardHeart 4y ago
  Underrated
  - numair 4y ago
    So Pulse is just one big Excel macro in the cloud…
- FabHK 4y ago
  Finally, an efficient crypto implementation.
  - funstuff007 4y ago
    It can track changes. :)
- Saig6 4y ago
  I guess Matt Levine was on to something, https://www.bloomberg.com/opinion/articles/2022-01-10/web3-takes-trust-too https://www.bloomberg.com/opinion/articles/2022-01-10/web3-t...
- ceejayoz 4y ago
  I wonder what the max transactions per second rate is in a shared Excel doc. More than 7/s?
- tiarafawn 4y ago
  Nothing wrong with that... https://csvchain.com/ https://csvchain.com/

pcthrowaway 4y ago

I think the issue was that they claimed there was a blockchain, but it was all fabricated. The claims of a blockchain also promised 1 minute transaction confirmation (better than bitcoin), which wouldn't have made sense for an Ethereum token. Also, I think certain token projects can get the releasers arrested too.. I believe the Squid game token creators are wanted in a few countries

t_mann 4y ago

Puzzling indeed. Afaik Dogecoin is pretty much a 1:1 clone of an old version of Bitcoin, and the founder made it sound like it was a weekend's worth of work.

SilasX 4y ago
Technically, Litecoin, which was Bitcoin with some parameters tweaked (like more frequent blocks). Then later they also removed the supply cap, which is a pretty fundamental change from the premise of bitcoin, so it’s no longer a trivial copy, I would say. https://en.wikipedia.org/wiki/Dogecoin#Currency_supply https://en.wikipedia.org/wiki/Dogecoin#Currency_supply
- deleted 4y ago
  [deleted]

5350-uiop-1130 4y ago

that's funny because it's actually kind of true. most erc-20 tokens are just contrived scams, same for bsc.

spaetzleesser 4y ago

A lot of people who run ponzi schemes give up on actually investing after a while. See Madoff and others.