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IMO, this was built to demonstrate one of the unique characteristics of Bitcoin. The ability to track transactions linked to addresses not owned by you, in thi

IMO, this was built to demonstrate one of the unique characteristics of Bitcoin. The ability to track transactions linked to addresses not owned by you, in this case, lets all participants see in realtime whether the owners are living up to their promises. Had Bernie Madoff used Bitcoin, his reign would have been over in a few minutes.

ohashi 13y ago
Minutes? Really? Because that's how most people measure their investments. The only way you could see if 'he was living up to his promises' was if he just speculated on more bitcoins, which would be dumb.
- downandout 13y ago
  The point was that you could see where the money was going. If there were a Bitcoin based stock exchange and it published its addresses for stock purchases, when money from pooled funds started going to addresses outside of those known addresses, people would immediately know that the money has gone somewhere it shouldn't have.
  - hueving 13y ago
    >money from pooled funds started going to addresses outside of those known addresses What? It's a stock exchange. By definition the money is immediately going to go to the counter-party in a trade. So it's going to be an unknown address. Stock exchanges aren't the ones selling stock...
    - downandout 13y ago
      Yeah, no kidding. But you're saying the counterparties couldn't register those addresses publicly with the exchange so that everyone knows where the money is going? Alternatively, the exchange itself (a trusted party) couldn't receive the coins first and then send them to the counterparties?
albiabia 13y ago
This transaction is where everything went wrong. I think after the shutdown they tried to start paying out the largest investors manually and missed a decimal place: 1 BTC In and 10 BTC back https://blockchain.info/address/1CeGvbrAuLJYyKxX7T2KD3358dWoLmAohR https://blockchain.info/address/1CeGvbrAuLJYyKxX7T2KD3358dWo... Someone made 10x their money. Ponzi.io (1ponziUjuCVdB167ZmTWH48AURW1vE64q) --> Ponzi.io Change (14ji9KmegNHhTchf4ftkt3J1ywmijGjd6M) --> Big Winner (1CeGvbrAuLJYyKxX7T2KD3358dWoLmAohR)
- K2h 13y ago
  maybe thats where the site got their return.

ohashi 13y ago

Minutes? Really? Because that's how most people measure their investments. The only way you could see if 'he was living up to his promises' was if he just speculated on more bitcoins, which would be dumb.

downandout 13y ago
The point was that you could see where the money was going. If there were a Bitcoin based stock exchange and it published its addresses for stock purchases, when money from pooled funds started going to addresses outside of those known addresses, people would immediately know that the money has gone somewhere it shouldn't have.
- hueving 13y ago
  >money from pooled funds started going to addresses outside of those known addresses What? It's a stock exchange. By definition the money is immediately going to go to the counter-party in a trade. So it's going to be an unknown address. Stock exchanges aren't the ones selling stock...
  - downandout 13y ago
    Yeah, no kidding. But you're saying the counterparties couldn't register those addresses publicly with the exchange so that everyone knows where the money is going? Alternatively, the exchange itself (a trusted party) couldn't receive the coins first and then send them to the counterparties?

albiabia 13y ago

This transaction is where everything went wrong. I think after the shutdown they tried to start paying out the largest investors manually and missed a decimal place: 1 BTC In and 10 BTC back https://blockchain.info/address/1CeGvbrAuLJYyKxX7T2KD3358dWoLmAohR https://blockchain.info/address/1CeGvbrAuLJYyKxX7T2KD3358dWo... Someone made 10x their money. Ponzi.io (1ponziUjuCVdB167ZmTWH48AURW1vE64q) --> Ponzi.io Change (14ji9KmegNHhTchf4ftkt3J1ywmijGjd6M) --> Big Winner (1CeGvbrAuLJYyKxX7T2KD3358dWoLmAohR)

K2h 13y ago
maybe thats where the site got their return.