Oh no DOGE gone Ponzi

by xdocommer • 12 years ago

14 7 12 years ago

tg2• 12 years ago

can somebody explain what this is?

rjtavares• 12 years ago

It's a Ponzi scheme! They're promising you a 20% return as long as there are greater fools around that are willing to bet they're not the greatest fools. I love it.

icebraining• 12 years ago

It's been done, though: http://ponzicoin.co/

quackerhacker• 12 years ago

It's a gamble (as stated).

The gamble is that you will not be the last idiot to invest (the last person/group is the loser). Basically the first people give their money to 1 address. The group that follows pays the first their 20% return (+ the operator's 5% fee it looks like).

Where in a regular (regulated) scenario, your investment would be paid back by the company's sales, profits, liquidity, assets, ect. The people who participate in this gamble that they are not the last to invest (and that the operator pays out), because the "return," is dependent on the next following "investor."

throwaway13qf85• 12 years ago

"PonziDOGE may charge a 5% fee from the general pool for server costs and miscellaneous expenses."

ozh• 12 years ago

Kind of disappointed I cannot find a relevant XKCD

icpmacdo• 12 years ago

I love these. Last time I but 15$ into a bitcoin ponzi and it was shut down seconds after I wonder if I will have more luck this time? This might be some interest to people also http://www.reddit.com/r/dogecoinfaucets .

Oh no DOGE gone Ponzi

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