Bitcoin Blog a1

Wednesday, March 5, 2014

Ponzi schemes? Oo

Though the viewing of many bitcoin sites via the Bitvisitor, it has come to my attention, much to my alarm, that there is a prevalence of Ponzi schemes in the bitcoin community. Bitcoins, not being a recognized currency, can be gambled online. It also seems they are eligible for other forms of nonsense that are illegal for recognized currents, like Ponzi schemes. Currently I wouldn't trust a bitcoin anywhere but your own wallet ( and even then you probably ought to have number of security measures to keep others out and provide a backups for yourself if you lose it).

Update, I just found a website that literally is named BTC Ponzi 120%. I am shocked. I am completely at a loss of what to say. I mean this awful fairly easy to see though ponzi scheme are one thing, but THIS! This is a whole new level of terrible. I hope no one thinks that this is a good idea in the slightest. Wow, and I thought the Bitcoin community would be better than this. Hopefully all the transactions listed there are fake.

I went on to find countless other sites that are similar to this. Some say they are Ponzi schemes, others do not. Here is a disclaimer from one of the sites:

We want to be clear: This is a Ponzi Scheme - This means that the returns on your investments come from other investors.
As long as people invest after you, your payout is absolutely guaranteed!
Any deposit amount between 0.001 and 0.5 will be allowed!

To keep this system running, please promote it - So everyone participating will benefit from it!

Seriously? So everyone will benefit? haha. More like, the owners will benefit and the majority of people will be screwed. Sounds like a great deal to me.
But one level up from the ponzi scheme, actually, multiple levels up, is MLM . So the Banner I'm providing gives you free cryptocurrency everyday for free. You just need to sign up. You need to refer other people to it though in order to really get anything though, which makes in Multi-level marketing in my book. But with a sign up taking all of 30 seconds and free, it doesn't look too awful. Let me know what you think. Free Bitcoins every 24 hours

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