Well mate I would suggest you to stay clean just like you did with your last project!
I wouldn't consider it stupid or a failure!
It's your experience and you should lean from it!
And believe me honest money are earned hard!
Make another one just like the one before but with less time-frame!
In the end people will come and play but until then you will have to work hard for it!
what you earned maybe is nothing ... but in time you might earn more!
Don't expect 100 people to just jump right on your game!
Build a slow and steady history and in time you will earn more!
Topic: 100bit.co.in - Direct trading exchange - 0.1% fee - Alt coins supported - page 6. (Read 10997 times)
March 23, 2014, 01:10:31 PM
March 23, 2014, 12:16:26 PM
@DannyHamilton Thank you for the heads up. I was not aware of Trendon Shavers. I would like to know if Ponzi, Pyramid or MLM laws are applicable to Bitcoin ? I have no plan to accept any FIAT in the whole program.
That depends on what jurisdiction you are in.
If you are in the U.S. then those laws are absolutely applicable to Bitcoin. Trendon Shavers is currently being prosecuted by the U.S. in a court in Texas for operating a Ponzi scheme that did not accept any FIAT (he only accepted Bitcoin) in the whole program.
Would they prosecute if somebody operated a ponzi or pyramid with Pogs or Pokemon cards? lol
That would depend on whether or not the Pogs or Pokemon cards were found to pass the Howey test.
March 23, 2014, 12:01:56 PM
@DannyHamilton Thank you for the heads up. I was not aware of Trendon Shavers. I would like to know if Ponzi, Pyramid or MLM laws are applicable to Bitcoin ? I have no plan to accept any FIAT in the whole program.
That depends on what jurisdiction you are in.
If you are in the U.S. then those laws are absolutely applicable to Bitcoin. Trendon Shavers is currently being prosecuted by the U.S. in a court in Texas for operating a Ponzi scheme that did not accept any FIAT (he only accepted Bitcoin) in the whole program.
Would they prosecute if somebody operated a ponzi or pyramid with Pogs or Pokemon cards? lol
March 23, 2014, 11:38:49 AM
@DannyHamilton Thank you for the heads up. I was not aware of Trendon Shavers. I would like to know if Ponzi, Pyramid or MLM laws are applicable to Bitcoin ? I have no plan to accept any FIAT in the whole program.
That depends on what jurisdiction you are in.
If you are in the U.S. then those laws are absolutely applicable to Bitcoin. Trendon Shavers is currently being prosecuted by the U.S. in a court in Texas for operating a Ponzi scheme that did not accept any FIAT (he only accepted Bitcoin) in the whole program.
March 23, 2014, 11:27:05 AM
@100bitcoin What I have learnt from your project idea, it has nothing to do with ponzi. U r simply giving referral commission and that is absolutely legal in marketing world irrespective of the country. Unnecessarily dont attach 'Ponzi' stamp to your project. Try to provide proper service... and that is what all we need.
p.s. Dont think like Mark Karpeles. Think like Andreas Antonopoulos. Best of Luck.
p.s. Dont think like Mark Karpeles. Think like Andreas Antonopoulos. Best of Luck.
Thank you for your suggestion. I have updated my first post accordingly.
@DannyHamilton Thank you for the heads up. I was not aware of Trendon Shavers. I would like to know if Ponzi, Pyramid or MLM laws are applicable to Bitcoin ? I have no plan to accept any FIAT in the whole program.
March 23, 2014, 11:14:40 AM
Trendon Shavers (also known as Pirate40 on bitcointalk) is currently being prosecuted in Texas by the U.S. government for operating a bitcoin Ponzi Scheme.
According to U.S. law, your scheme is not a MLM (Multi-level marketing) organization or Direct Selling organization. In order to be considered a legal business (such as Amway, Tupperware, etc) in the U.S. you need to have actual products that are being sold to customers. There are a set of other specific conditions that the company has to meet to be considered a legal business in the U.S.
According to U.S. law, your scheme is not a MLM (Multi-level marketing) organization or Direct Selling organization. In order to be considered a legal business (such as Amway, Tupperware, etc) in the U.S. you need to have actual products that are being sold to customers. There are a set of other specific conditions that the company has to meet to be considered a legal business in the U.S.
Doesn't Herbalife operate like them too?
So does the US recognize it as a currency now?
March 23, 2014, 10:22:37 AM
Trendon Shavers (also known as Pirate40 on bitcointalk) is currently being prosecuted in Texas by the U.S. government for operating a bitcoin Ponzi Scheme.
According to U.S. law, your scheme is not a MLM (Multi-level marketing) organization or Direct Selling organization. In order to be considered a legal business (such as Amway, Tupperware, etc) in the U.S. you need to have actual products that are being sold to customers. There are a set of other specific conditions that the company has to meet to be considered a legal business in the U.S.
If you are not in the U.S. you'll need to learn more about your own local laws to determine if your scheme is illegal.
According to U.S. law, your scheme is not a MLM (Multi-level marketing) organization or Direct Selling organization. In order to be considered a legal business (such as Amway, Tupperware, etc) in the U.S. you need to have actual products that are being sold to customers. There are a set of other specific conditions that the company has to meet to be considered a legal business in the U.S.
If you are not in the U.S. you'll need to learn more about your own local laws to determine if your scheme is illegal.
March 23, 2014, 10:21:15 AM
@100bitcoin What I have learnt from your project idea, it has nothing to do with ponzi. U r simply giving referral commission and that is absolutely legal in marketing world irrespective of the country. Unnecessarily dont attach 'Ponzi' stamp to your project. Try to provide proper service... and that is what all we need.
p.s. Dont think like Mark Karpeles. Think like Andreas Antonopoulos. Best of Luck.
p.s. Dont think like Mark Karpeles. Think like Andreas Antonopoulos. Best of Luck.
March 23, 2014, 09:44:14 AM
That is called a pyramid scheme.
Well may be. But is that legal if I use it for Bitcoin service ? I have seen direct selling companies like Tupperware, Amway etc. use this method to gain members and thereby sell their product.
I think someone was actually busted for selling a Bitcoin ponzi or pyramid.
For Bitcoin or ponzis? Or maybe even both?
March 23, 2014, 09:36:07 AM
That is called a pyramid scheme.
Well may be. But is that legal if I use it for Bitcoin service ? I have seen direct selling companies like Tupperware, Amway etc. use this method to gain members and thereby sell their product.
I think someone was actually busted for selling a Bitcoin ponzi or pyramid.
For Bitcoin or ponzis? Or maybe even both?
March 23, 2014, 09:27:53 AM
That is called a pyramid scheme.
Well may be. But is that legal if I use it for Bitcoin service ? I have seen direct selling companies like Tupperware, Amway etc. use this method to gain members and thereby sell their product.
I think someone was actually busted for selling a Bitcoin ponzi or pyramid.
March 23, 2014, 09:11:32 AM
That is called a pyramid scheme.
Well may be. But is that legal if I use it for Bitcoin service ? I have seen direct selling companies like Tupperware, Amway etc. use this method to gain members and thereby sell their product.
I think someone was actually busted for selling a Bitcoin ponzi or pyramid.
March 23, 2014, 02:32:02 AM
That is called a pyramid scheme.
Well may be. But is that legal if I use it for Bitcoin service ? I have seen direct selling companies like Tupperware, Amway etc. use this method to gain members and thereby sell their product.
March 22, 2014, 07:05:25 PM
That is called a pyramid scheme.
March 22, 2014, 05:36:15 PM
dont really see it happening when described as ponzi-ish but GL
First of all thank you for your response.
I call it Ponzi flavour, because the referral commision is going up chain and I found a lot of people here are versed with this word 'Ponzi'. But if you are acquainted with MLM ...the joining to this club is actually that. But I'm afraid many out here may not identify this referral commision distribution as MLM. So I have drawn the resemblance of Ponzi. Moreover, Ponzi or MLM, whatever one call it, this starts and ends at joining only. Rest is normal business activity as an usual member.
March 22, 2014, 05:17:05 PM
dont really see it happening when described as ponzi-ish but GL
March 22, 2014, 05:01:41 PM
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