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Over 70 Bitcoin Websites have been reported shutdown by the New York County District Attorney’s office. These Bitcoin websites are labeled as scams, promising unrealistic high returns on investments. A total of exactly 73 websites took the hit on January the 16th, 2015.
The concept of a Ponzi is simple to understand. The worker of the Ponzi scheme offers you a high return on your investment in an extremely short time of period, “guaranteed”. When the Bitcoin is transferred to the Ponzi scheme, your profit is then paid back by the next person that invests after you. Eventually, if nobody invests after you, there is nobody to payout yours and your investment is lost. The race to stop Ponzi schemes in any way or form has been running for a long time, and minimal action has taken place.
The concept of a Ponzi is simple to understand. The worker of the Ponzi scheme offers you a high return on your investment in an extremely short time of period, “guaranteed”. When the Bitcoin is transferred to the Ponzi scheme, your profit is then paid back by the next person that invests after you. Eventually, if nobody invests after you, there is nobody to payout yours and your investment is lost. The race to stop Ponzi schemes in any way or form has been running for a long time, and minimal action has taken place.
So they were all Ponzis? That's a relief so I'm glad they wern't just taking down any random bitcoin related sites. I wonder if this forum could ever get into trouble for allowing ponzis? I hope this site doesn't get taken down over something like this.
