Topic: Bitcoin Ponzi - Ponzicoin ? - page 2. (Read 3344 times)

Well start Mormoncoin and you'll have everyone know about Bitcoin soon. You don't need a blockchain fork. Just print a public key on a gold plate, brainwash a bunch of teenaged boys and tell them to spread the word of Bitcoin or they'll burn in a fiery hell. As an incentive, tell them when they get back from missionary after converting all those sinners to Bitcoin they can marry and impregnate as many girls as they want to as long as they live in Utah.

I wonder if Multibit, Electrum or Armory would like to do this. Whoever is first stands to take their Bitcoin client to the moon.

This is part of the thing that many bitcoiners are trying to change. We want Bitcoin to become a household word.

Nowadays, many people use credit cards over the Internet. Many people bank over the Internet. So, it isn't a far step to get them to see how they could make money at the same time that they learn a new financial-like method... one that they could use with friends, and even in the business that they own.

This is one idea to move Bitcoin into a big group of people who just might take Bitcoin into the marketplace more than ever, if only they had the right incentive.

You are soooooo good!   

I see what you're trying to do but I don't think you can do it. You want to get people that like to sell their friends on crap like Amway or Melaleuca to sell their friends on Bitcoin. If each person that used Bitcoin could just sell 5 people then Bitcoin would grow much faster. That's the MLM marketing idea and it gets results with a certain type of people but the marketing is word of mouth to friends. What you're forgetting is that Bitcoin isn't really a financial tool it's a cult of people that probably talk about it in their sleep. Everyone bitcoiners know have already been converted or refused Bitcoin and they have no one else to tell. What you need to invent at this point is Seventh Day Adventist coin and start knocking on doors.

The fact that it is deliberately called “Ponzi” makes me doubt whether you are being cynical or sarcastic.

Let me say it this way.

Suppose Soros Shorts wanted to start a friend in Bitcoin. So, he emails the friend a Bitcoin client. He could have directed the friend to the main Bitcoin.org site. But in this case he emails the client. Let's say the friend's name is cbeast. Soros Shorts doesn't get anything out of getting cbeast started in Bitcoin, except the satisfaction of knowing he did it.

cbeast does the same thing. He gets his friend, scarsbergholden, interested in Bitcoin by emailing him a copy of the client.

scarsbergholden gets BIT-Sharon interested in the same way.

Nobody earns any money. But if they knew it was a way to not only spread the word about Bitcoin, but also a method to earn bitcoins, wouldn't they introduce more people?

In the Ponzicoin method, everything is done just the same except, Soros Shorts earns a tenth of a bitcoin off Bit-Sharon. So do cbeast and scarsbergholden. And when BIT-Sharon gets somebody going in Bitcoin, everybody earns .1 bitcoin off that person.

This is exciting to MLMers. They love this kind of thing. They live and breathe it. And if it happened to be built right into the client, they just might go crazy over it.

But I need your help with ideas for making it work better than the simple thing I have thought up. And, I give it to you. If you have a better idea, take it and run with it. But let me join, 'cause this is the thing that could explode Bitcoin all over the planet.

This is good. Got you interested, didn't I? Well, slow down a little, and read the first post. This is simply a method for getting MLM people interested in Bitcoin.

In MLM, a MLM company sets up a website. They let people sign up. The people introduce other people. When they buy the product, they make money according to the compensation plan.

This is just the same. Except there is no company website. It is all decentralized into the Bitcoin client.

There is NO other coin. There is no altcoin. There is only Bitcoin.

I will never trust any altcoin except for Bitcoin. Ever.

What rules are those? It is simply a forked client, not a forked process.

There isn't any cheating. Banks might call Bitcoin cheating. We need your and everybody's imagination to find a solution that guides MLMers into using the client to the best benefit of all.

Again, this is NOT something other than Bitcoin. IT IS BITCOIN. It is simply a special client that is designed to use in MLM/Network Marketing/"chain letter" operations for recruiting people into Bitcoin the same as MLMers recruit people into a particular MLM company. The difference is that the "company" would be all automatic... in the client itself.

Wait what? How is this not an altcoin? How exactly does this work? Even though it would use the bitcoin blockchain it would still be adding nothing of value that bitcoin does not offer and would essentially be a ponzi (as the name implies). I see no reason to be using this.

Why it is called MLM? I feel it rely on the bitcoin blockchain. However, it is not like other altcoin, for it has the background of bitcoin as its background.

Bitcoin is highly resistant to the rules you want to impose. You also offer no incentive to slow down cheating. You can't design a tool with no purpose for its use. If you want to create an MLM using bitcoins, then color some bitcoins and offer an incentive for using them. That's what colored coins are for. You can even create a wallet that uses them in addition to bitcoins.

Basically, it is EXACTLY like simple MLM. It works like an automated chain letter that has no mailing or emailing requirements.

You give your install program to your friends. They install it; same as installing the Bitcoin-Qt client. They buy some bitcoins into their wallet, check the checkbox, and hit the button. Precisely .5 bitcoins is sent from the wallet (plus the miner fee), and a new install is created for them to pass on to their MLM friends. There could be a splash page built right into the client that explains how to use Bitcoin for everyday living.

Sure, they could "cheat." They could use the install program they just created, and continue to use it until they had created 5 new Bitcoin-Qt clients so that they could get paid more. But that is what I am asking for here... methods to slow down this "cheating" which really is simply freedom.

What I'm saying is that your idea is not an MLM. It doesn't work like an MLM. You're not going to fool anyone.

Freedom isn't cheating. However, one of the things that I am looking for is ideas for making it difficult to do the thing that might be considered cheating by some... to guide folks into the direction of using it as it is. There might come about alt-Ponzicoin clients. But, if we don't do it with Bitcoin, somebody just might apply this idea to Litecoin, or one of the others, that has its own blockchain.

The point is, nobody could control a Bitcoin MLM that was built right into the client. If it caught on in the MLM croud, Bitcoin would explode.

It's also easy to cheat. Do MLM people like cheaters?

Not an altcoin. Ponzicoin is only a name, a front. Is simply another method for using Bitcoin.  

This sounds a lot like another worthless altcoin to me. I don't see this adding anything of actual value that bitcoin cannot add and the network will obviously be much weaker then the bitcoin network.