HONEST BITCOIN: DOUBLE YOUR BITCOINS. YES IT IS A PONZI. - page 11.

Honestbit

member

Activity: 98

Merit: 10

Quote from: cryptodevil on March 23, 2016, 10:48:28 AM

seeing as it cannot be established 100% that all participants would fully understand what they were sending money to, it would still be theft to take their coins and leave them with a loss.

Can you name a bitcoin service where people are 100% sure what they are sending money to?

cryptodevil

legendary

Activity: 2240

Merit: 1254

Thread-puller extraordinaire

Quote from: juraviel on March 23, 2016, 10:14:58 AM

Ok that could work,

Math says it can't work without people losing their money and, as I said, seeing as it cannot be established 100% that all participants would fully understand what they were sending money to, it would still be theft to take their coins and leave them with a loss.

Honestbit

member

Activity: 98

Merit: 10

Quote from: juraviel on March 23, 2016, 10:14:58 AM

Ok so you distribute whatever was made that day in chronological order, and take a 5% cut. Ok that could work, if your website were very popular, then people that came right on time could virtually guarantee the return. But that's not the case right now. If you could promote your site well, i think it could work.

That is exactly my eventual goal. For right now, everything has to start small.

juraviel

full member

Activity: 124

Merit: 100

Ok so you distribute whatever was made that day in chronological order, and take a 5% cut. Ok that could work, if your website were very popular, then people that came right on time could virtually guarantee the return. But that's not the case right now. If you could promote your site well, i think it could work.

Honestbit

member

Activity: 98

Merit: 10

Quote from: cryptodevil on March 23, 2016, 01:51:42 AM

Given that you cannot prove without doubt that all participants would be fully-informed about what they are sending money to, it is still theft.

Ok. What could I do to prove it without doubt?

Quote from: cryptodevil on March 23, 2016, 01:51:42 AM

Public Service Announcement -
This is just another Ponzi

I proudly say I think I made that quite clear.

Honestbit

member

Activity: 98

Merit: 10

Quote from: juraviel on March 23, 2016, 02:18:52 AM

Beside from what I understand, you reset the table every 24 hours, so what does that mean. You take that money right. So what's the 5% about, isnt that enough of a cash grab?..

At the reset, there is a certain amount of money in the 1Honest... address. 5% of this goes to me. The other 95% is apportioned as payouts for as many deposits while still following the first rule of ponzis: first come first serve.

Honestbit

member

Activity: 98

Merit: 10

For all the confusion about what the resets do, their purpose is to make this more of a skill thing than luck. Those who deposit early (right after 10 p.m. EST) are much more likely to receive payouts than those who deposit late. All "doublers" will collapse or reset eventually, and people get really mad when that happens, so I'm telling you exactly when the resets are happening.

JahBit

full member

Activity: 139

Merit: 100

There Is Only One Guarantee In Life

Honestly.. you say

FACT 1: All payouts are composed of later deposits
FACT 2: Earlier deposits take priority over later deposits
FACT 3: This system resets daily at approximately 10 p.m. EST, meaning:
POINT A: Five percent is deducted from the payout pool as our profit
POINT B: The entire payout pool will be distributed according to priority
POINT C: Due to finite funds, later deposits run the risk of not receiving a payout
POINT D: The first deposit following the reset will receive the highest priority
FACT 4: This system is intended to be completely sustainable
FACT 5: All deposits are at https://blockchain.info/address/1HonestG4Qw4J6pT1DnAC8C3ArKtWhDtuK
FACT 6: Payouts are made from a coinbase account to reduce costs
FACT 7: As a promotion, we are giving 0.001 BTC to the last deposit before the reset

Me honestly wondering if FACT 3: This system resets daily at approximately 10 p.m. EST, is honest..
Then where has Today Deposits Gone..

Honestly you might need to rethink.. Huh

Hajeba

full member

Activity: 127

Merit: 100

Its not even transparent. Not safe ... Undecided

juraviel

full member

Activity: 124

Merit: 100

If you are really, trully striving to be transparent, then there should be some sort of a countdown, will list of all recent transactions, your real chance to get your money back etc.

Beside from what I understand, you reset the table every 24 hours, so what does that mean. You take that money right. So what's the 5% about, isnt that enough of a cash grab?..

cryptodevil

legendary

Activity: 2240

Merit: 1254

Thread-puller extraordinaire

Given that you cannot prove without doubt that all participants would be fully-informed about what they are sending money to, it is still theft.

Public Service Announcement -
This is just another Ponzi Scam
Do Not Invest!

Those who choose to post of their participation
support or encouragement for this scam will
be tagged with negative trust for proving
they wish to help the scammers operate this
Ponzi in return for a share of the funds stolen
from other users. Thereby proving they are not
trustworthy forum members.

YOU HAVE BEEN WARNED!

Honestbit

member

Activity: 98

Merit: 10

That's alright. Agree to disagree, as they say.

Vasilich

sr. member

Activity: 350

Merit: 250

Quote from: Honestbit on March 22, 2016, 11:27:27 PM

That may be true Vasilich, but at least it's a .com

Yes, good domain - .COM and that's all Cheesy

Honestbit

member

Activity: 98

Merit: 10

That may be true Vasilich, but at least it's a .com

Vasilich

sr. member

Activity: 350

Merit: 250

Primitive website, without even ssl sertificate...

Your commission is 5% hahaha Grin

It is too much for you! More realistic is 0.5%

Honestbit

member

Activity: 98

Merit: 10

Quote from: Hajeba on March 22, 2016, 11:16:40 PM

The website is down?

My apologies. http:// works, https:// doesn't.

Hajeba

full member

Activity: 127

Merit: 100

The website is down?

Honestbit

member

Activity: 98

Merit: 10

Ok. I get that you're hesitant. After all, this section of the forum is devoted to scams. But Honest Bitcoin strives to be, well, honest.

First, like all the “investments” in this section, Honest Bitcoin is a ponzi scheme. In case you didn’t know what that was, here: https://en.wikipedia.org/wiki/Ponzi_scheme. Now you know.

Those of you who have had prior experience with ponzi schemes know that they eventually collapse or deteriorate since they run out of investors, or people to scam. Or the people running them just vanish without a trace. The collapse is unavoidable, so instead of avoiding them, Honest Bitcoin anticipates them. Every 24 hours, at 10 p.m. EST, the entire payout pool is distributed to investors on a first come first serve basis. In addition, the entire system resets, starting anew the system. Note: this means that those who deposit late will probably not receive their money back since the payout pool isn’t going to magically double every 24 hours. Oh, also we take 5% from the payout pool to keep us going. But otherwise, Honest Bitcoin is your ordinary ponzi system, where you deposit some bitcoins and hopefully get twice as much in return.

Please, voice all of your concerns below, or rate me down if you don’t believe me.

Otherwise, visit http://honestbitcoin.com. Or just deposit to 13gbAFBZJ1Bk5KbWh37WbEdv1tioBHLVDr

Topic: HONEST BITCOIN: DOUBLE YOUR BITCOINS. YES IT IS A PONZI. - page 11. (Read 7684 times)