Topic: Ponzi Scheme 101 - page 2. (Read 1230 times)
If you're going to avoid Ponzi Schemes, you mind as well avoid these other schemes as well. https://en.wikipedia.org/wiki/Confidence_trick#See_also
Brilliant post, in my opinion, it should be a sticky...
a lot more of these will appear' whether we like it or not. A boost in confidence in the market and it will go again, FOMO will happen and so will the greed.
I could easily add more to that list if you have or want to make a current list of Ponzi style websites?
a lot more of these will appear' whether we like it or not. A boost in confidence in the market and it will go again, FOMO will happen and so will the greed.
I could easily add more to that list if you have or want to make a current list of Ponzi style websites?
Good post. All high returns on investment will consider ponzi scheme. From our past experience we can see all of ponzi scheme became scam later on.
That's 100% good advice for newbies, but the initial statement is not necessarily true.
Ethereum and EOS for example have astronomical yields since their ICO and they're not ponzies.
But true, newbies should be skeptical of high yield promises.
thank you. you have a very detailed post about ponzi scheme. It would help us a lots to realize ponzi.
Yeah, thank you as well. But please don't quote the whole op especially if its too long when you're replying coz its annoying. Cryptocurrency was somehow ralated to ponzi scheme. I just wish if you had also make a point of view between ponzi scheme and cryptocurrency. Could we consider cryptocurrency a Ponzi scheme? If yes or no, Why? I have been so much hearing all of this in altcoin board discussions and in my point of view cryptocurrency is neither related with Ponzi Scheme. Cryptocurrency has no relevance on ponzi schene instead I am seeing cryptocurrency as a payment system in the near future that uses blockchain for transparency in every system integrated with it.
Does bitcoin/crypto promised anything that you will get X% of profit when you own any bitcoin/crypto in just X day/month/year? No.Does bitcoin/crypto have the idea of referral system/payment/bonus? Where you get X of profit when you invite someone to have bitcoin/crypto? No
Only people who doesn't have any fraction of bitcoin/crypto only said that this payment system is a ponzi. Except to those Cryptocurrency that is proven Ponzi which is literally a ponzi and should be avoided.
Well articulated post revealing all about ponzi AMD ways to avoiding them. But I must add that cryptocurrency is nothing like ponzi scheme and should not be attributed to it
Cryptocurrency was somehow ralated to ponzi scheme. I just wish if you had also make a point of view between ponzi scheme and cryptocurrency. Could we consider cryptocurrency a Ponzi scheme? If yes or no, Why? I have been so much hearing all of this in altcoin board discussions and in my point of view cryptocurrency is neither related with Ponzi Scheme. Cryptocurrency has no relevance on ponzi schene instead I am seeing cryptocurrency as a payment system in the near future that uses blockchain for transparency in every system integrated with it.
Wow, OP, great job! Wish there were more users like you - taking the time to educate others.
I think it is really important. There are lots of threats in the crypto-world and so many people getting scammed in spots that might be really obvious if they knew about these threats. I myself try to tell others about scams and schemes. Thanks again mate!
It always begins from you, educate yourself first before doing something that is too risky especially if it talks about money or even personal information. There will be 0 victims of scams from ponzi, fraud or any other scam attempts if only people educate their self first and be knowledgeable enough to stay away such activities. I think it is really important. There are lots of threats in the crypto-world and so many people getting scammed in spots that might be really obvious if they knew about these threats. I myself try to tell others about scams and schemes. Thanks again mate!
But even there are hundreds or even thousands of guides of how to protect/stay away blablabla if you're an idiot then you will be an idiot for the rest of your life. You are a victim, victimize and will be victim again of scams only if you want to stay at that point.
Wow, OP, great job! Wish there were more users like you - taking the time to educate others.
I think it is really important. There are lots of threats in the crypto-world and so many people getting scammed in spots that might be really obvious if they knew about these threats. I myself try to tell others about scams and schemes. Thanks again mate!
I think it is really important. There are lots of threats in the crypto-world and so many people getting scammed in spots that might be really obvious if they knew about these threats. I myself try to tell others about scams and schemes. Thanks again mate!
got blinded by greed.
a couple co-workers talked me into investing into bitconnect. Luckily I was cautious and only invested 100 bucks. I think it lasted 12 days after I invested and then they shut down.
I even have a friend who is a businesman who invested on their lending platform and he has a group that discussing and having sessions on some offices encouraging some workers on our local to invest as well, thats way back january. I warned him already about this platform but seems he's still willing to do it so I just let him until they shutdown the platform on that month also. Luckily he didn't lost that much. a couple co-workers talked me into investing into bitconnect. Luckily I was cautious and only invested 100 bucks. I think it lasted 12 days after I invested and then they shut down.
The mother of all crypto scams is bitconnect. I can't believe that piece of garbage was once a top 10 coin. A lot of suckers fell for the hype and got blinded by greed.
a couple co-workers talked me into investing into bitconnect. Luckily I was cautious and only invested 100 bucks. I think it lasted 12 days after I invested and then they shut down.
The mother of all crypto scams is bitconnect. I can't believe that piece of garbage was once a top 10 coin. A lot of suckers fell for the hype and got blinded by greed.
Beginners & Help is a good place for this kind of content. It is quite important to educate newcomers of the existence of these attempts to get their money. A great thing you did is that you listed all your sources, this kind of articles are rare here on the forum. If I were you, I would mention briefly the most known collapsed ponzi schemes of the crypto world (after all we are here at BTT), for example Bitconnect, Davorcoin.
Ponzi schemes began with traditional finance, as in Ponzi and Bernie Madoff. But of course, they can be found in cryptocurrency too. We should be aware. The Wizard of Lies movie sent shivers up my spine. Horrific.
Well in reality , any investment can be considered a ponzi scheme. The early investors will always make more than the later investors, thats the whole basis of capitalism.
If an investment site promised a 10% daily and required referral to earn more or to withdraw it is a high-yield investment program (HYIP) or ponzi scheme some of the famous HYIP site i remember was lazer.online and auroramine cloudmining. Today there's still alot of this kind of site just search HYIP site in google and you will see them. The sad thing to see is alot people still invest to this site.
Good post. All high returns on investment will consider ponzi scheme. From our past experience we can see all of ponzi scheme became scam later on. Few crypto site we can see lately they are offering high returns, I would like to suggest just avoid this kind of projects. Due to your much greedy thinking you might be loss your capital. So be careful before join any ponzi scheme. Once new investment not come they will simply skip with your fund. I worry when I see high promising website or high return website. Because this is the sign of scam.
Thank you. Yes, all of crypto cloud mining which is known as ponzi offers huge returns which people should be aware of investing in. They just lure people with their too good to be true rates, commission/referrals rewards and calculator. But still, even there's a huge warning sign, people keep investing in these kind of scheme because they are hoping of easy money -- greediness. That's the severe disorder of every human-kind that cannot aid even the most skilled medic. 
Good post. All high returns on investment will consider ponzi scheme. From our past experience we can see all of ponzi scheme became scam later on. Few crypto site we can see lately they are offering high returns, I would like to suggest just avoid this kind of projects. Due to your much greedy thinking you might be loss your capital. So be careful before join any ponzi scheme. Once new investment not come they will simply skip with your fund. I worry when I see high promising website or high return website. Because this is the sign of scam.
Rule of thumb for me, if something is too good to be true, it is likely a scam or a Ponzi scheme. The stock market is relatively risky and will historically give you an annualized return of roughly 10% on your money. If someone is promising you a guaranteed 20-50% return on your money, then you should be really careful. Just my opinion.
Beginners & Help is a good place for this kind of content. It is quite important to educate newcomers of the existence of these attempts to get their money. A great thing you did is that you listed all your sources, this kind of articles are rare here on the forum. If I were you, I would mention briefly the most known collapsed ponzi schemes of the crypto world (after all we are here at BTT), for example Bitconnect, Davorcoin.
Thank you, I added Famous Ponzi Scheme in Crypto-world label, bitconnect was added, will add more later. And have to research about Davorcoin first since its the first time I heard about this coin. Jump to: