Just posting our response on the original thread ->
https://bitcointalksearch.org/topic/rmcryptcom-bitcoin-sharing-app-5385541Thanks for the input guys. Honestly, We're still working on the wordings. None of us ever did something like this before and we know it will be a difficult sell. We do apologize for the incoherence. We're practically newbies in this field.
It does have the characteristics of ponzi scheme. We're not denying it. We do avoid the term because of the negative vibe it brings. Just like any other business rmcrypt.com aims to bring people onboard with the product. In this case the goal is to get people to buy more Bitcoin, plain and simple. We can't convince anyone to join the rally if there's nothing in it for them. So we placed all our effort to perfecting the algorithm instead of some fancy page design and legally sounding paragraphs.
The system is set to drain itself of every single coin every 10 minutes and give it all away to participants. I guess that's what we meant to say by "no support staff" because it's fully automated. No one behind the curtain making adjustments to our advantage whatsoever. Yes it's not the best way to promote Bitcoin but it's the most effective. If some lucky individual decided to take the first step and donated BTC0.001 earning him/her BTC1.5 in less than 6 months from people sending donation to the system, we can call it a success.
So what what's the difference?
- We're not misleading or deceiving anyone. We clearly state what we plan to do with your donation and provide option to back out should you wish to do so.
- We're not promising returns. We explain how the system works and how one can profit from it.
- We're not taking any fees for this service. Everything is distributed to participants and transaction fees are paid accordingly to support the Bitcoin ecosystem.
And yes, we prefer to call it "donation" because money goes to fund somebody else's needs, something we tried very hard to convey in the notification without sounding to ponzi-ish and still make sure people know where their money is going before they send it. We grew tired of deliberating what qualifies as ponzi scheme so we just went ahead and roll with it because if things work out everyone gets to profit from it. At that point ( and we do hope we get there ) it will be far from just being a money making scheme. It would be something that really helped a lot of people.
We're not hiding anything other than our identities ( why? ask satoshi ). But then again I guess we need to be clear about not hiding anything. We do plan to take part in it, to profit (coz somebody got to pay the bill for these servers), but not until a few milestones. It runs on queuing recipients and right now we'd rather aim for thousands of success stories before jumping in ourselves. It's going to be a difficult road ahead. We're practically swimming in a pool of scammers skilled in disguising their intent and no matter what we say, in the end it's a person's choice whether or not to send that BTC0.001. All we can do from our side is wait for the system to do its thing and repay the kindness a thousand fold. The app might not even get any traction that it needs coz people are hard to convince these days. We know coz we even struggled to convince ourselves to build this and now we're just hoping it will work.
The only risk we see here is if for some reason the service gets banned in every country ( like China ) and we're not able to migrate data forcing us to stop operation in which case you lose BTC0.001
On the upside, we did learn how to code a web page :-D . We might still be able to find a way to resume in some other form of service for the benefit of the participants.
Thanks again. We've been developing this for the past year and there are areas which obviously needs improvements. We are very much open to suggestions.