Smart Contract Money Making Programs - Risk Free?

cryptoaddictchie

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Quote from: netmillionaire on March 14, 2020, 06:59:31 PM

Very recently, some Smart Contract Income Opportunities have become popular. Most of them involve Person to Person transactions where you pay 0.1 ETH to your upline and you receive 2 payments of 0.1 ETH when you sign up 2 direct referrals or you receive them via spillover.

This is a networking scheme. They dont incorporate somethinf risk free here, but Im not saying its illegal but of course we all knew how ponzi works right? Most of the projects showcase like this such as bitconnect obviously show only good result on the beginning but turns out scam later on.

I advise you to stay away from such scheme cause instead of doing this find more legit that can actually be sense with other users here. Anyway, thanks for honest opinion and hope this will served lessom to those who can will read this.

Ucy

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First paragraph sounds like some sort of pyramid scheme. Is it sustainable? You could ask the developers of the program how members are in full control of their funds. Do members or project owners control the keys ? Well, it seems some smart contract are safer than others. The smart contract will probably need to be audited to determine how safe it is.

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Quote from: netmillionaire on March 14, 2020, 06:59:31 PM

Very recently, some Smart Contract Income Opportunities have become popular. Most of them involve Person to Person transactions where you pay 0.1 ETH to your upline and you receive 2 payments of 0.1 ETH when you sign up 2 direct referrals or you receive them via spillover.

They are promoted as risk free, decentralised and members in full control.

My question to the knowledgeable ones here is, can such smart contracts be manipulated where the owners of the program can divert a transaction to their address?

Also, can the owners of the programs end the smart contract whenever they wish and run off with money acquired by somehow diverting several hundred transactions to their address.

Please help me understand the reality of such programs, thank you.

Risk free you said? But from all indications this shows it is a Ponzi scheme or an MLM scheme where you register and pay, then look for referrals who will register under you and pay and the circle continues, but the question is what happens when more people aren't forthcoming? The crashes like they used to. I will advise you to be careful of such investment because from time past they don't last and only those at the top keeps enjoying. Lastly, in my own understanding I do not think it has anything to do with smart contracts, it is just like others I although I might be wrong.

Rodeo02

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Quote from: ryzaadit on March 15, 2020, 06:43:03 AM

More like Ponzi scheme for me.

Went you got a payment from other people went they deposit to the website or smart contract, this scheme was a Ponzi scheme wrapped in a smart contract. Avoid a service who offers a service to double up your cryptocurrency.

its a ponzi same thing with MLM before they are now usinh smart contract but still you need to invite persons if you want to earn.

The questions how long this kind of program will work one thing is for sure it will also end every thing that you earn without a hard work will not last for long so it will end.

ryzaadit

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More like Ponzi scheme for me.

Went you got a payment from other people went they deposit to the website or smart contract, this scheme was a Ponzi scheme wrapped in a smart contract. Avoid a service who offers a service to double up your cryptocurrency.

pakhitheboss

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Quote from: netmillionaire on March 14, 2020, 06:59:31 PM

Very recently, some Smart Contract Income Opportunities have become popular. Most of them involve Person to Person transactions where you pay 0.1 ETH to your upline and you receive 2 payments of 0.1 ETH when you sign up 2 direct referrals or you receive them via spillover.

They are promoted as risk free, decentralised and members in full control.

My question to the knowledgeable ones here is, can such smart contracts be manipulated where the owners of the program can divert a transaction to their address?

Also, can the owners of the programs end the smart contract whenever they wish and run off with money acquired by somehow diverting several hundred transactions to their address.

Please help me understand the reality of such programs, thank you.

Isn't that a chain system you are paying to join this program but you get paid when you join others to this system. Sound like a scam in the making. I will certainly avoid such programs. It is kind of an MLM system and people should avoid it.

khiholangkang

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Quote from: netmillionaire on March 14, 2020, 06:59:31 PM

Very recently, some Smart Contract Income Opportunities have become popular. Most of them involve Person to Person transactions where you pay 0.1 ETH to your upline and you receive 2 payments of 0.1 ETH when you sign up 2 direct referrals or you receive them via spillover.

They are promoted as risk free, decentralised and members in full control.

My question to the knowledgeable ones here is, can such smart contracts be manipulated where the owners of the program can divert a transaction to their address?

Also, can the owners of the programs end the smart contract whenever they wish and run off with money acquired by somehow diverting several hundred transactions to their address.

Please help me understand the reality of such programs, thank you.

From everything you explained this is not a smart contract but it is a matrix program similar to HYIP
If you don't know what a matrix program is you should look for it on Google, and my advice is you need to be careful with programs like this, because they usually don't last long.

Lhaine

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Quote from: netmillionaire on March 14, 2020, 06:59:31 PM

-snipped-

this is the first time i heard about that kind of investment so i cant help you with this idea.
Can you share us idea where can iread about this new program link that make me more understand how this things work.

If its from they have thier own website then there is possiblity that they can manage to change the address.

But in smart contract i dont have idea maybe they can change the code needed to transfer it to thier wallet.

Nalbo

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I had studied about a similar Ethereum contract in the past. All of the process were automatic and transparent but the contract stopped working due to fees and congestion as it used to send small amount of ETH daily as interest. A similar but a high amount for minimum payment threshold contract may work. But again it would depend whether new investors comes after you or not.

netmillionaire

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Very recently, some Smart Contract Income Opportunities have become popular. Most of them involve Person to Person transactions where you pay 0.1 ETH to your upline and you receive 2 payments of 0.1 ETH when you sign up 2 direct referrals or you receive them via spillover.

They are promoted as risk free, decentralised and members in full control.

My question to the knowledgeable ones here is, can such smart contracts be manipulated where the owners of the program can divert a transaction to their address?

Also, can the owners of the programs end the smart contract whenever they wish and run off with money acquired by somehow diverting several hundred transactions to their address.

Please help me understand the reality of such programs, thank you.

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