Fondly remembering a time someone created PonziCoin, stated it was a Ponzi scheme, and people still bought into it and in such alarming numbers the developer freaked and pulled the plug

@babe I loved this one. Believe there was a bug in the contracts too, so it made money vanish, iirc?! It's the gift that keeps on giving

@antifuchs a couple of people were really upset they lost money I think?

@babe yup; I believe I know the person who made it and it, uh, was a stressful time S:

@antifuchs I bet but wow what a stunning demonstrating they gave of the internet eating itself. Rivals people buying literal bullshit from cards against humanity

@babe @antifuchs Upset they lost money, lol, it'd be like buying a machine that flushes money down the toilet and then being mad because the money just vanished instead of clogging up the pipe.

@antifuchs I don't think that was a bug, I think that's how it was designed! It was just supposed to be a joke, it wasn't *actually* meant to make money for anyone

@babe There’s also Dogecoin which “investors” valued for a few hundred million for a day IIRC. The devs were like WAT.

@ladyattis @babe dogecoin is the only crypto i ever owned in any quantities because they would give it away for making dogecoin memes and I would just mspaint dogecoin symbols on my chinchilla.

@Jewbacchus @ladyattis @babe I used to mine dogecoin. They were worth something like $0.00011 each and I realised this was not improving my carbon footprint. I read last year that the coin had a market cap of millions of dollars and started trying to remember my wallet password while I looked up the price. It was slightly lower than before, but there are so damn many of them.

@babe Wouldn't be surprised if all the suckers... uh, that is, INVESTORS... thought he was just being ironic about the Ponzi part.

@babe I remember a "friend" trying to get me to sign up (pay up) to join a ponzi. Later he said he was grateful that another friend was able to recoup the money he had put in, not mentioning the further 'friends' that were fucked.

@Blort PayPal me all your money and I'll get you covered

@babe check out POWHCoin. If it weren't so poorly written that it got hacked it would probably still be destabilizing cryptocurrency markets.

gateway.ipfs.io/ipfs/QmdQtwqJK

@velartrill there's a Reddit thread about it somewhere, it's absolute gold

@babe if you come across it again i'd love to read it

@vaartis it was a while ago but tbf they did tell everyone it was a pyramid scheme

@babe well at least people who invested in such a thing would __pobably__ not grab the bait twice

right?

@babe well at least people who invested in such a thing would pobably not grab the bait twice

right..?

@anna @babe “each of our infosec team members are under house arrest for insider trading”

@babe The harshest condemnation of white men I've ever seen

@babe MMM is a ponzi scheme that doesn't hide, and it's still going for 20+ years. Because when people know it's a scheme, they also know it would double the investments for early adopters. And they want to be early adopters.

@babe And the funny part is that he can't really unplug the smartcontract itself (it's still here, on the blockchain: etherscan.io/address/0xe3f64dc ), he did unplug the front-end tho, but anyone can recreate a front-end to point at it again, or call it directly if he have the knowledge for (anyone knowing Ethereum on a technical way can do it, it's trivial).

@babe "No one ever went broke by underestimating the intelligence of the American public." ~H.L. Mencken

@babe AHUAHAUHAHAHAHAHAAHHA I just CANT believe people is THAT stupid!!

@babe I remember that. Some of the cryptocoin nerds are just... Hilarious.

@babe you ever mean to make a joke but accidentally, commit securities fraud

@Bax makes me laugh every time this toot appears in my mentions again

@babe it's one of the things I remember when I get all surly about how bad & worthless online is

@Bax reminds me of the good days of SA and all the bs that used to go on there

@babe isnt the real world economy basically a giant pyramid/ponzi scheme as well though? The people who print the money makes the most, then lenders make less and less the further down you go?

@babe except apparently that was the *second time* someone did that exact joke, under the exact same name, and the *exact same thing happened*

@babe omg I hadn't looked at the source code yet, this *is* gold

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glitterkitten

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