will probably implode soon. Looks really bad now.
BitConnect founder charged with orchestrating $2 billion Ponzi scheme
- Thread starter Pekelo
- Start date
will probably implode soon. Looks really bad now.
my logic is fine. What this has to do with the stocks??? I was talking about paying 100s or 1000s percent annual interest. It is very easy when you just create tokens, quite a different story when real money are in play.
He did say "pays 100 of percents, never mind thousands in interest is a ponzi"
Even Madoff didn't try to pay out these rates of interest.
yep. But these guys can pay any interest because it is paid in tokens that they themselves create. Madoff was an honest guy comparing to what is going on in crypto.
When any financial so-called start-up has to promote itself using some idiotic dumb-ass annoying guy by the name of Carlos from New York... and tells you things 'are different now', and how much $ you'll make in this new adventure,... and easy money and..... 'this is not a ponzi, I am financially independent thanks to this NEW revolution'...
How the FUCK did ANYONE but a 2-year-old not see this coming?
Lock up Carlos just for his annoying idiotic voice alone. Absolutely HATE that piece of shit.
How the FUCK did ANYONE but a 2-year-old not see this coming?
Lock up Carlos just for his annoying idiotic voice alone. Absolutely HATE that piece of shit.
You are looking at it, incorrectly
Crypto tokens are ownerships in the crypto projects they are part of. Similar to ownership in a public company
The issue that you ran into, is that Ohm is a failed project. The Ohm tokens' purpose is to transfer wealth (value) from the late buyers to the early ones
Let's look at Amazon stocks. The stocks were created by whom? and who got the Amazon stocks (shares) in the beginning? Investment bank got an allocation, marketed it to buyers and did an IPO, Jeff Bezos and early investors of course got their allocation, and on and on
Now, Amazon stock is trading in the markets, who gets to own it? the buyers who pay $, good. When they increase the Amazon stock circulating supply and does a stock split who gets more shares? the owners of existing stock, and so on, Jeff Bezos of course
Is Amazon a ponzi? It looks like it, they issue stocks, no dividends, oh you get to vote if you own the stock, that's your right, to vote to increase the circulating supply, to get more shares from stock splits
But Amazon is not a ponzi. It's the biggest online retail company in the world plus AWS. The company is not a ponzi, but the Amazon stocks seem to be a ponzi, but I don't care about the Amazon stock since I don't own it
Look at what happened with Chinese stocks, you thought you owned shares and part owners of big Chinese companies, but I digress
Let's go back to crypto
When Bitcoin first started, the coins were being issued (created). Who got the bitcoins? the people who supported the Bitcoin network to provide security by "mining" the bitcoins they got the rewards. This is still true now
You think Bitcoin is a ponzi? It's not, it's more fair than any ownership distribution that exist. You or me or anyone in the world could have ran the Bitcoin software on a laptop or desktop and got hundreds or even thousands of Bitcoins by mining it 13 years ago. Or we could have bought those bitcoins for pennies or even buying pizzas for someone
And still now, who gets the new bitcoins being created? The Bitcoin miners of course! They are the ones supporting the security of the Bitcoin network. They get the rewards from mining new bitcoins being created and also the transaction fees being paid
When Ethereum started, who got the coins? The people who believed in the project and put money to invest, and the developers through the Ethereum foundation. Not as fair distribution as Bitcoin but it's cool, anyone could have purchased Ethereum in the early days for 20 cents if you believed in it
Is Ethereum a ponzi? No it's not, but the coins are being created through mining and the rewards in new coins are given to the miners
So the problem is that there are cryptos that are created to steal your money and Ohm is one of them. You just have to be early to such projects and get out in time. There are also rug pulls but those are a different kind of crypto scam projects
See my previous post for more info
100's or even thousands of percents do not make a crypto project a ponzi
If the purpose (tokenomics) of the crypto project is a ponzi, that's what makes it a ponzi
Is Sushiswap a ponzi? It's a decentralized exchange that has hundreds of millions of $ worth of trading volume
When Sushiswap first started, they were issuing the sushi tokens with thousands of APY's. Who go the sushi tokens? I was one of them. How did I get the sushi tokens with high APY's? I provided liquidity by being an automated market maker, supplying tokens to liquidity pools
So, I was like a Bitcoin miner. As sushi tokens were being created, they were being given to the people who were supporting the project. Seems like a fair distribution. I was providing capital risk to support the Sushiswap project and got rewarded sushi tokens
I was getting thousands of APY's because there were not that many supporting the project. As more people joined and performed yield farming, the APY's came down
100's or thousands of APY's do not necessarily make a crypto project a ponzi, only if the project's designed purpose is to be a ponzi that's what makes it a ponzi to begin with
John as usual thanks for your wisdom, now that I am in crypto world, I get everything you sain. It is not a fair comparison to Amazon, which is a real business that provides real services for which is compensated with real money.
I never said that Bitcoin or Ether are Ponzis, they clearly are not. But their valuation is. Had it not been for Tether, aka fake money, we would have never sees level we see.
And any project that pays you interest with 1000, 2000 APY is a Ponzi no doubt.
I never said that Bitcoin or Ether are Ponzis, they clearly are not. But their valuation is. Had it not been for Tether, aka fake money, we would have never sees level we see.
And any project that pays you interest with 1000, 2000 APY is a Ponzi no doubt.
I'm glad the concepts make sense
The APY's are a function of the amount of participation in the liquidity pools. The more deposits, the lower the APY as the rewards are distributed among many participants
Look at this picture, it has low APR's so it may seem the Solidex project is not a ponzi
How about now when you look at this picture?
Same project but different rewards APR's rates based on the liquidity pools that you supply your crypto assets for yield farming
By the way, I have to make it clear I do not have any deposits on Solidex and not involved in it so NFA on it. It could very well be a ponzi or a rug pull, please dyor
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Below is one I'm yield farming and I'm quite confident it's a ponzi as it's a seiniorage project, like central banks, it prints money (crypto assets) which are given as rewards with high APR's. Central banks fiat are ponzis so by design the below is a ponzi
I'm glad the concepts make sense
The APY's are a function of the amount of participation in the liquidity pools. The more deposits, the lower the APY as the rewards are distributed among many participants
Look at this picture, it has low APR's so it may seem the Solidex project is not a ponzi
View attachment 279361
How about now when you look at this picture?
View attachment 279362
Same project but different rewards APR's rates based on the liquidity pools that you supply your crypto assets for yield farming
By the way, I have to make it clear I do not have any deposits on Solidex and not involved in it so NFA on it. It could very well be a ponzi or a rug pull, please dyor
------------------------------------------
Below is one I'm yield farming and I'm quite confident it's a ponzi as it's a seiniorage project, like central banks, it prints money (crypto assets) which are given as rewards with high APR's. Central banks fiat are ponzis so by design the below is a ponzi
View attachment 279364
I get it, but they all are a game of tokens. I hope you realize that making 20% consistently is a huge success for any hedge fund, and in magic crypto world it is considered "Small". The only reason why it is possible because they all are just games and ponzis.