Pull Your Own Strings

The Ethereum Smart Ponzi

Sunday June 12, 2016

The pirateat40 Ponzi scheme required a lot of work. Trendon Shavers had to manage all those incoming funds and payouts by himself. Because the consumers have come to expect convenience, a nice fellow has introduced an automated Ponzi scheme via Ehtereum. Instead of paying out old users with new users’ deposits manually, the smart-Ponzi does all the work for you! When people talk about how Ethereum is going to revolutionize the finance industry, this is what they mean: an economy completely based on Pyramid Schemes.

Ive got a great investment

“I have a great opportunity that doubles your money!”

In the scheme above, which is honestly disclosed as a Ponzi, I counted about 400 people once I got to tier 5 and decided to stop counting. Although the contract only works on 1 ETH, I can only imagine a malicious entity repurposing this Smart Ponzi and receiving hundreds of thousands of ETH deposits. The sad reality is it’s only matter of time before an obfuscated DAP (decentralized autonomous Ponzi), starts this process of seeking deposits from gullible bag holders.

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Monetizing with Micropayments

Saturday June 11, 2016

Everyone is obsessed with micropayment and tipping with Bitcoin, which inevitably devolves into a South Park Episode. You know the one where South Park is invaded by hobos asking for change, and eventually Gerald (pictured below), gives up his last bit of change turning him into a beggar.

Can anyone spare some satoshis?

“Can anyone spare some satoshis?”

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