As Bitcoin Bubble Loses Air, Frauds and Flaws Rise to Surface

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repost. https://news.ycombinator.com/item?id=16313925

> A new virtual currency, Proof of Weak Hands Coin, whose creators referred to it as a Ponzi scheme on Twitter and use a pyramid as a website logo, raised $800,000 before hackers got into its systems last week and drained its fund

The Ponzi scheme lost its money to thieves!

The hackers are often the developers themselves.

Ok, if I can't invest in that Ponzi scheme, I'll just have to find an even more obvious one.

I'm wondering if I should invest in PonziCoin: https://ponzicoin.co/home.html

...or PonzICO: https://ponzico.win/

I appreciate the Matt Levine quote on the latter's home page:

'The great art project of our age is to entirely collapse the distinctions between "fraud" and "performance art," so that one day mortgage-bond traders will be able to say "wait, no, I wasn't lying about bond prices to increase my bonus, I was performing a metafictional narrative about bond-price negotiations in order to problematize the underlying foundations of bond trading in late capitalism."'

Edit: PonziCoin didn't even bother to write a "real" white paper; they just linked to an SEC document about Ponzi schemes. I think PonzICO wins here.

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