> interest much higher than in banks
> no-loss lotteries
The Ponzi hallmarks are getting more obvious by the day, aren’t they.
> no-loss lotteries
The Ponzi hallmarks are getting more obvious by the day, aren’t they.
Ironically the author is a hedge fund founder, they are likely more acquainted with actual Ponzi schemes than a rando shilling for Compound.
(and since when are "no-loss lotteries" hallmarks of Ponzi schemes?)
Tweeting "buy DOGE" is a great example. "Buy DOGE" really means "buy DOGE from existing investors". It's a textbook case.
No, that is market manipulation, you've made a common mistake, a Ponzi scheme is very specific.
Is tweeting "Buy TSLA!" a Ponzi scheme? Do you know what Charles Ponzi's role in his scheme was?
In a Ponzi, the operator actively channels the money to older investors. It's not an abstract "investors get richer" idea.
Bitconnect was a true Ponzi scheme, and it used cryptocurrency. So if all cryptocurrencies are Ponzis by their nature, what makes it any different?
If you answered yes to these questions, you wouldn't be saying what you're saying; I guarantee it.
As any reasonable person would note: If it sounds too good to be true, it probably is. So either it isn't actually as good as it claims to be or you have to explain how it accomplishes the seemingly impossible.
2. Go learn Solidity. Write a few smart contracts. Go try to hack a few. https://docs.soliditylang.org/en/v0.8.11/ & https://ethernaut.openzeppelin.com/ is a good starting point.
3. Read Smart Contracts that you use. Understand them (if you can't, go ask people who created them on Discord or reddit).
4. Be in awe that we can have such applications without any 3rd party.
Have more questions? Ask on reddit or Discord.
5. Learn to get Wallstreet-level smarts, or be the sheep that just moves along.
Look, you're the evangelist for the technology here. If you can't explain to people why they should give a damn, that's on you. As far as I can tell, you're just promoting a scam on too-good-to-be-true promises and FOMO.
5. ??? 6. Free high interest! 7. Oh no, a bug! 8. The code is the contract, sorry. 9. Coins lost forever.
You just have multiple random third parties.
'No-loss lottery', unsurprisingly, isn't as "free money" as it sounds. From what I can gather, you're putting the equivalent of earned interest into the lottery pool and then it all gets given away to someone in that pool. You're playing the lottery with the interest you could have earned if you were not in the lottery.
I was able to explain this without knowing much of anything about how Blockchains or Etherium work. Question is then, why didn't Parent explain it? It clearly doesn't require deep knowledge.
I've published research on EVM issue detection in a top venue. The "if you weren't ignorant you'd agree with me" argument is a crap one.