Selgin bitcoin charts

Ethereum is being used as a platform for a bunch of ponzi schemes. For those who aren’selgin bitcoin charts familiar with it, Ethereum is often described as a distributed computer. A network of independent and anonymous nodes keep the system running, and on top of it developers can write smart contracts and distributed apps, known as Dapps. There are also a collection of ponzis and pyramids.

10bn of funds form clueless investors! But all it’s given us are a bunch of games and ponzis. I’m going to try and provide a qualified defence of Ethereum’s ponzis. First, I’m going to draw a distinction between ponzi games and ponzi schemes. Like a poker game or a lottery, a ponzi game is a zero-sum financial game.

Whereas lotteries reward whoever happens to have the winning set of numbers, ponzis reward early birds at the expense of late comers. An honest ponzi game is transparent about this. Ponzi games are maintained by an administrator. Their job is to diligently distribute all of the incoming money from new entrants to old entrants.

Just like a poker dealer gets a bit of the poker pot, the ponzi administrator gets to take a small cut to compensate them for their time and effort. Ok, now let’s do ponzi schemes. A ponzi scheme is a bastardized version of a ponzi game. In order to recruit more entrants, a ponzi scheme will market itself as an investment—say a high-yielding everyone-wins-game—not a zero-sum game. As I suggested here, the public has an ever-present demand to play ponzi games. This may seem odd, but it’s no different from the public’s demand to play poker or lotteries.

For many people these games are a fun escape from reality, a chance to fantasize about making a big win. Given a demand for ponzis, the world is probably better off with more of the game type and and less of the scheme type. It has since been depleted to 4,500 ETH as depositors are in full flight. PoWH 3D isn’t structured like a traditional ponzi game. Before cashing out, they are paid a steady stream of funds from the pot, until the pot is all used up. With PoWH 3D, the ponzi token has a floating price rather than a fixed one. The smart contract determines the price at which the purchase is made.

So while PoWH 3D is no doubt a version of a ponzi, innovations like the fluctuating price probably make it more fun to play than the traditional type. This tax gets distributed to all existing token holders. So if you were to buy ten ETH worth of tokens, one ETH of that would be automatically sent to everyone who is already in the game. The same goes for a sale. If you want to cash in one P3D token, for instance, and the price is 1 ETH, you only get 0.

10 going to all remaining token holders. The game is implemented via a smart contract, a bit of code running on top of Ethereum. The advantage of running a ponzi game using a smart contract is that everyone can see the code, and thus understand the rules of the game. Even if a would-be player can’t understand the code, they can always find someone who can. The point is, Ethereum ponzis are auditable. And since the code can’t be changed, all game players are assured that the rules of the game will stay the same. Proof of Weak Hands 3D is based based off an idea called Ponzi Token, conceived by Jochen Hoenicke in 2017.