When the leaderboard was still up I noticed that 20 people seemed to control 70-80% of the supposed 500 ghs. My obvious conclusion was that the 500 was total bunk, more likely it was at least 2-3 times that floating in the market. So, at some point the operator simply had to write off most of that overissued khs or lower the reward drastically. Actually he has done both by now.
which still does not prove it is a ponzi, writing off more is fraud, of the forgery kind?
not sure on the last bit, but to me sounds a bit more realistic for a solution that encompasses all issues than there really being a ponzi scheme.
If i was the admin, id be mining some shit take all your coins and give back what the miners are worth, and that is more acurate, than admin giving you or anyone else any one else's btc...
Maybe Bwnr and satan want to call me a shill again???
There is no ponzi but plenty of fraud abound, and i never said he was legit, so my negatrust, is full of shit...
It,s basically a penny stock scam but in crypto clothes of course. He,s been issuing stock for 18 months now and so massively that the price per unit has fallen from 144000 sat. initially to 80 now. And that 80 is after a one for a thousand reverse split, think about that.
It is likely more than one type of fraud. I can think of three things right off the bat that at least warrant investigation:
1. They sold mining services that they did not provide and likely never intended to provide. (Regular fraud)
2. They appear to have paid profits to some investors with funds that belonged to other investors. (Ponzi scheme)
3. They probably converted investor funds into funds for their own use. (Embezzlement)
And that doesn't even touch on possible SEC violations.
1 and 3 i do agree with, and perhaps im not aware because this thread is a nightmare, but 2 seems a bit of a maybe. I'm not too clear on who got payed who's money, and i'm not sure without an in depth investigation with more power than a forum has, it will ever come to light without relying on the other two.
as for 2, people have been payed, and any form of large sum has maybe been from the embezzlement side, as to simply skid just shy of an immediate take down.
If i can convince people that there are more than one option available and not every small detail has to come from their tiny limited scope, and the apologize by getting rid of my ridiculous negatrust (seriously need to copyright that...), i will attempt to bring this to an actual investigator, to uncover a ponzi if it exists.
BTW Ponzi comes up a lot on this thread...It is not a word...