I think I do not need to explain what I mean by ponzi crypto scam. Every week I see at least ten new ponzi scheme scams.
They often offer something like 100% interest per 24h (or something similar). They commonly run for quite a few weeks (or months sometimes) before "they go scam" publicly. The obvious idea how to exploit them is to invest something small at the first day, withdraw it as fast as possible and repeat just with the interests from the previous bet (and of course take some money away from every successful round).
Has anyone tried that? Have you been successful? Is this kind of gambling popular/common. Has it name?
No, and people should not support this kind of program, it's a first in first out program and you never know when it will stop paying, people have a misconception that it's an early bird kind of stuff where if you are an early investor you are likely to make a profit, that is an average Ponzi scheme, but I have seen a Ponzi Scheme where the project closed after 24 hours, after investors who want to make early profit deposits.
Ponzi Scheme is meant to scam people even on day one so don't believe that you will make a profit here.
Fair point. However according to my observation and the [1], it seems many of them are running for some time. So I guess it should be possible to calcuate some average expiration date and with some other metric (number of users in first days, size for returns) it should be possible overcome this issue in a long run (hundreds of scams).
IMHO I think "went scam already" problem is possible to overcome with bankroll management. I would expect there will be other less predictable problems. That is why I am asking if someone tried that.
[1] Vasek, Marie, and Tyler Moore. "Analyzing the Bitcoin Ponzi scheme ecosystem." International Conference on Financial Cryptography and Data Security. Springer, Berlin, Heidelberg, 2018