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?
I remember last 2017, USI-tech visited my country and they held a conference. Most people were bragging about their bitcoin packages (1 package = $60) and the more packages you have, the greater the returns you will receive. I got convinced by this ponzi scheme (I was literally a newbie back then) and I invested around $150. I know the amount might be relatively low but for someone who lives in a third-world country, that amount is like a month's savings.
After checking everyday my packages, I observed that I was slowly recovering my earnings (they promised a 6-month time-frame) but after the 3rd month, the website crashed and all of my bitcoins were gone.
This fueled my anger and passion into reporting scam projects and ponzi schemes in the forum so I can at least prevent a person from experiencing the loss that incurred due to misinformation and naiveness.