Quote from: dooglus on July 01, 2014, 08:03:09 PM

Quote from: thExit on July 01, 2014, 06:57:45 AM

Quote from: dooglus on June 30, 2014, 09:56:36 PM

Wow! You don't see an honest Ponzi very often.

Well done.

Yes, we've all been given a chance to get extra rich extra fast, and are stupid not to give it a shot.

BTW Dooglus, best wishes to you, I'm not a player nor an investor (yet), I was researching how Bitcoin is used for gambling and I run into Just-Dice thread, just a day after you decided to halt the operation. I am impressed with your work, happy to see you back in the game. Good luck

There's a difference between running a Ponzi scheme honestly and running a Ponzi scheme that is worth playing.

Most people running Ponzi schemes tell their victims that they are investing the money somewhere that makes amazing returns; they're mining, or daytrading, or in some other way putting your coins to work to make the returns they promise. They're almost always lying. They just use new deposits to fund the returns of older depositors.

OP here isn't lying. He openly says that he's not investing the deposits at all, and is simply running a classic Ponzi.

That's better than what most Ponzi operators do.

I still wouldn't play, or recommend playing. But it's good that OP is being honest about his scheme.

One criticism I would make is that he's not clear about the end game. What happens when it comes to be payout time and he only has 75% of the amount he needs to make a payout?

Does he:

1) shut down, and keep the remaining funds for himself?
2) shut down, and make a final 75% payout?
3) skip this payout, wait for new deposits, then continue business as usual whenever there's enough to make a full hourly payout?
4) something else?

It would be good to have that clearly specified.

In fact it would be good to have the whole thing written up as an Ethereum contract! It could take no fee at all and be clear to everyone that it was as fair as possible. It's the next evolutionary step. We have transparency through the blockchain, we have automatic payments, and next Etherium will give us absolute certainty that OP isn't going to run with the coins, since OP is an Ethereum contract that blindly follows his own rules.

This is an idea very well put. As I am a proponent of new solutions and opportunities given by the block chain, in my recent posts I have vocalised my concerns with regards to a Ponzi, but as well given some credit of trust towards the OP. I've encouraged him to educate us how to make this Fair Ponzi run smoothly (with a dose of scepticism and mockery:) but still believing his intentions are good). This is the time to change the world as we know it, to change finances, voting, bets, contracts.

@Dooglus, it is good to have a more knowledgable member writing in this thread, I am relatively new to the cryptocurrency society, I didn't even consider looking at Ethereum (despite having heard about them), but now I will take a peak at them, what you are writing is just what I was looking for for my own projects. Thank you.