Post
Topic
Board Investor-based games
Re: Bitponzi.io - fair ponzi with automated hourly payments, 150% in 150 hours.
by
thExit
on 01/07/2014, 22:12:45 UTC
Please take the following words of advice. Instead of running this Fair Ponzi by yourself, employ the blockchain technology to create a “Provably Fair Ponzi Scheme”, where we can see the balance (you already have this feature implemented;), where payouts are made automatically to all the people that cashed in, where you do not have the ability to run off with the money (in your current Ponzi there is the element of trust, why not eliminate the need for trust?), and where you automatically get the 1% maintenance fee. That would be a “Fair Ponzi”. Go for it.

Wow, it's the first time I can quote myself:D Forgive me my fuzzy description, I am quoting myself just to highlight that in fact there might be a way to achieve a Provably Fair Ponzi, as Dooglus puts it more technically:

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.

As I understand it, it's like Bitcoin except that you can add arbitrarily complex (turing complete) rules to addresses. So you could write things like "each time there's a deposit to this address, split it between all the previous depositors to this address in proportion to the site of their deposit, until they have received 150% of the amount of their deposit back" into the blockchain. Then everyone can see the rule and be sure that the Ponzi was "fair".

Obviously it's still a Ponzi, and some people are going to end up out of pocket, but at least there's no OP taking his 1%, and there's no risk that OP will run off, because he never gets access to the coins.

BTW, you're a hazard to this thread:) saying there's no need for an OP taking 1%. But I guess this is how evolution manifests itself through the block chain.