Quote from: warrensgun on December 23, 2014, 12:56:35 AM

you could ponzi simply by having 1PH of mining power and selling it out to others as 2PH. Then you have some mining going on for your photos and such, but not enough to back what you sold. Look at GAW - how much did they sell (who knows), how much did they have (who know -- other than i saw a few hundred TH of theirs for sale on leaserig), so having some and claiming not to be a ponzi doesn't make much sense. Why not just put it up on leaserig, mrr, westhash, nicehash, betarigs and let it go until you find someone else. Now that the paycoin POW is over - it's doubtful you will find many takers.

Another potential way they could scam is to rent 1 PH, and sell contracts for only 1 PH, but the contracts that are sold will last for much longer then the rental period the OP is acquiring.

While neither my theory nor your would technically constitute a "ponzi" they would both be a scam