Re:Bitcoin Ponzi scheme
by unclebucknasty on Saturday February 08, 2014 @09:25PM
(#7203981)
>Ponzi schemes by definition hide the fact that there's any risk of non-payment
Ponzi schemes in general, yes. But, I was referring to this one, wherein it was out in the open.
>when you participate in a lottery you know - or can obtain - the odds of a payout up-front
Technically, yes. But, the odds in some games are so astronomical that knowing them is basically a non-factor. That is, people play completely hoping to get lucky, but not really expecting to win. I think the same applies with a Ponzi scheme like this one, wherein it's known that the music could stop playing anytime and the participants are simply hoping to get lucky.
Ponzi schemes in general, yes. But, I was referring to this one, wherein it was out in the open.
>when you participate in a lottery you know - or can obtain - the odds of a payout up-front
Technically, yes. But, the odds in some games are so astronomical that knowing them is basically a non-factor. That is, people play completely hoping to get lucky, but not really expecting to win. I think the same applies with a Ponzi scheme like this one, wherein it's known that the music could stop playing anytime and the participants are simply hoping to get lucky.