Cryptodouble.com

[khaoimon]

This isn't exactly and MLM but it is absolutely a ponzi. I thought you guys might enjoy some of the commentary on it as it is the completely opposite of the MLM "we love them they are the best this isn't a scam!" posts.

https://bitcointalk.org/index.php?topic=900132.0

The basic community commentary is "This is a ponzi lets see how much money they can flip before it explodes!" It is an interesting look into the mentalities of the first adopters of other scams. I think it is interesting that in this unique situation the losers are seen as those that get stuck holding the bag, not innocents that poured their life savings into something they truly believed in, as they aren't attempting to mask the ponzi behind complex systems and confusing lingo.

Also, interestingly, when they do take the money and run, it will be extremely hard to track them down and unlike the Zeek issue where those that profited over a certain amount are being sued it will be nearly impossible to track down anyone that profited off of it.

I just find the open mentality of the community interesting, different from the normal scams. Probably because the crypto world has watched so many people take the money and run, it is expected in almost any venture now.

Edit: This site shows the currency and USD value flowing in and out each day: CryptoDouble.com Live Statics (http://whatiscointellect.org/cryptodouble.php)

[khaoimon]

Since, I"m new I don't think I can edit, but another interesting one someone in the thread linked to: weeklyponzi.com They actually are running their business model streight off of ponzi, telling people that they are, and that the last investors will lose, and still have $57k in deposits this week. I wouldn't recommend anyone does this, but it is a very interesting to see a business flat out say, "play the ponzi game!' It's almost refreshing after so many things I've read here lol.

[littleroundman]

Welcome to REALSCAM.com (http://www.realscam.com) khaoimon, we look forward to your continued contributions.

What a great first up catch.

The first of the desperado only HYIP ponzi frauds for 2015.

Double your money in only 100 hours - AND 5% referral commission - WOO HOO !!

You can almost hear the desperadoes reaching for their credit cards from here

http://imageshack.com/a/img673/2529/RXsYDg.jpg
http://imageshack.com/a/img909/115/nWn2lk.jpg

http://imageshack.com/a/img537/6561/x6GQ8u.jpg

10,000 members already ???

Yeah, sure you have

Someone's already p***** off with them - when I visited the website just now they had Cloudflare DDoS protection switched on, which is something nobody pays for without good reason

[EagleOne]

I love the name CRYPTodouble. An omen of things to come very quickly perhaps? :RpS_lol:

[kschang]

All the less money to pay people with, man.

Basically, this is the Bitcoin version of "Double Shah".

A (MLM) Skeptic: When Robin Hood Turned Out to Be Just Hood: Story of "Double Shah" Ponzi scheme in Pakistan (http://amlmskeptic.blogspot.com/2013/11/when-robin-hood-turned-out-to-be-just.html)

[khaoimon]

All the less money to pay people with, man.

Basically, this is the Bitcoin version of "Double Shah".

A (MLM) Skeptic: When Robin Hood Turned Out to Be Just Hood: Story of "Double Shah" Ponzi scheme in Pakistan (http://amlmskeptic.blogspot.com/2013/11/when-robin-hood-turned-out-to-be-just.html)

I had never read about that, really interesting!

This is going to play out interestingly. Whether you buy into crypto or not, it is more like stock than forex with huge trading volumn and a finite amount availible. It is a huge micro economy with finite amounts of hundreds of currencies. Outside of the obvious, not being able to double 51% of a coin, this is also going to give them enormous power in these markets. For those 100 hours they have pump and dump power that huge groups of people work together to come near fielding. I'm not saying that gives them viability, but the long term consequences and unregulated manipulation could play out interestingly. Even when they run, you are talking have enormous power over these markets for years if they want to and if they can field it long enough, could possibly collapse faith in the entire idea due to the sheer trading/price manipulation power they will have. With 25mil trade volume in the last 24/h we aren't talking chump-change. http://coinmarketcap.com/

[khaoimon]

Based on the data available from their monitored wallets which we can only guess at the accuracy of this is their financials converted to USD since this began in December 17:

8912

[littleroundman]

HeHe, now THAT is funny.

And somebody would believe the word of a company which promises to double your money in 100 hours b--e--c--a--u --s--e..........why ???

[khaoimon]

HeHe, now THAT is funny.

And somebody would believe the word of a company which promises to double your money in 100 hours b--e--c--a--u --s--e..........why ???

Well I mean in those numbers are whales that just turned 15k into 30k in 100 hours. It is quite tempting to be sure.

[littleroundman]

So,

you're walking along the street and some guy you've never seen before and don't know from a bar of soap comes up to you and says:

"If you give me some money, I'll double it for you in 100 hours and I promise I'll meet you here and give you your money back and the profit as well

In the meantime, you won't be able to find me, so don't bother looking

Just trust me"

Would you ???

[khaoimon]

haha absolutely not. I wasn't trying to support it.

[Hypanor]

weeklyponzi.com is on a shared server in Arizona, aren't ponzi's illegal in the US?

People in Australia are talking about it, one idiot admits (on a public forum) that he has willingly participated and claims 'This is pretty good'.
Participation in a pyramid/ponzi is illegal in Australia, so I'm sure ASIC will be interested.

Scams like this also make more of a case for regulators to clamp down on crypto-currencies such as btc...