( a picture of Charles Ponzi, the inventor of the PONZI scheme )
Welcome to the @play.ponzi account, the first and only decentralized PONZI smart contract on the HIVE network. Based off of the original Ponzi scheme by Charles Ponzi this account facilitates the playing of a decentralized PONZI game that pays 200% on deposits if funds are available!
What is a Ponzi Scheme?
The Ponzi scheme dates back to the early 1900's around the Chicago area and was originally invented and popularized by Charles Ponzi. The basis of the Ponzi scheme tend to follow the ruleset in which people are asked to deposit some money with a promise of having a larger amount returned to them at a later date. The promised profit to be paid out to the folks who've invested in the Ponzi scheme are funded from subsequent deposits from other people wishing to also multiply their money via the Ponzi scheme. Generally a Ponzi scheme continues until the amount that needs to be paid out to return the promised amount to those who deposited grows to large to be feasible.
It is said at this time the Ponzi scheme "collapses" leaving those who were waiting for their payout losing their initial deposit. This is an inherit risk of the Ponzi scheme and should be considered before depositing anything into a Ponzi scheme. Never deposit what you can't afford to lose!
How do I Play This PONZI Game?
This modernization of the classic Ponzi scheme can only be played with the PONZI token which is available on Hive-Engine.com. You may purchase the PONZI token for 0.01 HIVE per a PONZI and from there you'll be able to send them to this account to play. This PONZI game will pay out 200% of deposited amounts of the PONZI token when funds become available via deposits after yours. Only the PONZI token may be sent to the @play.ponzi account, all other tokens sent to the @play.ponzi account will be considered donations and shall not be returned or refunded for any reason.
This PONZI game will be reset weekly around 0:00 UTC Monday morning. All deposits waiting to be paid out will be erased and the game will start fresh, the PONZI tokens in the account at the time of the reset will be removed. This reset mechanism ensures that this PONZI game does not stall or collapse and while does add an element of risk to the game.. Such is the nature of Ponzi.
I Sent Some PONZI.. Now What?
This smart contract automatically processes users deposits and payouts when new deposits come in and all eligible payouts will be processed according to the amount of PONZI token in the @play.ponzi account. Currently no limits on how much or how little PONZI can be sent to the game although it is advised you deposit lower amounts to maximize your chances of not being stuck waiting then losing your funds in the weekly reset. Small deposits are generally better.
The current balance of the @play.ponzi account as well as the amount of payouts in the queue will be listed at the top of the @play.ponzi blog page. In addition to this you'll also be able to see who is next to get paid out and the amount their payout is. This is to help keep the game moving along.
Currently just under 1,000,000 PONZI tokens are listed for sale on Hive-Engine.com at a price of 0.01 HIVE per a token. This price of 0.01 HIVE per PONZI is the initial offering price and a fair percentage of the HIVE netted from PONZI sales will be used to create buy walls on the market to allow users to sell their PONZI profits if they wish to do so. Thanks for reading and good luck in the game!
ahhh great name lulz :)
Am gernius. :D
Cool stuff. But when you say "smart contract" you mean your centralized server or not?
It's a headless application running on HIVE.
Is it a true smart contract like the ones on Ethereum? Ehh..
Kind of like how everyone calls all applications "dApps" on Blockchain.
A better term would be "Smart Account" I guess.. But opted instead to use a more common buzzword to hopefully get some eyes on it.
Alright, sounds good enough :)
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STOPDo not miss the last post from @hivebuzz:
Sounds simple, yet complicated, so may as well give it a shot.
I am not sure if this is diabolical or absolute genius. To bring back the Ponzi scheme, give it a veneer of legitimacy, and have a token as well. I acknowledge your cleverness and I tip my hat to you.