Exit scam ethereum contracts
Before I get into this post I just want to WARN anyone reading this that investing or buying in these is HIGH risk. This is not an airdrop or a cryptocurrency with specific goals, anything you would consider putting into these should be something you are willing to lose.
There is a certain new genre brewing where there are ethereum contracts established with certain quirks. The most famous one so far is called Exitscam.me (includes ref link).
If you are interested in joining this site, you need Metamask or Trustwallet to be able to purchase some keys.
Here are some short descriptions of the game copied from their wiki:
- This is a lottery game in which the last person to buy a key at the end of a round wins the pot!
- During a round, people can purchase 1 or more keys which adds time to the timer and marks them as the current leader. With each key purchase during the round, the key price increases slightly.
- Players receive a stream of passive income from the game as keys are bought during the round. These rewards can be withdrawn anytime.
- When the timer reaches zero, last person to buy a key wins! (F3D players/P3D holders get a piece too!)
- Players select from one of four teams which determine certain rules during the round.
- P3D holders receive dividends on each key purchase and at the end of the round.
- Players can purchase a vanity URL and/or refer your friends to the game for extra rewards.
- Buying keys offers you a % chance to receive an "airdrop" winning ETH from a growing side-pot!
For those who want to watch a video instead here is a youtuber called Lil Stronghands explaining it:
If you want to give this a go click here on my ref link and I'll receive some extra tokens as well.
I would personally not invest anything right now as there is a staggering 21,266 Ethereum in the active pot right now of Round #1. This site has received a lot of hype and it will be crazy to find out how it will end in the long term. Since the last buyer will win the pot with a 24 hour timer refreshing each buy - it means it can practically be endless. The price of the keys keeps increasing on each buy though so there must be an end at some point - or there will not be enough Ethereum, especially when Eth goes proof of stake and the new coins being mined will be a lot less than they are now. It will also lock up a lot of Eth for a long time meaning there will be a lot less in the markets - maybe a good time to stock up on some Ethereum.
Since I decided not really to invest more than 50 keys into that one, I started looking for others and found this one just now called SnowDividends.
This one works a bit differently from Fomo3d.
Here is some information from their main page:
20% Buy in and Sell out fee on our internal exchange which are getting distributed to all token holders. The transfer is feeless. Also prepare yourself for new features and contracts build upon this platform. Token holders will always profit from our upcoming products.
our Smart Contract supports Multi-Level-Marketing. You will receive commissions for the first buy and all sales of your downline/referrals
This contract creates dividends through a custom distribution function. Once per week our team is going to distribute ethereum directly to all token holders. This is realized through a percentage of the teams dividends and income from future contracts. Those are getting invested into dividend-creating and secure investment opportunities. The created dividends will be distributed every week.
The whole contract is open-source and secure. Ethereum smart contracts can't be changed once they are deployed. There is no vulnerability or any secret admin function and everyone is able to verify it by reading the source code.
I am amazed how people can create a ponzi through a smart contract, the steps people take to get rich quick instead of just investing in blockchain projects/startups.
Again like last time I don't recommend anyone to invest in this!
If you want to play around a little though and check it out, the second one is brand new and only has a little over 100 Eth invested so far and according to the site you can sell your "Snow" tokens at any time minus the 20% fee's when you buy in and sell out. If this were to become as hyped and popular as Fomo3d I imagine some profits can be made here but of course from others buying in later losing out on it.
Here is a link with my referral if you want to check it out - this one also requires metamask I believe.
What are your thoughts on this? Is this a new era of Contract based Ponzi/MLM schemes? Will this cause the ethereum blockchain to get clogged again?
Finally tiered referrals. Imagine byteball or monacoin doing that. 😂😖😂
Let's SMT that, lol.
With a 1m SP delegation pwetty puh-leazzzz.
lol yeah I don't think Steemit inc are going to invest into an MLM. xD
Good idea!
Is SMT the MLM of crypto?
Hi acid. People are money hungry and this is full on gambling. I wouldn't touch it with a barge pole and would stay well clear of this. Thanks for pointing out the finer points and still a little shocked that this sort of thing is going on. Greed is the only answer and ignorance.
It's interesting when people experiment with stuff. Human nature strives towards limitlessness. So what you call greed is just people searching for limitless/boundless expansion. People do not like borders or limited stuff.
I will take your word for it and go "all in" like you said I should!
yololol
This reminds me a lot of the HYIP scams back in the pre-Bitcoin days that took centralised digital currency (e-gold was the most popular I believe).
Eventually people caught on to the scams. The scene reacted to this by embracing the scammy nature of these schemes and referring to them as "pyramid games" and such for a while. It was really something to see.
I actually might try out some of these things because of their open nature. I would never try to be on the "ground floor" of a scam because I don't believe in profiting in the misfortune of others. However, if they openly declare that it's a "scam game" I don't see any problem with throwing a little money in and waiting for the greater fool.... or maybe I am the greater fool. :D
Yeah those onecoin's and bitconnect's, urgh.
This is at least open-source and tells you how you will get scammed, lol.
For me seeing the Bitconnect thing was like watching a nightmare all over again in slow motion. I'd seen the same freakin' thing happen before with e-gold and HYIPs 10 years prior. History repeats itself.
Thanks for the referral link. Heeeere we go....
Snowscam is best scam :D
lol good luck xD remember the 20% costs to buy and sell, so just hodl til some profit (if that ever happens) and maybe just ride out the rest. :P
PFFT Snow is my new long term HODL. Fuck Steem :D
Nono this just temporary so you can get more Steem! :)
Dunno man. The whitepaper seems solid AF.
I assume this is a similar ETH smart contract cash grab situation like P3D proof of week hands, proof of Craig grant and proof of Trevon James type of pump and dump ponzi
The fact that they still brand it like exit scam and still rack up that much ETH is beyond me! If you want to put out projects like this which is clearly satirical and nature and you get investment I would have to assume you just someone with extra money to gamble and thought you’d have fun with it, the thought of someone seriously investing money they can yet afford to lose is tragic but that’s an idiot tax on their part
I wouldn’t invest in this ever but if there’s a community who enjoy this sort of gambling and are having fun who am I to judge it
Fun games and gamble keeps people extremely engaged. Gambling and Tokens is a huge potential to make Tokens and Blockchains go mainstream. Also it's easier to learn about stuff when you are having a fun time. Just look at how many males that bet on football and stuff on a weekly basis. Usually don't do it for the money but for the feeling they get when they actually win! The money reward is just a tiny bonus. It's the experience and feeling that people want the most.
I agree, worst part is about those promoters pretending its a legit project.
I bought 210 keys when the pot was at 900 eth and I already made all the money back and the dividends keep coming, I wouldn't recommend getting into it right now though, maybe when the 2nd round starts if it ever does...
My 210 keys where 0.24 eth and the key price has rised so much that now 210 keys are worth 1.2~ eth, quite the lucky buy there.
Sweet. :D
What do you think of that other site?
There are a ton of sites like snow dividends using that smart contract, personally i am using Proof of Humanity (ref link), its basically the same contract, you get dividends when people buy in, but a part of the profits goes to charity which is nice. Here's the discord server if anyone wants to snoop around.
Haha some Robin Hood type scams. :D
It's something :^)
I think this is the perfect way to talk a gambling addict into checking out cryptocurrency. Imagine all the old people who could quit picking up lottery tickets and just do this. Instead of waiting around for days to be disappointed, they'll only have to wait hours! Genius.
Especially the shortest ones that are popping up right now, 1h-30 minutes-10 minutes, a gambling addict wouldn't resist that! lol
I legit probably could have talked a few dozen people into falling into this trap at the last place I worked before I had to stop. There were sooo many gambling addicts there it was nuts, haha.
LOL
This is definitely risky but I think it's a genius way of creating a Ponzi scheme game. Token economics and incentivization structure is very interesting. Had a bunch of friends who got in already and are almost breakeven. They understand the risk and are playing the game as an experiment to see how the game ends up and see if they can apply or take away tidbits from the economic structure of the game and experience.
The short version is supposedly not created by the same team and might be a legit scam. Have not touched that one.
fomo 3D is going to last for a very long time! key price increase seems slow and 24 hours is an eternity.
What I don't like is the ETH gas price, Metamask cannot get the right gas to pay so I keep waiting for the pending transaction and gas is also expensive.
EOS has a similar game https://eosbutton.io