Categories: News

Dogecoin ponzi scheme unraveled

There are many advantages of altcoins, some of which include faster transaction speeds and more secure mining algorithms. However, many altcoins fall into scams and give in to quick pump and dumps which inhibits altcoin potential.

We have heard alot about dogecoin, which is a litecoin based cryptocurrency that took off as a meme and received alot of media attention. However, now we have PonziDoge – A dogecoin ponzi scheme, which is simply an experiment of the popular Ponzi Scheme. Acording to ponzidoge:

Your payout is funded by the “investors” who deposit after you.

It is not really a ponzi scheme because the participants know what is going on.

 

The way it works is you are given a bitcoin address on the homepage. You send

Minimum: 1000 DOGE – Maximum: 200000 DOGE

and then you may or may not get your money back. If you do end up getting your money back then you will get 110%. This is similar to how a ponzi shceme works because in a ponzi scheme you are given other investor’s money as your return. This is the same thing because you are getting your money back only when other investors have invested. So if nobody else keeps investing and you are the last in line you will end up loosing your money.

If you have some dogecoins to spare go to ponzidoge and play the such honest very wow game

 

Mark

Mark is a 24 year old cryptocurrency entrepreneur. He was introduced to Bitcoin in 2013 and has been involved with it ever since. He used to mine bitcoins and altcoins but now focuses on blogging and educating others about digital currencies.

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