Contract address: 0xeF0Ba96fdd17BA6b07c6B6D3e604EB307cd6C385
Medium article: Ethereum smart Ponzi scheme
A Ponzi fund is a fraudulent investment operation where the fund manager generates returns for older investors through revenue paid by new investors, rather than from legitimate business activities or profit of financial trading.
This smart contracts immitates the ponzi fund. Ether sent to this contract is sent to previous investors and thus relies on a constant flow of new investments to continue to provide returns to older investors.
Example:
- Alice sends 100 ETH to this contract. 100 % of it goes to the fund manager.
- Bob sends 100 ETH to this contract. Alice receives 100ETH dividends. Bob holds now 50% of the fund.
- Eric sends another 100 ETH to the fund. Alice and Bob receive 50% of it.
In the end, Alice got her investment back and earned 50ETH.
- Transparency to all participants
- Well-written, tested and audited SECURE smart contract
- First investors get most.
- Last investors loose everything. Natural selection takes place.
- Biggest value proposition is offered to the fund manager.
Fund manager charges 10% for every new trasaction.
Yes, it is a joke.
No, you should now.
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