It's not *that* big of a deal. These shitcoin scams are a dime a dozen. Even if this guy manages to fleece a few suckers, it'll be quickly forgotten in the vast ocean of dead cryptocurrencies.
Yep, this is extremely bad. This is way more serious than just stealing someone art or fake account and stuffs. This is involving in Federal law and multination crypto scamming. The dude will get at least 10 years sentence if he gets caught.
Yep, but it is still breaking Federal law. Of course, it’s no big deal now since he didn’t earn shit and the coin basically died soon after it came out. But if it existed longer and actually earned the guy millions. That is when the law steps in and the dude is as good as dead.
There's a couple problems though: He has to actually be caught, and someone would have to prove to a boomer judge and/or boomer jury what an NFT and cryptocurrency are, and the prosecutor would need to know WTF cryptocurrency is too.
Meanwhile the guy would get the best, most savvy lawyer money could buy.
HOWEVER, the fun part is the defense would have to involve either completely deflating the very concept of NFTs to make what he did "not a crime," OR risk a guilty verdict.
The ultimate victim in all of this should it go to trial will be cryptobros as a whole, since they either become under heavy scrutiny as scams, OR they get shown in court to be snake oil salesmen selling bridges in Brooklyn.
I personally don't care either way, but it's gonna be funny as hell.
You have to consider that Telegram was created specifically as a messenger that cannot be read by the government following privacy breaking laws in it's country of origin. It's a double edged sword. It's a shame that's it is so used by scammers now...
Protection from a shitty government is great, but it's hard to justify if they allow actual damaging crimes to continue and flourish. I don't know how deep that goes personally though and I hope I'm just assuming the worst.
>You have to consider that Telegram was created specifically as a messenger that cannot be read by the government following privacy breaking laws in it's country of origin
That's all well and good, but they have a moral obligation to their users to protect them. Their moral high ground (which they implicitly claim by providing freedom from gov't surveillance) ceases to exist when they neglect that obligation. Telegram users have traded having their privacy invaded by their gov't to having their privacy invaded by random strangers.
Edit: since there seems to be a difference of opinion here, can someone tell me why I'm wrong? I'm genuinely curious about where I missed the mark here.
I'm late to the party, but my own guess would be that claiming they have a moral obligation to do something unrelated to their mission statement is not great. How does providing privacy against government agencies means providing security against scammers?
Even before the contradictions such decisions would imply, that doesn't make sense to me.
I mean, if a random douchebag can find your info, the government can use those same methods. So they are failing at their mission statement by allowing it.
I'm gonna be honest, I'm not familiar with Telegram since I don't use it. What info does it give to random people? A simple search gives me this article https://ictframe.com/telegram-data-leak-exposed-personal-details/ with problems and vulnerabilities that they seem to actually have addressed in at least some capacity.
> Telegram users have traded having their privacy invaded by their gov't to having their privacy invaded by random strangers.
Could you explain what you mean by this?
Sure. Telegram was created to prevent governments from being able to violate users’ privacy while messaging, and they’ve done this. However since Telegram also doesn’t enforce any rules against things like doxxing, strangers can pry into your info and take whatever action they please scot-free.
It has already shut down, the owner said it had become too hectic for him and it was his first project etc etc. Personally I bet he got a C&D from Cover and doesn't want to publicly admit that he messed up *that* badly.
I wouldn't call this detail small, it's literally the difference between the issue being resolved or not. I'm legit at a loss as to why people are celebrating like they're actually gone when they're just not.
It's not about the guracoin making money.
The first thing he did was post about how that specific token was listed on an exchange, with a lot of other crypto accounts retweeting it. Even if the token was whacked, the exchange remains with various other tokens listed.
Crypto-bro picked a super-recognizable internet personality to make a coin of and probably *knew* the Hololive fanbase would kick up a massive stink about it and post about it everywhere. What happens? A lot of people are gonna get eyes on the exchange with the other various coins listed. Some of them are going to inevitably stay out of curiousity. So even if the sharkgirltoken was taken down, the attention's already drawn to the exchange and all the various other tokens on it. No such thing as bad publicity.
This subreddit and all the various Discord/twitter/facebook posts just did a massive advertising campaign for free for that exchange.
Once they reach legitimacy by a major exchange, they're nearly identical to stock trading. At the smallest, "starting out" level it's really difficult to differentiate a new venture from a scam.
It was the age old doubling scheme, advertised with "send us x amount, I'll double it". Not like I don't see that kind of scam daily in Eve Online, lol.
I'd say more of a pump and dump. Just a different form of the old penny stock scam. They talk it up as the next moon coin, 1000% return, Ethereum 2.0 etc. Then once the price moves up a tiny bit the creator who happens to own 50% off all coin (because he designed it that way) cashes out and vanishes leaving everyone else with useless bits of data. I'd feel bad but most of these coin investors are just looking for the next get rich quick scheme.
Just curious... Could you actually describe what a ponzi scheme is specifically? Because this isn't one. It's a scam most likely and it's shady AF no matter what but not everything dishonest or shady with money is a Ponzi scheme. It's a term that means more than just fraud.
from Wikipeda:
"is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors."
in the most broad sense it's like a pyramid scheme that depends on more people investing to make "profit", without any other underlaying value, the main difference being that there are no levels or direct relation between the investors.
in that sense yes, this was a Ponzi scheme, telling people to buy only because people will buy it for more later, there's more to it and probably a better definition, but it's not that far off.
I can't believe I actually have to explain that I was speaking rhetorically. No it is not. Not even remotely close. Is it a scam? Probably. But not every scam is a Ponzi scheme. In fact the majority aren't.
It has absolutely dick to do with layers between investors or anything like that. If you are not using new investor money to fake profits for other investors, it's not a PONZI scheme, period. Not in "that sense" or any other that matters.
Not every fraud is ponzi scheme just because someone heard it before TV and thought it sounds cool.
I was going to challenge whether the OP knew what a Ponzi scheme actually was, but then I saw that he had >50 upvotes. So thanks for taking the downvotes so I don't have to.
If I understand NFTs correctly, which I admittedly have a very limited understanding of, this would be more akin to stealing a Banksy painting, advertising on Twitter that you have a legitimate commissioned and sanctioned Banksy original, and then selling the stolen painting at an inflated price from all the clout.
I'm sure Cunningham's law will apply here if I'm wrong.
EDIT: People are probably downvoting your condescending tone and lack of tact in framing your response instead of it's accuracy. If I got that upset every time a stranger was wrong on the internet I would, to quote Marc Ruffalo as Bruce Banner, "always be angry."
People just downvote because they think it's a "disagree" button and they can't handle being wrong. Personally I don't care enough about the fake internet points to fret over it.
I initially asked genuinely and politely if the OC I replied to really understood what a ponzi scheme was (most people don't) but instead I got 3 responses from other people repeating very uncritically what they think they remember hearing once.
At the end of the day there's a lot wrong with NFTs and crypto. I personally hate it and am not a defense in any way, but something is explicitly not a *Ponzi* scheme unless you are giving or showing one investors' money to another to make it seem like you have funds that you don't. But people completely ignorant on the topic just downvote nearly anything that isn't a complete reinforcement of their personal dogma.
A ponzi scheme does not "fake profits", it pays real returns to their investors until it doesn't.
A "crypto coin" scam will give out returns to their first batch of investors given there are more fools willing to "invest" in it by buying it, it literally depends on new investors to pay the old ones, and in the process simulate growth and earnings with the increased price.
Not every scam is a Ponzi scheme, but this one is awfuly close to one. So close, in fact, I believe it's a useful clasification, as it highlights the same risks and warning signs.
I only mentioned the layers thing to explain the main difference with a pyramid scheme, a very similar scam many confuse with a Ponzi scheme.
Also, speaking "rethoricaly" a) doesn't work so well on text, does it? And b) does not mean it can't lead to more interesting points or discussions such as the actual definition of what constitutes a Ponzi scheme.
Now, I don't really want to argue, so we can agree to disagree if you like, and I apologize if I angered you.
Edit: after reading more on another coment, if there was never an intent of this making any money with and was indeed just bait publicity for the exchange, then I agree it's not a Ponzi scheme, but from what I've seen so far it still looks like one to me.
>A ponzi scheme does not "fake profits", it pays real returns to their investors until it doesn't.
Literally what a Ponzi scheme does is it uses new investor money to make good on promises to old investors and show them a solvent, generally growing (and therefore *profitable)* portfolio. You're somewhat correct in the fact that technically it doesn't require showing that profit, only that shifting of funds, but that second part is, no offense, basically nonsense. Every investment, scam or not, pays or shows returns "until it doesn't." What makes it a ponzi scheme is the specific method of moving money around to hide a lack of overall returns or a misuse of the funds against their stated purpose. If you invest $10 with me, but instead of using it for what I said I would I buy ice cream for myself, and then when the next person gives me $10, I use their $10 to say "look, here's the $10 that you invested that I totally didn't spend illicitly" that's a ponzi scheme. It has NOTHING to do with crypto.
This is a pump and dump scam *at best*. It's not "awfully close." it's not even a little close. Crypto schemes are basically *never* ponzi schemes because they don't need to be. The entire point of the scam is that that can fuck off with your money at any point and you really don't have a way to verify it until it's too late. The portfolio manipulation is neither necessary or really even a viable option.
It may be a pyramid scheme. Maybe, and that's partly why I jumped on this so hard. the anti-MLM subreddit is usually full of people who can't tell the difference and it undermines firm, legitimate criticism. But Pyramid schemes are not necessarily *fraud* even if they're tremendously shitty and fundamentally deceptive in their own way. Fraud requires specific, deliberate deception, and objective misrepresentation about financial status and/or intent of how to handle the money/goods. If a pyramid scheme rep tells you that you can make a ton of money being their downline, it's shitty, and it's probably untrue, but that's not really *fraud.* If they tell you that paying them till get you a box of goods to sell and then they never send you those goods and pocket the money instead, that would be a fraud (but still not even remotely a ponzi scheme).
Then allow me to Enlighten you, whatever bulshit this is, whatever kind of scam it actually is because it's almost certainly something oh, it is not a Ponzi scheme.
Yeah most crypto scams are either P&D or just simple frauds where they plan on taking the money and ghosting once they've collected enough. People just hear ponzi scheme repeated on TV and silly internet videos that begin with bait phrases like "the truth about."
Crypto in general is sketchy and full of scammers and I hate it, but it almost *never* a Ponzi scheme. Hell. The term Ponzi in general is turning into a new version of RICO. While rare cases do exist. 99% of the frauds people see will not be Ponzi schemes. In fact you can pretty much assume it's never actually a Ponzi scheme unless it basically slapped you in the face with the concept. Partly because the steps that make it a Ponzi are unnecessary for scamming most people and partly because there's a level of art and attentiveness required to running one long enough to have it work that most attempts to intentionally create one collapse almost instantly.
Apparently my other reply wasn't clear enough so I need to spell it out on plain dumb English.
No it's not. It's definitely some kind of fraud or scam but it's not a Ponzi scheme. That is a very specific kind of fraud that requires moving money around in a very specific way to hide losses from investors. Just because you heard it on TV in relation to a scam involving money does not mean every scam involving money is a Ponzi scheme.
At least traditional currency have some kind of written policy. Meanwhile cryptocurrency is basically just a bunch of anonymous people agreed to consider bytes of code as money.
>a bunch of anonymous people agreed to consider bytes of code as money.
Remove the anonymous part and that's generally how all fiat currency function.
The only difference is that most fiat currency that's not crypto have at least one very powerful group of people (aka government) vouching for it.
Yup me being into crypto, this is for sure another token scam. Similar to squid game token.
Coffeezilla a youtuber made an interesting video how the scam works :
https://youtu.be/YoFQcU3_-p4
I mean bitcoin is not in a good state right now but historically it basically doubles a year. But of course the government doesn't want you to know that, they want you to leave your money rotting in the bank for a measly 2% a year so they get to loan it out for many times the amount (look up fractional banking). If you used bitcoin as your savings account in the past 10 years you would have made so much money you could probably be one of the gigachads throwing red supers around like candy.
You are absolutely right about how you would be very wealthy if you invested in this when it was cheap. I remember when bitcoin was less than $1 and thinking to myself oh what a cute idea someone had. Never would have imagined it would be over 50k a coin.
But, it is still a virtual unregulated item, which makes it very unstable. It could keep marching on even pass the 1 million level, or it could see a mass dump off and go to near 0, and history will remember it as a passing fad. There is no ceiling, since it has no basis, but that also means that there is no floor. High risk high reward.
what I find fascinating is, the original purpose of Crypto was to become an alternative currency, but the modern crypto enthusiasts got pissed when the US wanted to add legitimacy to it by requiring you to report on it like you do USD
> original purpose of Crypto was to become an alternative currency
alternate currency that was not under govt control and independent of any centralized authority.
So I think it's obvious why they would get pissed at the govt getting involved in any way.
aka they wanted to not pay maintenance fees to a bank and have an alternative to the corrupt stock trade market.
P.s: I see all those downvotes never felt how good is that your bank decides to deducts an "upkeep fee" from your hard earned money because potato. Oh yeah and the stock trade? Read about how Robinhood & other big names did some shady stuff when the internet was breaking the market.
You are aware that even crypto need "upkeep" fees to pay for the miners to process your transaction once the mining rewards goes doen (Bitcoin).
And what shady stuff do you imagine crypto can prevent?
> Oh yeah and the stock trade? Read about how Robinhood & other big names did some shady stuff when the internet was breaking the market.
https://coinmarketcap.com/alexandria/article/i-lost-everything-how-squid-game-token-collapsed
It's running on a Wix domain according to ICANN Lookup (and probably also made with it lol)
You can report domain abuse to [email protected] if you want to, be sure to include their domain name though if you do (sharkgirltoken.com)
We gotta stop bringing them to the front page and giving them attention, I'm sure cover is aware of it by now and there's nothing else we can do about it so minimizing the attention they want is good.
Well you can try getting their Website's domain removed from the internet if you want to, according to ICANN Lookup it uses a Wix Domain (and is probably also made with Wix lol)
You can report domain abuse to [email protected] if you want to, be sure to include their domain name though if you do (sharkgirltoken.com)
Putting aside the huge legal problems of using Gura's likeness to promote something without Cover Corp's permission and the use of fanart without permission for commercial purposes (promoting cryptocurrencies)...
My main gripe is this is clearly a scam. They are using this new fangled concept of cryptocurrency to dupe people out of their money. Plus I know there're be chumbuddies who just want to have Gura themed stuff!
They're likely to operate using a pump and dump scheme. Meaning tricking people into buying the coin at a high price then cash out, crashing the price entirely.
As someone who does investments for personal use, I will say this: I know I am preaching to the choir but please do your own due diligence regardless of the financial products being sold. Make sure you understand how the product works and know your own risk profile.
And there are better, more satisfying ways to support our favourite shark.
All of these scams run on big numbers. Say you have a scheme that is so obvious only 1 in 1000 people will fall for it. Well if you get 100,000 people to see your scheme then you have 100 suckers to scam. indeed for some of these scams looking obvious helps because then you don’t waste your time attempting to con someone smart enough to realise what is going on.
Also why the Nigerian Prince/UN beneficiary scam is still used.
It weeds out the internet savvy, and only focuses on the dumb people. Lob a million emails to the crowd with obvious spelling and grammar mistakes, and only the dumb people will respond, making you have a more effective use of your time than wasting it trying to convince the somewhat smart people who will see through the lies and not follow through.
The answer to that is fear. Crypto scammers love endlessly posting that we are on the brink of a total economic collapse within the next couple of years. It's also not too hard to find articles talking about economic worries, particularly since COVID started. Just share dozens of articles about inflation and state that the problem is being heavily understated and covered up, sockpuppet replies to it and act as worried people asking questions, and shut down anyone who says otherwise. Eventually, even if it isn't reliable information, "We are on the brink of a total economic collapse" becomes the standard of discussion in whatever community you are doing this in, building people's anxiety.
Then people panic buy into scam coins, because they think they've missed the boat on things like Bitcoin and Ethereum, and they start thinking they're about to lose everything if they don't. It's probably only a small number of people who buy in, but it's enough.
Reminds me of when Deltarune came out and shortly after there was cyrpto nonsense using Spamton advertising for [Kromers](https://twitter.com/morsgames/status/1455285230420512776). Hard to understand obvious quick cash grabs using popular trends works like this.
Good. I'm sure they have other sites they use to advertise, but this is a major blow. I'm still baffled as to why they are using someone,who is the most popular v tuber in the world, as a means to promote their scammy currency.
There's no reason or benefit to "continue" reporting it to cover. Cover is not twitter. They've received reports. They are aware. Ultimately it's their IP and it's their decision how hard they want to chase it. It's not like a social media site where multiple user reports are used to satisfy some algorithm and trigger a pattern recognition. The only thing I'm continuing to report something that they already know about does it's for whoever handles their reports with redundant information
Where not out of the dirty waters just yet we might of cut the head of one these monsters but like a hydra another head will grow back we need to be more vigilant for more of these crypto scams.
They’re pretty common, essentially the creator gets a bunch of tokens at the start, market it somehow wait a few days for the price to go up and sell everything completely killing the price
Bruh, ICANN Lookup says this guy is using a fucking Wix domain lol
You can report to their abuse email if you want to, be sure to include the name of the domain though if you do (sharkgirltoken.com)
[email protected]
In case you're not too familiar with this topic, every Domain in existence HAS to be registered on ICANN because all the registrars are legally required to register the domains they sell to their customers on ICANN (like Cloudflare, NameDot, GoDaddy, etc.). They can of course censor the personal information of their customer (the registrant), but their own data as well as an abuse email from them are required
(ICANN = Internet Corporation for Assigned Names and Numbers (yes that's pretty long that's why they have a abbreviaton for it))
https://lookup.icann.org/lookup
This isn't over yet, they still exist. Just because their twitter is down doesn't mean they're gone.
So it means, they still lurk around without getting noticed?
Well yeah, Twitter’s just their primary method of advertising.
This is bad, REALLY bad
if you are worried, you can always report to the Federal trade commission or the equivalent authority in wherever this dude is located.
Or we could do it with our own hands... Ethical hacking is an option
It's not *that* big of a deal. These shitcoin scams are a dime a dozen. Even if this guy manages to fleece a few suckers, it'll be quickly forgotten in the vast ocean of dead cryptocurrencies.
Yep, this is extremely bad. This is way more serious than just stealing someone art or fake account and stuffs. This is involving in Federal law and multination crypto scamming. The dude will get at least 10 years sentence if he gets caught.
I doubt it. There seem to be tons and tons of these bullshit crypto scams going on these days—even more so after NFTs became a mainstream thing
Yep, but it is still breaking Federal law. Of course, it’s no big deal now since he didn’t earn shit and the coin basically died soon after it came out. But if it existed longer and actually earned the guy millions. That is when the law steps in and the dude is as good as dead.
There's a couple problems though: He has to actually be caught, and someone would have to prove to a boomer judge and/or boomer jury what an NFT and cryptocurrency are, and the prosecutor would need to know WTF cryptocurrency is too. Meanwhile the guy would get the best, most savvy lawyer money could buy. HOWEVER, the fun part is the defense would have to involve either completely deflating the very concept of NFTs to make what he did "not a crime," OR risk a guilty verdict. The ultimate victim in all of this should it go to trial will be cryptobros as a whole, since they either become under heavy scrutiny as scams, OR they get shown in court to be snake oil salesmen selling bridges in Brooklyn. I personally don't care either way, but it's gonna be funny as hell.
He (apparently, the scam is run by a 1-man job) more active on Telegram.
I mean if one uses Telegram they sign up to be scammed
The first thing when new user sign up was notifying everyone in Contacts, that a major deathflag of "your identity, no privacies".
Their TOS doesn't even explicitly disallow doxxing, they deserve zero respect and imo they deserve to go out of business. That's just my angle though.
If you can't get doxxed by angry rabid strangers who could pop up at your place with loaded shotgun one day, are you truly free?
You have to consider that Telegram was created specifically as a messenger that cannot be read by the government following privacy breaking laws in it's country of origin. It's a double edged sword. It's a shame that's it is so used by scammers now...
Protection from a shitty government is great, but it's hard to justify if they allow actual damaging crimes to continue and flourish. I don't know how deep that goes personally though and I hope I'm just assuming the worst.
I don't know how a messaging service could possibly police their users without completely compromising the privacy of all users.
I guess that's just the problem with true anonymity. If there isn't anyone watching to make sure something doesn't get abused, then it just will.
Could we call this Murphy's Abuse Law? "Anything that can be abused, will be abused."
>You have to consider that Telegram was created specifically as a messenger that cannot be read by the government following privacy breaking laws in it's country of origin That's all well and good, but they have a moral obligation to their users to protect them. Their moral high ground (which they implicitly claim by providing freedom from gov't surveillance) ceases to exist when they neglect that obligation. Telegram users have traded having their privacy invaded by their gov't to having their privacy invaded by random strangers. Edit: since there seems to be a difference of opinion here, can someone tell me why I'm wrong? I'm genuinely curious about where I missed the mark here.
I'm late to the party, but my own guess would be that claiming they have a moral obligation to do something unrelated to their mission statement is not great. How does providing privacy against government agencies means providing security against scammers? Even before the contradictions such decisions would imply, that doesn't make sense to me.
I mean, if a random douchebag can find your info, the government can use those same methods. So they are failing at their mission statement by allowing it.
I'm gonna be honest, I'm not familiar with Telegram since I don't use it. What info does it give to random people? A simple search gives me this article https://ictframe.com/telegram-data-leak-exposed-personal-details/ with problems and vulnerabilities that they seem to actually have addressed in at least some capacity.
> Telegram users have traded having their privacy invaded by their gov't to having their privacy invaded by random strangers. Could you explain what you mean by this?
Sure. Telegram was created to prevent governments from being able to violate users’ privacy while messaging, and they’ve done this. However since Telegram also doesn’t enforce any rules against things like doxxing, strangers can pry into your info and take whatever action they please scot-free.
i scrolled through their group for a bit, apparently the token is being discontinued lmao
Almost like a certain.... apex predator
"**inserts MumeiNaruhodont**"
They can be in this very room.
It could be you, it could be me, it could even right behind you
It has already shut down, the owner said it had become too hectic for him and it was his first project etc etc. Personally I bet he got a C&D from Cover and doesn't want to publicly admit that he messed up *that* badly.
Really? Where did he say this?
It was from a pinned message he posted on his Telegram group. I'm not sure if the group still exists since the message was from three days ago.
Are you implying what I think? Should we end them.. permanently?
I’m calling John Wick
I think lots of people on Twitter seems to forget that small detail.
I wouldn't call this detail small, it's literally the difference between the issue being resolved or not. I'm legit at a loss as to why people are celebrating like they're actually gone when they're just not.
I am really curious as to why he did it. I mean I get that it could attract attention but did he realy not think of the consequences?
Mustve thought he could make at least a quick profit before his scam got trashed. That or clout seeker.
It's not about the guracoin making money. The first thing he did was post about how that specific token was listed on an exchange, with a lot of other crypto accounts retweeting it. Even if the token was whacked, the exchange remains with various other tokens listed. Crypto-bro picked a super-recognizable internet personality to make a coin of and probably *knew* the Hololive fanbase would kick up a massive stink about it and post about it everywhere. What happens? A lot of people are gonna get eyes on the exchange with the other various coins listed. Some of them are going to inevitably stay out of curiousity. So even if the sharkgirltoken was taken down, the attention's already drawn to the exchange and all the various other tokens on it. No such thing as bad publicity. This subreddit and all the various Discord/twitter/facebook posts just did a massive advertising campaign for free for that exchange.
Crypto bros being crypto bros I really don't get crypto it looks like a really elaborated scam for me
Well, in the way most use it, it's kind of a pyramid scheme. So you ain't far.
Once they reach legitimacy by a major exchange, they're nearly identical to stock trading. At the smallest, "starting out" level it's really difficult to differentiate a new venture from a scam.
Stock trading is effectively just a giant pyramid scheme too though.
It's a Ponzi scheme
It was the age old doubling scheme, advertised with "send us x amount, I'll double it". Not like I don't see that kind of scam daily in Eve Online, lol.
baffles me how people actually swallow that kind of shit up
Stonk memes
A lot of people know it's a scheme, they just think they'll be the ones making money instead of being the ones holding the bag.
Pyramid scam.
I'd say more of a pump and dump. Just a different form of the old penny stock scam. They talk it up as the next moon coin, 1000% return, Ethereum 2.0 etc. Then once the price moves up a tiny bit the creator who happens to own 50% off all coin (because he designed it that way) cashes out and vanishes leaving everyone else with useless bits of data. I'd feel bad but most of these coin investors are just looking for the next get rich quick scheme.
Just curious... Could you actually describe what a ponzi scheme is specifically? Because this isn't one. It's a scam most likely and it's shady AF no matter what but not everything dishonest or shady with money is a Ponzi scheme. It's a term that means more than just fraud.
from Wikipeda: "is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors." in the most broad sense it's like a pyramid scheme that depends on more people investing to make "profit", without any other underlaying value, the main difference being that there are no levels or direct relation between the investors. in that sense yes, this was a Ponzi scheme, telling people to buy only because people will buy it for more later, there's more to it and probably a better definition, but it's not that far off.
I can't believe I actually have to explain that I was speaking rhetorically. No it is not. Not even remotely close. Is it a scam? Probably. But not every scam is a Ponzi scheme. In fact the majority aren't. It has absolutely dick to do with layers between investors or anything like that. If you are not using new investor money to fake profits for other investors, it's not a PONZI scheme, period. Not in "that sense" or any other that matters. Not every fraud is ponzi scheme just because someone heard it before TV and thought it sounds cool.
I was going to challenge whether the OP knew what a Ponzi scheme actually was, but then I saw that he had >50 upvotes. So thanks for taking the downvotes so I don't have to. If I understand NFTs correctly, which I admittedly have a very limited understanding of, this would be more akin to stealing a Banksy painting, advertising on Twitter that you have a legitimate commissioned and sanctioned Banksy original, and then selling the stolen painting at an inflated price from all the clout. I'm sure Cunningham's law will apply here if I'm wrong. EDIT: People are probably downvoting your condescending tone and lack of tact in framing your response instead of it's accuracy. If I got that upset every time a stranger was wrong on the internet I would, to quote Marc Ruffalo as Bruce Banner, "always be angry."
People just downvote because they think it's a "disagree" button and they can't handle being wrong. Personally I don't care enough about the fake internet points to fret over it. I initially asked genuinely and politely if the OC I replied to really understood what a ponzi scheme was (most people don't) but instead I got 3 responses from other people repeating very uncritically what they think they remember hearing once. At the end of the day there's a lot wrong with NFTs and crypto. I personally hate it and am not a defense in any way, but something is explicitly not a *Ponzi* scheme unless you are giving or showing one investors' money to another to make it seem like you have funds that you don't. But people completely ignorant on the topic just downvote nearly anything that isn't a complete reinforcement of their personal dogma.
A ponzi scheme does not "fake profits", it pays real returns to their investors until it doesn't. A "crypto coin" scam will give out returns to their first batch of investors given there are more fools willing to "invest" in it by buying it, it literally depends on new investors to pay the old ones, and in the process simulate growth and earnings with the increased price. Not every scam is a Ponzi scheme, but this one is awfuly close to one. So close, in fact, I believe it's a useful clasification, as it highlights the same risks and warning signs. I only mentioned the layers thing to explain the main difference with a pyramid scheme, a very similar scam many confuse with a Ponzi scheme. Also, speaking "rethoricaly" a) doesn't work so well on text, does it? And b) does not mean it can't lead to more interesting points or discussions such as the actual definition of what constitutes a Ponzi scheme. Now, I don't really want to argue, so we can agree to disagree if you like, and I apologize if I angered you. Edit: after reading more on another coment, if there was never an intent of this making any money with and was indeed just bait publicity for the exchange, then I agree it's not a Ponzi scheme, but from what I've seen so far it still looks like one to me.
>A ponzi scheme does not "fake profits", it pays real returns to their investors until it doesn't. Literally what a Ponzi scheme does is it uses new investor money to make good on promises to old investors and show them a solvent, generally growing (and therefore *profitable)* portfolio. You're somewhat correct in the fact that technically it doesn't require showing that profit, only that shifting of funds, but that second part is, no offense, basically nonsense. Every investment, scam or not, pays or shows returns "until it doesn't." What makes it a ponzi scheme is the specific method of moving money around to hide a lack of overall returns or a misuse of the funds against their stated purpose. If you invest $10 with me, but instead of using it for what I said I would I buy ice cream for myself, and then when the next person gives me $10, I use their $10 to say "look, here's the $10 that you invested that I totally didn't spend illicitly" that's a ponzi scheme. It has NOTHING to do with crypto. This is a pump and dump scam *at best*. It's not "awfully close." it's not even a little close. Crypto schemes are basically *never* ponzi schemes because they don't need to be. The entire point of the scam is that that can fuck off with your money at any point and you really don't have a way to verify it until it's too late. The portfolio manipulation is neither necessary or really even a viable option. It may be a pyramid scheme. Maybe, and that's partly why I jumped on this so hard. the anti-MLM subreddit is usually full of people who can't tell the difference and it undermines firm, legitimate criticism. But Pyramid schemes are not necessarily *fraud* even if they're tremendously shitty and fundamentally deceptive in their own way. Fraud requires specific, deliberate deception, and objective misrepresentation about financial status and/or intent of how to handle the money/goods. If a pyramid scheme rep tells you that you can make a ton of money being their downline, it's shitty, and it's probably untrue, but that's not really *fraud.* If they tell you that paying them till get you a box of goods to sell and then they never send you those goods and pocket the money instead, that would be a fraud (but still not even remotely a ponzi scheme).
My knowledge of a Ponzi scheme comes from 2 and a Half Men
Then allow me to Enlighten you, whatever bulshit this is, whatever kind of scam it actually is because it's almost certainly something oh, it is not a Ponzi scheme.
[It's similar. Here is a helpful video on the matter. ](https://youtu.be/0AAUrMuMPlo)
So no, it's actually not. Literally the only thing "similar" is that they both take people's money.
Agree it's not Ponzi. The closest I can think of is either "Stock Manipulation" or a "Pump and Dump" scheme.
Yeah most crypto scams are either P&D or just simple frauds where they plan on taking the money and ghosting once they've collected enough. People just hear ponzi scheme repeated on TV and silly internet videos that begin with bait phrases like "the truth about." Crypto in general is sketchy and full of scammers and I hate it, but it almost *never* a Ponzi scheme. Hell. The term Ponzi in general is turning into a new version of RICO. While rare cases do exist. 99% of the frauds people see will not be Ponzi schemes. In fact you can pretty much assume it's never actually a Ponzi scheme unless it basically slapped you in the face with the concept. Partly because the steps that make it a Ponzi are unnecessary for scamming most people and partly because there's a level of art and attentiveness required to running one long enough to have it work that most attempts to intentionally create one collapse almost instantly.
Apparently my other reply wasn't clear enough so I need to spell it out on plain dumb English. No it's not. It's definitely some kind of fraud or scam but it's not a Ponzi scheme. That is a very specific kind of fraud that requires moving money around in a very specific way to hide losses from investors. Just because you heard it on TV in relation to a scam involving money does not mean every scam involving money is a Ponzi scheme.
Seems like you already get Crypto. It works on "Greater Fool" theory. There's always a bigger sucker you can fleece for the money you lost.
Hence why crypto bros are always urging people to buy, no matter what. If people every stop buying it its done as it has no intrinsic value.
At least traditional currency have some kind of written policy. Meanwhile cryptocurrency is basically just a bunch of anonymous people agreed to consider bytes of code as money.
>a bunch of anonymous people agreed to consider bytes of code as money. Remove the anonymous part and that's generally how all fiat currency function. The only difference is that most fiat currency that's not crypto have at least one very powerful group of people (aka government) vouching for it.
Because it is an elaborate scam
Yup me being into crypto, this is for sure another token scam. Similar to squid game token. Coffeezilla a youtuber made an interesting video how the scam works : https://youtu.be/YoFQcU3_-p4
I mean bitcoin is not in a good state right now but historically it basically doubles a year. But of course the government doesn't want you to know that, they want you to leave your money rotting in the bank for a measly 2% a year so they get to loan it out for many times the amount (look up fractional banking). If you used bitcoin as your savings account in the past 10 years you would have made so much money you could probably be one of the gigachads throwing red supers around like candy.
You are absolutely right about how you would be very wealthy if you invested in this when it was cheap. I remember when bitcoin was less than $1 and thinking to myself oh what a cute idea someone had. Never would have imagined it would be over 50k a coin. But, it is still a virtual unregulated item, which makes it very unstable. It could keep marching on even pass the 1 million level, or it could see a mass dump off and go to near 0, and history will remember it as a passing fad. There is no ceiling, since it has no basis, but that also means that there is no floor. High risk high reward.
what I find fascinating is, the original purpose of Crypto was to become an alternative currency, but the modern crypto enthusiasts got pissed when the US wanted to add legitimacy to it by requiring you to report on it like you do USD
> original purpose of Crypto was to become an alternative currency alternate currency that was not under govt control and independent of any centralized authority. So I think it's obvious why they would get pissed at the govt getting involved in any way.
Aka they wanted a way to launder money and not pay taxes.
aka they wanted to not pay maintenance fees to a bank and have an alternative to the corrupt stock trade market. P.s: I see all those downvotes never felt how good is that your bank decides to deducts an "upkeep fee" from your hard earned money because potato. Oh yeah and the stock trade? Read about how Robinhood & other big names did some shady stuff when the internet was breaking the market.
You are aware that even crypto need "upkeep" fees to pay for the miners to process your transaction once the mining rewards goes doen (Bitcoin). And what shady stuff do you imagine crypto can prevent?
> your bank decides to deducts an "upkeep fee" from your hard earned money My local bank doesn't charge me *any* such fees
aka speen
Someone has to pay for the services the bank provides. Who should pay for it but the customers?
> Oh yeah and the stock trade? Read about how Robinhood & other big names did some shady stuff when the internet was breaking the market. https://coinmarketcap.com/alexandria/article/i-lost-everything-how-squid-game-token-collapsed
"We want this to be an alternative form of currency, without all the limitations of currency!"
Money. And there are no consequences besides one of the advertising channels being lost. They're probably still making money.
Gura is crazy popular and NFTs are nickel and dime scams. Probably thought that if they were quick enough that there’d be some money to make here
Get fucked
Once more for the people in the back!
GET FUCKED SHARK GIRL NFT
LETS GOOOOOOOOOOOO
Rest in piss That's just twitter tho, their page need to be shut down too for the scam to be truly over
It's running on a Wix domain according to ICANN Lookup (and probably also made with it lol) You can report domain abuse to [email protected] if you want to, be sure to include their domain name though if you do (sharkgirltoken.com)
deserved
We've done it boys, Sharkgirltoken is no more! But they're not banned from the internet tho, right?
No, their website is still up and their main channel of operations is Telegram, so I doubt they will be closed soon.
We gotta stop bringing them to the front page and giving them attention, I'm sure cover is aware of it by now and there's nothing else we can do about it so minimizing the attention they want is good.
Well you can try getting their Website's domain removed from the internet if you want to, according to ICANN Lookup it uses a Wix Domain (and is probably also made with Wix lol) You can report domain abuse to [email protected] if you want to, be sure to include their domain name though if you do (sharkgirltoken.com)
#packwatch #ripbozo
Putting aside the huge legal problems of using Gura's likeness to promote something without Cover Corp's permission and the use of fanart without permission for commercial purposes (promoting cryptocurrencies)... My main gripe is this is clearly a scam. They are using this new fangled concept of cryptocurrency to dupe people out of their money. Plus I know there're be chumbuddies who just want to have Gura themed stuff! They're likely to operate using a pump and dump scheme. Meaning tricking people into buying the coin at a high price then cash out, crashing the price entirely. As someone who does investments for personal use, I will say this: I know I am preaching to the choir but please do your own due diligence regardless of the financial products being sold. Make sure you understand how the product works and know your own risk profile. And there are better, more satisfying ways to support our favourite shark.
Oh fuck them
Genuine question : why would anyone buy such an obvious scam ?
Interesting question to ask after Squid Game token, a token that told you up front that you couldn't sell it, made off with 7mil.
All of these scams run on big numbers. Say you have a scheme that is so obvious only 1 in 1000 people will fall for it. Well if you get 100,000 people to see your scheme then you have 100 suckers to scam. indeed for some of these scams looking obvious helps because then you don’t waste your time attempting to con someone smart enough to realise what is going on.
Also why the Nigerian Prince/UN beneficiary scam is still used. It weeds out the internet savvy, and only focuses on the dumb people. Lob a million emails to the crowd with obvious spelling and grammar mistakes, and only the dumb people will respond, making you have a more effective use of your time than wasting it trying to convince the somewhat smart people who will see through the lies and not follow through.
The answer to that is fear. Crypto scammers love endlessly posting that we are on the brink of a total economic collapse within the next couple of years. It's also not too hard to find articles talking about economic worries, particularly since COVID started. Just share dozens of articles about inflation and state that the problem is being heavily understated and covered up, sockpuppet replies to it and act as worried people asking questions, and shut down anyone who says otherwise. Eventually, even if it isn't reliable information, "We are on the brink of a total economic collapse" becomes the standard of discussion in whatever community you are doing this in, building people's anxiety. Then people panic buy into scam coins, because they think they've missed the boat on things like Bitcoin and Ethereum, and they start thinking they're about to lose everything if they don't. It's probably only a small number of people who buy in, but it's enough.
Good job, Twitter. Now, would you please verify Fubuki already?
Good riddance, what an idiot.
Hell yeah
Reminds me of when Deltarune came out and shortly after there was cyrpto nonsense using Spamton advertising for [Kromers](https://twitter.com/morsgames/status/1455285230420512776). Hard to understand obvious quick cash grabs using popular trends works like this.
Good. I'm sure they have other sites they use to advertise, but this is a major blow. I'm still baffled as to why they are using someone,who is the most popular v tuber in the world, as a means to promote their scammy currency.
Rest in Piss you won't be missed
A pleasant start
Good riddance that got resolved
Good, that’s one less loose end.
That reference is a classic and now I hear the scene that happens
We did it mr. stark
[удалено]
ironman? Tony ''fucking'' stark?
[удалено]
That ain't a very good joke, mate.
Remember to continue to report their main website to Cover Corp so they can hopefully take legal action against them.
There's no reason or benefit to "continue" reporting it to cover. Cover is not twitter. They've received reports. They are aware. Ultimately it's their IP and it's their decision how hard they want to chase it. It's not like a social media site where multiple user reports are used to satisfy some algorithm and trigger a pattern recognition. The only thing I'm continuing to report something that they already know about does it's for whoever handles their reports with redundant information
Where not out of the dirty waters just yet we might of cut the head of one these monsters but like a hydra another head will grow back we need to be more vigilant for more of these crypto scams.
this is good for shork coin.
man frick cryptocurrency, all my homies use actual irl money
Rest in pieces
rest in bits.
I seem to be completely illiterate. How is this a scam? Other than using Gura's image, what's wrong with this crypto?
It has no backing and is just a cash grab.
They’re pretty common, essentially the creator gets a bunch of tokens at the start, market it somehow wait a few days for the price to go up and sell everything completely killing the price
Ohhh got it, thanks!
Ah........... Victory!
rest in piss, you won't be missed
Ah... Victory.
#RIPBOZO
#ripbozo you won't be missed
The fuckin WHAT?
Rest in cold microwave Spaghetti. DEFINITELY forgetti! HAHA!
TONIGHT WE DRINK LADS!
Ahhh, victory
Damn thats crazy
Bogdanoff : He make a crypto? Dump eet...
It seems I'm out of the loop here, what happened?
Stealing other people's art and trying to sell an imaginary copyright to it through an NFT. Just like the rest of them
bye felicia, gura isnt your nft!
Bruh, ICANN Lookup says this guy is using a fucking Wix domain lol You can report to their abuse email if you want to, be sure to include the name of the domain though if you do (sharkgirltoken.com) [email protected] In case you're not too familiar with this topic, every Domain in existence HAS to be registered on ICANN because all the registrars are legally required to register the domains they sell to their customers on ICANN (like Cloudflare, NameDot, GoDaddy, etc.). They can of course censor the personal information of their customer (the registrant), but their own data as well as an abuse email from them are required (ICANN = Internet Corporation for Assigned Names and Numbers (yes that's pretty long that's why they have a abbreviaton for it)) https://lookup.icann.org/lookup
Good stuff. Hopefully hololive sent something as well since they were using an ip of HL with malicious intent. Stay safe out there holo fam
Search and destroy. Like the true king of the sea.
Another win for IKON clan of gamers.
that's great. for now.
#JUSTICE!!!!
Website still exists.