Commit Reveal Scheme on Ethereum: Hiding Actions and Generating Random Numbers
In the Bitcoin space I often came across people promoting Ponzi schemes and when being called out about it, they brushed it off saying: “Yeah, sure it’s a Ponzi. Everybody knows it. But if you are early in and early out, you can still make fantastic profits.” The [BST Pirate@40 pass-throughs](https://bitcoinmagazine.com/articles/the-pirate-saga-and-so-it-ends/) were a prime example of that. I’ve even seen websites promoting their project as pyramid scheme openly.
While the above is less and less common as a percentage of Bitcoin news, it still happens and most likely a lot behind closed doors, so here is a reminder that not only the initial scammer’s are on the line but also those who promote the scam.
From [this article on “Madoff’s Victims Are Close to Getting Their $19 Billion Back”](https://www.bloomberg.com/graphics/2018-recovering-madoff-money/):
> So far he’s recovered $13.3 billion—about 70 percent of approved claims—by suing those who profited from the scheme, knowingly or not. And Picard has billions more in his sights.
Please, if you have a friend who’s trying to sell you the next Bitconnect or something, showing off his new found riches, point him to this.
Bitcoin on Twitter: The “store of value” narrative promoted by BTC maximalists like @saifedean looks a lot more ridiculous now that BTC is down nearly 80% YTD. It was irresponsible to ever promote Bitcoin as a “store of value.” Bitcoin is p2p cash, not a get rich quick scheme.
Dow plunges 1,175 – worst point decline in history! The real PONZI scheme is the Stock Market! If this was Bitcoin or CryptoCurrency MSM would claim a deathbed! Smart money (if there is such a thing) Wake up! The printers of Paper Money (Govt’s – FEDS ) are hell bent on devaluation of your “Money”!
Just wanted to see out there if anyone else is tired of their loved ones sending them negative articles about Bitcoin. There is always nothing substantial about them and they are always just pure conjecture. Usually from some old guy who never dives into the tech of Bitcoin and just calls it a pyramid scheme.
Just got a text with this article below. I’m really sick of getting these links sent to me. On the bright side Bitcoin obituaries is getting more links.