Source
r/wallstreetbets•
dopexile

Can you extend a Ponzi Scheme by starting a new Ponzi scheme? Asking for a friend

News

"Mark Lamb, the CEO of embattled cryptocurrency exchange CoinFlex, said that withdrawals will probably not restart on Thursday as the company initially hoped."

"To fix the $47 million hole in CoinFlex’s balance sheet, the company is issuing a token called Recovery Value USD, or rvUSD, and enticing investors with a 20% interest rate."

Can you extend a Ponzi Scheme by starting a new Ponzi scheme? Asking for a friend

https://www.cnbc.com/2022/06/29/coinflex-ceo-unlikely-to-resume-withdrawals-thursday.html#:~:text=Embattled%20cryptocurrency%20exchange%20CoinFlex%20will,tomorrow%2C%22%20Lamb%20told%20CNBC.

Posted Jun 30, 2022, 2:33 AM UTC

24655
Own_Cartoonist266•

Sounds like the answer is yes

101
ChefCheKwon•

It's a ponzi within a ponzi. A perpetual loop.

74
airbornebubbles•

If you die in a Ponzi you die in real life.

35
ChefCheKwon•

Omg. Quick send Keanu Reeves in to save us all.

12
mflayer•

Too late, he's already lost to the void.

4
Andre-ch•

Of course, because we live in a real Ponzi society.

1
8yr0n•

Ponzeption.

5
manbearbullll•

Ponzi scheme is a flat circle

3
Vegan_Honk•

oh no, it's not.

2
Blizzardman99b•

Ponziception

1
Scav_Construction•

Pimp my Ponzi. "I heard you like Ponzi's Dawg so I put a Ponzi in your Ponzi so you can Ponzi whilst you Ponzi."

1
sernamedeleted•

Genius. Infinite money Glitch.

I just created my own cryptocurrency called Vaporcoin. Each coin disappears into nothing as soon as it's purchased. I'm looking for investors.

The beauty of Vaporcoin is that it requires literally no maintenance, overhead, or database management.

62
spartanburt•

(Stares blankly for a second)

Thats a pretty goddamned good idea.

17
TPL531•

Why has no one done this yet?

6
jasonsbat•

Perfect tool to combat inflation. The US govt should invest in this. About 3T should do the trick.

6
oblue87•

But does it have 20% interest on the post purchase value of the coin? If so, I'm in!

2
AlexanderJSM•

100% interest rates inversed

1
cbdstealth•

If I recall correctly the deeper layer ponzi goes faster.

18
raistlinniltsiar•

If my math is correct, it will take 100 days to survive the scheme that was 10 days a layer above.

12
QueasyEntrepreneur50•

They already did it with luna and luna 2

13
Saltmetoast•

I want to start a hipster coin. I call it Papercoin. I actually print out the coin on paper and it even has some security features so you can't just photocopy it. But I can keep making them so it's like an infinite glitch but tangible that you can hold in your hand.

And it's got an immediate 100% return. Like you give me a doller and I give you a Papercoin

9
Fit-Boomer•

20%!!! I am gonna take a 6.9% margin loan and get some. Crazy not too.

9
VeeHS•

This guy owes me money, but he won't pay me back. If you give me the money I'll pay you back +20% interest. You get your money back from the guy who won't pay me back pays me back. Oh and even if does pay me back "I still don't know what's going to happen"

5
randomFrenchDeadbeat•

As long as people are dumb enough to buy, then yes.

Then again, there are still people that would call any scam a ponzi, so i guess there should be a lot of people buying.

4
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3
dopexileOP•

https://www.cnbc.com/2022/06/29/coinflex-ceo-unlikely-to-resume-withdrawals-thursday.html#:~:text=Embattled%20cryptocurrency%20exchange%20CoinFlex%20will,tomorrow%2C%22%20Lamb%20told%20CNBC.

3
ChefCheKwon•

Bitfinex did the same thing back in 2016 when they were hacked. Very unoriginal. They just keep recycling the same old shit.

5
RepresentativeNo9110•

Sure did. Got most of my funds back too.

2
loud-spider•

Hahaha

3
jdmvcummins•

An even less eloquent move than Do Kwon.

Real classy cats running these outfits it seems.

As shameful as it is to see investors lose money due to these scamfucks, it is really a long term blessing for them(scamfucks) to be boiled off by the market heat.

3
randywhorton•

The new Ponzi scheme buys out the previous scheme as an investment which it parleys into a growth opportunity that includes transfer of equity from original investors to the new scheme.

3
VisualModMODTuring Test Proctor•
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1
d00ns•

Yeah it was called eth and cardana

1
MightyMeat5•

When you’re already fukt might as well be more fukt

1
Ares28•

Nice try mark we know it's you

1
[deleted]•

[deleted]

1
dsocalf•

So Gabe Plotkin can do it again?

1
one_roll•

That's where leverage comes in, and then you peg or back it to itself

1