New Ponzi game: most crypto investors are gamblers by nature

New Ponzi game: most crypto investors are gamblers by nature

A new game, similar to Ponzi scheme, has become one of the most popular DAPPs on Ethereum

The game, called Fomo3D, allows to buy the key, which adds 30 seconds to a timer. Some of this money spent go to a prize fund, a part of this money is paid to previous key buyers. If the timer stops, the last buyer wins everything. Currently, the timer is frozen at 24 hours, as it can't go above it.

Wasa-wasa-wassup. It's sad to see Bitconnect fading from everyone's memory, overtaken by new hot Ponzi schemes. It's sad to see that the only use Ethereum has now is to be a hosting platform for collectibles and financial pyramids, in other words, only for gambling. But at the same time, it shows the nature of people, that flooded crypto. They are gamblers by nature. Most people are. This year’s downturn scared off many people, but the rest is still here. Why are lotteries so popular? Why pyramid schemes get so many participants? Why is Las Vegas so crowded day and night?

Everyone wants to feel lucky, feel the excitement, playing with money. Blockchain industry gave them the possibility to call themselves investors, which sounds more plausible than gamblers. There are some solid innovative projects in blockchain space, but many other projects just offer the 'get rich' scheme, that’s why they prosper. Anyway, let’s hope we’ll see some real-world use for Ethereum this year.


135.65 USD -0.82%
0.03402000 BTC -0.70%
Volume, 24h
1,041,928,069 USD
14,281,344,395 USD

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Is Ripple (XRP) Crumbling? ETH Gap Widens to $1.5 Billion

Ripple prices down three percent from last week’s close Price surges depend on xRapid adoption Participation levels low and almost half that of Feb 24 At third with a market cap of $12,861 at the time of press, Ripple (XRP)—like the rest is under pressure. However, this has been compounded by regulatory uncertainty which is likely to be clarified next year. If the SEC has reason to classify XRP as a utility with no central control, prices will surge towards Sep 2018 highs at 80 cents. Ripple Price Analysis Fundamentals Ripple Inc promotes three of their central solutions to financial institutions and payment processors. Of the three, xCurrent is widely used. However, if XRP as an asset is to thrive, then banks must use the xRapid network. While offering the same end to end encryption, the solution uses XRP as a means of exchange. To facilitate transactions, Ripple Inc is working with different exchanges across corridors of their interest. There is and Bittrex between the US and the Philippines. At the same time, there is Bittrex and Bitso between the US and Mexico corridor of which Mercury FX is dominating. Even so, the lack of confirmation from regulators is forcing would be clients to postpone their plans allowing Stellar and IBM to narrow the gap. All the same, it is a good thing that IBM–with their history with banks, is demonstrating that despite blockchain being new; it can be efficient and cost saving. Candlestick Arrangement A month after dropping from 34 cents, Ripple (XRP) sellers are clearly in charge. It is down three percent from last week’s close and pretty stable from yesterday. Regardless, we are net bullish expecting higher highs in the next few days. However, all that is dependent on the reaction at 30 cents and how fast losses of Mar 21 are reversed—or confirmed. If the latter is the case and prices crumble below 30 cents, then bears of Feb 24 would cause a meltdown towards 25 cents canceling our stance. On the other hand, reversal effectively confirms gains of Jan 30. Technical Indicators Relative to Feb 24 bear bar—61 million versus 30 million averages, it’s evident that participation is shrinking. Today’s averages stand at 14 million which is less than half that of Feb 24. All the same and as per our previous emphasis, buyers would only be in charge if there is a spike of volumes above 17 million of Mar 21. That will jolt bulls back in track solidifying our stand. Chart courtesy of Trading View–BitFinex Is Ripple (XRP) Crumbling? ETH Gap Widens to $1.5 Billion was last modified: March 24th, 2019 by Dalmas NgetichThe post Is Ripple (XRP) Crumbling? ETH Gap Widens to $1.5 Billion appeared first on NewsBTC.

Will Bitcoin Shine? After Ponzi Jab, BIS Boss Says CBDC Destabilizing

Bitcoin price under pressure Carstens of BIS against central bank digital currencies (CBDCs) Volumes low and drop below or above Mar 21 high-lows must exceed 13k According to BIS’s Carstens, central banks shifting to CBDCs will destabilize the economy. However, that is not stopping some central banks from experimenting with them. Meanwhile, Bitcoin (BTC) is under pressure and could drop to $3,500—800 zone in days ahead. Bitcoin Price Analysis Fundamentals True, we cannot ignore the effects of digitization. It is broad and profound. We expect the rate of digitization to pick up as millenials surpass baby boomers. Impressive as it is, regulators and central banks included are not hiding their heads in the sand. The rise of global digital assets like crypto is a headache to many as they provide an alternative to government-issued fiat. Up against internal and external factors, these paper issued currencies have an infinite supply. Besides, the value depends on the state of the economy. A weak government means watered-down paper money. We need not look far. Venezuela, despite its richness and vastness in oil reserves, is struggling to stay afloat after years of mismanagement and sheer corruption. As its economy tank, the Bolivar is what it is—paper. Surprisingly, even with all these evidence and trust links, senior BIS executive and a Bitcoin critic is against central bank digital currencies. In his view, CBDCs are faster and therefore possible facilitators a bank run destabilizing the system in the process. Apart from fears of a bank run, Carstens believes CBDC can affect interest rates thereby increasing the balance sheet of the adopting central bank. Candlestick Arrangement All the same, Bitcoin (BTC) is wavy and undoubtedly under pressure. Days after collapsing on Mar 21, bulls are struggling to recover. It is likely that the week will close lower. However, a significant take away in days ahead is not the resilience of bulls but the source of this liquidation. Regarding Feb 24 bar, a simple Fibonacci retracement tool reveals that Mar 21 weakness is at a key reaction level—the 6.18 percent mark. Even though liquidation is yet to be affirmed, any drop below Mar 21 lows reveals weakness increasing odds of a collapse to $3,500-800 zone. Technical Indicators Regardless of our BTC weakness, Mar 16—13k versus 7k anchors of analysis. Although bears of Mar 21 and the resulting double bar bear reversal pattern stands out, sellers will only be in charge once several trade conditions are live. Any drop below Mar 16 or 21 lows must have high volumes exceeding 13k of Mar 16 and 11k of Mar 21. Chart courtesy of Trading View–BitFinex Will Bitcoin Shine? After Ponzi Jab, BIS Boss Says CBDC Destabilizing was last modified: March 24th, 2019 by Dalmas NgetichThe post Will Bitcoin Shine? After Ponzi Jab, BIS Boss Says CBDC Destabilizing appeared first on NewsBTC.

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