PonziCoin, found online at PonziCoin.co, claims to be “the world’s first legitimate Ponzi scheme.” What? Find out how it works today in our review.
What Is PonziCoin?
PonziCoin is one of the most unique cryptocurrencies you’ll ever see online. It’s a digital token that quite literally revolves around a Ponzi or pyramid scheme. The creator explains the entirety of the Ponzi scheme upfront. He admits he’s at the top of the pyramid, and he admits that people will ultimately lose money from the scheme.
As the official website explains, “It's as much a scam as 99% of the ICOs out there, but it's more transparent about it.”
The scheme revolves around a smart contract that doubles the price of a currency called PonziCoin every time 100 coins are sold. This leads to a pyramid scheme-style structure where the older investors will make lots of money, while the newer investors will lose virtually everything.
How Does PonziCoin Work?
The concept behind PonziCoin is hilariously simple:
Step 1) You buy PonziCoin tokens (symbol: SEC) from the smart contract (listed at PonziCoin.co); you’ll need to send ETH to the smart contract at the current price
Step 3) Cash out whenever you like; at any point, you can sell your PonziCoins back to the smart contract for 1/4 of the current price – or, you can wait for the price to double and sell your coins for 100% profit
The creator of the scheme insists there’s no exit strategy: the entire scheme is run through a verified smart contract “so there’s no way for anyone to run off with all the money.”
In other words, PonziCoin (SEC) is a literal Ponzi scheme or pyramid scheme: you buy SEC today, tell all your friends and family about SEC, then wait for the price to double every time 100 coins are sold. Eventually, there will be a point when nobody is willing to buy SEC at the current price. At this point, all the lower levels of the pyramid will lose their money, while the older investors will have earned enormous profits.
It’s important to note that investors will never lose all of their money: at worst, you can withdraw your money from the smart contract for a minimum of 1/4 your entry price.
The PonziCoin.co website has a picture of a literal pyramid. The creator of PonziCoin is listed at the top of the pyramid. Investors like “you” are listed at the middle level, and “your friend’s college fund” is listed at the bottom level.
All PonziCoins (SEC) are ERC20 standard tokens built on the Ethereum blockchain.
All you need to do to get started is install Metamask, then buy some Ether (ETH). From there, you just purchase PonziCoins, shill the coin, hold, and profit. The website highly recommends “creating posts on how this coin will 1000x by April” across the internet.
In terms of security, the website claims to use “Equifax-grade security.”
Who’s Behind PonziCoin?
You’d think the maker of PonziCoin would hide his identity. However, the creator is open and transparent about his identity – just like he’s open and transparent about the res of the pyramid scheme.
The man’s name is Rishab Hegde, listed as a “developer, consultant, entrepreneur” on his official website, RishabHegde.com.
Hegde is a software developer based in San Francisco. You can get in touch with him by email at [email protected] He’s currently working as a software engineer at Stripe, although previous work experience includes positions as a software engineering intern at Facebook and Oculus VR.
We’ve witnessed the rise and fall of literal cryptocurrency-based Ponzi schemes like Bitconnect, Regalcoin, and Hextra. It’s refreshing to see somebody be honest and transparent about their Ponzi scheme.
PonziCoin is a literal Ponzi scheme: the only reason to buy into the company’s PonziCoin (SEC) today is for the “Greater Fool Theory”: you believe there are investors dumber than you who will buy into the scheme in the future.
In any case, you can decide whether to participate in this unique scheme by visiting online today at PonziCoin.co. It’s definitely a better investment than Bitconnect.