One of the most popular Ethereum apps sure looks like a Ponzi scheme


They’re not even trying to hide it anymore. 

One of the most popular apps built on the Ethereum blockchain, a so-called DApp, is promising users a guaranteed fixed daily return on their investments. And all the would be crypto-rich have to do is put in a bunch of cryptocurrency up front, then sit back and wait for the rewards to come pouring in. Assuming new people keep following suit, that is. 

And man, it sure does look a lot like a blatant Ponzi scheme. 

For those not in the know, a DApp is a decentralized application built on a blockchain like Ethereum or EOS. You may be familiar with legitimate DApps such as Augur or CryptoKitties, but this is not a story about what honest programmers can create using the power of the blockchain. Rather, this is a look at the magical thinking of 333 ETH — a DApp that promises “life-long payments guaranteed by the Ethereum blockchain!” Read more…

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