RATE Group | Scam or Be Scammed? Ponzi Games Are Breaking Out on Ethereum
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Scam or Be Scammed? Ponzi Games Are Breaking Out on Ethereum

24 Jul Scam or Be Scammed? Ponzi Games Are Breaking Out on Ethereum

Posted at 08:10h in Ethereum News by

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The hottest new apps on ethereum resemble an old favorite: the Ponzi scheme. At least that’s the early consensus on FOMO 3D and PoWH3D, two of the platform’s top three apps entering Tuesday.

According to data website DappRadar, both games have amassed 20,000 ether ($9 million) in trading volume over the last 24 hours, a figure that puts them on par with top decentralized exchanges and that exceeds the highest highs of CryptoKitties, the blockchain’s most famous viral decentralized application (dapp) to date.

Perhaps unique to both projects though is how they create an incentive to bring new people in so users can share the spoils as they do so. Both applications also collapse if new users quit joining in a way that’s similar to a basic pyramid scheme.

However, these particular games make it much more complicated (and maybe more fun).

“At the core, they seem to be taking the ideas of pay-per-bid auction models that were popular in 2009–2011, except instead of selling ‘real’…

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