Scams

FOMO3D

The Ethereum network was created on July 30, 2015. This network created a protocol and platform to create any imaginable software application in a decentralized environment utilizing smart contracts.

Smart contracts are a form of securing a certain routine of events at a very particular time or from a trigger that is programmatically guaranteed. This has incredibly expansive possibilities. One of these smart contracts has blown my mind on what a Ponzi scheme can achieve and openly acknowledging the fact. A Ponzi scheme is a recognized buzzword that brings thoughts of losing money and a small original group that is getting rich from the top of the scheme. Fomo3D takes this to a whole new level with the power of smart contracts in Etherum. The difference in this scenario which is utilizing smart contracts as opposed to a real-world Ponzi, is that there is no owner that can pull the plug when they have made enough money, collapsing the scheme and exit scamming all the late joiners.

The smart contract of Fomo3D at its core is a bucket of digital currency (a single Etherum address) that has no limit to how much it can contain. The idea is to have a countdown timer of 24 hours which is reset every time someone adds more (Ethereum in this case) digital currency to this address. If no one adds more Etherum to the address over the 24 hour period and you are the last one to add funds to the address when the timer hits zero, you get everything inside the address which currently sits above 10 million dollars worth! (21737 Ethereum). There is no question in what the smart contract Fomo3D is or does, as the source code for the contract is publicly visible to everyone, taking the guesswork out of when or if the creator can or will shut down the experiment. The real question is who is going to exit scam publicly first via the intended method (being last to send funds to the pot).

Ponzi

This is profoundly interesting and opens up questions of how far the experiment will go. A lot of discussion throughout the community following Fomo3D is based around this smart contract being the black hole of crypto. Theoretically, this will never be cashed out until all of the Ethereum in existence is inside the contract, as people run out of funds new people will contribute trying to claim the prize and making the pot larger and larger. Once the contract address has a majority amount of Ethereum inside the contract and it is all cashed out to a single person, (the last one to contribute funds before the timer runs out) does the currency still have value if one person owns all of it?

There are dividends based on being an earlier submitter of funds to the contract address which is paid out to the address the funds were sent from. This incentivizes speculators to contribute who are not trying to be the last contributor of Etherum to the contract address and win the whole pot.

You can see a live link to the website below which is hosting the timer countdown in real time.

http://exitscam.me/play

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