August 20, 2018By Robert Johnson
“A Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors. The Ponzi scheme generates returns for older investors by acquiring new investors.“
“The scale of this wallet, the scale of these bots. The amount of sheer gas being used. I genuinely think you’re probably looking at a crime syndicate running in china to scam people on a scale the Ethereum network has never seen before… it’s very bad.”Developers aren’t the only ones who are worried Analysts, users and more have had alarm bells ringing on multiple different online channels over the chaos of this transaction activity being caused through this new gambling dapp. Following the days after the launch, comments on Etherscan proved that this activity was transparent, and users were noting that the app was outperforming even those it was designed to copy. The blockchain monitoring and analysing firm, Amberdata explained to CoinDesk that the FOMO 3D dapp copy has resulted in the Ethereum blockchain being under heavy fire.
“Overall, about $50.7M of value (incoming £29,000,000 and outgoing: £21,750,000 together) has transmitted through this contract.”The accusations of scam put forth by Team JUST against the LastWinner dapp have brought up questions which lead back to the intentions of the original game. However, even Bitcoin has been classed as a Ponzi scheme by critics of the cryptocurrency.