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Author of "101 Projects"
Join Date: Jan 1995
Location: Rolling Hills Estates, CA
Posts: 27,056
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Semi genius ponzi scheme here - pay 20% to everyone to get them to sign up and then make off with the reserves when the thing collapses.
This is definitely a very black mark for all crypto. The people on Reddit are stating that it collapsed because it wasn't backed by anything. By that logic, Bitcoin and Ethereum are doomed along with Tether, which is probably backed by nothing...
-Wayne
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