Skip to content
Index FaucetHub Central Announcements

Big Announcement, please read

Posted by mexicantarget 5 months ago
56 271512
Level 1
RE: Big Announcement, please read
Posted 5 months ago
How exactly is this a ponzi scheme or a scam?  If people want to pay ridiculous amounts of money for a collectible then that is their prerogative.  Didn't you ever play any kind of trading card game as a kid?  Most people bought the cards just to have them, and not as an investment looking to make more money.  Sure there are some guys out there like Rudy from Alpha Investments who actually heavily invest into vintage MTG cards for the intent on making a profit, but for the most part people bought those cards because they wanted to collect them or use them to play the game and didn't care about the resale value. If people were trying to use this app as an investment vehicle thinking they just buy the card and someone will buy it back from them then they are idiots who deserve to lose their money.  It was clearly not meant as an investment opportunity and there should have been painfully obvious that there was no guarantee that you would be able to resell your card after you bought it.  Why does everything in crypto need to be viewed as an investment?  Why can't you just buy something stupid as a joke so you can meme on the internet? By your logic almost every product manufactured on earth is a ponzi scheme.  They take $10 in raw materials and make a product that they expect to sell for $100.  Car dealerships are ponzi schemes.  They sell you a car worth $50,000 that immediately depreciates in value...  then they buy it back from you used for $10,000 and resell it for $22,000.  Art is a ponzi scheme.  They take a few dollars worth of pain and canvas and try to scam you for thousands or even millions of dollars.  All food is a ponzi scheme.  You pay $100 for a steak at a nice steakhouse and it literally turns to sh*t.  The crucial point missing is that all of these things have value outside of the monetary cost of it.  The extra value can be in the form of enjoyment, utility, sentiment, or whatever else.  People just want to have fun and who are you to tell them otherwise. Also unless you have proof that the people behind Allstars were going to shut down the site and exit-scam everyone in the future you actually enabled the ponzi scheme to happen by shutting it down yourself.  At least if the site was still operational people would have access to the items they purchased, whether you think they have value or not, and by electing to close the app you were the one to take those items away from them. For the record I never had a card on the platform, bought a card on the platform, or received any kind of financial compensation.  I am just an outsider observing the events as I see it and giving my opinion. Take it as you will.
Level 13
RE: Big Announcement, please read
Posted 5 months ago
MASTER, you are the best
Level 1
RE: Big Announcement, please read
Posted 5 months ago
So all this money is tied up in the contract? Is there a way to release them and send back to original buyers for instance?
RE: Big Announcement, please read
Posted 5 months ago
So all this money is tied up in the contract? Is there a way to release them and send back to original buyers for instance? I would lie if I said yes or no. I don't know. The 2 persons who launched that scam have $30k now and they could probably hire someone send back funds, if it's even possible.
Level 1
RE: Big Announcement, please read
Posted 5 months ago
Shame. So essentially these are just stuck ethers, that no-one can touch?  Does anyone know enough technical details to be able to definitively answer this?  I mean, evil as they are, even if the creators take another 4% cut of the funds they return, I am sure it will be better then just letting it sit in limbo in the contract.
RE: Big Announcement, please read
Posted 5 months ago, last edited 5 months ago
How exactly is this a ponzi scheme or a scam?  If people want to pay ridiculous amounts of money for a collectible then that is their prerogative. Just because you know what it is does not change the fact that at it's core concept is a mathematically proven ponzi scheme. Didn't you ever play any kind of trading card game as a kid?  Most people bought the cards just to have them, and not as an investment looking to make more money. Those cards were actually fun and actually were unique. They had many purposes, such as playing games, tournaments, fantastic artwork, rules and regulations, franchises, communities and all sorts else. If people were trying to use this app as an investment vehicle thinking they just buy the card and someone will buy it back from them then they are idiots who deserve to lose their money. It's unfortunate to say but half the world is like this. That's why we have Mc Donalds coffee cups that say "CAUTION! IT MIGHT BE HOT" written on the side of it, and milk cartons have "may contain traces of milk" on the back. The sad reality is, this is half if not more of Crypto right now. The recent Bitcoin rally and Bitconnect brought in so much new blood to the scene that really don't know what they are getting into. Why does everything in crypto need to be viewed as an investment?  Why can't you just buy something stupid as a joke so you can meme on the internet? Life is an investment. Time is an investment. Thinking is an investment. Everything in our brain is run off of ROI (Return on investment). How can Crypto be any different? Car dealerships are ponzi schemes.  They sell you a car worth $50,000 that immediately depreciates in value...  then they buy it back from you used for $10,000 and resell it for $22,000. Based off this statement alone I can tell you don't know what a ponzi scheme is. A ponzi scheme has one fundamental attribute: you get trapped. When you hold part of the ponzi scheme chain your holding does not depreciate at all, it vanishes to nothing. Because in reality it actually is worth nothing. When you buy a car for $10k can you sell it for $20k as a consumer? Can the next person sell it for $40k? Then the one after that for $80k? I didn't think so. When you buy a car for $10k then no sh*t it's gonna be worth less. But here's the thing, how would you feel if you could not sell that car for less than $20k? You just have to hope that some poor sucky get's roped into wanting it or you're stuck with it. That would hurt wouldn't it? The extra value can be in the form of enjoyment, utility, sentiment, or whatever else. Well that's fine by me, you can stare at your card's twitter profile image for as long as you like. I mean, it's not like you can do that on Twitter's website or anything, nope. Also unless you have proof that the people behind Allstars were going to shut down the site and exit-scam everyone in the future you actually enabled the ponzi scheme to happen by shutting it down yourself. The proof is in the contract from day one. I'm sorry, but math does not lie however sugar coated it might be. Eventually when you run out of Twitter profiles that people will buy then what next? Card holders are stuck with a $15k debt and they suddenly come running and demanding they get their money's worth. Every one of these schemes collapses eventually and someone always gets shafted, it's just a matter of when. At least if the site was still operational people would have access to the items they purchased Items? What items? Do you know what you actually bought? A tiny spot inside an array of addresses on the Eth blockchain. The last I checked I could pick and choose how much I sell an item that I owned for. If I buy an item worth $10 and I no longer want it, I can sell it for $8 easily, or even $9 if it's still new, or hey even $1 if I wanted. But you cannot do that here. Once you purchase a card you are forced to sell it at +25-50% it's value. In the real world of collectibles this is just not what happens. To round this off, you can argue as much as you want that you might just want the cards, but let's face it: you might be the only one who does and 90% are in for the quick easy flip and take the risk. The card's are useless data which is available free on a public website (Twitter.com). Collectibles hold value, but these don't. They still depend on the main cryptoallstars website being around forever otherwise you suddenly hold nothing again. The site just shows you the current prices from the blockchain data and makes it pretty. With or without the website, what you own does not change. A real collectible item is a coin or a token, which even if the blockchain completely dies you still hold your private keys of your wallet.
Level 1
RE: Big Announcement, please read
Posted 5 months ago, last edited 5 months ago
Right so the only issue at hand here is the cost structure. So just remove the automatic price increase and allow people to price their items as they see fit like it works with the other similar apps like CryptoKitties. No need to take the whole site down when it can be fixed with one simple change. Let people have a little bit of fun with it. Also digital collectibles are definitely a thing.  People buy all kinds of cosmetic crap, mostly in online games, and all those services have disclaimers saying that they can shut down their service at any time and you aren't entitled to keep any of the items you purchased.
RE: Big Announcement, please read
Posted 5 months ago
Right so the only issue at hand here is the cost structure. So just remove the automatic price increase and allow people to price their items as they see fit like it works with the other similar apps like CryptoKitties. No need to take the whole site down when it can be fixed with one simple change. Let people have a little bit of fun with it. Also digital collectibles are definitely a thing.  People buy all kinds of cosmetic crap, mostly in online games, and all those services have disclaimers saying that they can shut down their service at any time and you aren't entitled to keep any of the items you purchased. You visit an auction house and end up bidding against other people on a rare bottle cap. It ends up costing you $500. This bottle cap is a piece of scrap metal, but it's also a piece of history. When you get home you find out it's trending on ebay for $2.78. Do you list it for $510 or for $2.5? This is just an example of what happened to these card's prices. With CryptoKitties it's actually legit, because the market prices of those things actually form naturally and are not forcibly pumped by hype or programatic decisions. I think we've all been in crypto long enough to know what happens when you're allowed to set your prices lower than what you bought them...
Level 85
RE: Big Announcement, please read
Posted 5 months ago
What a bunch of tools how do other website owners get a site owner tag by the way.
RE: Big Announcement, please read
Posted 5 months ago
For those new to the bitcoin world. All faucets sell ads. Many of the people advertising are running ponzi schemes or other kinds of scams. be wary and do due diligence. For starters if the percent interest is high leave it alone. It is probably a ponzi and you will lose your investment. Thanks admin for pointing out and helping to shut this scam down. Robert0199