Exit scam ethereum contracts

Before I get into this post I just want to WARN anyone reading this that investing or buying in these is HIGH risk. This is not an airdrop or a cryptocurrency with specific goals, anything you would consider putting into these should be something you are willing to lose.

There is a certain new genre brewing where there are ethereum contracts established with certain quirks. The most famous one so far is called Exitscam.me (includes ref link).

If you are interested in joining this site, you need Metamask or Trustwallet to be able to purchase some keys.

Here are some short descriptions of the game copied from their wiki:

• This is a lottery game in which the last person to buy a key at the end of a round wins the pot!
• During a round, people can purchase 1 or more keys which adds time to the timer and marks them as the current leader. With each key purchase during the round, the key price increases slightly.
• Players receive a stream of passive income from the game as keys are bought during the round. These rewards can be withdrawn anytime.
• When the timer reaches zero, last person to buy a key wins! (F3D players/P3D holders get a piece too!)

• Players select from one of four teams which determine certain rules during the round.
• P3D holders receive dividends on each key purchase and at the end of the round.
• Players can purchase a vanity URL and/or refer your friends to the game for extra rewards.
• Buying keys offers you a % chance to receive an "airdrop" winning ETH from a growing side-pot!

For those who want to watch a video instead here is a youtuber called Lil Stronghands explaining it:

If you want to give this a go click here on my ref link and I'll receive some extra tokens as well.

I would personally not invest anything right now as there is a staggering 21,266 Ethereum in the active pot right now of Round #1. This site has received a lot of hype and it will be crazy to find out how it will end in the long term. Since the last buyer will win the pot with a 24 hour timer refreshing each buy - it means it can practically be endless. The price of the keys keeps increasing on each buy though so there must be an end at some point - or there will not be enough Ethereum, especially when Eth goes proof of stake and the new coins being mined will be a lot less than they are now. It will also lock up a lot of Eth for a long time meaning there will be a lot less in the markets - maybe a good time to stock up on some Ethereum.

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Since I decided not really to invest more than 50 keys into that one, I started looking for others and found this one just now called SnowDividends.

This one works a bit differently from Fomo3d.

Here is some information from their main page:

• 20% Buy in and Sell out fee on our internal exchange which are getting distributed to all token holders. The transfer is feeless. Also prepare yourself for new features and contracts build upon this platform. Token holders will always profit from our upcoming products.

• our Smart Contract supports Multi-Level-Marketing. You will receive commissions for the first buy and all sales of your downline/referrals

• This contract creates dividends through a custom distribution function. Once per week our team is going to distribute ethereum directly to all token holders. This is realized through a percentage of the teams dividends and income from future contracts. Those are getting invested into dividend-creating and secure investment opportunities. The created dividends will be distributed every week.

• The whole contract is open-source and secure. Ethereum smart contracts can't be changed once they are deployed. There is no vulnerability or any secret admin function and everyone is able to verify it by reading the source code.

I am amazed how people can create a ponzi through a smart contract, the steps people take to get rich quick instead of just investing in blockchain projects/startups.

Again like last time I don't recommend anyone to invest in this!

If you want to play around a little though and check it out, the second one is brand new and only has a little over 100 Eth invested so far and according to the site you can sell your "Snow" tokens at any time minus the 20% fee's when you buy in and sell out. If this were to become as hyped and popular as Fomo3d I imagine some profits can be made here but of course from others buying in later losing out on it.

Here is a link with my referral if you want to check it out - this one also requires metamask I believe.

Link to Snow's Discord

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What are your thoughts on this? Is this a new era of Contract based Ponzi/MLM schemes? Will this cause the ethereum blockchain to get clogged again?