A Sadly Blatant Ponzi Scheme

It's no secret that the cryptospace has a boatload of thinly-veiled scams at the moment. I would like to draw attention to one of the more obvious and straightforward ones, which is called doubledouble.io and which I had the disappointment of coming across recently.

For those who were raised by wolves, make no mistake: don't touch a ponzi scheme with a twenty-foot pole, ever. It involves you giving someone $100, with the instruction that if you can just convince a few other people to give you money and do the same, then you make money. If you're wondering why we don't all do this and get rich, it's because eventually the system runs out of people to fool. So that last (and largest) portion of participants loses money. It's a bit like the lottery: another tax on the gullible. If for some bizarre reason you needed the world to have those, there's an endless river of them.

From the doubledoubleio subreddit, someone commented and asked how this is different from a pyramid scheme. Look at the slimy words that spewed from Doubledouble's proverbial mouth:

Well, you can call it as you wish. We see it as an instrument that gives people opportunity to participate in such type of scheme securely. Let's be honest, money just flow from one hands to other. Today there is a ton of such projects online and offline. And it is always your choice to take part in it or not. But there are questions about the security of your money in the most of these projects. Our solution is based on Ethereum smart contracts so it guarantees that your money will be always protected. And one more important thing: everything is transparent in such system.

--https://www.reddit.com/user/DoubleDouble_io

As with my previous post, there exists a group of people being 'taxed' by this. Don't be in that group.