Hacker News Reader

This is obviously an April Fools' Day joke, but it shows what is wrong with crypto-backed projects (ICO's etc)

April Fools' Day joke or not, a project exactly like this one existed way before today.

And the one I made before the project you mention:

The real fun is the whitepaper (some of my better work): https://ponzico.win/ponzico.pdf

But yeah, PonzICOs are turtles all the way down.

That whitepaper is damn good.

Thank you, truly! Satire is my passion, and whenever folks enjoy my work I feel a deep sense of pride.

Follow your dream -- the world needs satire now more than ever. (Though I would prefer [twocolumn].)

Now I see the value behind smart contracts. It is much easier to set up a Ponzi scheme. No need to keep track of all the investors and who owns what.

I think Ponzi.io lasted about 1day about 3 years ago (it was real, but I think the coins were refunded)

I don't understand. Can you break it down a little more?