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Comment by pavlov | Hacker News Reader

If only OneCoin had bothered to create any sort of blockchain token, they'd be just like every other altcoin and she could keep the billions (maybe pay a trivial fine to a regulator somewhere).

Her scheme preceded Ethereum, so she couldn't make use of the convenient Token Scam Construction Kit like the other similarly promoted ICOs that came a bit later.

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Yeah that amazed me also that they failed to produce any kind of blockchain. All they had to do was start a new bitcoin ledger or whatever using the openly available bitcoin software, as several other coins did at the time. They did try to hire a techy at least once to do it, but he refused to take part in it after getting suspicious. But they didn't even bother to try and hire someone else?

Apparently they were using an excel sheet for account balances and transfers.

Underrated

So Pulse is just one big Excel macro in the cloud…

Finally, an efficient crypto implementation.

It can track changes. :)

I guess Matt Levine was on to something, https://www.bloomberg.com/opinion/articles/2022-01-10/web3-t...

I wonder what the max transactions per second rate is in a shared Excel doc. More than 7/s?

Nothing wrong with that... https://csvchain.com/

Puzzling indeed. Afaik Dogecoin is pretty much a 1:1 clone of an old version of Bitcoin, and the founder made it sound like it was a weekend's worth of work.

Technically, Litecoin, which was Bitcoin with some parameters tweaked (like more frequent blocks).

Then later they also removed the supply cap, which is a pretty fundamental change from the premise of bitcoin, so it’s no longer a trivial copy, I would say.

https://en.wikipedia.org/wiki/Dogecoin#Currency_supply

I think the issue was that they claimed there was a blockchain, but it was all fabricated.

The claims of a blockchain also promised 1 minute transaction confirmation (better than bitcoin), which wouldn't have made sense for an Ethereum token.

Also, I think certain token projects can get the releasers arrested too.. I believe the Squid game token creators are wanted in a few countries

that's funny because it's actually kind of true. most erc-20 tokens are just contrived scams, same for bsc.

A lot of people who run ponzi schemes give up on actually investing after a while. See Madoff and others.

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