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Buy, sell, trade and earn Bitcoin, Ethereum, Litecoin and NEM on secure and reliable websites. TLDR: Ethereum is a computing platform running on computers all over the world. Ethereum network using a language named Solidity. People can ask these computers to run programs that can’t easily be shut down because all the computers share the code with each other. If you want to run a program that takes a long time to finish, you have to pay the computers in the network a currency called Ether. An unregulated, global financial market with a multimillion USD market cap, yes please!
Why would you want to create a scam using Ethereum? Well, because it’s a financial wild west: unregulated, unsafe, and large enough you can hide in plain sight. Ponzi Schemes So, first-off let’s talk about ponzi schemes. Ethereum executes smart contracts that allow you to strictly enforce the execution of a ponzi scheme with no oversight after people start buying in. The code will continue executing indefinitely. Some researchers from Cornell University did extensive research to discover, classify, and analyze ponzi schemes running on the the Ethereum platform.
Still, it is foreseeable that, as Ethereum consolidates its position as a platform for smart contracts and as a cryptocurrency, criminals will exploit it to host their scams. Besides the growth of traditional Ponzi schemes accepting ether, we expect a second wave of Ponzi schemes, but very likely they will be less recognizable as such than the ones collected in this survey. Our analysis suggests that there is still time to devise suitable policy interventions, and provides a first understanding of the issues that must be tackled in this direction. Truthfully stating what the company intends to accomplish. Being held accountable for producing results. Not overhyping their ICO using tactics like “IPCO windows” where the ICO launches at a specific date and ends at a fixed time. Essentially, many regulations that exist in established financial markets were created for a reason.