PonziCoin – Let’s Just Cut to the Chase
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Token sales—aka “Initial Coin Offerings” where the ‘i’ in Coin is optional— are hotter than Instagram filters on Venus. But to date, nearly all of them have presold non-functional products at ludicrous valuations. The author is offended. Not at the scheme per se—kudos to the developers for discovering a class of rich, pseudo-intellectual suckers willing to value the work they haven’t done at multipliers that would give a private equity partner an aneurysm. But the inefficiency of it all! In this very legitimate, LATEXcomposed, long-planned white paper, the author proposes a method to achieve the same goal with a magnitude less work and presents a productionready Ethereum smart contract address—where production-ready is as at least as code- and concept-tested as The DAO’s Code is Law. As a bonus, the scheme doesn’t require tokens on top of Ethereum, which were a really fun growth-hacky mirage for awhile but ultimately a distraction.