Team Just is the team behind the biggest pyramid scheme on Ethereum so far: POWH3D. If you lived under a rock so far and you don’t know what POWH3D is, well I’ll tell you as simply as I can. First of all, it’s a Dapp. you can purchase P3D from the decentralized exchange on the website, with the perk that every transaction has a 10% fee that is shared with the existing “token” holders. Yes, it’s a pyramid scheme, however it doesn’t sount like a Ponzi schmene, as it’s all very transparent and based on human greed. Here’s an actual text from their website: “Every trade, buy or sell, has a 10% flat transaction fee applied. Instead of this going to the exchange, the fee is split between all currently held tokens! 10% of all volume this cryptocurrency ever experiences, is set aside for you the token holders, as ethereum rewards that you can instantly withdraw whenever you’d like.”
Since the platform was launched, it looks like it only gathers ETH, so for the moment almost nobody is withdrawing, as you can see here. My opinion is to stay out of this kind of things, as in every pyramid scheme, there is no future there. However, I am amused by the project and respect the team for thinking that. And also for having a funny-honest website.
When I thought the developers were out of any new ideas that will feed on human greed, they released a new game, which is called Fomo3D. Here’s the official description: “Fomo3D is an ironic jab at the cryptocurrency ICO space, putting every player in the terrifying and tempting position to Exit Scam everything and run away with massive life-changing amounts of real Ethereum. You should take it. Made by Team JUST as a 100% trustless library of smart contracts. Fomo3D is intentionally designed so that developers have no access to the funds or influence on the rounds. The game runs entirely on human greed, to the profit of everyone playing.”
These guys are something!
Seriously, don’t use the platforms!