This Business Will get out of Control. It Will get out of Control and we'll be Lucky to Live Through It.

A prankster who created the joke Cryptocurrency PonziCoin has called it off, because too many people want to keep giving him money:

People will never cease to amaze and the level of stupidity that human beings express sometimes surpasses any that we have seen before. It is one thing to fall for a Ponzi Scheme that was disguised as something legitimate but when someone takes the extra effort of warning you that you may lose all your money and you still jump in with your two feet, that is on you.

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With the sudden spiral of cryptocurrency in the world, we have already seen quite a number of people lose money through fake ICOs (Initial Coin Offerings) and collapsing platforms, but people never learn and to prove this, a San Francisco based developer, Rishab Hegde, “jokingly” built a cryptocurrency based on Ethereum and named it PonziCoin – an exact copycat of what happened back in 2014.

Rishab Hedge went ahead to warn the investors on the coin that it was a Ponzi Scheme, “The world’s first legitimate Ponzi scheme,” reads the coin’s landing page. The bliss does not end there, the developer adds more warnings in the Frequently Asked Questions section:

Q: Is this a scam?

A: Yes, it’s as much a scam as 99% of the ICOs out there, but it’s more transparent about it 🙂

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Now here’s the major news; People actually invested in the Ponzi scheme. Maybe with the hopes of being the early investors and cashing out before everything collapses. After around 8 hours, PonziCoin had attracted attention and the platform had collected around 250 Ether coins ( valued at more than $25,000).

Mr Rishab seems to have gotten cold feet due to the attention and he decided to pull the plug on PonziCoin, leaving investors out it the cold and possibly making away with their money since none of the investors got a payout on their investment. An update on the website reads:

This has gotten crazy out of hand, I apologize but we will no longer be selling PonziCoin on this site because this was a joke. I cannot terminate the contract but I will not be selling any coins that I own.

Tulips, Schmulips, this is a REAL bubble.