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# ICOs eat your heart out

Every once in a while I'll come across such an incredible idea that it will make me smack my forehead and say to myself, "Shit! Why didn't I think of that?"

[The PoWH coin,](https://powhcoin.com/) admits right away that it's a ponzi scheme. In a world where every single coin is clambering to scream how THEY will are here to stay, it's nice to see someone poking fun at the hysteria.

PoWH's genius is in its simplicity - the way the coin works is by using a new technology called Proof of Weak Hands - sound familiar? Instead of using something like proof of work or proof of stake, the coin pays dividends taken from purchases of new tokens, just like an actual ponzi scheme.

In other words, early investors make money from later investors.

The beautiful thing about this is that it's admittedly a ponzi scheme and a scam.  The website is full of gold like this:

> ~~Invest in~~ Throw ethereum at the Blockchain

> By sending Eth to the smart contract, you're trusting an uncaring mathematical gambling robot, fueled by the magic of chinese ethereum miners, to entrust you with (POWH) Tokens. We don't trust it and neither should you.

That said, it's still [a ponzi scheme.](https://en.wikipedia.org/wiki/Ponzi_scheme) And people who invest early into a ponzi scheme and get out early can make a lot of money.

http://i0.kym-cdn.com/entries/icons/mobile/000/007/565/yorge1.jpg

# Build like an Egyptian

If you take a look at the website, you can see that the creators of the coin are very upfront about what they're doing. The project is intended to be a joke. Despite that, the [etherscan page for the wallet shows some impressive numbers (just over $1 million market cap at the time of writing.](https://etherscan.io/address/0xa7ca36f7273d4d38fc2aec5a454c497f86728a7a#code)

Incredibly, this project is even doing better than some ICOs with legitimate teams and use cases. 

To get specific, the way this coin works is that every time a coin is purchased, the price rises by .25%. Every time a coin is sold, the price decreases by .25%. 

The obvious strategy here would be to be the main investor in the project. When you hold the majority of the coin, you have the most control over price fluctuations. You can easily make a ton of money.

Add to that the fact that you'll be swimming in dividends - paid in ETH, by the way - and this coin is actually starting to seem like a good idea.

http://i0.kym-cdn.com/photos/images/newsfeed/000/219/420/ENTERTAINED4.jpg

# Entertainment factor > everything else

I remember a famous businessman saying, "More than anything else, people will give you money if you entertain them." 

Strange, considering he made the majority of his money selling a legitimate service that was in incredibly high demand. 

Regardless of the fact that the creators made a meme coin, I believe they've unwittingly given birth to a new type of crypto. More exciting than your average game of chance, this coin rewards cooperation and market manipulation with the promise of both long term dividends and fast profits during a dump.

Say whatever you want about it: the idea, execution and timing of this coin are perfect.

Finally, economists have a real-life [Prisoner's Dilemma](https://en.wikipedia.org/wiki/Prisoner%27s_dilemma) to study.

I fully expect this coin to be successful - until it dumps and all investors are told the exact same thing after every ponzi scheme exits.

*"Oh that? Wasn't that a ponzi scheme? Come on, what did you expect?"*

I just put in 14 ETH.
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# Check out some of my other posts here:

* [How To Be Successful In Just 100 Hours A Week](https://steemit.com/elonmusk/@yallapapi/how-to-be-successful-in-just-100-hours-a-week)
* [All I Want Is A Billion Dollars, A Rock-Solid Six Pack, And To Smash A Different Hard-Bodied Fitness Model Every Night - Is That Too Much To Ask?](https://steemit.com/travel/@yallapapi/all-i-want-is-a-billion-dollars-a-rock-solid-six-pack-and-to-smash-a-different-hard-bodied-fitness-model-every-night-is-that-too#comments)
* [A Gold-Backed Token, Cryptocurrency Mutual Fund And ICO Platform For Business - Pecun.io Has It All](https://steemit.com/ico/@yallapapi/a-gold-backed-token-cryptocurrency-mutual-fund-and-ico-platform-for-business-pecun-io-has-it-all)
* [Discipline, Fearlessness, And Other Lies Sold To You By Clever Marketers](https://steemit.com/life/@yallapapi/discipline-fearlessness-and-other-lies-sold-to-you-by-clever-marketers)
* [The Problem With PentaCore And Cryptocurrency Mutual Funds In General (And What To Do About It)](https://steemit.com/crypto/@yallapapi/the-problem-with-pentacore-and-cryptocurrency-mutual-funds-in-general-and-what-to-do-about-it)
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* [How To Actually Get More Likes And Followers On Instagram](https://steemit.com/instagram/@yallapapi/how-to-actually-get-more-likes-and-followers-on-instagram)
* [Japan's Largest Bank Set To Open Cryptocurrency Exchange In April 2018](https://steemit.com/japan/@yallapapi/japan-s-largest-bank-set-to-open-cryptocurrency-exchange-in-april-2018)
* [There Is Now A Japanese Cryptocurrency-Themed Pop Group](https://steemit.com/crypto/@yallapapi/there-is-now-a-japanese-cryptocurrency-themed-pop-group)
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* [VeChain (VEN) Being Shilled HARD In r/Cryptocurrency - 50 Posts In The Last Week](https://steemit.com/vechain/@yallapapi/vechain-ven-being-shilled-hard-in-r-cryptocurrency-50-posts-in-the-last-week)
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* [I'm Not A Religious Man, But I Thank God For Every Failure I've Ever Had](https://steemit.com/blog/@yallapapi/i-m-not-a-religious-man-but-i-thank-god-for-every-failure-i-ve-ever-had)
* [Why Creative Work Is Its Own Reward And How To Get Better At The Things You Hate](https://steemit.com/blog/@yallapapi/why-creative-work-is-its-own-reward-and-how-to-get-better-at-the-things-you-hate)



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