Sounds like a pyramid scheme to me.

And "friends" who'd earn money for sending me SPAM would no longer be "friends" - if they actually ever had been ones.

And using ".org" as a domain doesn't turn a money hungry startup into a charitable organization.

Just to be clear you don't PAY for anything using this app, so how can it be a Ponzi scheme?

The app pays YOU. They say if you can't see what the product is in a business then YOU'RE the product. So basically any success of the app goes to the people that use it by simply using the app. And advertisers have to give you coins to advertise to you. Its brilliant actually. They recon that if FB shared out advertising revenues to its users then people would get like 100 dollars a year. Stupid people like to say FB is free when actually they are taking your activity and monetising it.

Actually not. Firstly it uses Telegram which is encrypted end to end.

Its still in Beta but it will work like this. You will have the option to allow advertisers to access you via you declared interests. Its not finalised but I read it will be a checklist of interests, sport, finance, movies, etc. So the advertisers can send to you their product info which THEY MUST PAY YOU DIRECTLY for that access in the currency. So there is no actual access to you info at any time. It cuts out the middle man basically. Plus it creates a demand for the currency in a legitimate self sustaining micro economy.

Of course the company can make money, likely small percentage for sending coins and they hold some coins themselves. BUT in comparison to a snapchat or a Twitter they would never be able to make much relatively to those guys. They should get some money anyway, but the point is its a more balanced sharing the success with its users. Some people out their believe in cryptocurrency and the benefits to society, I'm surprised how many people actually build amazing tech for very little personal reward. Why so cynical, I heard you put a lot of time and effort in a camera firmware, does this mean you are a millionaire now? lol

I really care very little about details of such scam or similar schemes.

Go and get some real work doing thing useful for people.

Thats not very nice and 100% subjective. I'm not interested in many of your posts either.

I did not tell anything about interests, and it is not subjective.

Bitcoin solves this issue. So you are interested, you just don't understand it yet. For me its like explaining the internet to my grandparents 10 years ago....bloody frustrating.

LOL. I like your fascination. But suggest to start reading some serious books, including ones describing inequality at the times where almost no one know or used any banks.

Bitcoin is the same scam scheme, where initial hashes are very cheap to their owners and each new hash cost exponentially more. None of this has any real value. Swings in "value" are huge.

Alternative currencies are not the solution ....as long as the banksters are in power. They're simply a different take on playing the stock/bond market. They'll simply take your accumulated wealth wherever and however they wish, just like the stock market. Or more aggressively if they think you're evading. Even the gold hoarding recommended by alternative economist is easily controlled by the banksters. And using any type of encryption to transfer money simply alerts their attention.

For more effective is local bartering. A private agreement without the exchange of funds is almost impossible to intercede by the banking cartels...banking cartels = all governments and their agents. Governments are simply the cartel in control. Appears thus far only Iceland has escaped their grasp. All other world powers are completely controlled.....usa, russia, china, eu, etc etc.

They'll simply take your accumulated wealth wherever and however they wish, just like the stock market.

accumulated wealth is fairly safe, to my knowledge. and accumulated wealth is different from the stock market. the stock market is a form of gambling. and there is evidence to suggest the stock market is rigged, etc... but no one is forcing you to put your money there.

maybe gold and bitcoin are not necessarily safe. i think i recall reading that bitcoin has been banned in thailand? so perhaps other govts will clamp down on bitcoin in the future? I'm no financial expert, just going by scraps of info i come across.

why were (maybe they still are?) swiss bank accounts used and highly regarded? they're untraceable and untouchable, aren't they?

sorry, i don't understand what you mean. they (the govt) is confiscating wealth off persons for no reason? are these persons in debt and not paying off their debt?

@Babypanda. Well we haven't had the kind of financial collapse that some say is coming in the West before. But The US did confiscate Gold when it decided to. Nationalism in the UK was just asset seizure of a different name. People in Cyprus had their bank accounts raided by the Government to pay off the bank.

You should google the meaning of 'Bail ins' The EU has made it compulsory within the next 12 months or so for all EU countries if they have a banking problem that instead of government bailing out them they must take from their own assets i.e. YOUR BANK ACCOUNTS. Be warned. Greek people aren't lined up outside ATM machines as we speak for nothing.

Personally my Bitcoin is safe, unhackable and doing well in financial uncertain times, plus it is anonomous Gov. don't have to know I have it and I can move to any country on earth with an internet connection and use it. I don't think Greek have those kind of options right now in their 'safe' money. Think outside the box, the air is cleaner.

@suresure123: With regards to protecting your money from the state confiscating it, Bitcoins are as shitty as could be - the public ledger won't allow for anything to be hidden.

In contrast, if you buy some gold, you can hide it physically, and I know several people who saved their money like this even during times (specifically the Third Reich) when the government outlawed private ownership of Gold to grab everything for financing the war.

@suresure123 , some financial experts advise keeping offshore gold. here's a link, FYI: http://nomadcapitalist.com/2013/05/06/why-you-need-offshore-gold-storage/

As the saying goes. I did have a lot of Gold but unfortunately I lost it in an unfortunate boating accident. Sorry IRS.