An Ethereum-based Ponzi scheme called Fomo3d is going viral
By Leo Zhang
Jul 23, 2018
It was only a matter of time before Ethereum, the home of the ICO and token-gambling, gave birth to literal casino games:
"Fomo3d is simple in concept. You buy a 'key,' which is kind of like a token, and that key adds 30 seconds to a timer. Part of the ETH you paid for the key goes to a pot, which currently has some 28,000 eth ($13 million). Part of it goes in 'dividends' to those that bought a key before you."
Most other (non-gambling) projects aren't as successful. In a comprehensive paper featured in the thread below, the UPenn Law professor Dave Hoffman reviews the current state of the top 50 ICO projects in 2017 and shows just how far poorly they're faring.
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