TeamJUST, the developer of PoWH3d, has struck once again. Just like PoWH3d, the new, no less dubious dApp achieves a top ranking on DappRadar.com. The jackpot of the hybrid lottery and snowball system has grown to the equivalent of ten million US dollars. How long can this continue to go well?
The gambling principle of the Gambling-dApp is very simple
You buy so-called “keys” with ETH. Part of the money ends up in a large pot. The rest is distributed to those who already own one or more keys. How the money is distributed depends on which of the four possible “teams” you have joined. There is a 24-hour countdown, which is slightly extended with every purchase of a key.
Welcome to blockchain development. Your ICO is over, hype is drying up. Take the private keys, drain everything.
The person who bought the last key before the timer expired receives 48 percent of the pot’s content. This currently amounts to an impressive 21,400 ETH, which corresponds to almost ten million US dollars. Two percent of the pot will go to a community fund and benefit those who have participated in the development of the dApp. The remaining 50 percent will go to Fomo3D players and P3D token owners; in addition, part of the money will be transferred to the next round.
The keys become more and more expensive as time goes on. This means that those who have secured many keys early on benefit from those who join later. That’s why we’re now busy recruiting new users who are particularly prone to the fear of missing something (Fear of missing out, “Fomo”). Just as it should be for an agreed pyramid scheme.
Despite lack of seriousness currently most successful dApp
FOMO3d doesn’t even try to talk about its business model. Thus it concerns according to own statement an “exit scam”. The URL of the dApp has also been chosen carefully: The name www.exitscam.me leaves no questions unanswered as to the seriousness of the dApp.
If the madness continues like this, it is probably only a matter of time before the effects on the ETH course and the gas prices become noticeable. There is one thing for which you have to pay respect to TeamJUST: With their projects, they succeed wonderfully and not without humour in identifying the absurd excesses of the crypto economy. Thanks to Fomo!