Tue, Oct 31
Whenever I get involved in something online, I always take the care to check first, test, and only then tell friends about it. But this time, it seems I've fallen into a big mess!
Funny how something always caught my attention about this model of a financial social network, SOCIALFI, in which users use X accounts to monetize content instead of producing content, they trade their X accounts.
Here, users with more weight, those accounts with more followers and big influencers, are very successful in making money because they are considered "tickets with valuable shares," and there's a rush to acquire the pass. This pass is worth gold in SocialFi, and devs took this idea to incorporate the old "ponzi game scheme."
Obviously, right from the start, many don't realize, even I was deceived, and they rush into technological innovation, shouting to the world that something groundbreaking has been created and promoting the business far and wide.
This promotion is, in fact, a strong dish for the devs behind it because they don't need to do much marketing work; the users will do it without realizing they are doing it!
What's even more incredible is the audacity of the devs behind it because they had no regard for the users, and as soon as they could, they created a "Hack" and, voila, they managed to divert all the money locked in the platform, claiming it was an exploit.
Over 3 million AVAX miraculously disappeared from the contract in just a few days of the platform's existence, and since the hype was high, the devs saw another opportunity to make more money with the users. They created a space in X and astonishingly announced that they had recovered the stolen value, and users shouldn't worry because some investors would close the gap left by the hackers, and no user would be at a loss.
Obviously, another ploy to extract more money from the users and invite even more people so that the involved devs could profit even more from the platform, whether through contract fees or even through well-disguised plans of theft camouflaged in contractual interaction directives that would only benefit the team.
First, there were complaints that the referral fees were not landing in the accounts of those who invited, then there was suspicious behavior from some accounts in SA that didn't have X accounts and were incredibly the big players with tickets worth a lot of money on the platform.
Another peculiar aspect is the fact that the SA account itself exists and is selling tickets, being one of the most valuable ones, costing more than 90 AVAX (1 = 11 dollars, just do the math), which is inconceivable because it opens the door for this account to also have an algorithm that makes the user want to hold onto this ticket, after all, it's from the platform!
Why do I say it's a Ponzi scheme game? Simple, in Stars Arena, no small accounts or very few could make decent money, but the big ones always attracted attention, and everyone who entered the platform rushed to get these tickets because if you could enter when the price was lower, the chance of making more money was higher than entering with the ticket at a high price.
Today, my conclusions come to the surface when I realize that I'm not alone in thinking that Stars Arena is indeed an organized Ponzi scheme, not very well, but organized, and the devs always knew it. If you want proof of that, here's an article developed in that direction proving that the creator has always been a grifter.
If you're on the platform, and I'm the one who invited you, my apologies, but don't invest in the platform, and I'm glad I took the time to investigate and understand what it was all about.
Always be cautious online and never dive headfirst into anything without first conducting a thorough investigation. After all, even those of us with a considerable amount of experience in the market can still be deceived. The good thing was discovering it early and alerting the situation.
Don't Trust Always Verify.
Disclaimer: This article represents my personal opinion on Stars Arena, based on evidence and observations collected from public accounts. It is important to note that individuals may have different perspectives on the matter, and some may hold contrasting opinions.
The purpose of this article is to provide insights and information, but readers should exercise their own judgment and critical thinking. It is not intended to serve as financial or investment advice. Readers should conduct their research and due diligence before making any decisions related to Stars Arena or any similar platform.
Stars Arena (SA) has raised concerns and suspicions, and while I believe it exhibits characteristics of a Ponzi scheme, it is ultimately up to each individual to form their own conclusions and make informed choices. Readers are encouraged to approach the subject matter with a critical mindset and consider various viewpoints.
While this article presents a critical view of SA as a potential Ponzi scheme, readers should be aware that opinions and circumstances may vary. It is crucial to make decisions regarding investments and financial matters carefully and with the awareness that risks are inherent in such endeavors.
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