ICE POSEIDON denies running Ponzi scheme while admitting he's running a Ponzi scheme - Dexerto
Entertainment

ICE POSEIDON denies running Ponzi scheme while admitting he’s running a Ponzi scheme

Published: 27/Feb/2019 11:54 Updated: 27/Feb/2019 12:26

by Calum Patterson

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Controversial live streamer Paul ‘ICE POSEIDON‘ Denino has denied running a ‘Ponzi’ scheme, during a clip of him explaining his business model and describing what sounds remarkably like a Ponzi scheme.

ICE POSEIDON shot to popularity as an ‘IRL’ (In Real Life) streamer on both Twitch and YouTube (he moved to YouTube after being banned from Twitch), and now runs the ‘Cx’ streaming network.

His next project is a website called ‘scuffed.com’, which currently simply reads ‘coming soon’ with clips from Denino’s live stream in the background. But, the funding for this website has raised suspicions.

A YouTube video titled “Ice Poseidon Admits to Running A PONZI SCHEME”, has racked up over half a million views in 24 hours, after being shared to popular subreddit r/Videos.

The clip, taken from an ICE POSEIDON broadcast, shows the streamer explaining his plan to raise capital for scuffed.com, and viewers have likened it to the fraudulent investment scheme made famous by Charles Ponzi.

“For the investors to make their money back, we grow the company to a certain point, then we have other investors come in, they invest their money as well. Then when we get more than $2 million invested, the other investors will get their $2 million back.”

Catching himself, POSEIDON states that he explained it badly, and denies that it is a Ponzi scheme, but later restates “they [investors] are paid back by either equity that’s not diluted, or they just get their money back because more investors have invested money.”

Other streamers have commented on what appears to be an admission of a Ponzi scheme, including popular Twitch streamer Steven ‘Destiny‘ Bonell, who said “he’s literally describing a Ponzi scheme”.

The video made it to the very front page of Reddit, and although Denino hasn’t attempted to explain further himself, he shared a video from YouTuber Daniel ‘KEEMSTAR‘ Keem – who says it is not a Ponzi scheme.

However, KEEMSTAR does not address Denino’s specific comments where he explicitly stated that investors would be repaid with money from new investors.

Denino has grown a large loyal following, both personally and with other streamers on the ‘Cx’ network. Scuffed.com still appears to be in development and is “coming soon” – provided the investment strategy is not in fact a fraudulent pyramid scheme.

What is a Ponzi scheme?

Also known as a pyramid scheme, a Ponzi scheme is a form of investment fraud, where initial investors are repaid with the money from new investors, while the ‘company’ itself actually makes no money. 

Investors are often promised incredibly high returns in a short period of time, and throughout, the orchestrator of the scheme will siphon off and pocket some of the investment capital.

coinsutraAn explanation of a Ponzi scheme (via coinsutra.com)
Rust

Shroud impressed with Sykkuno’s “amazing” Rust skills: “You destroyed me!”

Published: 16/Jan/2021 17:57

by Georgina Smith

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Michael ‘shroud’ Grzesiek was left in awe after Sykkuno managed to shoot him dead on the OTV Rust server, and it was safe to say he was impressed by the streamer’s aim, saying “you killed me, you’re amazing!”

The Offline TV Rust sever has been a huge talking point since the start of this year, as with the enormous host of streamers participating there are endless amounts of content for fans to consume on the daily.

The server even ended up needing to be split into two after people’s varying playstyles caused some tension and calls for a need to separate PVP-focused players and roleplay-focused players.

Rust promotional image with the logo on top
Facepunch Studios
While it was originally released in 2013, Rust has experienced a surge in popularity thanks to the OTV server.

However, that’s not to say that there haven’t been plenty of iconic moments between streamers, as even though the game can get pretty violent, the vast range of streamer interactions has led to some great scenes for fans.

That was the case for Sykkuno fans when he managed to kill shroud, leaving everyone impressed with his skills.

While they were competing for the Oil Rig, Sykkuno managed to get shroud with his gun as he jumped, and it didn’t seem like shroud expected it at all, dying with a bewildered “no, Sykkuno!”

Sykkuno’s hand immediately flew to his mouth, laughing and apologizing for the abrupt kill.

Michael sounded equally as impressed as he did betrayed, after a few seconds of silence saying “Sykkuno you killed me, you’re amazing!” But the compliments didn’t end there, with Micheal adding, “you destroyed me!” and even “you’re the better gamer, man” to which Sykkuno replied, “no, no, most definitely not.”

Sykkuno has talked previously about how he’s a “humongous fan of shroud” in the past, so this interaction definitely proved to be a positive one for the rising streamer.

One fan on Twitter said, “Sykkuno downed shroud and even shroud is proud of him,” another saying “that Sykkuno/shroud friendly PVP was beautiful to watch… what in the wholesome rivalry.”

The PVP moment was definitely an entertaining one all round, and while the results were unexpected, no one was more impressed than shroud himself.