Shavers was running such a mixer service: he was laundering the bitcoins through his own mining pool (called GPUMAX). The way it worked is that he was redistributing the dirty bitcoins acquired through his Ponzi scheme to pool participants as mining rewards, while keeping the newly mined bitcoins for himself. And to entice people to use his pool he was paying a few extra percent more than what most other pools were paying. Pure genius.
I have been following the whole development of his Ponzi scheme. Yes it was obvious to some in the community that it was a Ponzi. I remember writing a few lengthy posts on bitcointalk.org accusing him of a Ponzi. But surprisingly, many people adamantly chose to believe in Shavers and argued against me, ignoring my warnings, telling me why I was wrong. Their argument boiled down to "it has to be legit since he has been paying everybody so far". Sigh... Money prevents people from thinking straight.
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Shavers was running such a mixer service: he was laundering the bitcoins through his own mining pool (called GPUMAX). The way it worked is that he was redistributing the dirty bitcoins acquired through his Ponzi scheme to pool participants as mining rewards, while keeping the newly mined bitcoins for himself. And to entice people to use his pool he was paying a few extra percent more than what most other pools were paying. Pure genius.
I have been following the whole development of his Ponzi scheme. Yes it was obvious to some in the community that it was a Ponzi. I remember writing a few lengthy posts on bitcointalk.org accusing him of a Ponzi. But surprisingly, many people adamantly chose to believe in Shavers and argued against me, ignoring my warnings, telling me why I was wrong. Their argument boiled down to "it has to be legit since he has been paying everybody so far". Sigh... Money prevents people from thinking straight.