Topic: The Bitcoin MINING PONZI SCHEME - page 2. (Read 4392 times)

Time to tell people again that buying BTC itself is a better investment....

Unfounded, unresearched FUD followed by begging for Bitcoin, classy OP

how many bitcoins are there? how many will there be in the end? will it be a currency or a store of value? who knows? not you. not me. all I know is that my machines are cranking out fractions of btc. if it's worth lots or not a bunch who cares this is fun and also i don't like the idea of a private entity being responsible for the valuation of the currency i elect to use. this is as close to a free market as I will see in my lifetime.

significance of bitcoin, people are aware it exists perceive it cannot be tracked or regulated and majority of users assume it cannot be double spent.

also, economics=supply and demand i.e. I want that, it must be valuable in some way to me. Learned that trading jello for cookies when i was 5, hope you didn't pay a college for that one. if you did you fell victim to an imagined need, congrats on falling victim to the economics of education.

Well, that just makes the other people who haven't dedicated their lives to learning about econ and ccy systems look extra silly.  I was trying to let 'em down easy lol

As an undereducated average person it is not difficult for even me to grasp the significance of bitcoin. It may be my Silicon Valley roots? Everyone is excited about the currency aspect (so am I) but there is something more to this, that not only has the potential to change the way we use money but they way we do business (colored coins; attached/referencing contracts?). Public ledgers, peer to peer, instant notarizations ?
We have been advancing in many ways but our financial systems are far behind in innovation. We keep trying to patch up failing systems? This may be a bridge OR it fails.
In my old business (real estate) my goal was to incorporate tech into my business at every opportunity, it didn't always go well with agents still hooked on cumbersome ways. If an agent had gone into the business during a time when listings were kept in a file ( in a real physical friggen file cabinet y'all ;-) They were frequently befuddled by our MLS (The MLS Multiple Listing Service is the online database to properties for sale, tells what is for sale, what is in contract for sale and everything  that had sold for 10 years)
"Radical change" is not always greeted easily but we're overdue and it's here.

What about all the people who have been making money the whole time, and have approached mining as a business.  Economists, experts in currencies and central banking... People who truly understand what bitcoin is, and how important and revolutionary it will be.  My college education (paid for by predicting the crash in 2008, then buying gold with those profits), over a decade of profitable forex trading, and a few years spent as a trader for a hedge fund, are telling you to do more research and try to really understand what bitcoin is, and the mining isn't a money printing machine.  It is a business.  Not everyone will win.  Those who understand that mining is one facet of a profitable business model used to get in on the ground floor of the most revolutionary innovation since the internet.

Remember, no one was ever going to have use for a PC in the home, and the internet was dismissed as something for silly hobbyists.

As a self confessed low post count noob, I decided to buy some asics/block erupter/cube/bitfury's to work out everything above. Its been a good (well, ok) investment from a learning angle anyway, but absolutely not from a ROI point of view.

Sadly, I have to concur, I think the greed of the human race will be ultimately destructive for the bitcoin (and cryptocurrency) concept. Fun while it lasts though!

I have been telling people for months to not buy ASICs, but they aren't listening to me, as can be seen by the climbing difficulty rate.  It edged up to 2.6 BILLION today!  I have even explained how the ASIC manufacturers are using the machines for a while before shipping them, and they'd be idiots not to.

But as far as donating money to a no post count noob like you.... NO WAY!

READ THIS!  Ok sorry to be the one to break it to you guys, but you guys a part of one of the best PONZI schemes ever.  Mining companies such as KNC, Cointerra, Hashfast, and Butterfly labs promise high hashing power for thousands up front with no guarantee on results.  Case in point....1.7 ths and 2000Watts for the terraminer that was going to be 2.0 and 1200 watts.  Not to mention the difficulty of bitcoin has made everything obsolete that isnt being used by one of these companies.  Next, KNC that now says if you bought a NEPTUNE they will hash it for you for free when they are done.  Mean while "Plan B" consists of building a the most powerful bitcoin lab in the world and giving bitcoin to the buyers of the computers....However, with the difficulty rising, the mining rigs will obsolete.  tWhat a great idea sell MILLIONS worth the computers, then use the money to build them.  And instead of sending them to you, why not mine them for a month or 2 and make a few thousand bitcoins (http://eligius.st/~wizkid057/newstats/userstats.php/1Nbq2XZaRsKknf5fcT2wTXvBS31PaUWSeX) then send them to the rightful owners once they are just expensive paperweights.  And since most of you paid in bitcoin for these miners......its not traceable, nor can you prove the fund were sent.

Dont you all see a resemblance between all of these companies that sell mining rigs? None can produce anything to keep up with the difficulty of mining bit coins. If you are asking why....You should just give me all of your money, because you dont deserve it. They use your nonrefundable deposit to build these computers, then use them to mine coins, then pass them off to you as a nice expensive PAPERWEIGHT.

PLEASE, PLEASE just donate bitcoin to me at: 18aNxNC7gA1foAAS9gd8E6Co14PyUqgsYH. Why? Because i would hope that some of you that read this will save some money and not get wrapped up in a scam. You are better off just buying bitcoin and holding it. STOP WASTING MONEY AND ELECTRICITY!

AGAIN, donate to: 18aNxNC7gA1foAAS9gd8E6Co14PyUqgsYH ............my college education depends on it. THANKS!