This is the magnificent bitcoin gem - page 8.

jl2012

legendary

Activity: 1792

Merit: 1111

Quote from: maxmint on January 27, 2013, 01:01:38 PM

You can see all transactions in the "List of previous owners" section. The only transaction I made was the initial buy for 0.1 btc, which was on Jan 24.

Quote from: jl2012 on January 27, 2013, 12:14:58 PM

Ok, so this is not a very classical pyramid scheme. But how do I know the OP is not pumping the price himself?

Yeah but you can use any name you like

theymos

administrator

Activity: 5222

Merit: 13032

The site owner should use some of his profits to send the loser an actual gem.

420

hero member

Activity: 756

Merit: 500

it could only end when the gem's worth 10 million btc

BoardGameCoin

sr. member

Activity: 283

Merit: 250

Holy crap, I'm about to buy a computer, and the bitcoin gem's most recent buyer spent about as much as my computer will cost???

This will end poorly.

I think it would've been a lot cooler if it was linear growth, then there could have been lots of gem holders over time. This exponential business gives a pyramid structure to this musical chairs game.

-bgc

dunand

hero member

Activity: 637

Merit: 502

Quote from: bitcoins5411 on January 27, 2013, 07:02:49 PM

Eventually this will get up to a few hundred BTC and the operator will just up and leave, taking the profit for himself and leaving some poor fool holding the bag.

The last buyer will have the pleasure to keep the gem all for himself for the rest of is life.

kokojie

legendary

Activity: 1806

Merit: 1003

lol, here's me: tblob.org bought at 44.45 btc and is about to make 2.225 btc profit
I'm done, too risky for my bankroll after this price point.

camolist

hero member

Activity: 896

Merit: 1000

Quote from: 420 on January 27, 2013, 09:57:08 PM

where do the extra BTC come from?

You missed the same thing I did, maybe

Think about it a bit more

What extra btc? Each user pays 10% more then the last 95% goes to the last holder 5% to the site owner

Last person holding gets nothing

First time I saw this thread I thought ok site refunds money to last holding but no that money already went to the previous buyer

It's already up to 50btc whoever is the last brave enough to buy is going to be hurting

420

hero member

Activity: 756

Merit: 500

where do the extra BTC come from?

SSSSer

newbie

Activity: 30

Merit: 0

This is a great project. Lots of fun to be had

camolist

hero member

Activity: 896

Merit: 1000

LOL I'm retarded

Did not think that one through Cool

bitcoins5411

member

Activity: 63

Merit: 10

Quote from: camolist on January 27, 2013, 03:30:26 PM

would be slightly more interested if it was run by a well trusted person in the community and they guaranteed that a person holding it unmoved for a certain amount of time would be refunded

You don't get it. There's no way to refund the current owner. The money is used to pay the previous owner (who cashed out and left YOU holding the bag). This is like musical chairs. While people keep buying the music goes on, until it gets so expensive that no one wants it.

Eventually this will get up to a few hundred BTC and the operator will just up and leave, taking the profit for himself and leaving some poor fool holding the bag.

camolist

hero member

Activity: 896

Merit: 1000

would be slightly more interested if it was run by a well trusted person in the community and they guaranteed that a person holding it unmoved for a certain amount of time would be refunded

bbit

legendary

Activity: 1330

Merit: 1000

Bitcoin

Quote from: ?? on ??

Quote from: jl2012 on January 27, 2013, 12:14:58 PM

Ok, so this is not a very classical pyramid scheme.

Indeed, only one person is left holding the bag (full of nothing) in the end, as opposed to many.

If you purchase the gem, you are betting there is a greater fool, as the gem is neither product nor service.

You are also trusting the operator doesn't simply decide to vanish once the gem hits a price which is more tempting than his cut.

You people do love to gamble though, don't you? Grin

The only thing that runs the Bitcoin economy is bitcoin gambling lol...pretty pathetic...

SlickTheNick

full member

Activity: 220

Merit: 100

At first I thought, hmm. .wtf this is kind of weird. Last time I checked it was at like 1 or 2 bitcoins. Now its over 25 bitcoins. Pretty interesting actually

maxmint

hero member

Activity: 700

Merit: 500

You can see all transactions in the "List of previous owners" section. The only transaction I made was the initial buy for 0.1 btc, which was on Jan 24.

Quote from: jl2012 on January 27, 2013, 12:14:58 PM

Ok, so this is not a very classical pyramid scheme. But how do I know the OP is not pumping the price himself?

finway

hero member

Activity: 714

Merit: 500

Interesting, watching.
Since it won't collapse,
how hight will it be?

jl2012

legendary

Activity: 1792

Merit: 1111

Quote from: Vod on January 27, 2013, 12:09:46 PM

Quote from: jl2012 on January 26, 2013, 11:21:31 PM

Classical pyramid scheme

You don't understand how a pyramid scheme works.

If I were to buy the gem right now, only the previous owner would get coins - not everyone that came before him.

Ok, so this is not a very classical pyramid scheme. But how do I know the OP is not pumping the price himself?

Vod

legendary

Activity: 3668

Merit: 3010

Licking my boob since 1970

Quote from: jl2012 on January 26, 2013, 11:21:31 PM

Classical pyramid scheme

You don't understand how a pyramid scheme works.

If I were to buy the gem right now, only the previous owner would get coins - not everyone that came before him.

cbeast

donator

Activity: 1736

Merit: 1014

Let's talk governance, lipstick, and pigs.

Will there be any other magnificent gems?

P.S. I am surprised someone has not started a chain letter on bitcointalk. Perhaps it is against ToS.

jl2012

legendary

Activity: 1792

Merit: 1111

Classical pyramid scheme

Topic: This is the magnificent bitcoin gem - page 8. (Read 16652 times)