Who are the dummies buying coins as soon as they come out ?

A L I E N

legendary

Activity: 1358

Merit: 1000

Quote from: fenican on July 09, 2013, 12:02:22 PM

It seems that for every slightly innovative new coin there are a swarm of naive "investors" willing to pay a 50x premium for the coin relative to where it will ever trade on an exchange.

Why do they do this? Is this a form of charity?

Or are they just dumb ?

Latest example is primecoin. Why are people paying 10 LTC for coins that some guy minted in one night on an i5? Guys - the value of that much compute power is maddeningly close to zero. You're getting ripped off

Hilarious post, quite the inner struggle you are having..

daggerismo

full member

Activity: 224

Merit: 100

Quote from: fenican on July 09, 2013, 12:02:22 PM

It seems that for every slightly innovative new coin there are a swarm of naive "investors" willing to pay a 50x premium for the coin relative to where it will ever trade on an exchange.

Why do they do this? Is this a form of charity?

Or are they just dumb ?

Latest example is primecoin. Why are people paying 10 LTC for coins that some guy minted in one night on an i5? Guys - the value of that much compute power is maddeningly close to zero. You're getting ripped off

i asking you... is your money what they are spending on it???

shakezula

sr. member

Activity: 308

Merit: 250

Your argument is spot on for clones, cloners, scryptclones, PoSclones, (*nearly* every coin released in the last 8 weeks) but XPM is something BRAND NEW from a well known developer who already has a "major" currency in the wild.

I'd say its worth speculating on, much more so than most!

vingaard

legendary

Activity: 1246

Merit: 1011

Quote from: fenican on July 09, 2013, 12:02:22 PM

It seems that for every slightly innovative new coin there are a swarm of naive "investors" willing to pay a 50x premium for the coin relative to where it will ever trade on an exchange.

Why do they do this? Is this a form of charity?

Or are they just dumb ?

Latest example is primecoin. Why are people paying 10 LTC for coins that some guy minted in one night on an i5? Guys - the value of that much compute power is maddeningly close to zero. You're getting ripped off

And... where is the problem?... this is the free market base... Whether I have a product and another one have money to buy that product and both decide a good arrangement... I ask you... where is the problem?

fenican

hero member

Activity: 1395

Merit: 505

It seems that for every slightly innovative new coin there are a swarm of naive "investors" willing to pay a 50x premium for the coin relative to where it will ever trade on an exchange.

Why do they do this? Is this a form of charity?

Or are they just dumb ?

Latest example is primecoin. Why are people paying 10 LTC for coins that some guy minted in one night on an i5? Guys - the value of that much compute power is maddeningly close to zero. You're getting ripped off

Topic: Who are the dummies buying coins as soon as they come out ? (Read 532 times)