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About LinkBacksIm assuming that's in reference to this being a pyramid scheme right? Someone else has said the same thing.Originally Posted by DrATty
What makes it a pyramid scheme?
Im assuming that's in reference to this being a pyramid scheme right? Someone else has said the same thing.
What makes it a pyramid scheme?
It's absolutely not a pyramid scheme.
It's a speculation-based bubble.
Thought as much!
Terminology is important!
It seems to me to benefit users that joined early far more that those joining later. 'Money' trickles down through the levels of sponsorship. Add to that the fact that there is a maximum number of coins and you have decreasing returns for those joining late.
Just my opinion.
... I use now a big vent for the whole machine now, but I cant use it forever, it is my grandma's ventilator...
That makes sense, I assumed a pyramid scheme meant an all out scam, but upon reading it doesn't necessarily mean it is. I guess that because a bitcoin basically started with no value it makes it less scam like.
Nail on the head there!
End results are similar though.
The people who get in early make a load of money, those who get in late end up either losing the lot or almost the lot.
"In a perfect world... spammers would get caught, go to jail, and share a cell with many men who have enlarged their penises, taken Viagra and are looking for a new relationship."
Only in this case the worst you are losing is a bit of cash for your electricity. So that's hardly the end of the world.
Of course, some go to some degree to mine, so that may be another story.
So ride the wave for a while & stay sensible.
Me, I reckon a few weeks' electricity is worth it for the price of a new 6970.
That's what I'm doing
Definately. I'm going to wait until I get my first real cash before spneding anything more than electricity then get a faster GFX card. Use that to generate coins until it's paid for. After that, use profits to buy shiny new gizmos as cash comes in. When bubble bursts - electricity costs more than value of coins generated, stop generating.Me, I reckon a few weeks' electricity is worth it for the price of a new 6970.
"In a perfect world... spammers would get caught, go to jail, and share a cell with many men who have enlarged their penises, taken Viagra and are looking for a new relationship."
You're quite right. Pyramid schemes per se are not scams. Their poor reputation comes from the fact that it becomes more difficult to make money the nearer the base of the pyramid you are. Of course, there are big profits to her made by those at the top; generally those starting the scheme, who often become quite wealthy, and the media don't like the rich.
BitCoin confuses me because there's no real money from what I can see. Is it an experiment in alternative currencies? I don't know.
Last edited by DrATty; 19-05-2011 at 08:14 AM.
To start with I didn't quite get how they could be worth something, but technically, the second something has a value assigned to it (e.g. exchanging for whatever else) it becomes a type of currency. If someone looks at bit coins and thinks 'this is going to be worth something some day', that in itself is value too.
I'm still not sure but I think you're right.
I haven't signed up but I'm fascinated. That's rare enough for an old sceptic like me and must have some value. I think I'm a 'healthy' sceptic, born from experience I'm afraid, not paranoiaThis might be the next 'Big Thing' or it might fizzle within a few weeks. I don't see any harm in it except perhaps to the environment with the CPU cycles burned.
I cant see it being a great spectator sport tbf
Vodka
Terbinator (09-06-2011)
820MH/sand i have now run out of things with a PCI-E slot
Vodka
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