Bitcoin Forum

How stupid are we?

BFL wants a piece of the action, it seems. :)

500 - 1000

FYI, http://www.bitcoingem.com/ (http://www.bitcoingem.com/)

I was bored last night and almost grabbed it @ around 80 BTC for fun. I should have, would have made a few quick bits from some other sucker.

I have to avoid getting drunk and going online until this mess is over. With my luck the site operator would shut down the second I send my BTCs.

It's times like this that I really wish I lacked morals.  I wish I could bring myself to offer up a Ponzi Scheme like this and run off with the funds.  I'm always amazed at the number of people willing to jump into such a scheme.

This might be interesting for all who would like to run a site like bitcoingem:
https://bitcointalk.org/index.php?topic=139529.0

Why do they call it "buying" the gem if you don't get to set the price afterword?  If the price always goes up by 10%, doesn't that mean that you haven't really bought anything?  If you'd actually bought it, then wouldn't that mean you have the right to decide whether or not to sell it again, to who, and for how much?  In what sense is this "buying" at all?

Why did Pirate call it "investing" instead of "give me huge amounts of coins which I will take and never give back"?

Marketing.

Oh, I get it.

Thanks for clearing that up for us! :)

It would be interesting to see what would happen if I made a similar virtual "gem" and set up sales with rules that more closely approximated actual buying and selling, i.e., new owner gets the right to decide how much to sell it for or not.  This might give us a good way to estimate the actual worth of the current gem. :)

I could call it "the less than magnificent bitcoin gem" or something like that.

This isn't quite a ponzi scheme...

As far as I can tell, you know what you are getting here.

It's similar to buying a billboard, but with the chance of return. Also, a high chance that the site operator will shut down the site at some point.

But it's very clear that there is nothing else to the business model, and the return is based on demand for the ownership, which carries with it some name recognition.

I think its a clever idea, and I would trust it more if the owner were more visible.

Indeed, to both of ya.

Would you trust me with an actual gem-style pyramid game where you actually win more than just the few extra coins the next person pays after you?

No website, no code, my transparency so everyone knows how much is in the pot is all it takes really.

it appears the last 2 were refunded, so I don't think anyone lost.  I have to admit, I thought this site was done well.  It's a game, that's all (I never played it).

Might want to change it to "how much will the community lose for that damn gold bar?" now :)

http://glados.cc/gold/

lol. the last man holding the "gold bar" will receive the script to run his "own site like this".

You guys seriously need to spend your Bitcoins on something more worthwhile lmao.

Hey I know! I'll set up a site with a super-secret ultra rare metal that no ones discovered yet and the government can't have, I will price it at 10 Bitcoins and you can own it despite it being completely imaginary!

You can tell that to any gambler. It probably wont make him stop.