Bitcoin Forum

The mining incentive is a scam.
Everyone who supports a coin with a mining incentive is a criminal.
Mining incentive needs to be removed from all coins.
The mining incentive is a scam.

http://www.vnbitcoin.org/litecoincalculator
No incentive, no war, probably only exchanges would ever buy hardware.
I will re-post this recommendation, you can be sure of that. In the mean time.
Join the class-action.

/facepalm

Thank you for your opinion; come again!

Just cuz you missed out on the early mining days doesn't mean you should be calling people criminals.

WTF is this garbage?   

You got the site wrong...

http://www.vnbitcoin.org/litecoincalculator

And yes, mining incentive is a scam, sorry folks.
Big companies have been selling non ROIable hardware preorders for a long time now.

There are scams in every unregulated industry. If you are scammed, then sue. QED. Don't blame it on Bitcoin. Like any business, some are good at it and make money while some don't. That's just business. Plenty of miners do make profits of they would be turning off their miners.

/thread

Mining is a bad investment and not a scam :)....

Well, if you don't want folks to fall for this 'bad' investment and sully the coin and possibly ruin their lives and time and frustrations.
Then you agree the mining reward should be abolished. Fix the problem.  ::)

Then lets get rid of those pesky transaction fees too.  That's stealing.

Nobody should need to actually work for what they receive.  All means of earning should be abolished for the good of mankind.

Edit: on a more serious note, if you abolish the reward you abolish coin generation and abolish the coin altogether.

So what you really want is to abolish Bitcoin.

abolish the mining reward.
pre-mine the rest of them and sell them.
otherwise, the coin is a scam.
i don't care how you solve it.
I dont have all the answers.
just do it. do it now.  ::)

If you abolish the reward for mining coins, how will any more be generated?  Pre-mining doesn't solve anything if you're not generating coins by solving blocks.  Even if it did, your proposed solution is to put every single coin into the hands of a single mining entity who will then sell them?  Yeah, that'll work out really well...

In any case, the generated coins from solving a block are not a scam.  That incentive is to bring new coins into the market and also reward miners for securing the blockchain.  Eventually those coin rewards will be superseded by transaction fees as the network grows and the coin is adopted more broadly.

How do you think Visa/MC/Amex/etc work?  They rely upon transaction fees to support them.

Doesn't seem like you even have a question much less an answer.  I'm sorry you don't understand basic precepts of Bitcoin or mining.  Please educate yourself or move onto something you do understand.  Not trying to be mean just trying to get you to take responsibility for your own decisions and to make them wisely.
Sam

After (some) research, MANY believe the mining incentive can be a nice business to get into.
Instead MANY are being scammed by these hardware manufactures.
Please, discuss this topic among yourselves.
Remove the mining reward, it is a scam.  ::)

Perhaps instead of simply stating the same thing over and over you might provide some evidence for your argument.  Explain why you think the mining reward is a scam.

It does seem to be or at least has been a nice business to have been in.  Whats wrong with that?

Many are buying or have bought hardware of their own free will.  That does not constitute a scam?

Sure, Titan batch1 not delivered yet. Folks paid 10k for it and look now: http://www.vnbitcoin.org/litecoincalculator
Pay close attention to the 'days to break even', then try to tell me the company did not know about this.
Then try to tell me where on kncminer page you see the company explaining that it is not an investment, in a way
that everyone can understand, are they trying to really tell the customer that this is a bad idea if you intend
to obtain an ROI (return on the investment), i think not.

Anyway, I did say discuss among yourselves...
Now we have: http://kncclassaction.com/
Only problems.
I highly recommend the mining reward be removed from all coins.

Thank You,
    Cryptocurrency Processing.

Refund your customers Sam.
Do it, or be faced with the difficult decision, of exactly how to liquidate your company to me.  >:(

What are you talking about?  I don't have customers.  I don't charge for my opinion, not that anyone would pay for it.

It's obvious to me that the OP is...

A) feebleminded
B) trolling
C) extremely intoxicated
D) all of the above

He's been spamming #kncminer for a few weeks now...

Also, no sign he is mining Bitcoins, so this is totally off-topic here :)

Hi Guys  ;D
But, what about the idea.

Just shut up already

I'll just re-post this so that others do not have to scroll to the beginning.
Perhaps someone can contribute something. Some have expressed concern that the coin would not
survive without the mining incentive. I think, if the world wants bitcoin, then it will survive by means that do
not cause companies like BFL or KNCMiner to rip off its customers. I'm sure it will survive.

Please proceed:

The mining incentive is a scam.
Everyone who supports a coin with a mining incentive is a criminal.
Mining incentive needs to be removed from all coins.
The mining incentive is a scam.

http://www.vnbitcoin.org/litecoincalculator
No incentive, no war, probably only exchanges would ever buy hardware.
I will re-post this recommendation, you can be sure of that. In the mean time.
Join the class-action.

Manufactures selling pre-orders and not delivering as promised are scams. Mining reward is not a scam.

Sure it is. They could get a loan then?
10k for something that only 5 months ago looked worth it.
Yea, they twist it and use is, its a scam.
The mining incentive allows companies to do this...
So: The mining incentive needs to be removed.  >:(

Obesity is bad. We should ban spoons.
^your logic.

 ;D  ::)

mining is/should be voluntary, no mining reward means no corporate scams (bfl, knc).  >:(
full pre-mine and sell off the main web-site (based on the price at an exchange or an average).

Then with that you can expect the network hashrate to plummet, affecting the robustness of the network, longer confirmation times, and the crippling of the coin in the end. How about you create your own coin with your own philosophy and see how it does?
Good luck!

This

I am sure it will survive.
And if a fork is needed to fix the difficulty due to so many farms shutting down, then that is all that might need to happen.
If people want this to survive, they will mine, just, it wont be for the mining incentive. And nobody will get scammed by these companies either.
So, it is better for everyone.

Ripple (XRP) is not mine-able. Hmm, NXT to. Nobody getting burned over there  ;D

Ok, I'll say it again...

The more new miners come in, the more my position in mining is secure because new miners have a life expectancy of 3 months before they're entirely broke.   Then they bitch about everything but their own management skills.  Now only that, they are inredibly stupid, they know 1% ofa 100% segment and think it's enough to get by.

I been mining Gold for years and I spent a lot of money before I made any... See where I'm going?

Plus if you knew history, you'd understand the term: Miner Extortion... and you'd also know it's only temporary.

To those saying mining's a scam, I look at my wallet and thank the $2,500 investment I made last year and now pays for itself.

That same investment pays for solar power, whatever power bill, re-investment cost (1th/s per mo.) and can save some coin.

In the end, I'll have a solar powered farm if I get out of mining.

All from a $2,500 investment a year ago. 

To me, that's a pretty good fucking investment but I know wtf I'm doing and crunch numbers daily.

I will do that deal any day and twice on Sunday.

ok ill bite into this, lets say that you take the mining incentive and premine the rest of the coins and give it to all active wallets, so everyone gets a cut.

so no mining reward, so no more mining needed, then what happends with bitcoin, the blockchain needs mining to keep moving, so no mining no blockchain, no blockchain no transactions, no transactions and poof goes the bitcoin, yeah sounds like a scam to me.

All the other 100% pre-mined coins do it. Ask them.  ::)
I'm sure it'll work out, it has to, because it can't continue the way it is.

Cant continue to allow companies to scam us with over priced preorders.

Newton said that for every action, there is an equal and opposite reaction. Therefore to restate:

"We can't allow GREEDY WANNA BE MINERS to get into this marketplace that creates in equal proportion these COMPANIES WITH OVERPRICED PRE-ORDERS."

One can not exist without the other. The demand for mining equipment creates the supply of mining equipment. No Demand, no Supply, very simple actually.

This is the nature of cryptocoins, the nature of economics and the nature of the Universe.

I'm not even going to waste time discussing pre-mined coins. The're just not my cup of tea...

Buying mining equipment is a high risk investment. What you saw in the beginning was a chance to make a ton of coins much cheaper than buying them would cost you. But a high profit investment always comes with high risk. Otherwise we could all be extremely rich, which would sort of make being rich meaningless...

And high risk means things can go very bad, and you end up losing a lot...

I'm terribly sorry you got burned by KnC, really you have my full sympathy. And I fully understand you are angry and want nothing to do with mining anymore. But I don't think it's alright to throw out mining just because you don't like anymore. I like it, I like it a lot :)

;D
Ok I sign you up for the moron of the decade contest so I can bet on you.
Don't deceive me, I will bet all my mining incentive on you... (I am such a criminal  ;D ;D)
So don't say anything intelligent up now... (I think I still need to look back in your post history
just to make sure you don't happen to say stuff which make sense from time to time)

scam!

Scam! Great, yea, so I can apply for the Darwin Awards. I trusted the system, I trusted kncminer. They must know how many make it to their site without the full picture. A lack of full disclosure that does not completely clarify to absolutely everyone that this is not an investment, is a scam! Everything was miss-represented before anyone went to their site so, its a trap! A trap they were happy to allow happen of course. If they have not shipped to you yet, demand a refund. If they deny: http://kncclassaction.com/
And as for the rest of you shmucks running bitcoin / developers. You've all won the Darwin Awards because you let this happen!
Remove the mining incentive! Its a scam!  >:(
Feel free to discuss among yourselves. (and don't move this article).

this boy is trolling hard..trolling is not agaisnt the rules?

Are you kidding? BitcoinTalk is almost exclusively trolling these days.

 :'(

You didn't seriously expect anyone to give in to your demands, did you? You need to drop this.

 >:(

Everything these companies have sold is NULL and VOID!

http://www.vnbitcoin.org/litecoincalculator
http://www.vnbitcoin.org/bitcoincalculator

 >:(

So get angry at the companies, not the protocol.

 >:(

You can use these calculators for cloud mining to.

No ROI in Cloud either. (Including GAW)

http://www.vnbitcoin.org/litecoincalculator
http://www.vnbitcoin.org/bitcoincalculator

I'm convinced you're just here to shill for whatever that website is.

I'm convinced OP really can count to potato.

 ;D

 :D   Gold.