Nobody called this today, it's in freefall at the moment with a huge order of almost 10,000 coins up around the $10 mark.
Which will disappear as soon as it approaches 10. |
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And what magical advantage would this new currency have that BTC does not? To my knowledge, there exists no problems with the BTC protocol itself. What flaw will this new currency fix? Bitcoin works beautifully, it just needs more services and convenience built up around it, but this is happening as we speak and a new currency would suffer the same burden.
A competitor to bitcoins would almost instantly gain a huge following. The instant I hear of one, I am jumping ship. Why? Because the difficulty will be extremely low and I will be able to mine tens if not hundreds of thousands of bytecoins or whatever they are called compared to 2 bitcoins a week. The question is, why WOULDN'T people want to be early adopters of a new currency? The people that jumped on bitcoin at the beginning have a vast majority of the bitcoins, who is going to pass up the opportunity to be one of those people? Even if it turns out to be nothing, I have sacrificed what? A few bitcoins? Worth it. |
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That sounds great and all, but the Japanese have been paying with their phones for years not and Google is introducing this summer and starting in earnest next year a mobile phone payment system across America. Absolutely no need for the consumer to even worry about what a bitcoin is. It may be slightly more convenient for a seller, even though I doubt it, but it certainly isn't and won't be more convenient for their customers.
It is very possible that bitcoin doesn't take off. An investment in bitcoins should be considered speculative. Can you elaborate on the Japanese? How does such a system function? Is it easy to start taking payments if you are just a regular joe? Could two friends easily send money to each other? And does it require the sender to reveal sensitive information (like a cc number) that you wouldn't give to a stranger? I am not exactly sure the Japanese system as it has evolved a lot since I lived there, but I am pretty sure you can put a set amount on your phone and just pay as if with a debit card. I do suggest you watch this if you have a chance though: http://www.youtube.com/watch?v=6tBAB5ls5vMIf you want a much more in depth presentation of the background for both consumers and merchants: http://www.youtube.com/watch?v=am8t6iZ7up0 |
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The current impracticality of actually walking into a location and transferring bitcoin will probably soon be solved by the market -- most likely by mobile apps and the great idea of firstbits. I really can imagine a future within 10 years where I can walk into a fast food joint and use my phone to pay with bitcoins. It isn't a 100% thing, but to me, it seems plausible. It really is a revolutionary idea that may change the world. But even if bitcoins don't "change the face of currency", and even if no one ever tries to accept bitcoins face to face where traditional currency methods are used, being adopted for even a small percentage of online micro-purchases would still give bitcoins tremendous value.
That sounds great and all, but the Japanese have been paying with their phones for years not and Google is introducing this summer and starting in earnest next year a mobile phone payment system across America. Absolutely no need for the consumer to even worry about what a bitcoin is. It may be slightly more convenient for a seller, even though I doubt it, but it certainly isn't and won't be more convenient for their customers. Also, it just doesn't really make any sense for a customer to convert their real money into bitcoins and then pay with bitcoins and then for the seller to convert the bitcoins back into real money. What a hassle that is completely unnecessary and offers literally no advantages to consumers. |
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To those who think bitcoins are going to be worth a LOT more in the future and that business will accept them, I have to ask why? Why would businesses accept bitcoins and all of the extra hassle that goes with them? They aren't more convenient for the consumer, in fact they are much less convenient. The only real positive is anonymity, and you aren't anonymous when you are face to face with a store clerk. Why do you think the value of a bitcoin is going to skyrocket? There are people with tens of thousands of bitcoins, if not hundreds of thousands, who will keep the price down for year and years to come selling them off. There may be at least a couple people who have a gigantic amount of bitcoins who wait until the price does rise some, and then attempt to cash out to maximize their profit, and they will crash the market. Why do you think that a currency/commodity that has such an overwhelming majority controlled by such a small minority will be skyrocketing in value?
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Gold is kind of worthless as a currency too. Don't know many people who would accept it for goods, and even if they did, how would I get it to them? Mail it?
Investing in gold assumes someone will be willing to buy it off of you for a fair price with currency you can use. At the moment, bitcoins are the same. But in the future, it might be possible to trade bitcoins directly for a variety of goods. It is easy and convenient. I don't think it will ever be that way for gold.
And PS, I'm dumping a good bit of my USD into bitcoin. So somebody is.
Thats because gold isn't a currency. Gold is a commodity. You don't pay for things with gold. You store your wealth in gold because their isn't a civilization on this planet that wouldn't give you their currency in exchange for gold. |
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Get ready for a big jump in August if the U.S. Congress fails to raise the debt ceiling in time to avoid a default...
No one is dumping their USD into effing bitcoins. They would use gold. Bitcoins are essentially worthless as a currency right now and the entire "economy" could collapse tomorrow for any number of reasons. I know everyone on this board thinks that bitcoins are going to be the new universal currency and that every business will accept them and they will be worth thousands of dollars each, etc, etc, etc, but you have to realize that everyone on this board that says things like that is insane. |
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I can't not like Foodstamp. I don't care what the facts are, he's hilarious. As long as he doesn't have my wallet that is, lol.
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 Sure looks flat to me. Just like the trading price. You are looking at the last 30 days while the OP is looking at the last 12 months. Google does relative data scaling pertaining to the selected time frame. In the last 30 days they take the average of the data and set the average to 1. In the last 12 months they take the average over 12 months and set it to 1. Since nobody gave a shit about bitcoins until recently, the first 9 months of the 12 month graph bring the average way down. |
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Whats holding me back from investing tons of money? The fact that the market is being completely manipulated. Its as simple as that.
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What happened to the payment for the last days of the original MultiPool? He said he will process it according to the submitted shares in the last backup files... I hope this can be addressed soon  You aren't gonna see a bitcent of it. Its been a week without so much as a peep about it. No one seems to care. I gave up caring and just accepted that I was scammed and not to trust new pools. |
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What would you advertise? Hey everyone, check out this extremely hard to get into online currency which can be used for illegal online purchases and not much else at the moment?? Hey everyone, there is free money to be had, just invest a thousand dollars on a new computer and in six months you will start to turn a minuscule profit?
Bitcoins aren't even close to ready for non tech geeks to check them out yet. It takes a damn week to turn USD into bitcoins right now for someone who doesn't have a dwolla account.
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'Round Bonus' is a top secret codename for the bonus that will soon be added to some rounds  Nice. |
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What does "Round Bonus" mean?
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So just to get the timeline right, the pool shut down at 1pm on June 26th EST (5pm GMT), which was a Sunday afternoon. We know this because there is a post in this thread stating as much. The website is hosted out of Taiwan I believe, so that would mean it shut down at 1am Monday morning, June 27th local time. Odd time to shut down a site, but whatever.
Am I understanding this correctly?
Edit: And you received notice at least 24 hours prior to the pool shutting down on Friday the 24th of June during the evening in whatever time zone you are in. You posted twice on the 25th and once on the 26th, neglecting both days to inform people of the potential issue?
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Edit: NVM, just did some math. Disregard.
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still to early to say it was scam. Also used it few days with several shutdowns. Get paid a little of my earnings allready(about 0,06 of 0,25), but why should anybody do this kind of programing work to achieve few day's bank, while he may make less for much lomger time? It is just too young project to make any conclusion. It can still be a hosting problem, as many developers uses "home housing" for the first phase of project(eg. before it makes enought to pay the profihousing for)
Believe me, I hope I am wrong. If it is a server issue though, why wouldn't he pop in here and give an update? Its been 30 hours now. The only reason I am kinda quick to say "scam" is that I started mining about 16 hours before it went down for the last 30 hours without a word from the OP. I hope it turns out that I am just an idiot. |
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First ever mining pool ponzi scheme?
My first thought was that the OP may be dealing with some family or personal issue, but then I thought, what a coincidence that the site would crash at the same time. So yea, pretty sure at this point it was a scam. Thank god I used a unique password for this site. Too bad I lost over 10k shares. Won't trust any new site again. I have a theory. I bet someone found a block while mining solo and he decided to take the 50BTC and all of the pending payouts and run. BTW, I am continually amazed that I am seemingly the only one pissed about this. 9 pages of people talking about using this pool and apparently I was actually the only one using it. |
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If any this this cements you as the fool.
1. I guessed you missed the exponential curve in Botnet activity listed in the wiki. Also this list is FAR from compete by anybody's standard. In fact it is not even close to the number of active Botnets currently in use, or that have been used.
2. The wiki NEED's many revisions as posted in the wiki itself.
Where is your proof that there are more than a few million member botnets? Do you have any? No, I know you don't. |
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