I sense you are in the newb troll phase  . Bitcoins aren't comparable to tulips because you can't send tulips around the world in seconds for little to no fee. Just because the price is low doesn't mean the denial face is operational. Give it time newb then we'll see who's right. It's the internet that sends thing round the world instantly and computers that enable cheap transactions. To capitlise Bitcoin in billions is why its like tulips. |
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I sense you guys are still in the denial phase
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Not a newb, but I haven't got any tulips  |
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A long time ago in Holland people bought flowers pretty much as they do now. By chance a farmer cultivated a tulip whose flowers were unusual, as such his flowers commanded a great premium and the farmer became rich. Other farmers saw this and bought his bulbs so they could cultivate their own. These farmers also became rich
A few intelligent farmers, rather then invest in the original bulb tried to create their own hybrids and many succeeded creating bulbs that were even better than the first. These farmers also became rich.
Within a couple of years, there were 500 or so different varieties and traders bought and sold bulbs and with all the excitement and publicity the price went up. These traders also became rich.
Some people realised that instead of leaving their money under the bed that if they bought a few bulbs and sold them a month later they could double their money. These people also became rich.
After 3 years the market was booming, strangely the original bulb was still worth more than the newer, improved varieties. Who knows why?
After 4 years everyone knew that bulbs were worth pretty much the same, you buy them to produce flowers in your garden.
TL;DR
The ones and zeros that programmers create are there to provide a service, a transaction. They are not for storage of wealth.
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THIS.
to anyone else thinking of selling at this price:
Every time someone sells their coins, then that means some one else bought them at that price.
before you sell them, always think: who is buying at this price? are they buying at a low in order to sell at a high or am i selling at a low? do i really think btc price is going to 100, 50 or 1? what has changed since i decided to buy in at the price i did? what will be needed to change to get the price back above my buy in price? can it happen? can i afford to hold until it does? are bitcoins tulips 2.0, or something more?
the market allows winners to take from losers. in order for them to do that, winners buy low (from ppl selling low) and sell high (from people buying high). once this has really sunk in, you think about your trading very differently... really! (its so so simple its actually hard)
/arrogant rant over
Almost but: to anyone else thinking of buying at this price: Every time someone buys their coins, then that means some one else sold them at that price. before you buy them, always think: who is selling at this price? are they selling at a high in order to sell at a low or am i buying at a high? do i really think btc price is going to 500, 1000 or 10000? etc etc /smug rant over |
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Well, the announcement duped enough users to get the price up to 4 or 5 dollars.
However, if Josh manages to keep this price going for a month he's going to be able to convert the rest of his 12 million pre-mine into hard cash. I reckon he's made about $10 million so far. Very clever man.
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and check the sell side...we are currently in a panic sell. only 2btc needed to pump it above 0.01 again...so big chance whale is accumulating right now
It's still the 5th biggest capitalised coin, suggests it may be somewhat over-valued. Remember Aurorocoin? It's gotta be the same value as that so that suggests a price of less than half a cent. You're very brave betting on the bounces in an obvious falling market. |
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So, didn't get an answer from you guys so done my own digging.
Looking at the past activity on bitrex, the split with other markets and some assumption that maybe 50-75% of coins sold were solely benefiting Josh's pockets I estimate he's made between 2 and 5 million dollars from you lot.
If it's a scam then its a pretty good one.
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or is his wealth the real issue here?
Just wondering how much he's made so far, scam or not, must be quite a bit. |
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Rather than debate is it a scam or not (Sure this is covered in other threads) please can we have some reasoned debate as to how much Josh has actually made so far in dollars.
A) 10k
B) 50K
c) 100K
D) 500K
E) 1 Mill
F) 5 mill
G) 10 Mill
H) 50 Mill
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Yeah I would like to know whether laws on fraud stretch to cover cryptocurrencies, as the investors don't pay in US$ they pay in BTC.
Didn't people buy on his site direct for $20. Mind you, they got exactly that they paid for: 1 Paycoin. Incredible. |
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He committed fraud.
Maybe in the spirit of ethical trading he committed fraud, but in law did he? I think he's been very clever dropping hints here and there and the rest of the community, or people with an interest in the coin have done the rest. |
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A genius who had better move to country with no extradition treaties with the USA. That fucker will be going to prison otherwise.
Has he actually done anything illegal? |
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I'm not saying it is a scam, but if it is, just how much do you think he can make from it.
I don't know how many he managed to sell at $20, probably not a great amount, but how many has he sold from his pre-mine and how much longer can he go on for. I mean 12 million coins are still worth a lot of money even at 10 cents!
He's a genius. Hats off to him if it's a scam, has a lot of people convinced its still real.
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Sterling and dollar are under-rated. Backed by governments too although most here seem to think that a currency based on nothing more than a promise of a developer is worth more.
Yes I know they're not perfect by a long way but they have a lot going for them compared to any crypto currency
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IP6 coin might be better.
Nahh, not enough issued and those that are, are in big blocks. 2^128 ipv6 addresses is a very big number |
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You clearly have no idea about vpns, tor and adsl dynamic IPs.
But I do, will make it fun trying to get as many coins as possible during the airdrop |
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There are in theory about 4 billion IPv4 addresses available (2^32), would be a great way to create a coin for an airdrop as it would be so easy to authenticate. propose: Total coins: 2^33 (Approx 8 billion) 50% Premine for airdrop: 2^32 I'll let someone else go out and create it, just send me lots for coming up with the idea |
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So at midnight GMT tonight the airdrop commences, of course it's not an airdrop, Icelanders will need to claim however, nothing has been published to say how a claim should be made.
My forecast for this scam is that the price will be manipulated up, the drop touted as a success thus tempting Joe Public in to purchase coins from the dev.
Icelandic claims will be dripped out very slowly if at all. Perhaps they might be issued into some holding account whereby Icelanders think they've got the coins but are unable to sell them pending security verification (which of course can't be done as the dev doesn't have access to government records)
Am I being too sceptical here?
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