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Author Topic: Bitcoin Mining Fraud  (Read 1851 times)
Ago_Solvo
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January 24, 2013, 07:07:41 AM
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I noticed people talking today about bASIC and someone brought up an interesting point, that bASIC may have been a diversion to get people from buying from other producers of ASIC mining equipment so said persons could get higher in the que for machines without actually having any intention to deliver any mining equipment.  I have to think that it would be possible to claim you were going to produce ASIC mining rigs, get said funds and then spend them on rigs for yourself.  You could get an edge on mining and then take your time refunding your clients.  Meanwhile you would get enough of an edge to pay back all your "customers" while making a worthy profit for yourself.  It might be time for some of those customers to possibly get the authorities involved for a case of fraud.  Any thoughts?
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SAC
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January 24, 2013, 07:15:47 AM
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I noticed people talking today about bASIC and someone brought up an interesting point, that bASIC may have been a diversion to get people from buying from other producers of ASIC mining equipment so said persons could get higher in the que for machines without actually having any intention to deliver any mining equipment.  I have to think that it would be possible to claim you were going to produce ASIC mining rigs, get said funds and then spend them on rigs for yourself.  You could get an edge on mining and then take your time refunding your clients.  Meanwhile you would get enough of an edge to pay back all your "customers" while making a worthy profit for yourself.  It might be time for some of those customers to possibly get the authorities involved for a case of fraud.  Any thoughts?

So you mean like June of last year when BFL announced their ASICs to pull the rug out from under the FPGA companies.
creativex
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January 24, 2013, 07:22:49 AM
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It'd be tough to figure out where to start with fraud charges against ASIC vaporware vendors.

thebaron
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January 24, 2013, 07:24:30 AM
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There are no ASIC vendors. However there is one crafty individual who's slowly putting them all online for his own benefit.
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January 24, 2013, 07:25:50 AM
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I noticed people talking today about bASIC and someone brought up an interesting point, that bASIC may have been a diversion to get people from buying from other producers of ASIC mining equipment so said persons could get higher in the que for machines without actually having any intention to deliver any mining equipment.  I have to think that it would be possible to claim you were going to produce ASIC mining rigs, get said funds and then spend them on rigs for yourself.  You could get an edge on mining and then take your time refunding your clients.  Meanwhile you would get enough of an edge to pay back all your "customers" while making a worthy profit for yourself.  It might be time for some of those customers to possibly get the authorities involved for a case of fraud.  Any thoughts?

The only company which has ever been going to produce large quantities straight up is BFL.  Even assuming that you thought they were going to deliver before the reward block halved, you still weren't going to be able to order every unit in that batch.  If I remember rightly, BFL also had a stated policy of limiting the amount of hashing power they would sell to any one user initially as well.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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January 24, 2013, 12:37:21 PM
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There are no ASIC vendors. However there is one crafty individual who's slowly putting them all online for his own benefit.
I'm listening

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