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Author Topic: This is the magnificent bitcoin gem  (Read 16249 times)
maxmint
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January 25, 2013, 06:44:34 AM
 #1

Hello fellow bitcoiners,

Here's my new weekend project: the magnificent bitcoin gem.
This is intended to be an entertaining bitcoin experiment – I hope you like it.

Your thought, comments and bug reports are appreciated!

My PGP-Key: 462D02D8
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creativex
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January 25, 2013, 07:29:13 AM
 #2

LOL

...a chain gem. Pass.

Bugpowder
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January 26, 2013, 05:43:54 PM
 #3

Hello fellow bitcoiners,

Here's my new weekend project: the magnificent bitcoin gem.
This is intended to be an entertaining bitcoin experiment – I hope you like it.

Your thought, comments and bug reports are appreciated!

Upgrade your server before you ruin the chain!
maxmint
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January 27, 2013, 01:08:42 AM
 #4

Upgraded. Should be safe for some decent traffic now.

Hello fellow bitcoiners,

Here's my new weekend project: the magnificent bitcoin gem.
This is intended to be an entertaining bitcoin experiment – I hope you like it.

Your thought, comments and bug reports are appreciated!

Upgrade your server before you ruin the chain!

My PGP-Key: 462D02D8
Verify my messages using keybase: https://keybase.io/maxmint
jl2012
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January 27, 2013, 04:21:31 AM
 #5

Classical pyramid scheme

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PGP: D3CC 1772 8600 5BB8 FF67 3294 C524 2A1A B393 6517
cbeast
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January 27, 2013, 06:48:44 AM
 #6

Will there be any other magnificent gems?

P.S. I am surprised someone has not started a chain letter on bitcointalk. Perhaps it is against ToS.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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January 27, 2013, 05:09:46 PM
 #7

Classical pyramid scheme

You don't understand how a pyramid scheme works.

If I were to buy the gem right now, only the previous owner would get coins - not everyone that came before him.

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jl2012
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January 27, 2013, 05:14:58 PM
 #8

Classical pyramid scheme

You don't understand how a pyramid scheme works.

If I were to buy the gem right now, only the previous owner would get coins - not everyone that came before him.

Ok, so this is not a very classical pyramid scheme. But how do I know the OP is not pumping the price himself?

Donation address: 374iXxS4BuqFHsEwwxUuH3nvJ69Y7Hqur3 (Bitcoin ONLY)
LRDGENPLYrcTRssGoZrsCT1hngaH3BVkM4 (LTC)
PGP: D3CC 1772 8600 5BB8 FF67 3294 C524 2A1A B393 6517
finway
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January 27, 2013, 05:16:37 PM
 #9

Interesting, watching.
Since it won't collapse,
how hight will it be?

maxmint
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January 27, 2013, 06:01:38 PM
 #10

You can see all transactions in the "List of previous owners" section. The only transaction I made was the initial buy for 0.1 btc, which was on Jan 24.

Ok, so this is not a very classical pyramid scheme. But how do I know the OP is not pumping the price himself?

My PGP-Key: 462D02D8
Verify my messages using keybase: https://keybase.io/maxmint
SlickTheNick
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January 27, 2013, 07:00:29 PM
 #11

At first I thought, hmm. .wtf this is kind of weird. Last time I checked it was at like 1 or 2 bitcoins. Now its over 25 bitcoins. Pretty interesting actually

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January 27, 2013, 08:14:16 PM
 #12

Ok, so this is not a very classical pyramid scheme.

Indeed, only one person is left holding the bag (full of nothing) in the end, as opposed to many.

If you purchase the gem, you are betting there is a greater fool, as the gem is neither product nor service.

You are also trusting the operator doesn't simply decide to vanish once the gem hits a price which is more tempting than his cut.

You people do love to gamble though, don't you?  Grin

The only thing that runs the Bitcoin economy is bitcoin gambling lol...pretty pathetic...


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January 27, 2013, 08:30:26 PM
 #13

would be slightly more interested if it was run by a well trusted person in the community and they guaranteed that a person holding it unmoved for a certain amount of time would be refunded

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January 28, 2013, 12:02:49 AM
 #14

would be slightly more interested if it was run by a well trusted person in the community and they guaranteed that a person holding it unmoved for a certain amount of time would be refunded

You don't get it. There's no way to refund the current owner. The money is used to pay the previous owner (who cashed out and left YOU holding the bag). This is like musical chairs. While people keep buying the music goes on, until it gets so expensive that no one wants it.

Eventually this will get up to a few hundred BTC and the operator will just up and leave, taking the profit for himself and leaving some poor fool holding the bag.
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January 28, 2013, 12:07:25 AM
 #15

LOL I'm retarded

Did not think that one through  Cool

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January 28, 2013, 12:45:48 AM
 #16

This is a great project. Lots of fun to be had Smiley

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January 28, 2013, 02:57:08 AM
 #17

where do the extra BTC come from?

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January 28, 2013, 03:12:23 AM
 #18

where do the extra BTC come from?

You missed the same thing I did, maybe

Think about it a bit more


What extra btc? Each user pays 10% more then the last 95% goes to the last holder 5% to the site owner

Last person holding gets nothing


First time I saw this thread I thought ok site refunds money to last holding but no that money already went to the previous buyer


It's already up to 50btc whoever is the last brave enough to buy is going to be hurting

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January 28, 2013, 03:47:35 AM
 #19

lol, here's me: tblob.org bought at 44.45 btc and is about to make 2.225 btc profit
I'm done, too risky for my bankroll after this price point.

btc: 15sFnThw58hiGHYXyUAasgfauifTEB1ZF6
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January 28, 2013, 03:53:59 AM
 #20

Eventually this will get up to a few hundred BTC and the operator will just up and leave, taking the profit for himself and leaving some poor fool holding the bag.

The last buyer will have the pleasure to keep the gem all for himself for the rest of is life. Smiley
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