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Author Topic: This is the magnificent bitcoin gem  (Read 16249 times)
The Fool
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January 28, 2013, 06:11:18 PM
 #41

OP is selling the site he got in way over his head!  Shocked

Source?
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AmDD
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January 28, 2013, 06:12:10 PM
 #42

OP is selling the site he got in way over his head!  Shocked

Source?

https://bitcointalk.org/index.php?topic=139529.0;topicseen

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BitcoinBasics
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January 28, 2013, 06:13:15 PM
 #43

He's good. Real good.
elux
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January 28, 2013, 11:35:19 PM
 #44

Quote
This is the magnificent bitcoin gem


It is worth 126.84 bitcoins and currently owned by
Butterfly Labs sucks balls

Heh. That's an expensive diss now that the site is frozen.


Freezing ownership without prior notice is a despicable move by the site owner,
scammy, yes, and can or will kill what minimal trust there was in the idea.

(Not only do you need to worry about being the biggest fool in Bitcoin,
but now also about the site owner hanging you out to dry on his whim.)

I fail to understand the motivation...

Freezing/selling is not the best move if the owner is a profit-maximizing scammer.

Why not let the gem fly, and land at some ridiculous price?

Why not make the bitcoingem a red-paperclip of stupidity for the papers to write about?

I don't get it.  Smiley
cedivad
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January 29, 2013, 06:41:26 AM
 #45

Looks like that they closed the website and refunded everything. A 1000$ lost for the owner, he deserves some kind of recognition at least.

What can we do for him?

My anger against what is wrong in the Bitcoin community is productive:
Bitcointa.lk - Replace "Bitcointalk.org" with "Bitcointa.lk" in this url to see how this page looks like on a proper forum (Announcement Thread)
Hashfast.org - Wiki for screwed customers
ElectricMucus
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January 29, 2013, 06:44:57 AM
 #46

This is the stupidest thing I've ever seen.
tbcoin
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January 29, 2013, 06:46:59 AM
 #47

I don't understand why closed... Is a really profitable scheme :S, I miss something?

Sorry for my bad english Wink
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cedivad
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January 29, 2013, 06:47:42 AM
 #48

This is the stupidest thing I've ever seen. Even more stupid that pirates hyip.
This is the best thing I've ever seen on bitcointalk.

We are not all scammers and trollers and spammers and drugs addicted. The OP showed that there is some good in us.

My anger against what is wrong in the Bitcoin community is productive:
Bitcointa.lk - Replace "Bitcointalk.org" with "Bitcointa.lk" in this url to see how this page looks like on a proper forum (Announcement Thread)
Hashfast.org - Wiki for screwed customers
ElectricMucus
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God of the code.


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January 29, 2013, 06:49:48 AM
 #49

This is the stupidest thing I've ever seen. Even more stupid that pirates hyip.
This is the best thing I've ever seen on bitcointalk.

We are not all scammers and trollers and spammers and drugs addicted. The OP showed that there is some good in us.

No it shows how blindly greedy the folks here are that's the stupidity not that OP could have run for the hills.
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January 29, 2013, 06:53:24 AM
 #50

This is the stupidest thing I've ever seen. Even more stupid that pirates hyip.
This is the best thing I've ever seen on bitcointalk.

We are not all scammers and trollers and spammers and drugs addicted. The OP showed that there is some good in us.

No it shows how blindly greedy the folks here are that's the stupidity not that OP could have run for the hills.
I thought you where talking about the fact the the website is now closed, sorry.

My anger against what is wrong in the Bitcoin community is productive:
Bitcointa.lk - Replace "Bitcointalk.org" with "Bitcointa.lk" in this url to see how this page looks like on a proper forum (Announcement Thread)
Hashfast.org - Wiki for screwed customers
elux
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January 29, 2013, 09:18:17 AM
 #51

Looks like that they closed the website and refunded everything. A 1000$ lost for the owner, he deserves some kind of recognition at least.

That was... Unexpected.

I still don't get it.

Smiley
scatha
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January 29, 2013, 10:17:00 AM
 #52

That was pretty sudden. Although I didn't expect the price to rise above 100BTC THIS fast.

I'm wondering if maxmint was getting a threat from BFL, because of that one dodgy message
MPOE-PR
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January 29, 2013, 11:25:16 AM
 #53

This is the stupidest thing I've ever seen. Even more stupid that pirates hyip.
This is the best thing I've ever seen on bitcointalk.

We are not all scammers and trollers and spammers and drugs addicted. The OP showed that there is some good in us.

No it shows how blindly greedy the folks here are that's the stupidity not that OP could have run for the hills.

Or maybe it just shows that a market for GLBSE still exists, if anyone actually wants it.

My Credentials  | THE BTC Stock Exchange | I have my very own anthology! | Use bitcointa.lk, it's like this one but better.
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January 29, 2013, 02:42:52 PM
 #54

Looks like that they closed the website and refunded everything. A 1000$ lost for the owner, he deserves some kind of recognition at least.

That was... Unexpected.

I still don't get it.

Smiley
He's a good and honest guy. Rep ++ in my books.  Wink

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elux
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January 29, 2013, 02:52:36 PM
 #55

He's a good and honest guy. Rep ++ in my books.  Wink

Maybe.

Quote
Check back tomorrow. The gem is coming back.

 Wink
tbcoin
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January 30, 2013, 01:08:50 AM
 #56

ejem... http://glados.cc/gold/ yours too?

Edit:
https://bitcointalk.org/index.php?topic=139647.0
https://bitcointalk.org/index.php?topic=139649.0

Sorry for my bad english Wink
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maxmint
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January 30, 2013, 05:14:41 PM
 #57

Bitcoin gem, version 1: the aftermath

Some of you might have seen the price of the bitcoin gem skyrocketing to 126 bitcoins 2 days ago. This first version of the bitcoin gem had a vicious flaw: there was no exit point. The price just went up and up and I did not want to produce a really big loser at the the end of the chain. That's why I stepped in, refunded the last 2 buyers and took down the website. Some say that was the dumbest move ever since I could have made a really big cut here. But it just did not feel right for me.

Of course, I would have loved to see how far the gem would go, especially since there was so much traffic coming in. Would it reach 500? 1,000? 10,000? Some of you suspected that 126 btc was the end of the line and that people wouldn't want to buy any more. I'd say it was just the other way round. Traffic to the site was about to explode and I guess the price would have exploded too. But I'm really happy that I could stop the gem at this point.

Bitcoin gem, version 2

I then thought about how I could eliminate the problem of runaway prices. Some suggested a upper limit, but I guess a hard limit just would not work because the closer the limit gets, the less people would still buy. So I implemented a random reset of the gem, the odds for a reset are 6.25%. Basically, any purchase can trigger a reset and can put the gems price back to the start. I also raised the profit for buyers (10%) and lowered the house edge (2%). This means you can make a 10% profit with winning odds of 93.75%.

So unless version 1 of the gem (where there was only one biiiiig loser), the new gem on average makes 15 winners and 1 loser. That feels much better for me. In the end, I'd like this to be a fun game.

I just reopened the bitcoin gem at http://www.bitcoingem.com. Your comments and suggestions are, as always, welcome.

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cedivad
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January 30, 2013, 05:26:58 PM
 #58

It's a gem, it cannot disappear with a 7% chance every time.
What's the difference between this and satoshidice?

However thank you for what you did.

My anger against what is wrong in the Bitcoin community is productive:
Bitcointa.lk - Replace "Bitcointalk.org" with "Bitcointa.lk" in this url to see how this page looks like on a proper forum (Announcement Thread)
Hashfast.org - Wiki for screwed customers
theymos
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January 30, 2013, 05:27:14 PM
 #59

At the start of each new round (when someone has lost), you should randomize the starting price and the reset chance for that round.

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cosmicone
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January 30, 2013, 05:27:38 PM
 #60

At the start of each new round (when someone has lost), you should randomize the starting price and the reset chance for that round.

That's an awesome idea!
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