This is the magnificent bitcoin gem

[The Fool]

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

Source?

[AmDD]

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

Source?

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

[BitcoinBasics]

He's good. Real good.

[elux]

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.

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

Source?

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

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.  

[cedivad]

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?

[ElectricMucus]

This is the stupidest thing I've ever seen.

[tbcoin]

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

[cedivad]

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.

[ElectricMucus]

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.

[cedivad]

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.

[elux]

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.

[scatha]

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]

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.

[John (John K.)]

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.

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

[elux]

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

Maybe.

Check back tomorrow. The gem is coming back.

 

[tbcoin]

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

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

[maxmint]

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.

[cedivad]

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.

[theymos]

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

[cosmicone]

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!