Can BitCoin be a scam?

[rudz]

Hi everyone,

I've been thinking to buy an ASIC (600Ghash/s or more) to start mining. However, the BitCoin system, as crypto currency and virtual money is really confusing me. sometimes I think it is a great opportunity but sometimes i think that it is too good to be true, and that someone created this whole thing to get people into the system and take money from them later on. I don't know if you are familiar with the term goldmine, but for me, sometimes i think it is the same thing.

The question now is how can this person make money from us. I could just come up with 1 scenario:

Companies now are 'producing' ASICs and are taking pre-Orders from people. What if this is the time where they will abandon people and take the money? Just imagine how many people have pre-ordered the ASICs. So imagine the huge amount of money they are taking from people. What's stopping them from taking the money and running away? If they do so, people can never ask for the money back.

You might argue that some ASICs are already in the market and people are using them. Yes, there are some ASICs in the market, but these companies have to gain people's trust if they want to make a big move.

What I am trying to say in this message is that I want to buy an ASIC and start mining, but I think it's too big of a risk. I want input plz on this subject, and I want to be convinced to buy the ASIC. I know this is my problem, but I just need your help.

Thank you for your time.

[vm1990]

i think your a bit outdated about 95% of the network is now ASIC and FPGA and from ASIC makes point of view if they run off with money they wont make anywhere near as much as selling the hardware and keeping the promises think about how much friedcat has made from USB erupters over the past few months.. they dont cost much to make and hes still earning money.. word of mouth gets around very quick on here so if 1 company pops up promises this that and the other they have to prove it its only the naive and new members who dont do research who get scammed

[ekiro]

Hi everyone,

I've been thinking to buy an ASIC (600Ghash/s or more) to start mining. However, the BitCoin system, as crypto currency and virtual money is really confusing me. sometimes I think it is a great opportunity but sometimes i think that it is too good to be true, and that someone created this whole thing to get people into the system and take money from them later on. I don't know if you are familiar with the term goldmine, but for me, sometimes i think it is the same thing.

The question now is how can this person make money from us. I could just come up with 1 scenario:

Companies now are 'producing' ASICs and are taking pre-Orders from people. What if this is the time where they will abandon people and take the money? Just imagine how many people have pre-ordered the ASICs. So imagine the huge amount of money they are taking from people. What's stopping them from taking the money and running away? If they do so, people can never ask for the money back.

You might argue that some ASICs are already in the market and people are using them. Yes, there are some ASICs in the market, but these companies have to gain people's trust if they want to make a big move.

What I am trying to say in this message is that I want to buy an ASIC and start mining, but I think it's too big of a risk. I want input plz on this subject, and I want to be convinced to buy the ASIC. I know this is my problem, but I just need your help.

Thank you for your time.

Umm... make sure you understand how the difficulty works. Otherwise you'll be wasting your time and money. It's getting increasingly difficult to mine due to the exponential bumps. I mean anyone has access to the graphs. Just take a look and you'll get an idea of the rate it's growing.  Your hardware will also become obsolete very quickly.

I say you spend the money you planned on investing in hardware to buy some BTC and I'm sure you'll earn a higher ROI in a shorter period of time.

People fancy the idea of plugging something into the wall and have it generate money for them...

[rudz]

i think your a bit outdated about 95% of the network is now ASIC and FPGA and from ASIC makes point of view if they run off with money they wont make anywhere near as much as selling the hardware and keeping the promises think about how much friedcat has made from USB erupters over the past few months.. they dont cost much to make and hes still earning money.. word of mouth gets around very quick on here so if 1 company pops up promises this that and the other they have to prove it its only the naive and new members who dont do research who get scammed

Thank you for your concern. Its been a few months that I am reading about BitCoin and analyzing trends and asking others for their opinion. I think it is normal to have doubts about something new that is too good. We basically do nothing and make money.
For me being naive is actually not questioning if BitCoin and the hardware suppliers are trustworthy.

From what you said I take it as you trusting this whole thing. Just a question: Did you recently buy an ASIC? If yes, can you please tell me from where?
The only companies I know that are selling ASIC above 600Ghash/s are:
1- butterfly labs
2- hashfast
3- KnCMiner
4- Black arrow

Do you know other companies that also sell ASICs with speed more than 600Ghash/s?

Thank you

[vm1990]

i think your a bit outdated about 95% of the network is now ASIC and FPGA and from ASIC makes point of view if they run off with money they wont make anywhere near as much as selling the hardware and keeping the promises think about how much friedcat has made from USB erupters over the past few months.. they dont cost much to make and hes still earning money.. word of mouth gets around very quick on here so if 1 company pops up promises this that and the other they have to prove it its only the naive and new members who dont do research who get scammed

Thank you for your concern. Its been a few months that I am reading about BitCoin and analyzing trends and asking others for their opinion. I think it is normal to have doubts about something new that is too good. We basically do nothing and make money.
For me being naive is actually not questioning if BitCoin and the hardware suppliers are trustworthy.

From what you said I take it as you trusting this whole thing. Just a question: Did you recently buy an ASIC? If yes, can you please tell me from where?
The only companies I know that are selling ASIC above 600Ghash/s are:
1- butterfly labs
2- hashfast
3- KnCMiner
4- Black arrow

Do you know other companies that also sell ASICs with speed more than 600Ghash/s?

Thank you

i took one of the biggest risks and got it from Butterfly labs... i wouldnt call them trust worthy but i got my hardware so they didnt scam me. i would probably go with kncminer next, that way i dont have to pay customs as there in the EU

bitcoin is pretty old now think its about 4 years but only the last 2 years people have taken it with any seriousness
i think aslong as you do a bit of research its no more risky that any other currency out there. everything has a risk in life its how you learn 

[Birdy]

Don't buy mining hardware, unless you really know what you are doing, there are tons of ways to lose your money that way.
It's very likely better to buy Bitcoins directly instead of mining them.

Bitcoin itself is not a scam, but companies using Bitcoin can be a scam.

[ninjatflex]

Bitcoin isn't a scam, but there's loads of scam artists making money off of it at the moment.

As for mining, i definitely think it's better to just use the money you're prepared to buy your hardware and invest it straight into bitcoins instead.

[naphto]

Bitcoin isn't a scam, but there's loads of scam artists making money off of it at the moment.

As for mining, i definitely think it's better to just use the money you're prepared to buy your hardware and invest it straight into bitcoins instead.

Yes, but you should always be careful with btc at the moment.