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Author Topic: Bitcoin scam is comming to an end  (Read 4608 times)
ziemer
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September 08, 2011, 12:20:38 AM
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Bitcoins lost 60% of its value in 3 months. The scam is coming to an end apparently. Some people made money out of it. The majority lost big time, burning energy down the toilette. Bitcoin is scam. As I told everybody in the first place. Earning money by buying hardware... get a brain, sheep!
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kpriess
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September 08, 2011, 01:22:41 AM
 #2

Small investment, small profit so far.. If it goes down the drain I wouldn't lose much..

But for now, it's fun to deal with..
MrGaSp
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September 08, 2011, 01:30:48 AM
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A scam is when someone rips you off to better them selves...who ripped the people who lost the money? no one, some gain, some lose, as with all investments.  Besides, Bitcoin can actually be used, as in when you get things that are from a scam(if you even do), they tend to not work.

The price is going back up btw..

kgo
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September 08, 2011, 01:31:21 AM
 #4

I thought it was up 700% in six months...
Sekioh
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September 08, 2011, 02:23:14 AM
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Not for the silly people who heard the first word of it 3 months ago and bought at $15-20! Tongue
Oldminer
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September 08, 2011, 02:31:28 AM
 #6

The gig's up?

If you like my post please feel free to give me some positive rep https://bitcointalk.org/index.php?action=trust;u=18639
Tip me BTC: 1FBmoYijXVizfYk25CpiN8Eds9J6YiRDaX
allten
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September 08, 2011, 04:10:48 AM
 #7

How funny. I heard about it right around when it peaked at ~$30.
Did I loose some money? Yes.
Do I feel bad about it? No, it was the best money I have ever invested!
Bitcoin potential is so huge. When I invested, my faith was not in the price going up forever, but for many things that are comming and will come from this.
The funny thing is, I just bought another 70 BTC, but I think the price is still way too high for current demand vs. the rate of new money comming in.

pekv2
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September 08, 2011, 03:48:14 PM
 #8

Bitcoin is not a scam.

Bitcoin is another method to buy, trade and sell in so many ways that money cannot do.

And its not coming to an end.

If people are still willing to use bitcoin to buy, trade and sell it is not going to end.
SgtSpike
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September 08, 2011, 03:51:55 PM
 #9

Bitcoins lost 60% of its value in 3 months. The scam is coming to an end apparently. Some people made money out of it. The majority lost big time, burning energy down the toilette. Bitcoin is scam. As I told everybody in the first place. Earning money by buying hardware... get a brain, sheep!
Spent: $1100 hardware + $650 electric
Made: $3000+

u jelly?  Or do you need a new brain?
critmass
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September 08, 2011, 04:05:38 PM
 #10

It is not a Ponzi scheme, it is a currency market.  What drives a currency market is imports and exports.  It is really difficult to see the importing and exporting to and from the bitcoin economy, but it happens.  If a miner wants to use the bitcoins he mined to pay his power bill, he has to exchange them for USD or Euros because the power company doesn't accept bitcoins as payment.  This means that the miner is importing power into the bitcoin economy, which drives the bitcoin's price down.  When Joe Average wants to buy some organic coffee from so-and-so bitcoin vender, they have to go to buy bitcoins before they can make this transaction.  This is an export, which drives bitcoin's price up.  Also, if you buy something in USD then sell it in bitcoins to a bitcoin miner, you are still importing.  Likewise, if you buy something in bitcoins then sell it for USD you are exporting.  When imports matches exports, you'll have a stable currency.
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September 08, 2011, 07:24:10 PM
 #11

Bitcoins lost 60% of its value in 3 months. The scam is coming to an end apparently. Some people made money out of it. The majority lost big time, burning energy down the toilette. Bitcoin is scam. As I told everybody in the first place. Earning money by buying hardware... get a brain, sheep!

Okay OP... are you willing to make a bet then? I'll bet you that on Christmas day this year, the price of a Bitcoin will be greater than $6 USD. If not, I'll send you $100. If it is greater than $6, you send me $100. Are you man enough to stand behind your prediction, or do you just post crap on forums with no accountability?

Now if you agree, how should we send the money? We could use Paypal and lose 3%... but do you even want USD? Are you in another country and need some other currency? Hmmm maybe a wire then? But wait I don't want to give out my bank account info, and it would take a week, and at least $15 in fees would eat up the winnings. If only there were a way to instantly pay with zero fees to anyone anywhere in the world...  Undecided
bitcon
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September 08, 2011, 10:46:42 PM
 #12

would you be willing to make the bet if it was over $12 christmas insread of 6?

Swishercutter
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September 08, 2011, 11:30:02 PM
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I don't take advice from anyone who cannot spell "coming".
Jack of Diamonds
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September 09, 2011, 11:47:15 AM
 #14

How is it a scam when nobody has been promised anything?

I'm currently losing out big time on mining, due to risks I chose to take.
The creators are not responsible, nor is Satoshi, Mt. Gox or the community.

In similar fashion, if you bought BTC and were disappointed, you have not been "scammed".
You just made a bad short-term investment. You are responsible and nobody else.

1f3gHNoBodYw1LLs3ndY0UanYB1tC0lnsBec4USeYoU9AREaCH34PBeGgAR67fx
Vladimir
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September 09, 2011, 12:07:29 PM
 #15

left

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stevendobbs
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September 09, 2011, 12:09:04 PM
 #16

Bitcoins lost 60% of its value in 3 months. The scam is coming to an end apparently. Some people made money out of it. The majority lost big time, burning energy down the toilette. Bitcoin is scam. As I told everybody in the first place. Earning money by buying hardware... get a brain, sheep!

I don't think its a scam. speculation has been an issue. What we want now is stability in prices so we can actually use it for the reason its intended.

In the near future I'm going to offer in bitcoins some investment options in my company. What people like me want is stability at whatever exchange rate.

Steven Dobbs, co founder of thunderworks ltd
stevendobbs
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September 09, 2011, 12:22:02 PM
 #17

It is not a Ponzi scheme, it is a currency market.  What drives a currency market is imports and exports.  It is really difficult to see the importing and exporting to and from the bitcoin economy, but it happens.  If a miner wants to use the bitcoins he mined to pay his power bill, he has to exchange them for USD or Euros because the power company doesn't accept bitcoins as payment.  This means that the miner is importing power into the bitcoin economy, which drives the bitcoin's price down.  When Joe Average wants to buy some organic coffee from so-and-so bitcoin vender, they have to go to buy bitcoins before they can make this transaction.  This is an export, which drives bitcoin's price up.  Also, if you buy something in USD then sell it in bitcoins to a bitcoin miner, you are still importing.  Likewise, if you buy something in bitcoins then sell it for USD you are exporting.  When imports matches exports, you'll have a stable currency.

true, but it has value as a low cost means of cross border exchange where only rapid price variation is a problem.

if I want to sell an investment worth £30,000 to potential investors, I can do so on a global market, and repay later at whatever the exchange has floated to.

Eventually the price will stabalise based on that growing market of cross border exchange + the cost of electricity killing miners. Eventually the price will bobble above and below some break even with regards to mining?

Steven Dobbs, co founder of thunderworks ltd
322i0n
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September 09, 2011, 12:22:15 PM
 #18

yep its over, it was a scam, everybody knew except you and know you know too.

Okay... quick go sell your coins!!! sell sell sell!

Supporting The Global Insurrection Against Banker Occupation
BTC: 1C1w6t1dMkEXeCntURxDiBiWsTbdJbvTr9
NMC: N6uNpVPAdpTur4Hwr8Sqgd6kxcKPto4S2T
RodeoX
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September 09, 2011, 12:43:24 PM
 #19

When you say "The majority lost big time", I assume you ment yourself. So, who told you bitcoin was an investment vehicle? Because it's not. It's a currency. If you use it as such, there is no loosing.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin=https://bitcointalk.org/index.php?topic=1610684
CanaryInTheMine
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September 09, 2011, 04:07:02 PM
 #20

Bitcoins lost 60% of its value in 3 months. The scam is coming to an end apparently. Some people made money out of it. The majority lost big time, burning energy down the toilette. Bitcoin is scam. As I told everybody in the first place. Earning money by buying hardware... get a brain, sheep!

somebody is pissed.  after you sunk all that money into hardware when bitcoin was higher than today...
makes you feel like stupid sheeple shit doesn't it?

so now it's someone else's fault for your mistakes, huh?  classic...
go away and don't think about mining again.

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