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Author Topic: How can this friend successfully ipo?  (Read 3302 times)
tianrui81317
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July 21, 2014, 11:47:05 AM
 #1

My friend works at a "big" University, and he has been responsible for a "big" cluster for years.

About 1 week ago, he knew digital coins from me and start to use that cluster to mine Altcoins and sell it for about 1---3 bitcoins every day. That means, no cost. 100% profit.


He want to ipo at cryptostocks or other sites. Because he thinks digital coin is a great opportunity so he wants to get much money (about 300 BTC) earlier to start bitcoin related business.

But he is uncertain if he can IPO successfully. Especially he can't give out his personal information to Public. So, how can people trust him?

He mines in the pools of altcoins, so every one can monitor the hashrate. He also can distribute the profit every day.

If he starts IPO, will you buy?


Similarily, in China, many people can use free electricity. If they use it to mine, and want to IPO, will you buy?

So, I suggest that he should wait 100---300 days to get enough bitcoins himself.
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July 21, 2014, 12:34:15 PM
 #2

My friend works at a "big" University, and he has been responsible for a "big" cluster for years.

About 1 week ago, he knew digital coins from me and start to use that cluster to mine Altcoins and sell it for about 1---3 bitcoins every day. That means, no cost. 100% profit.


He want to ipo at cryptostocks or other sites. Because he thinks digital coin is a great opportunity so he wants to get much money (about 300 BTC) earlier to start bitcoin related business.

But he is uncertain if he can IPO successfully. Especially he can't give out his personal information to Public. So, how can people trust him?

He mines in the pools of altcoins, so every one can monitor the hashrate. He also can distribute the profit every day.

If he starts IPO, will you buy?


Similarily, in China, many people can use free electricity. If they use it to mine, and want to IPO, will you buy?

So, I suggest that he should wait 100---300 days to get enough bitcoins himself.


(Hint: He can't be trusted.)

He mines with the University's system? If this is true. He is a scumbag. I hope he gets caught and they arrest him.

Edit: Nothing is free, if you're not paying for it and you're using it to mine. Someone else is paying for it. If you're morally ok with that then you're probably morally ok with fucking over your investors when shit goes south. Which is a very common thing here. I don't think your friend will do well IPOing here.
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July 21, 2014, 01:15:03 PM
 #3

He mines with the University's system? If this is true. He is a scumbag. I hope he gets caught and they arrest him.

Edit: Nothing is free, if you're not paying for it and you're using it to mine. Someone else is paying for it. If you're morally ok with that then you're probably morally ok with fucking over your investors when shit goes south. Which is a very common thing here. I don't think your friend will do well IPOing here.

Yeah, clearly this is a bad idea. He's making (stealing) money here - what does he even need to IPO for?
IPO Magic
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July 21, 2014, 01:46:49 PM
 #4

...
what does he even need to IPO for?

More money?
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July 21, 2014, 01:48:02 PM
 #5

Okay lets say i invest 1btc in him and then what how he's going to use my btc? To buy more miners or what?

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TradeFortress 🏕
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July 21, 2014, 02:09:18 PM
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Quote

Similarily, in China, many people can use free electricity. If they use it to mine, and want to IPO, will you buy?

Absolutely not.
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July 21, 2014, 02:24:44 PM
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Some people will point out the obvious flaws in this plan, but I'm sure some geniuses out there will give your friend money, they always do.
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July 21, 2014, 02:43:20 PM
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Some people will point out the obvious flaws in this plan, but I'm sure some geniuses out there will give your friend money, they always do.

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DjPxH
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July 22, 2014, 02:32:15 PM
 #9

Some people will point out the obvious flaws in this plan, but I'm sure some geniuses out there will give your friend money, they always do.

People seem to have become a tad more reasonable when it comes to spend their money on crazy IPOs. But in this case, how big is that cluster that he can mine altoins worth 1-3 BTC per day? Also: Yeah, he is effectively stealing from the university and thus from the tax payers or tuition fees...

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Anotheranonlol
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July 22, 2014, 02:55:00 PM
 #10

Your friend not the first person to try this

http://www.paratera.com/al_detail/newsId=34.html

Easier for him to just keep the BTC if it is such a profitable venture that he expects to last

Kipsy89
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July 22, 2014, 03:02:37 PM
 #11

Your friend not the first person to try this

http://www.paratera.com/al_detail/newsId=34.html

Easier for him to just keep the BTC if it is such a profitable venture that he expects to last

Geeezus, yeah that's stealing to begin with. I mean, he should prolly just take money and run. He's got enough bad Karma already if he really did this on a large CPU cluster.!.!

ondratra
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July 22, 2014, 03:08:17 PM
 #12

What would be the meaning of IPO?? Cheesy:D:D Why he would need to raise money as he has no running cost and no possibility to scale(he doesn't actually own the mining hardware nor server rooms).

This is just pure ignorance or scam preparation.
tianrui81317
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July 22, 2014, 03:25:57 PM
 #13

Okay lets say i invest 1btc in him and then what how he's going to use my btc? To buy more miners or what?

Absolutely can't buy more miners and similar things. What he want to do is to start new bitcoin businesses like changetip and so on. And to be honest, I felt like that he only wants to use others' money to invest in Bitcoin business to gain further success, instead of using his own money earned from mining.

tianrui81317
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July 22, 2014, 03:30:33 PM
 #14

What would be the meaning of IPO?? Cheesy:D:D Why he would need to raise money as he has no running cost and no possibility to scale(he doesn't actually own the mining hardware nor server rooms).

This is just pure ignorance or scam preparation.


What he owns is the right of control these machines. There are also many people in China who can use free electricity for decades.

Someone felt such actions are "theft", But in China it's very common. And to some extent it's well accepted by people morally.

(Nearly) All universities belong to Government here, and all electricity belongs to Government.
tianrui81317
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July 22, 2014, 03:34:01 PM
 #15

Your friend not the first person to try this

http://www.paratera.com/al_detail/newsId=34.html

Easier for him to just keep the BTC if it is such a profitable venture that he expects to last

Yes he is not the 1st. We all know there are many people in China doing such things.

If one has such previlege, it's nearly no reason that he won't do such things. Because he has nearly no risk and great profit.
Also, if his friends know he is doing such things, they will not blame him. 
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July 23, 2014, 04:45:09 AM
 #16

Is this "friend" you Mr OP ?

LostDutchman
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July 23, 2014, 05:39:43 AM
 #17

My friend works at a "big" University, and he has been responsible for a "big" cluster for years.

About 1 week ago, he knew digital coins from me and start to use that cluster to mine Altcoins and sell it for about 1---3 bitcoins every day. That means, no cost. 100% profit.


He want to ipo at cryptostocks or other sites. Because he thinks digital coin is a great opportunity so he wants to get much money (about 300 BTC) earlier to start bitcoin related business.

But he is uncertain if he can IPO successfully. Especially he can't give out his personal information to Public. So, how can people trust him?

He mines in the pools of altcoins, so every one can monitor the hashrate. He also can distribute the profit every day.

If he starts IPO, will you buy?


Similarily, in China, many people can use free electricity. If they use it to mine, and want to IPO, will you buy?

So, I suggest that he should wait 100---300 days to get enough bitcoins himself.


"If he starts IPO, will you buy?"

Are you out of your fucking mind?

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Phildo
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July 23, 2014, 12:57:41 PM
 #18

Okay lets say i invest 1btc in him and then what how he's going to use my btc? To buy more miners or what?

Absolutely can't buy more miners and similar things. What he want to do is to start new bitcoin businesses like changetip and so on. And to be honest, I felt like that he only wants to use others' money to invest in Bitcoin business to gain further success, instead of using his own money earned from mining.



If he wants to use the coins for something else, he shouldn't "ipo" "his" miners. If this is serious in any way, he should try to set up some sort of cloudhashing type deal or sell/lease the hashing power. I don't know much about the laws involved here, but that is probably a lot more legal, and it seems like you kind find more suckers people willing to fall for jump into cloudhashing/mining than jumping into a bad ipo.
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July 24, 2014, 09:40:58 AM
 #19

Absulotely not.This is a scheme->more money.And he's stealing.
HarmonLi
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Honest 80s business!


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July 24, 2014, 02:46:34 PM
 #20

Your friend not the first person to try this

http://www.paratera.com/al_detail/newsId=34.html

Easier for him to just keep the BTC if it is such a profitable venture that he expects to last

Geeezus, yeah that's stealing to begin with. I mean, he should prolly just take money and run. He's got enough bad Karma already if he really did this on a large CPU cluster.!.!

Yeah, it's totally dishonest to operate mining equipment by using electricity someone else has paid for. We're not talking about a mere couple of cent, but rather about hundreds of USD being misused here!

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