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Author Topic: Bitcoin-miner busted by police (Police confuse bitcoin power usage for pot farm)  (Read 5885 times)
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May 31, 2011, 05:54:13 PM

Claims some guy in IRC  Roll Eyes

Indeed. This entire story is a prime example of Internet hysteria.

I explicitly remember someone on either this forum or Reddit/r/bitcoin saying 'oh- wouldn't it be funny if the cops started raiding these bitcoin miners under suspicion for growing?' A day or two later this story appears, judging from some guy on IRC who got picked up by a low-level blog. From there, much like fractional-reserve banking, the story was pyramided up by more and more legitimate news sources, each one sourcing the one below it. This story was on Slashdot. All from one guy's probably-false statement on IRC.

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
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