* Posts by ectogestator

5 publicly visible posts • joined 17 Jan 2014

We're from the same dust cloud, bro: Boffins find Sun's long-lost sibling

ectogestator

Don't forget journoboffins.

MANIC MINERS: Ten Bitcoin generating machines

ectogestator

Re: The leaf as currency

>>> No, what it reminds me of is the Easter Islanders who cut down every single tree they had in the process of erecting more and more of those enormous moai totems until they'd completely deforested the entire island and then proceeded to collapse as a civilisation through lack of resources.

At 30MW global consumption 24/7, bitcoin ranks, say, #100,000 on the list of energy consumers ranked by "industry". Look around you and see 1000 more powerful reminders every day. Look around your house and see 20. Look in the mirror and see someone casting the first stone somewhat prematurely.

ectogestator

Re: Bitcoin mining == Pyramid scheme

>>With the hardware vendors at the top of the heap!

This misunderstanding of a pyramid scheme can also be applied to land sales and every stock market in the world.

In a pyramid scheme, identified individuals occupy predefined positions in the pyramid. Newcomers' funds are designated specifically for specific recipients in specific amounts. Bitcoin does not operate this way. Bitcoin operates like a land sale and like every other stock market in history.

ectogestator

>>>If the idea is that punters buy these machines to mine bitcoins and make a profit, why is it not more profitable for the companies that make them to simply plug them in and get them mining for themselves rather than to sell them ?

Many if not all do just that. Here's how the game works.

Day 1 Open a preorder opportunity for your new magic miner

Day 2 Be flooded with millions from greedy miners

Day 3 Use your new preorder cash for research/costs to get your product designed and made

Day 100 Ship 50% of your finished product to your "investors".

Day 85 Start mining for yourself with 50% of your finished product that was paid for by your "investors".

Day 115 Hand the lawyers the keys to the office and retire to the tropics.

ectogestator

Re: Volatility

>>>We have seen this scam before, haven't we?

Many times. All land sales, and every stock market are based on the same dynamic.