[Chugalug] Bitcoins: It's all about cash, that is, the real stuff
mk6032 at yahoo.com
Wed Sep 4 05:05:36 UTC 2013
Let them hate Lynn, it keeps the difficulty lower.
On 09/04/2013 12:42 AM, Lynn Dixon wrote:
> Those one armed bandit machines have made myself a shit ton of cash.
> All of the intial investement I made several years ago, I have
> recovered multiple times over. I have made five figures in the last
> year alone on this "scam" as you call it. Since it has been so good to
> me these past 2 years or more, I have been faithful in investing a
> small portion of my profits back to keep up with the difficulty, but
> thats only been a SMALL portion of my profits. Again, I have lost
> aboslutely zero in the past 2 years. I can show a positive and ever
> steady gain in the high 5 figures.
> I have recently invested in the new technology since its increasingly
> effecient and I like having little boxes in my closet that poop out
> Call me a sucker, a fool, and poke fun all you care to. The fact is,
> I am substantially more "richer" because of my mining operation. At
> this point, $5000 is not serious money to me, its just a business
> expense like any other. Especially since it was money earned by
> bitcoin mining.
> I honesly don't see how I am being "suckered" when I have made $250 -
> $275 since Saturday morning, and I only paid $1350-ish for this little
> gem. Even if we examined the time-value of that money invested over
> the last 14 months, I can't see any better returns on any other
> Now, excuse me while I dive into my pool of BTC that is flowing from
> my little data closet. :-) (Sorry for the ditribe, but I couldnt resist).
> On Wed, Sep 4, 2013 at 12:23 AM, Mike Robinson
> <miker at sundialservices.com <mailto:miker at sundialservices.com>> wrote:
>> Now, mining has largely become a matter of getting your hands on
>> the newest
>> miners [[ early enough to generate a profit (barring another
>> bubble). ]] There
>> are [[ very few ]] [[ technical ]] barriers to mining other than
>> cash. Right now, that
>> requires a minimum $5K [[ investment ]] and [[ may ]] not deliver
>> returns [[ any time soon
>> (if at all). ]] [[ That is, barring another bubble. ]]
> "There are none so blind as those who will not see."
> YES, "there are NO technical barriers to 'mining.'" Other than
> the O-N-E ... T-H-I-N-G ... that actually matters to the clever
> mathematicians who conceived of it:
> UNITED STATES DOLLARS.
> You're paying $5,000 USD for "a magical money machine," and it's
> S-L-O-W-L-Y dawning on you that the words which I have enclosed in
> [[ double brackets ]] can be omitted entirely from these sentences.
> You're being very cleverly suckered. It's as simple as that.
> And, you're pouring serious money ( >= $5000 USD ) into "the same
> damn con" that has been foisted upon "clever, smart" (sic) people,
> well, since time began.
> "Public-key cryptography" is designed around a truly-intractable
> (so far as we know ...) mathematical problem. Whereas "bitcoin" is
> designed around a =difficult= problem (at least, "difficult" in
> the way that all of you have been taught to approach it ...), yet
> "not so difficult that it cannot be, by sheer brute force,
> periodically solved." A quarter has to drop out of the one-armed
> bandit now and then, just to keep the suckers going. Obviously,
> there IS a "private key" to this puzzle, and, equally obviously,
> you don't have it. All of this is plenty good enough to enable
> people to sell you(!) these mathematical one-armed bandits for
> $5,000 USD a pop.
> There is no "bubble." There is only: "sucker."
> " ... and two to take him."
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