[Chugalug] Bitcoins: It's all about cash, that is, the real stuff

Matt Keys 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:
> Mike,
> 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 
> money.
>
> 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 
> investment.
>
> 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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>
>
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