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> "Step right up! Get your ~10k/month bitcoin mining gear right here! Only $90,000 and _guaranteed_ to make you rich!" I don't see any false advertising here.
by jerguismi 14y ago
> "Step right up! Get your ~10k/month bitcoin mining gear right here! Only $90,000 and _guaranteed_ to make you rich!"
I don't see any false advertising here. I think the people who invest to these things know the risks. After all, bitcoin is pretty open project. You can easily calculate how much you will be making money with this with current difficulty/exchange rate. Of course both of them will probably fluctuate heavily in the coming years.
- gravitronic 14y agoTell that to all the people who bought expensive video cards only to see the price of bitcoin fall until their recoup period's measured in years.
- sp332 14y agoThe rate of BTC generation falls off in a very predictable way. The only gamble is USD/BTC exchange rate.
- gravitronic 14y agoUSD/BTC is not the only gamble. BTC Generation system-wide is predictable, but you can't predict the size of the mining industry. So your 1GH/day contribution will be worth a smaller and smaller cut as more people like you are mining. These mining rigs are in competition with one another.
- bigiain 14y agoSure - I wasn't intending to imply any "false advertising" (and apologies if I did). I just saw a real parallel with local (Australian) school taught history of the gold rushes in the late 1800s - a few people got rich mining gold, but a lot _more_ people got rich selling shovels and camping gear to all the people who _didn't_ get rich looking for gold. Another notable modern example is Apple and the App Store - sure Rovio "struck it rich" with Angry Birds, which Apple "only" skimmed 30%off the top, but how much _more_ money do you suppose Apple has made as a result of Rovio's success spurring on many many imitators? (all of whom pay Apple $100/yr + 30% of whatever success they manage)