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I would imagine it also has something to do with the guy that has been paying people 7% interest per week to hold on to their bitcoins: https://bitcointalk.org/
by chaud 14y ago
I would imagine it also has something to do with the guy that has been paying people 7% interest per week to hold on to their bitcoins: https://bitcointalk.org/index.php?topic=50822 https://bitcointalk.org/index.php?topic=50822
- wmf 14y agoThat's been going on for months, although the discussion about it has become deafening lately.
- sounds 14y agoJust in case that isn't already setting off your alarm bells, here's the math: 7% interest per week, up to 5000 BTC: http://www.wolframalpha.com/input/?i=1.07^52 http://www.wolframalpha.com/input/?i=1.07^52 3372.53% per year So if I deposit 148 BTC today, he's promising to pay me 4991.3444 BTC in one year. Note that he only takes referrals, a classic way to drive up demand by limiting availability of the profits. If it sounds too good to be true, it probably is.
- deleted 14y ago[deleted]
- alaaibrahim 14y agoSounds like a Ponzi scheme
- jlgreco 14y agoIt could also be an idiot who is trying to engineer some sort of stability in the currency at his own expense. That is the only other thing I can think of, and it seems quite unlikely.
- Fuzzwah 14y agoInteresting reading, thanks. Do you have an opinion if this is a ponzi scheme? If it isn't, do you think its sustainable over any decent length of time?
- chaud 14y agoI can't think of anything legal that would net you 7% a week in a remotely safe manner. He has been going for a while now and only recently reduced his interest rates, so it may go on until there aren't enough new people signing up anymore. I got in before the spike last summer and sold on the way down, netting some free hardware and USD, so I put what was left from that in. Worst case, I lose money that I earned through luck. Best case, new computer hardware!