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They should buy bitcoins on some money they raised: it will surely spark a new spike in price, but, hopefully, because they initiated it, they can later profit
by snitko 13y ago
They should buy bitcoins on some money they raised: it will surely spark a new spike in price, but, hopefully, because they initiated it, they can later profit from people who follow the trend by buying and raising the price even more. That way, they can maybe reach $32m target and possibly even more.
- TylerE 13y agoPeople like you are why I have a very hard time taking bitcoin seriously.
- snitko 13y agoWhy? Are you saying that speculating on Bitcoin somehow alters the core properties of the technology?
- wmf 13y agoI'd be pissed if I backed an Ubuntu phone and the money was used for a Bitcoin pump-and-dump (that might not even work).
- snitko 13y agoYeah, I mean, that's the ethical side of the question. I agree.
- duskwuff 13y agoThere is no question involved. Taking a bunch of money which users contributed to fund a hardware project and using it for financial speculation would be grossly unethical (and would likely constitute fraud).
- jrockway 13y agoYeah, that sounds like a low-risk way to meet their financing goals.
- username223 13y agoUnfortunately, we may be close to running out of techno-libertarian suckers and Russian/"Cypriot" mobsters.
- pavs 13y agoCanonical doesn't actually see the money until the project is fully funded.
- rsynnott 13y agoSo they should take the money they raised, which they have to give back if they don't make their goal, and invest it in a horrendously volatile bubble asset? Sounds ideal.