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Sometimes it seems like Mt.Gox is a corporation in EVE Online. Like in EVE, they're trading in virtual goods and there's zero regulation. Similarly, scams are p
by biot 13y ago
Sometimes it seems like Mt.Gox is a corporation in EVE Online. Like in EVE, they're trading in virtual goods and there's zero regulation. Similarly, scams are part of the game.
- rasz_pl 13y agoPlaying EVE Online taught me to spot scams, pyramids and ponzi schemes in an instant. When I first read about bitcoin I couldnt stop laughing, "people really pay for pretend money counting on price going up so they can sell and earn $? AHAHAHA" was all I could hear in my head. Turns out I was too smart for my own good. Almost every ponzi scheme can be exploited _if_ you get on board early enough. At the current stage of bitcoin only suckers are left holding the bag. Of course no one will see it, because "Mistakes Were Made (But Not by Me)" (its a book, read it).
- lutusp 13y ago> Turns out I was too smart for my own good. Almost every ponzi scheme can be exploited ... You're misusing the term "Ponzi scheme". A speculative system that relies on volatility and wishful thinking isn't necessarily a Ponzi scheme (might be but not necessarily). A classic Ponzi scheme has layers or levels that are treated differently. Ordinary speculation about a volatile entity doesn't have this property. http://en.wikipedia.org/wiki/Ponzi_scheme http://en.wikipedia.org/wiki/Ponzi_scheme Quote: "Typically, extraordinary returns are promised on the original investment[5] and vague verbal constructions such as "hedge futures trading", "high-yield investment programs", or "offshore investment" might be used. The promoter sells shares to investors by taking advantage of a lack of investor knowledge or competence, or using claims of a proprietary investment strategy which must be kept secret to ensure a competitive edge."