BITCON... WHY its totally FLAWED

If Bitcoin reaches that $100 AUD mark again, I'll probably sell half of my remaining lot of Bitcoins.

It's been powering up today!
 
Not sure if anyone still likes the quick pump and dumpers - but a new coin got released recently called Primecoin (XPM)...it is supposed to be very different to others (something to do with prime numbers, I didn't bother reading why).

Currently trading on mcxnow.com for 0.00648 BTC and CPU minable only as far as I am aware (using wallet to solo mine).

Using 3 basic systems (i3, i5, i7) I got 7 blocks in 8 hours last night (so about 112 XPM) - which equals around $70 for at just over 400w of power draw.

Obviously won't last long, but you might want to get in while the goings good. A risk-taking network admin could make a killing right now because buying volumes are decent too - I managed to triple up on a trade when I bought after listing.
 
So selling out at 100usd seems to have been a good idea, anyone want to pick the bottom for me to buy back in?
 
with the satoshi dice payout to shareholders happening in 12 or so hours it could easily be filled around that time.
 
Hows life in bitcoin land? Havent been getting the hourly updates and such like Ive become accustomed to.

Did everyone sell up and buy Carded Stock Horses? :P
 
been struggling to hold 90 with today breaking through. i would be predicting it will test 100 in the next few days.
 
It's all about Primecoin these days! XPM has been making people a lot of Bitcoin. :cool:

Also, if anyone likes 1966 50's, I've just put up 120x for sale and can perhaps negotiate payment in Bitcoin.
 
Hopefully no-one here got caught by this:

Washington D.C., July 23, 2013

The Securities and Exchange Commission today charged a Texas man and his company with defrauding investors in a Ponzi scheme involving Bitcoin, a virtual currency traded on online exchanges for conventional currencies like the U.S. dollar or used to purchase goods or services online.

The SEC alleges that Trendon T. Shavers, who is the founder and operator of Bitcoin Savings and Trust (BTCST), offered and sold Bitcoin-denominated investments through the Internet using the monikers "Pirate" and "pirateat40." Shavers raised at least 700,000 Bitcoin in BTCST investments, which amounted to more than $4.5 million based on the average price of Bitcoin in 2011 and 2012 when the investments were offered and sold. Today the value of 700,000 Bitcoin exceeds $60 million.
Click to expand...

More detail here: https://www.sec.gov/servlet/Satellite/News/PressRelease/Detail/PressRelease/1370539730583
 
whinfell said:
Hopefully no-one here got caught by this:

Washington D.C., July 23, 2013

The Securities and Exchange Commission today charged a Texas man and his company with defrauding investors in a Ponzi scheme involving Bitcoin, a virtual currency traded on online exchanges for conventional currencies like the U.S. dollar or used to purchase goods or services online.

The SEC alleges that Trendon T. Shavers, who is the founder and operator of Bitcoin Savings and Trust (BTCST), offered and sold Bitcoin-denominated investments through the Internet using the monikers "Pirate" and "pirateat40." Shavers raised at least 700,000 Bitcoin in BTCST investments, which amounted to more than $4.5 million based on the average price of Bitcoin in 2011 and 2012 when the investments were offered and sold. Today the value of 700,000 Bitcoin exceeds $60 million.
Click to expand...

More detail here: https://www.sec.gov/servlet/Satellite/News/PressRelease/Detail/PressRelease/1370539730583
Click to expand...

Great quote at the end of the press release...

... "Investors should understand that regardless of the type of investment, a promise of high returns with little or no risk is a classic warning sign of fraud."
Click to expand...
 
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