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Old 01-26-2013, 09:23 AM   #1 (permalink)
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Default Nubblies.net currently owns the Magnificent Bitcoin Gem

This is the magnificent bitcoin gem


The basis of our governments being the opinion of the people, the very first object should be to keep that right; and were it left to me to decide whether we should have a government without newspapers, or newspapers without a government, I should not hesitate a moment to prefer the latter. But I should mean that every man should receive those papers and be capable of reading them.
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Old 01-26-2013, 10:01 AM   #2 (permalink)
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Taint analysis pls.
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Old 01-26-2013, 10:11 AM   #3 (permalink)
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That is brilliant. But what might the economic implications of this be? Bitcoin inflation?
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Old 01-26-2013, 11:09 AM   #4 (permalink)
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I'll trade you pos reps for bitcoins.
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Old 01-26-2013, 11:10 AM   #5 (permalink)
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I doubt it will have much affect on the market at all.

It will become so expensive that no one can buy it either because more than half of volume of BTC will be in the gem, or 100% more likely it will reach market value of the novelty of a JPEG of a gem which I imagine isn't going to be very much.

The last person holding the gem ends up screwed. The owner of the site's (the broker) money made from this venture will equal the sum of the profits he has payed out from the all previous rounds since it looks like he splits the difference 50/50. Plus he can "retire" anytime and keep the BTC from the last purchase price and email the JPEG of the gem to the current owner and tell him to find a different broker.

#YOLO
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Old 01-27-2013, 02:26 AM   #6 (permalink)
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Damn. It's 10 bitcoin now. Don't really feel like losing $170 in a game of internet hot potato.


The basis of our governments being the opinion of the people, the very first object should be to keep that right; and were it left to me to decide whether we should have a government without newspapers, or newspapers without a government, I should not hesitate a moment to prefer the latter. But I should mean that every man should receive those papers and be capable of reading them.
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Old 01-27-2013, 02:29 AM   #7 (permalink)
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Quote:
Originally Posted by Ugly Bastard View Post
That is brilliant. But what might the economic implications of this be? Bitcoin inflation?
None. It's just a ponzi scheme. Eventually somebody will have lost a decent chunk of money and everybody else will have made a little. The sites owner makes half of what the biggest loser loses.


The basis of our governments being the opinion of the people, the very first object should be to keep that right; and were it left to me to decide whether we should have a government without newspapers, or newspapers without a government, I should not hesitate a moment to prefer the latter. But I should mean that every man should receive those papers and be capable of reading them.
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Old 01-27-2013, 03:13 AM   #8 (permalink)
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Quote:
Originally Posted by DJ FC View Post
Damn. It's 10 bitcoin now. Don't really feel like losing $170 in a game of internet hot potato.
You know somebody else is going to buy it. Do it.

Psychedelics are illegal not because a loving government is concerned that you may jump out of a third story window. Psychedelics are illegal because they dissolve opinion structures and culturally laid down models of behavior and information processing.

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Old 01-27-2013, 01:40 PM   #9 (permalink)
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25.09 now. She's rolling right along.
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Old 01-27-2013, 02:55 PM   #10 (permalink)
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Is there anything new to this legally?
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Old 01-27-2013, 04:46 PM   #11 (permalink)
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Quote:
Originally Posted by Orgazmo View Post
25.09 now. She's rolling right along.
Incredible.

30.36 as I write this which is $539!


The basis of our governments being the opinion of the people, the very first object should be to keep that right; and were it left to me to decide whether we should have a government without newspapers, or newspapers without a government, I should not hesitate a moment to prefer the latter. But I should mean that every man should receive those papers and be capable of reading them.
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Old 01-27-2013, 05:27 PM   #12 (permalink)
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Line on how far this goes before it doesn't get a buyer for 24 straight hours?
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Old 01-27-2013, 10:50 PM   #13 (permalink)
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Is it possible for the site's proprietor to fraudulently send money back and forth to himself to gather hype without it being traced?

#YOLO
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Old 01-28-2013, 03:25 AM   #14 (permalink)
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I guess it could be possible.


The basis of our governments being the opinion of the people, the very first object should be to keep that right; and were it left to me to decide whether we should have a government without newspapers, or newspapers without a government, I should not hesitate a moment to prefer the latter. But I should mean that every man should receive those papers and be capable of reading them.
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Old 02-19-2013, 07:00 PM   #15 (permalink)
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SS'd this on the 30th of Jan

another rule has been added since

"However, the gem resets randomly, the odds of a reset are 3.125%, your winning odds are 96.875%. Should your purchase trigger a reset, then you will lose your stake and the gems price goes back to 0.1 bitcoins. Please read FAQ for details."
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Old 02-19-2013, 07:56 PM   #16 (permalink)
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lol... wow.
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