Of course greed is the easy answer, but seriously, people who are intelligent enough to build and maintain mining rigs fall for the oldest trick in the book?
This is why people with poor business models like BFL can thrive in this environment. Obviously this community has a heavy dose of greedy folks.
It's simply a shame because I believe the point of bitcoin was to escape greed to a large degree, yet here we are...
Just a shame really.
So many people got involved because most of the major voices on this forum were supporting Pirate offer. Anyone who tried to question the logic of it all got shouted down.
Sorta like matthew's bet right now.
He shows up during/after the peak. Newbie. Seems unstable/crazy as all get out.
Appears to have no real BTC resources.
Tries his fucking hardest to be noticed and part of the in crowd.
Goes to any length to get involved in anything possible. Especially stuff that gets you fame. (bitcoin magizine anyone?)
Even if he did buy BTC at ~2 a pop during a low it would require 70,000 USD to have more then 35K in BTC right now.
Now has a bet on pirate's default for up to 10-35K in BTC. 350,000 USD dollars in a bet.
Major voices in this forum step up and start placing bets. Many others follow suit.
matthew calmly acts like this is somehow normal, he is not a fool, and it will all just work out
for every party involved. Sept 9th he says. Wait until then. I will not prove I have 35K BTC. Take
my word for it. Very little to no escrowing going on.
People who question the sanity of the situation are overwhelmed by the bettors.
Pointless to preach to people who just do not give a damn. matthew gets attention and others
get their bet which is probably never going to be paid in either direction.