Quote from: pand70 on November 16, 2013, 05:53:14 AM

Quote from: ORBOTRON on November 16, 2013, 05:12:28 AM

Mining seems to be a ponzi scheme

Mining is in most cases unprofitable. But not a ponzi scheme ffs.

I've just been watching all sorts of equipment that will never pay for itself get sold well above original retail on Ebay. That and people selling mining contracts that don't start until next April. I should clarify that it "looks" like a ponzi scheme. I don't think the flood of suckers buying in is a fundamental prerequisite for Bitcoin mining to work, but it's happening. People at the bottom are losing a lot of money.