so much dumb in these mining arms races.

What do you mean by "dumb" ?

He has a very high opinion of himself and consider others as dumb (inferior). Typical from people affected by a superiority complex.

No, it means there are droves of morons out there who week hand over their money to a guy who just registered last week, without using escrow.

No one ever send him money. He didn't even ask for it.
He's taking advice to start a groupbuy, this is not a groupbuy yet.