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21 Inc fraud ELI5 in 10 simple steps (self.Buttcoin)

GreatGuy_GG が 投稿

  1. Gather prominent captains of industry
  2. Come up with a plan
  3. Don't announce anything since your plans were too stupid anyway
  4. Talk to venture capitalists
  5. Secure angel investments
  6. Announce your operation exists
  7. Hire an intern to go around social media and channel undecipherable messages even though he doesn't have any idea what he's talking about
  8. Gather makeshift free and open source technologies and pack them into a plug and play device
  9. Delay the release of the device so much that it's sole purpose of existence becomes obsolete
  10. Add in some last minute botnet features and put the device up for pre-orders of 400$ while still not announcing what it does clearly

Bonus: Mine with devices that will be sold once they're not profitable anymore

Final Goal: Get RealMoney™ from butters

#literally_the_future

#It_is_not_about_profit

#You_Do_not_get_it

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[–]Roodditor 6ポイント7ポイント  (1子コメント)

You forgot to mention that 'obviously' it's an early prototype for developers, not something for regular customers.

[–]Barry_Scotts_Cat 1ポイント2ポイント  (0子コメント)

$400 developer machine, because it's not got a case.

[–]TenjouUtena 5ポイント6ポイント  (6子コメント)

Add in some last minute botnet features

Is this that rumor going around that the miner will be hard linked to a 21 mining pool and you won't be able to use it "directly"?

[–]GreatGuy_GG[S] 3ポイント4ポイント  (3子コメント)

Their FAQ purposefully leaves out many important things. They do however mention that they won't be receiving a percentage of the mined bitcoins. What's later mentioned though is that mining won't be happening the classic way, where miners are rewarded for each block mined and can withdraw and sell minutes after that. They say that they have designed it so it brings in a constant stream of bitcoins for testing purposes and just leave it at that. Sounds like complete BS doesn't it?

So what I refer to as botnet is the fact that this computer will be connected to a 'micropayments sever' and part of a network for the trade of 'digital goods'. Funny thing is that one of the few examples they could come up with was being paid for tweeting ads. I wonder who would buy a 400$ machine to be paid for tweeting.

[–]ButtcoinEE 0ポイント1ポイント  (2子コメント)

They do however mention that they won't be receiving a percentage of the mined bitcoins

You can read that lots of ways, maybe they take a static fee?

[–]GreatGuy_GG[S] 2ポイント3ポイント  (1子コメント)

Does 21 take a portion of my mined bitcoin?

No, we are not taking a portion of your mined bitcoin.

But then they follow up with this:

If anything, users who are good participants in the network - by doing things like running full nodes and buying/selling digital goods - will receive much more bitcoin than they would by simply running a mining device alone.

Almost makes me feel like the person that wrote this didn't know what he was talking about or was told to leave out information. I mean, paid to run a node? Really?

[–]ButtcoinEE 2ポイント3ポイント  (0子コメント)

Almost makes me feel like the person that wrote this didn't know what he was talking about or was told to leave out information. I mean, paid to run a node? Really?

Good news for them, I have 100,000,000 nodes running right here on this raspberry pi. Please make my payment out to 1BitcoinEaterAddressDontSendf59kuE. What, you don't believe me? Please prove me that I'm not running this many nodes. It's always nice when captains of the industry with $100M of funding don't understand fundamental principles of how the network operates, and why nodes don't get paid for anything today.

[–]Barry_Scotts_Cat 0ポイント1ポイント  (0子コメント)

It can only mine as a pool, you can't make penny shavings by mining yourself

[–]BeentheredonethatAus 1ポイント2ポイント  (0子コメント)

Now it makes sense! This IS good for Bitc0in.

[–]Justinjustus 0ポイント1ポイント  (0子コメント)

As always the only reason these companies exists is to shake the dollars out of the pockets of butters. And i can't blame them.

You take their dollars and they do the free advertising for you. Just make it appear as if this is good for Bitcoin. They'll do the rest.

[–]geriksonI'm only in it for the lols -1ポイント0ポイント  (4子コメント)

While I don't doubt there's venality in this "space", trying to scam VC investors isn't gonna go well. These guys have good lawyers and can write good contracts.

As for fleecing punters with $400 boxes, I really don't believe the markup on them is that big.

Never attribute to malice what can better be explained by stupidity - these guys are true believers and they were too stupid to pull the brakes as time went on and the price tanked.

[–]ButtcoinEE 2ポイント3ポイント  (3子コメント)

As for fleecing punters with $400 boxes, I really don't believe the markup on them is that big.

I would be shocked if the production cost was over $50, the raspberry pi is the most expensive component by a long shot. It's also completely pointless to have a miner, as they point out you can just run their "mostly" open source software on hardware you didn't buy from amazon.

[–]StubNuts 1ポイント2ポイント  (0子コメント)

The cost for the average consumer to buy all the parts themselves or equivalents would be under $200 so 21 paying $50-$125 sounds likely.

[–]geriksonI'm only in it for the lols 0ポイント1ポイント  (1子コメント)

The ASIC looks to be custom though.

[–]ButtcoinEE 0ポイント1ポイント  (0子コメント)

They made it for their own farm though, there's no telling how old it is. Ignoring the NRE the part cost would be under $5 for sure, the rest of the board is pretty cheap too.