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Tuesday, April 23, 2013
Virtual Money, Bitcoins, and perpetual motion machines.
Dedicated computers used to "mine" virtual bitcoins are being resold $30k+ on Ebay. Wait--these are just preorders, they don't exist.
So, to recap: People are spending $30k+ for the promise of a machine that lists at $1500, which will be used to extract a virtual currency. The more of these machines that are employed, the less efficient each machine functions. Currently they are supposedly generating four bitcoins a day, at $80/coin.
It feels like a perpetual motion machine, and is either the coolest thing ever or the end of civilization and return to a barter economy. Also, the price of gold and Apple stock is crashing.
Ebay link
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