My first post from the original Crypto Collectors Club
POSTED BY JAMES CLAYTON ON OCTOBER 22, 2013
This is the first serious post I ever made about Bitcoin, and the first post in the Original Cryptocurrency Collectors Club on Google Plus
“Interested in mining Bitcoin? Buying a mining rig and then getting rich while you take a nap? Then be very careful and do the research, the math, and make sure you really know what you are doing. There is so much money to be made in the field that there is a ton of very misleading information. Just like the in the old Gold Rush, it isn’t necessarily the miners that are getting rich, at least those late to the game. (it is late)”
Beyond that, in some online locations and forums, there is the suppression of actual correct information, or alternative information, as people have monetized all that stuff they are telling everyone else. They are selling something, so buyer beware! There are false scarcity claims on what they are selling, pump and dumps, exaggerated returns, extreme markups, minimized risks, and few people running them that are objective, rational, and actually honest that understand a little about both finance and tech.
I feel sorry for the newbies buying Bitcoin miners as they can’t be warned in most locations, but I suppose those that don’t do the research will just have to learn the hard way. Very hard. Still, nothing will teach a person faster than losing a lot of money and discovering there are very difficult technical challenges that go along with losing all that money.”
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