Who wants to buy a piece of Micon with bitcoins?

Okay Im sitting here bored out of my fucking skull at work and watching the carnage of the day that is bitcoin. I see Da Greek post about Micon tilt tweeting about it so I check out Micons twiter for hte first time in ages. Then I see this weird ass post...

Bryan Micon ‏@BryanMicon 11h
Ender, U kilt it this time. Micon WSOP 2013 for sale exclusively via http://SealsDeals.info http://sealsdeals.info/?wsop #bitcoinonly #WSOP2013

Well I go to this http://sealsdeals.info/?wsop link and its this odd page where you are buying pieces of Micon with bitcoin. At first I think thats pretty smart of him cuz its easy to buy pieces that way and he doesnt have to deal w/faggots charging back when he loses. But then I think more about it and I realize something is not right with the whole thing! First he is marking shit up as high as 30% but lets ignore that cuz at least hes upfront about it. This the part I dont like...

Quote:

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Stakes can be purchased in minimum increments of 0.1%, and must be worth at least 10 chips (0.01 BTC). The chips will be immediately converted to USD at the current BTC/USD rate listed and put aside to buy into the selected event. You are then entitled to that percent of any prize that Bryan wins. Any prizes won will be converted from USD back to BTC and repaid to stakers within 24 hours following the event.

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What hes doing is converting your bitcoin to dollars now, giving u that stake in his WSOP. Then if he cashes he converts it back to bitcoin and sends u back bitcoins. That sounds fair when u first read it, but think about it. Who says what a bitcoin is worth? Look what happened today where in the same 24h period bitcoin was worth both $266 and $105. What is to stop him from converting it to dollars on the high end of that day and converting it back to bitcoin of the low end of that day? Also u gotta think about maybe if people buy 50% of him and then bitcoins go up more than double he might just say fuck it, cash out the bitcoins, and lose the event on purpose like TJ Cloutier is famous for doing. He should give people the option to cash out in dollars instead of bitcoin so he cant fuck them with the exchange rate.

I dunno maybe he just thought this up real fast and didnt realize these holes but I really wonder.

i thought the exact same thing when i saw that tweet last night

there are a hundred different ways for micon to angle shoot depending on whether the value increases or decreases

besides the laughable markup, you are basically giving micon your coins to invest for two months, quite the freeroll

mycon - everyday he's hustling

Quote:

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Originally Posted by Cokehead

What is to stop him from converting it to dollars on the high end of that day and converting it back to bitcoin of the low end of that day?

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What is to stop anyone from doing that? In fact, can you (or Micon, or anyone) teach ME how to successfully time the market like that? I wanna be rich.

I do agree with you though about the mark-up and that he has some wiggle room in a market with such heavy daily fluctuations when it comes time to pay out to perhaps say he converted the dollars back to bitcoins at x price when he really converted them at or near the daily low price, and pocket the difference.

Bitcoins definitely seem fertile grounds for scammers.

I'd like to credit Micon as just having a lazy idea rather than a greedy idea since this sort of thing really only works once.

http://i39.photobucket.com/albums/e1.../micongraf.jpg


:baddecision