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Topic: A day in the life of a pirate. - page 14. (Read 31790 times)
I joined the FPS&T, BTC S&T on the 1st of March 2012, it wasn't easy to get on board then either, I requested that my investment be rolled over for compound interest but this got missed on our communications which is fine by me, who on earth would be paying out interest if he could just keep it when up to anything dodgy, nearly 3 months down the line of receiving these payments that never even had to be made plus continual monitoring of the evolution of Pirate's offering & most of all this thread have convinced me to PM Pirate today to request doubling my previous investment much sooner that I was originally planning to do if he has that sufficient availability at present. <-- Edit, period added (((for the gramar Nazis, jk )))
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So as far as my lenders are concerned the only thing they need to trust is me.
Never trust a Pirate.
Trust the Pirate's Booty.
This is fun stuff. You couldn't make it up if you tried. lol
Can you tell us if your business venture is converting the bitcoin you borrow to fiat or not? I'd like to invest in a PPT type thing but I wouldn't like to invest in a business that uses btc only as a transport mechanism for fiat. I'll understand if you think this would give away to much about your business model.
Well, the only reason Bitcoin is worth anything is due to it's value against fiat currencies. At this point Bitcoin is a commodity and those that say otherwise have much more to learn. I hope to be a part of what changes that and look to see Bitcoin as the currency others are based upon. So to answer your question, I would say Yes, but it really depends on what you think Bitcoin is.
Let's try to bring it back on track a little. What bitcoin variables do you think can affect your operation, and in which way? Inflation, growth index? And how do you believe that your operation will be affected by the halving of subsidy in December?
The only thing that would affect my profits would be a huge spike in price over a very short period of time. At this point I really don't need to know when things will affect my operation because I'm able to hedge my risk with how it operates. If I saw something coming that I felt would cost me more than I'm willing to lose, I would take the necessarily actions to limit the loss, but like I said... it's just a profit loss. Like I've said before and my lenders know, if I had to take a large loss to cover coins... One, they wouldn't know about it (I still owe them the coins) and two it wouldn't be enough to put me in a pinch or cause me to run to Antarctica. So as far as my lenders are concerned the only thing they need to trust is me.
Now, on with the show.
Would you consider producing a Bitcoin Savings & Trust branded rum? I think the two would complement each other quite nicely and plenty on these forums would buy it for the novelty value.
Not sure if this was a joke or not... and I haven't read the whole thread yet...
BUT DO THIS!
Sorry for the gigantic image
Now, on with the show.
Would you consider producing a Bitcoin Savings & Trust branded rum? I think the two would complement each other quite nicely and plenty on these forums would buy it for the novelty value.
Not sure if this was a joke or not... and I haven't read the whole thread yet...
BUT DO THIS!
Taken at the local booze store
I do not follow this "pirate" thing, nor do I know much about any GLBSE listed "assets".
However, please consider the following hypothetical GLBSE listed company.
Someone places BMMM IPO on GLBSE. The company does not disclose what they do, however they pay rather good dividends. Everyone is happy (for now).
What they do is the following, they convert BTC's into USD's and "invest" it into a piramide scheme http://en.wikipedia.org/wiki/MMM-2011 run by http://en.wikipedia.org/wiki/Sergei_Mavrodi that reportedly currently pays up to 50% per month of "dividends". BMMM pockets 30%, pays out 20% to their "investors". They also hope that with such "profitability" they will be able to accumulate enough money to buy out the shares once the "master ponzi" breaks down.
see also (google translate if needed) https://bitcointalksearch.org/topic/2011-77316
and read up on to http://en.wikipedia.org/wiki/Stockholm_syndrome it might get applicable.
The above is a ponzi scheme by proxy which BTW is pretty close to what all the investment banks out there are doing with the central banks and ultimately the fed being the "master ponzi".
However, please consider the following hypothetical GLBSE listed company.
Someone places BMMM IPO on GLBSE. The company does not disclose what they do, however they pay rather good dividends. Everyone is happy (for now).
What they do is the following, they convert BTC's into USD's and "invest" it into a piramide scheme http://en.wikipedia.org/wiki/MMM-2011 run by http://en.wikipedia.org/wiki/Sergei_Mavrodi that reportedly currently pays up to 50% per month of "dividends". BMMM pockets 30%, pays out 20% to their "investors". They also hope that with such "profitability" they will be able to accumulate enough money to buy out the shares once the "master ponzi" breaks down.
see also (google translate if needed) https://bitcointalksearch.org/topic/2011-77316
and read up on to http://en.wikipedia.org/wiki/Stockholm_syndrome it might get applicable.
The above is a ponzi scheme by proxy which BTW is pretty close to what all the investment banks out there are doing with the central banks and ultimately the fed being the "master ponzi".
Wow, a pawn ponzi inside of a master ponzi? This post opens my eye
Can you tell us if your business venture is converting the bitcoin you borrow to fiat or not? I'd like to invest in a PPT type thing but I wouldn't like to invest in a business that uses btc only as a transport mechanism for fiat. I'll understand if you think this would give away to much about your business model.
Well, the only reason Bitcoin is worth anything is due to it's value against fiat currencies. At this point Bitcoin is a commodity and those that say otherwise have much more to learn. I hope to be a part of what changes that and look to see Bitcoin as the currency others are based upon. So to answer your question, I would say Yes, but it really depends on what you think Bitcoin is.
Let's try to bring it back on track a little. What bitcoin variables do you think can affect your operation, and in which way? Inflation, growth index? And how do you believe that your operation will be affected by the halving of subsidy in December?
Now, on with the show.
Would you consider producing a Bitcoin Savings & Trust branded rum? I think the two would complement each other quite nicely and plenty on these forums would buy it for the novelty value.
Not sure if this was a joke or not... and I haven't read the whole thread yet...
BUT DO THIS!
hmm what about all investors on the forum remove their coins for one day. with a ponzi this would be impossible.
Are you going to pay that day interest at 1%?
And how much will you pay Pirate for all the withdrawals he'll have to process?
How will you deal with those GLBSE bonds?
It's up to you to make it happen.
me? yo mad?
though tempting I am not invested with pirate. I keep it with buffet: "Invest in what you understand"
Also as I have pointed out before I could not stand the irony of being scammed by someone called pirate.
1000!
LOL, Irony...
Indecision may or may not be my problem. ~ Buffett
People who think too much before they act don't act too much. ~ Buffett
And I try to give the best bang for the buck. I love performing more than anything else. ~ Buffett
Indecision may or may not be my problem. ~ Buffett
It takes no more time to see the good side of life than it takes to see the bad. ~ Buffett
Older and wiser voices can help you find the right path, if you are only willing to listen. ~ Buffett
Quitting doesn't enter my mind. ~ Buffet
I sell escapism. ~ Buffet
Jimmy that is.
I do not follow this "pirate" thing, nor do I know much about any GLBSE listed "assets".
However, please consider the following hypothetical GLBSE listed company.
Someone places BMMM IPO on GLBSE. The company does not disclose what they do, however they pay rather good dividends. Everyone is happy (for now).
What they do is the following, they convert BTC's into USD's and "invest" it into a piramide scheme http://en.wikipedia.org/wiki/MMM-2011 run by http://en.wikipedia.org/wiki/Sergei_Mavrodi that reportedly currently pays up to 50% per month of "dividends". BMMM pockets 30%, pays out 20% to their "investors". They also hope that with such "profitability" they will be able to accumulate enough money to buy out the shares once the "master ponzi" breaks down.
see also (google translate if needed) https://bitcointalksearch.org/topic/2011-77316
and read up on to http://en.wikipedia.org/wiki/Stockholm_syndrome it might get applicable.
The above is a ponzi scheme by proxy which BTW is pretty close to what all the investment banks out there are doing with the central banks and ultimately the fed being the "master ponzi".
However, please consider the following hypothetical GLBSE listed company.
Someone places BMMM IPO on GLBSE. The company does not disclose what they do, however they pay rather good dividends. Everyone is happy (for now).
What they do is the following, they convert BTC's into USD's and "invest" it into a piramide scheme http://en.wikipedia.org/wiki/MMM-2011 run by http://en.wikipedia.org/wiki/Sergei_Mavrodi that reportedly currently pays up to 50% per month of "dividends". BMMM pockets 30%, pays out 20% to their "investors". They also hope that with such "profitability" they will be able to accumulate enough money to buy out the shares once the "master ponzi" breaks down.
see also (google translate if needed) https://bitcointalksearch.org/topic/2011-77316
and read up on to http://en.wikipedia.org/wiki/Stockholm_syndrome it might get applicable.
The above is a ponzi scheme by proxy which BTW is pretty close to what all the investment banks out there are doing with the central banks and ultimately the fed being the "master ponzi".
hmm what about all investors on the forum remove their coins for one day. with a ponzi this would be impossible.
Are you going to pay that day interest at 1%?
And how much will you pay Pirate for all the withdrawals he'll have to process?
How will you deal with those GLBSE bonds?
It's up to you to make it happen.
me? yo mad?
though tempting I am not invested with pirate. I keep it with buffet: "Invest in what you understand"
Also as I have pointed out before I could not stand the irony of being scammed by someone called pirate.
1000!
hmm what about all investors on the forum remove their coins for one day. with a ponzi this would be impossible.
Ive been thinking the same. Organize a Pirate withdrawal day. Anyone convinced Pirate is running a legitimate business would have nothing to fear; give pirate a headsup so he can plan a few days of holiday. Time it to match a betsofbitcoin bet
.Of course this would only work if you could get a majority to participate, which seems unlikely, and therefore it might end up legitimizing his business regardless of merit.
Perhaps more doable is Pirate posting his wallet addresses; it wouldnt tell us all that much without knowing how much he owns his investors, but at least it might give some reassurance.
for an investor, its a ponzi as long as it doesnt break while youre in it
hmm what about all investors on the forum remove their coins for one day. with a ponzi this would be impossible.
Are you going to pay that day interest at 1%?
And how much will you pay Pirate for all the withdrawals he'll have to process?
How will you deal with those GLBSE bonds?
It's up to you to make it happen.
hmm what about all investors on the forum remove their coins for one day. with a ponzi this would be impossible.
While you guys spend your time commenting on how crazy it is and impossible and blah blah blah, we're banking.
Thank you Pirate, for quadruplicating my initial deposit in the last 6 months!
Thank you Pirate, for quadruplicating my initial deposit in the last 6 months!
How in the world did you get ~44% annually out of 7% a week? 7% a week is 364% annually if it is not compounded or reinvested.
>>> 1.07**52
33.725347994710454
or 3300% if it is compounded
My point remains that it is crazy.
It would be compounded if someone where to reinvest their returns.
How in the world did you get ~44% annually out of 7% a week? 7% a week is 364% annually if it is not compounded or reinvested.
>>> 1.07**52
33.725347994710454
or 3300% if it is compounded
How in the world did you get ~44% annually out of 7% a week? 7% a week is 364% annually if it is not compounded or reinvested.
So to make it clear, nothing I'm associated with is illegal.
Thus, no market manipulation either?
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