Topic: A Theory on what pirateat40 is doing - page 11. (Read 40018 times)

Hi reeses,
 I enjoy eating reeses peanut butter cups. Thank you for the love letter.

Love,
Satoshi

Where the heck did this come from? "I'm not your dad..."

Also, thank the lord.

Everybody would take you seriously if you weren't such a spoiled brat begging for attention.
I'm not your dad...

That has nothing to do with what I originally said.

Also, it won't be a child like you to
Children could take you seriously Psy if you could type properly without the help of google translate.

What Staff? I'm me. I'm not the forum.
Also, it won't be a child like you to tell me what my position should be in any subject.


You don't understand that there are early adopters/miners who have more than 100k BTC they could spare and do the same as Pirate?

I don't understand what you are saying here, forgive me

Staff should have a neutral position on the subject. This board sends the wrong message at times. Of course they are entitled to their opinion, but staff represent the board, for the better or the worse.

Because they don't need to be millionaires.
You'll find that an early adopter having 100k BTC to spare and start doing the same he's doing isn't that farfetched.

This has been nagging me...

Why wouldn't he tell us what he does? How many of us know millionaires willing to invest in bitcoin, especially those who pay in cash? It's not like somebody can just snatch that market right up.

• Buying on the exchanges, when the price dips. That would explain some of the recent unusual stability.
• Also, buying on the OTC market to save on fees.
• Maybe he is also contacting Bit-Pay directly, they have the need to aquire USD from BTC and are interested in a stable Bitcoin Price. They were able to sell their BFL orders suspicously fast without the price taking a hit.
• he uses excess Bitcoins to manipulate markets downwards through askwalls in "safe" regions like 4-sigma above current price levels. they seem to work psychologically.

so these are all tasks an everyday millionaire would not like to micro-manage. he hires staff for that.

Hm. paying people with other people's money.

I thought that was funny in red. "the winner"

Offering 7% interest PER ANNUM is extremely generous and, as such, more than slightly suspicious. When the interest is advertised per week it is a scam. Make no mistake.

OP: As other posters have suggested, he would still need to acquire BTC on the market to pay it all back so offering 7% a week is a pretty high price for a little price stability.  So personally I think its a ponzi.  But to continue the OP's business model idea (which is interesting, regardless) what if his "exit" strategy is to pay everyone back (all at once) in fiat?  You could even put this in fine print in the loan contract "option to close out the loan at the Mt. Gox BTC/USD price + 2%" for example, and it would probably be mostly ignored as an unlikely CYA-type clause.  In this manner he could provide a large investor a significant amount of BTC (say at 8 USD) when a buy like that would drive the markets much higher.  So it would be sort of a ponzi in BTC backed by fiat.  Then just before going truly ponzi he could pay everybody back in fiat.  Of course, if all that fiat went straight back into BTC it would drive the price through the roof.  So the investor ends up accumulating a lot more BTC then would be possible on the open market.  So that's the purpose of the "loan" agreement (with a fiat clause in there it is actually a call option).

As long as the BTC price stays 7% below the baseline he can buy BTC back on the open market and keep going indefinitely.

The problem with this entire thing of course is the initial assumption: it presupposes the existence of some investor (or broker) who is too lazy to put buy orders in periodically.  You'd make a lot more $ that way... or more accurately if pirate IS that broker he's being paid too well for the effort involved.  And you'd expect to see dark buy orders on places like campBX.  And you could do it at a much lower interest rate.

If the balance of that bet gets large enough I can see Pirate keeping the ponzi scheme alive (if they even are ponzi scheme) until after the bet date (and sinking a large chunk of btc on False).

sorry, its a  german mind process delivered in typ(o)ing and no fast food small talk:-)


yep, your muslim for oil killing Us dollar imperial ponzi could be threatened, if pirate would only think in inventing the greater common purpose of his ponzi !

the old kleptocracy and power stucture can be made obsolete because as " he who controls the money supply of a nation need not to care about any rules"

whom you entrust your savings and pensions has the power over the collective and could grow pensions initially by 7 % weekly by taking the haircut to the unfunded ones.

what i speculate then is, that pirate is (if still not bought out) to decide when and how he takes sides, having to choose between his lenders and his clients

we should better try to collectively cover his back intellectually, before becoming screwed from the outside.

Hope that somebody understands

Zyk

LOL 

Thanks for that.

Hey, I wasn't judging. It's just that we don't get many Dadaists in the speculation thread.