Thank you Mathew for your perspective. Yes, this might all end badly and I have considered the risks if this particular investment, hence I have not poured everything I have into it, just some and incrementally (thanks Pirate - taking up some of the updated storage).
I didn't consider your post a "troll" at all, but I do need to check the bitcoin awards to see who got the 2011 prize.
Topic: Bitcoin Savings and Trust | Home | Closed - page 55. (Read 802100 times)
Storage Updated
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Am I the only one here that thinks this entire thing will end badly?
Hey, troll somewhere else. kthnx
Although hard to believe, I'm being serious. I've seen people in bitcoin throw their money away time and time again and it really feels like everyone is so loaded up on hope (and maybe dope) that they're willing to do anything for a chance of making bitcoin pan out for them. Be realistic afterall, if all I need to do is spend some time and a little bit of money passing money back and forth to get some credibility in order to rob people in a community of tens of thousands of dollars, that doesn't shine well on the community's common sense. I assure you though, if it makes sense to do I'm always involved, and that- not to troll-- is the reason I am here.
Am I the only one here that thinks this entire thing will end badly?
I am truly honored the be trolled by the king of all trolls. I fell like I have gotten to the top somehow. Thanks
In other news I wake to find that the DC where btclending.com is being hosted is under DDoS attacks.
I am not a happy camper.
Atlas is gone. So quiet here.
Have to find new meat to chew on for comedic value.
Am I the only one here that thinks this entire thing will end badly?
There's always a non-zero risk of defaulting in any loan situation. As a compulsive loaner on IRC, pirateat40 was just another borrower to me, and I evaluated him as I do with anyone else and decided it seemed safe enough for me to risk it. His actions since my initial loan to him have reinforced my trust in him, but anyone who assumes you can make big money with no risk is going to get burned eventually.
Personally, I'd be pretty bummed if he disappeared with my money, but I won't have trouble making the rent and will probably keep dealing bitcoins with other people. And on the grand scheme of things, I still think this deal has probably one of the highest reward/risk ratios out there.
So anyway, I think it's a lot more likely to end well than to end badly, but one can never be sure
the only difference between us is that I've dealt with pirateat40 a hell of a lot more than you have. That could either cloud my objectivity or give me more information to form a correct opinion, and I guess time will tell which 
tl;dr: yours is a valid concern, and is definitely one that all lenders should be aware of at all times, but I think the risk is low, and I'm risk-tolerant enough to bet a lot of "real money" on that viewpoint
Makes perfect enough sense and thanks for taking the time to explain. I understand risk perfectly and appreciate it far more than many people I know. But as you mention:
Quote
the only difference between us is that I've dealt with pirateat40 a hell of a lot more than you have. That could either cloud my objectivity or give me more information to form a correct opinion, and I guess time will tell which
And that response is the one I am looking for. Does everyone here know him? Is everyone just hopping on the trust train because one guy trusts him? That's why I'm asking. To find out.
http://btclending.com/ is down? Can't connect
working again.
Sounds like good collateral 
Oh, you have no idea
Sounds like good collateral
lol
Am I the only one here that thinks this entire thing will end badly?
There's always a non-zero risk of defaulting in any loan situation. As a compulsive loaner on IRC, pirateat40 was just another borrower to me, and I evaluated him as I do with anyone else and decided it seemed safe enough for me to risk it. His actions since my initial loan to him have reinforced my trust in him, but anyone who assumes you can make big money with no risk is going to get burned eventually.
Personally, I'd be pretty bummed if he disappeared with my money, but I won't have trouble making the rent and will probably keep dealing bitcoins with other people. And on the grand scheme of things, I still think this deal has probably one of the highest reward/risk ratios out there.
So anyway, I think it's a lot more likely to end well than to end badly, but one can never be sure
the only difference between us is that I've dealt with pirateat40 a hell of a lot more than you have. That could either cloud my objectivity or give me more information to form a correct opinion, and I guess time will tell which tl;dr: yours is a valid concern, and is definitely one that all lenders should be aware of at all times, but I think the risk is low, and I'm risk-tolerant enough to bet a lot of "real money" on that viewpoint
Aren't you dating his sister?
both of them.
Am I the only one here that thinks this entire thing will end badly?
There's always a non-zero risk of defaulting in any loan situation. As a compulsive loaner on IRC, pirateat40 was just another borrower to me, and I evaluated him as I do with anyone else and decided it seemed safe enough for me to risk it. His actions since my initial loan to him have reinforced my trust in him, but anyone who assumes you can make big money with no risk is going to get burned eventually.
Personally, I'd be pretty bummed if he disappeared with my money, but I won't have trouble making the rent and will probably keep dealing bitcoins with other people. And on the grand scheme of things, I still think this deal has probably one of the highest reward/risk ratios out there.
So anyway, I think it's a lot more likely to end well than to end badly, but one can never be sure
the only difference between us is that I've dealt with pirateat40 a hell of a lot more than you have. That could either cloud my objectivity or give me more information to form a correct opinion, and I guess time will tell which tl;dr: yours is a valid concern, and is definitely one that all lenders should be aware of at all times, but I think the risk is low, and I'm risk-tolerant enough to bet a lot of "real money" on that viewpoint
Aren't you dating his sister?
Am I the only one here that thinks this entire thing will end badly?
There's always a non-zero risk of defaulting in any loan situation. As a compulsive loaner on IRC, pirateat40 was just another borrower to me, and I evaluated him as I do with anyone else and decided it seemed safe enough for me to risk it. His actions since my initial loan to him have reinforced my trust in him, but anyone who assumes you can make big money with no risk is going to get burned eventually.
Personally, I'd be pretty bummed if he disappeared with my money, but I won't have trouble making the rent and will probably keep dealing bitcoins with other people. And on the grand scheme of things, I still think this deal has probably one of the highest reward/risk ratios out there.
So anyway, I think it's a lot more likely to end well than to end badly, but one can never be sure
the only difference between us is that I've dealt with pirateat40 a hell of a lot more than you have. That could either cloud my objectivity or give me more information to form a correct opinion, and I guess time will tell which tl;dr: yours is a valid concern, and is definitely one that all lenders should be aware of at all times, but I think the risk is low, and I'm risk-tolerant enough to bet a lot of "real money" on that viewpoint
Am I the only one here that thinks this entire thing will end badly?
I am truly honored the be trolled by the king of all trolls. I fell like I have gotten to the top somehow. Thanks
In other news I wake to find that the DC where btclending.com is being hosted is under DDoS attacks.
I am not a happy camper.
Am I the only one here that thinks this entire thing will end badly?
Hey, troll somewhere else. kthnx
+1
Am I the only one here that thinks this entire thing will end badly?
Hey, troll somewhere else. kthnx
Am I the only one here that thinks this entire thing will end badly?
Pretty much, yeah, only you.
hero member
Activity: 588
Merit: 500
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Am I the only one here that thinks this entire thing will end badly?
confirmed
http://btclending.com/ is down? Can't connect
If Pirate can focus on growing his business then he will be able to borrow more BTC.
I'm grateful to Pirate for this wonderful business opportunity he is providing both for his lenders and for Bitcoin.
Imagine how the word is spreading amongst his customers about the usefulness of Bitcoin.
All holders of Bitcoin will profit from this in the long run.
I'm grateful to Pirate for this wonderful business opportunity he is providing both for his lenders and for Bitcoin.
Imagine how the word is spreading amongst his customers about the usefulness of Bitcoin.
All holders of Bitcoin will profit from this in the long run.
I just want to jump in and say a couple things here.
I agree with copumpkin's comments on having loaded lenders that don't have control over when withdraws are made or going MIA and then blaming me for not paying them to pay their baby birds. I don't like where this is headed and it could end up really causing some issues with my operation.
With that said the majority of the coins I'm holding are in the top 15% of my lenders and rarely move their coins in an out which stabilizes my storage needs. I have two potentially new clients I'm talking with next week that were referred to me and not knowing their needs will keep me from make a change right now. So without putting a damper on new lenders not wanting to sign up for fear of being forced out, I am going to stick to the same method of threshold handling as I do now but that may be changing soon.
The last thing I want is tension between my lenders and fights breaking out in the thread so Ill make this point very clear. If you decide to borrow coins from members to lend to me. DO NOT mention anything about me or my program. If I see another comment from one of my lenders anywhere on the forums about "squeezing people out" or "I'm an early adopter so I don't have to worry." You'll see coins in your wallet and your account closed. PERIOD!
As always, thanks guys and hopefully we get this settled and behind us.
I agree with copumpkin's comments on having loaded lenders that don't have control over when withdraws are made or going MIA and then blaming me for not paying them to pay their baby birds. I don't like where this is headed and it could end up really causing some issues with my operation.
With that said the majority of the coins I'm holding are in the top 15% of my lenders and rarely move their coins in an out which stabilizes my storage needs. I have two potentially new clients I'm talking with next week that were referred to me and not knowing their needs will keep me from make a change right now. So without putting a damper on new lenders not wanting to sign up for fear of being forced out, I am going to stick to the same method of threshold handling as I do now but that may be changing soon.
The last thing I want is tension between my lenders and fights breaking out in the thread so Ill make this point very clear. If you decide to borrow coins from members to lend to me. DO NOT mention anything about me or my program. If I see another comment from one of my lenders anywhere on the forums about "squeezing people out" or "I'm an early adopter so I don't have to worry." You'll see coins in your wallet and your account closed. PERIOD!
As always, thanks guys and hopefully we get this settled and behind us.
Thanks for making an official statement on this!
I'd just like to add that even though the membership of your bank is mostly public, seeing a known lender of yours ask for a loan publicly does not necessarily mean they are performing interest rate arb, so borrowers shouldn't necessarily be penalized unless they make it really obvious they're doing it.
As an example of non-arby things to do with a loan while lending, I see nothing wrong with taking short-term loans to do everyday business while leaving one's coins with the pirate bank. I just feel uncomfortable with intentionally ejecting younger accounts to grow one's own profits.
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