Bitcoin Savings and Trust is probably a Ponzi Scheme: A Petition - page 5.

PatrickHarnett

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Quote from: ?? on ??

Quote from: cytokine on May 14, 2012, 10:40:09 PM

If that is the case, then I completely retract that part of my statement - but the larger point I'm trying to make is still valid: it's probably a good idea to periodically take profits from any successful yet inherently risky investment endeavour, no matter what it is. It is true for all forms of investing in my opinion. I do not wish to spread FUD here so I appreciate the above correction.

Diversification is always an appropriate strategy, especially combined with rebalancing a portfolio. Also consider the risk of having too much of your wealth tied up in BTC, rather than just focusing on pir8. It's good to work with baskets of products that fit your risk tolerance.

Agreed, that is why I have limited my exposure to BTC overall, and as a subset, exposure to Pirate.

cytokine

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Quote from: Tomatocage on May 14, 2012, 10:22:39 PM

Quote from: cytokine on May 14, 2012, 09:46:53 PM

When you think about it, bitcoins are the perfect instrument for ponzi schemes in a way... with sufficient anonymity, the perpetrator can actually enjoy their winnings on a beach in Jamaica when it all falls apart.

Not in this case. He's far from anonymous. But then again, neither was Madoff.

If that is the case, then I completely retract that part of my statement - but the larger point I'm trying to make is still valid: it's probably a good idea to periodically take profits from any successful yet inherently risky investment endeavour, no matter what it is. It is true for all forms of investing in my opinion. I do not wish to spread FUD here so I appreciate the above correction.

PatrickHarnett

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Quote from: nrd525 on May 14, 2012, 08:19:21 PM

In other news, the size of the pass-through bond sales are growing and the partnership is even offering derivatives based on them (so you can share in their profits from selling bonds). They also continue to make a large profit on the offering (so long as there is no default). They are auctioning the bonds for a final price of 1.10, so people are getting a 15% monthly return on them - which is shockingly low by ponzi scheme standards =)

I don't consider a class of shares in an enterprise a derivative, however, there were some others attempting derivatives including that MPOE-PR thing and Meni had his anti-pirate bonds.

However, it is an interesting idea to provide some derivatives off PPT. Put and call options anyone?

Tomatocage

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brb keeping up with the Kardashians

Quote from: cytokine on May 14, 2012, 09:46:53 PM

When you think about it, bitcoins are the perfect instrument for ponzi schemes in a way... with sufficient anonymity, the perpetrator can actually enjoy their winnings on a beach in Jamaica when it all falls apart.

Not in this case. He's far from anonymous. But then again, neither was Madoff.

cytokine

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If you do invest, I'd say manage your money *as if* it's a ponzi scheme ( i.e. assume a default will occur at some point in the future ), so you win no matter what happens in the end.

However, be wary that greed has a way of blurring your judgement; somehow many of those Madoff investors who even knew it was a ponzi lost money - they just kept thinking it could last "just one more quarter". Even investors who got out early were hurt due to clawback - but of course in the bitcoin world there is no clawback. When you think about it, bitcoins are the perfect instrument for ponzi schemes in a way... with sufficient anonymity, the perpetrator can actually enjoy their winnings on a beach in Jamaica when it all falls apart.

Note that I'm not claiming it's a ponzi; I have absolutely no proof nor evidence either way. I'm just saying be prudent with your hard earned bitcoins. Money easily gotten is often easily lost.

MarketNeutral

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Quote from: nrd525 on May 14, 2012, 08:19:21 PM

I'm pretty sure he isn't Don Schrents.

What are the consequences of listing a fake name on domain registration? My limited research shows that it makes it more likely that you'll lose the domain in the event of a domain name conflict (eg. a trademark dispute).

Are people saying that his name is on this list?
http://www.co.midland.tx.us/da/hotcheckwarrants/list/?lname=sz

If so I'm not sure how I am meant to find it. It could based on age and estimate that he is 40 years old when he joined the forum (so born in 1970 or 1971), but that is highly tentative. He might just like the Pirate At 40 song by Jimmy Buffett.

In other news, the size of the pass-through bond sales are growing and the partnership is even offering derivatives based on them (so you can share in their profits from selling bonds). They also continue to make a large profit on the offering (so long as there is no default). They are auctioning the bonds for a final price of 1.10, so people are getting a 15% monthly return on them - which is shockingly low by ponzi scheme standards =)

Actually, 15% per month is high or about right by ponzi standards. See what Madoff's monthly returns were and you'll be shocked. I'm not going to debate this topic anymore, but I do not want to see any more misinformation than is already in this thread.

I'll wait for all the angry "Pirate's not paying! I lost 4000 btc!!" threads next year.

nrd525

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I'm pretty sure he isn't Don Schrents.

What are the consequences of listing a fake name on domain registration? My limited research shows that it makes it more likely that you'll lose the domain in the event of a domain name conflict (eg. a trademark dispute).

Are people saying that his name is on this list?
http://www.co.midland.tx.us/da/hotcheckwarrants/list/?lname=sz

If so I'm not sure how I am meant to find it. It could based on age and estimate that he is 40 years old when he joined the forum (so born in 1970 or 1971), but that is highly tentative. He might just like the Pirate At 40 song by Jimmy Buffett.

In other news, the size of the pass-through bond sales are growing and the partnership is even offering derivatives based on them (so you can share in their profits from selling bonds). They also continue to make a large profit on the offering (so long as there is no default). They are auctioning the bonds for a final price of 1.10, so people are getting a 15% monthly return on them - which is shockingly low by ponzi scheme standards =)

PatrickHarnett

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Most likely?

Joel is not being serious, or else has not looked at the list. How likely are any of those names - Mr North maybe, but who would call their kid Sends?

JoelKatz

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Democracy is vulnerable to a 51% attack.

According to my research, his real name is most likely one of the following:

Ends Thorns
Dents Horns
Tends Horns
Sends Thorn
Sends North
Shorn Dents

MarketNeutral

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Quote

Takes about 5 mins to get his real name. It isn't Don Shrents, which does looks like an anagram.

edit:

wtf is this though. you need to know the name to look up

http://www.co.midland.tx.us/da/hotcheckwarrants/list/?lname=sz

Kiting for bitcoins? Hmmm....that would be very profitable indeed.

Can his identity be conclusively linked to a name on the DA's list?

This a very curious development.

Tomatocage

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brb keeping up with the Kardashians

Well, I'm sure we've all made mistakes in the past. I'm the first one to call someone out for being a scammer (check the Lending section if you don't believe me lol), but Pirateat40 seems to be legit IMHO.

ineededausername

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bitcoin hundred-aire

Quote from: Tomatocage on May 10, 2012, 11:57:37 AM

Quote from: vampire on May 10, 2012, 11:44:08 AM

Takes about 5 mins to get his real name. It isn't Don Shrents, which does looks like an anagram.

edit:

wtf is this though. you need to know the name to look up

http://www.co.midland.tx.us/da/hotcheckwarrants/list/?lname=sz

What does O/20 U/500 mean?

Looks like "over 20 under 500 [dollars]"

Philj

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yep. Over $20 but under $500

Tomatocage

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brb keeping up with the Kardashians

Quote from: vampire on May 10, 2012, 11:44:08 AM

Takes about 5 mins to get his real name. It isn't Don Shrents, which does looks like an anagram.

edit:

wtf is this though. you need to know the name to look up

http://www.co.midland.tx.us/da/hotcheckwarrants/list/?lname=sz

What does O/20 U/500 mean?

vampire

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Quote from: Tomatocage on May 10, 2012, 11:17:12 AM

Quote from: ?? on ??

Quote from: Tomatocage on May 10, 2012, 09:41:17 AM

Quote from: nrd525 on May 10, 2012, 01:41:02 AM

I just spent two hours searching the internet trying to figure out his identity. The best thing I came up with is an IP address from an old bitcoin-otc chat log, and a picture which I don't know if it is real (do a google img search if you want to see it). People say it is easy to find out his identity, but don't share or tell us how. What is his identity?

His info listed on his domain registration has been confirmed to be correct.

It took you 2 hours to type "whois gpumax.com" ?

I'm not using whois. But "Don Shrents" is a sort of anagram (I think that's the word anyway) for his actual name. The point is, it's not like he's making a huge effort to hide his identity or anything.

Takes about 5 mins to get his real name. It isn't Don Shrents, which does looks like an anagram.

edit:

wtf is this though. you need to know the name to look up

http://www.co.midland.tx.us/da/hotcheckwarrants/list/?lname=sz

Tomatocage

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brb keeping up with the Kardashians

Quote from: ?? on ??

Quote from: Tomatocage on May 10, 2012, 09:41:17 AM

Quote from: nrd525 on May 10, 2012, 01:41:02 AM

I just spent two hours searching the internet trying to figure out his identity. The best thing I came up with is an IP address from an old bitcoin-otc chat log, and a picture which I don't know if it is real (do a google img search if you want to see it). People say it is easy to find out his identity, but don't share or tell us how. What is his identity?

His info listed on his domain registration has been confirmed to be correct.

It took you 2 hours to type "whois gpumax.com" ?

I'm not using whois. But "Don Shrents" is a sort of anagram (I think that's the word anyway) for his actual name. The point is, it's not like he's making a huge effort to hide his identity or anything.

Raoul Duke

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Quote from: ?? on ??

https://bitcointalksearch.org/topic/m.702381

who is notme ?

Like the username says, it's not you lol

BTCHero

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Quote from: N12 on May 10, 2012, 06:38:48 AM

bitlane: use all of his huge profits solely to maintain an incredibly expensive lifestyle? Get serious.

I heard that he made enough money to buy Miami... but he pissed it away so fast.

This was never meant to last.

Tomatocage

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brb keeping up with the Kardashians

Quote from: nrd525 on May 10, 2012, 01:41:02 AM

I just spent two hours searching the internet trying to figure out his identity. The best thing I came up with is an IP address from an old bitcoin-otc chat log, and a picture which I don't know if it is real (do a google img search if you want to see it). People say it is easy to find out his identity, but don't share or tell us how. What is his identity?

His info listed on his domain registration has been confirmed to be correct.

Raoul Duke

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Who said anything about scamming or not scamming? It was only a pointer for the morons who try to guess what does Pirate do with the bitcoins to maybe put their brains to work and think that he may just be selling them...
No need to guess when it's on plain sight Wink

So, if you are not a detractor you must be a moron. Those were the only 2 types I referenced in my post, and if it got to your nerves you belong to one of those 2 types of persons for sure.

Thanks for the Ignore.

Topic: Bitcoin Savings and Trust is probably a Ponzi Scheme: A Petition - page 5. (Read 25623 times)