[22:12] <@pirateat40> Total Accounts Paid: 11
[22:12] <@pirateat40> All small accounts.
Topic: Bitcoin Savings & Trust - Money Returned List (One reported - CLOSED). - page 5. (Read 67107 times)
August 23, 2012, 04:15:58 PM
August 23, 2012, 02:39:03 PM
He'll start paying this weekend... when everyone is away from their computers and unable to respond quickly to the flood of coins. Demand will be down... price will drop further. He will repay in batches, scooping up as many coins as possible until the price has regained it's previous level, then refunding another chunk. He will take this opportunity to make big bucks off the refund. Funny thing is, this will actually help stabilize the market, preventing a real crash.
That is, at best, an optical illusion. It assumes, for example, that there aren't enough people with enough money already prepared to pick up anything that is sold. That would put a bit of a crimp on the plan, wouldn't it?
There's no crimp is he is enough people
. August 23, 2012, 02:33:59 PM
He'll start paying this weekend... when everyone is away from their computers and unable to respond quickly to the flood of coins. Demand will be down... price will drop further. He will repay in batches, scooping up as many coins as possible until the price has regained it's previous level, then refunding another chunk. He will take this opportunity to make big bucks off the refund. Funny thing is, this will actually help stabilize the market, preventing a real crash.
Extremely risky, but if he was able to make the price drop from 15$... when people will see another big batch of sales, the prophecy will self-realize... assuming the growth was exponential, most of the money was deposited recently, so overall interest could be 50% or lower. If he sold at 15$ and will now buy single digit, he might really repay everyone and exit with a sizeable profit. My admiration if he manages to do that.
August 23, 2012, 02:25:14 PM
He'll start paying this weekend... when everyone is away from their computers and unable to respond quickly to the flood of coins. Demand will be down... price will drop further. He will repay in batches, scooping up as many coins as possible until the price has regained it's previous level, then refunding another chunk. He will take this opportunity to make big bucks off the refund. Funny thing is, this will actually help stabilize the market, preventing a real crash.
That is, at best, an optical illusion. It assumes, for example, that there aren't enough people with enough money already prepared to pick up anything that is sold. That would put a bit of a crimp on the plan, wouldn't it?
August 23, 2012, 02:21:12 PM
He'll start paying this weekend... when everyone is away from their computers and unable to respond quickly to the flood of coins. Demand will be down... price will drop further. He will repay in batches, scooping up as many coins as possible until the price has regained it's previous level, then refunding another chunk. He will take this opportunity to make big bucks off the refund. Funny thing is, this will actually help stabilize the market, preventing a real crash.
August 23, 2012, 02:17:01 PM
Just got an invite to join GPUMAX. The pirate is working!
Yep, he will pay a few more small time creditors with just-mined coins. LOL.
August 23, 2012, 02:00:45 PM
Just got an invite to join GPUMAX. The pirate is working!
August 23, 2012, 01:51:33 PM
August 23, 2012, 01:41:18 PM
the US government is pretty badass imo.
August 23, 2012, 12:56:17 PM
Quote
People do realize that the FBI for example has a internet crimes division. They employ data analysts, statisticians, forensic accountants, computer experts, etc. FinCEN deals with ponzi schemes and other "investment" scams everday.
They mostly track pedophiles who use bitcoin to buy kiddie porn on Silk Road.
I though SR had a no harm clause?
Yeah, SR specifically states no weapons, no CP. They just want to sell drugs to consenting users (on that domain at least, Dread Pirate Roberts has had weapon dealings attempts). There are other sites however that apparently list "no moral boundaries" on their market. However, most SR users probably don't want to see that shit.
August 23, 2012, 12:28:15 PM
Quote
People do realize that the FBI for example has a internet crimes division. They employ data analysts, statisticians, forensic accountants, computer experts, etc. FinCEN deals with ponzi schemes and other "investment" scams everday.
They mostly track pedophiles who use bitcoin to buy kiddie porn on Silk Road.
I though SR had a no harm clause?
August 23, 2012, 12:11:20 PM
Quote
People do realize that the FBI for example has a internet crimes division. They employ data analysts, statisticians, forensic accountants, computer experts, etc. FinCEN deals with ponzi schemes and other "investment" scams everday.
They mostly track pedophiles who use bitcoin to buy kiddie porn on Silk Road.
August 23, 2012, 10:25:52 AM
And why would wanna legislate on the stupidity of people?
You don't want stupidity to be outlawed because you know you'd be imprisoned for life.
I lol'ed.
put "criminal activity" and "Bitcoin" together in a sentence, and you have a news-worthy story.
It's pretty hard to put "legitimate activity" and bitcoin into the same sentence. Bitcoin has Silk road, gambling (evading US laws), and ponzi schemes. Is there anything legit?
The prize could also go down. Too many people know about bitcoin and using it. It's not a geek only 'currency' anymore. so there are a lot of stupid people using it.
Bitcoin is limited. Therefore more people using it = higher price per bitcoin. This is exactly why the price will go up (by enormous factors) in the long term, regardless of any temporary spikes and drops (which are just incidental market hype and panic movements).Why would more people use bitcoin?
Hi. I'm very bearish on bitcoin. Does that make me a troll?
Yeah, I lol too. Troll's got to troll right
hero member
Activity: 588
Merit: 500
Hero VIP ultra official trusted super staff puppet
August 23, 2012, 10:22:40 AM
And why would wanna legislate on the stupidity of people?
You don't want stupidity to be outlawed because you know you'd be imprisoned for life.
I lol'ed.
August 23, 2012, 10:19:36 AM
Has anyone received their coins back? any reasonable amount over say 100 BTC ?
August 23, 2012, 09:55:49 AM
Bitcoin should be able to stand on its own. Calling for governmental regulation and/or oversight is the typical knee-jerk reaction for people who feel or have been slighted in their business dealings. We have the talent and ability to overcome these problems before bringing widespread attention to what BTC is instead of what it could be. Government intrusion into any area of our lives always results in a loss of liberty and could make BTC too much trouble to deal with and has never protected anyone from those people of poor character. The entire USA was ripped off by the collusion of the US government and the financial sector. Government is not the answer; we are.
However governments exist and it is naive to think you can opt-out.
With no govt to protect him, someone stealing $5M would likely end up getting tortured to death unless he revealed where the money is (and then probably killed anyways in a very unpleasant way). People get assaulted and killed for a lot less then stealing $5M. The thief's property, assets, home, kids, wife would also be at risk of seizure by "investors" who combined have a lot more guns then he has. Under such a scenario that RISK acts as a deterrent. Scammer is less inclined to scam when there is a real consequence (and no a scammer tag on bitcointalk.org is hardly a consequence for gaining $5M in wealth in a couple months).
However while the victims can "opt-out" and pretend the government doesn't exist. Pirate can choose to "opt-in" and use the very same govt to protect him from any consequence for this actions. A band of investors tracking him down to "negotiate" a settlement would likely find themselves arrested by the very govt they are pretending doesn't exist. Saying you won't use the legal system in place, as some purist masturbation exercise may make you feel good but it won't accomplish anything. It will simply encourage more scams as scammers realize they have nothing to lose.
+1 much needed realism.
August 23, 2012, 09:47:14 AM
Bitcoin should be able to stand on its own. Calling for governmental regulation and/or oversight is the typical knee-jerk reaction for people who feel or have been slighted in their business dealings. We have the talent and ability to overcome these problems before bringing widespread attention to what BTC is instead of what it could be. Government intrusion into any area of our lives always results in a loss of liberty and could make BTC too much trouble to deal with and has never protected anyone from those people of poor character. The entire USA was ripped off by the collusion of the US government and the financial sector. Government is not the answer; we are.
However governments exist and it is naive to think you can opt-out.
With no govt to protect him, someone stealing $5M would likely end up getting tortured to death unless he revealed where the money is (and then probably killed anyways in a very unpleasant way). People get assaulted and killed for a lot less then stealing $5M. The thief's property, assets, home, kids, wife would also be at risk of seizure by "investors" who combined have a lot more guns then he has. Under such a scenario that RISK acts as a deterrent. Scammer is less inclined to scam when there is a real consequence (and no a scammer tag on bitcointalk.org is hardly a consequence for gaining $5M in wealth in a couple months).
However while the victims can "opt-out" and pretend the government doesn't exist. Pirate can choose to "opt-in" and use the very same govt to protect him from any consequence for this actions. A band of investors tracking him down to "negotiate" a settlement would likely find themselves arrested by the very govt they are pretending doesn't exist. Saying you won't use the legal system in place, as some purist masturbation exercise may make you feel good but it won't accomplish anything. It will simply encourage more scams as scammers realize they have nothing to lose.
August 23, 2012, 09:46:06 AM
Bitcoin should be able to stand on its own. Calling for governmental regulation and/or oversight is the typical knee-jerk reaction for people who feel or have been slighted in their business dealings. We have the talent and ability to overcome these problems before bringing widespread attention to what BTC is instead of what it could be. Government intrusion into any area of our lives always results in a loss of liberty and could make BTC too much trouble to deal with and has never protected anyone from those people of poor character. The entire USA was ripped off by the collusion of the US government and the financial sector. Government is not the answer; we are.
Applause!!
Cheers Zyk
August 23, 2012, 09:45:20 AM
And why would wanna legislate on the stupidity of people?
You don't want stupidity to be outlawed because you know you'd be imprisoned for life.
Thanks for making your point. You feel better now?
August 23, 2012, 09:43:48 AM
And why would wanna legislate on the stupidity of people?
You don't want stupidity to be outlawed because you know you'd be imprisoned for life.
Jump to: