Bitcoin would benefit in the long term if Pirate defaults.

DeathAndTaxes

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Gerald Davis

Quote from: Endgame on August 27, 2012, 09:05:25 AM

I have to disagree with the OP. A pirate default would be no more helpful to bitcoin than mybitcoin, bitcoinica and countless other scams/hacks/frauds that have occurred previously. If pirate defaults, people will be broke and pissed off. Some will leave bitcoin forever. Others will hang around but have less money for investing in other operations and assets on GLBSE/MPEX. I see nothing good about that.

No coins were lost, only transfered. In the event that coins were actually lost (no evidence of that) then the value of all remaining coins has increased.

payb.tc

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Quote from: Endgame on August 27, 2012, 09:05:25 AM

I have to disagree with the OP. A pirate default would be no more helpful to bitcoin than mybitcoin, bitcoinica and countless other scams/hacks/frauds that have occurred previously. If pirate defaults, people will be broke and pissed off. Some will leave bitcoin forever. Others will hang around but have less money for investing in other operations and assets on GLBSE/MPEX. I see nothing good about that.

i think it's pretty neutral, really.

bitcoin is much bigger than bst.

Endgame

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I have to disagree with the OP. A pirate default would be no more helpful to bitcoin than mybitcoin, bitcoinica and countless other scams/hacks/frauds that have occurred previously. If pirate defaults, people will be broke and pissed off. Some will leave bitcoin forever. Others will hang around but have less money for investing in other operations and assets on GLBSE/MPEX. I see nothing good about that.

Vladimir

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-

Theoretically even while it could have been a ponzi all along, it is possible to convert it into some sort of securities fraud (devaluing and buying own debt by proxy) and/or coming up with money needed to pay out and roll it over into even bigger ponzi scam.

That would be a logical fallacy of bifurcation to suggest that there are only two possibilities: either ponzi OR paying out all debts now.

tulkos

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Quote from: BIGMERVE on August 26, 2012, 11:51:14 PM

Here me out:

If Pirate indeed pays out all lenders then it would open up the market for Ponzi schemes. More people would have reason to believe high intrest returns with no public business plan.

If Pirate defaults people will become more aware that Ponzis exits in the Bitcoin economy and this will lead to more skepticism of long term deposits with high return rates.

That statement does not make sense. If Pirate pays out then is it still a Ponzi? As this means that it "was" possible to have high interest returns.

FreeMoney

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Strength in numbers

Quote from: payb.tc on August 27, 2012, 12:00:08 AM

Quote from: BIGMERVE on August 26, 2012, 11:51:14 PM

Here me out:

If Pirate indeed pays out all lenders then it would open up the market for Ponzi schemes. More people would have reason to believe high intrest returns with no public business plan.

If Pirate defaults people will become more aware that Ponzis exits in the Bitcoin economy and this will lead to more skepticism of long term deposits with high return rates.

someone once told me a story about furniture sales... basically when you think about it some furniture lasts for 10 or 20 years, so how can there be so much demand for new furniture day in day out?

because households are constantly changing, new people are being born and new people are moving in and out of the area.

with bitcoin, there will always be a constant inflow of new people and history will repeat itself.

That really doesn't make much sense (about furniture). If there was constant need for one billion pieces then each year and they lasted 20 years there would be need for 50 million pieces each year even if no one was ever born or died.

The real demand is all the breaking pieces plus all the NET new houses.

payb.tc

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Quote from: BIGMERVE on August 26, 2012, 11:51:14 PM

Here me out:

If Pirate indeed pays out all lenders then it would open up the market for Ponzi schemes. More people would have reason to believe high intrest returns with no public business plan.

If Pirate defaults people will become more aware that Ponzis exits in the Bitcoin economy and this will lead to more skepticism of long term deposits with high return rates.

someone once told me a story about furniture sales... basically when you think about it some furniture lasts for 10 or 20 years, so how can there be so much demand for new furniture day in day out?

because households are constantly changing, new people are being born and new people are moving in and out of the area.

with bitcoin, there will always be a constant inflow of new people and history will repeat itself.

bb113

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The world is built on ponzi schemes, people seem naturally drawn to them.

BIGMERVE

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Here me out:

If Pirate indeed pays out all lenders then it would open up the market for Ponzi schemes. More people would have reason to believe high intrest returns with no public business plan.

If Pirate defaults people will become more aware that Ponzis exits in the Bitcoin economy and this will lead to more skepticism of long term deposits with high return rates.

Topic: Bitcoin would benefit in the long term if Pirate defaults. (Read 1427 times)