Topic: Bryan Micon's List of BTC Ponzi Schemes that should not be listed as "Lending" - page 21. (Read 119665 times)

FUD

Oh, I missed this one. This is a gem.

If Google (or some other big business) would want to secure a lot of BTC, I think they would first contact MtGox and try to negotiate some kind of a deal. Or, just set up a team to manage their bitcoin holdings and do the buying themselves, otc or exchanges. Or just f'in mine the stuff.

But, there's no way someone can buy a significant portion of a limited resource without moving the price up, Pirate or not. Supply and demand.

Again you suck fancy words out of your thumb, where is the 3000%+ APR debt ? You make it sound like he loans from investors for a year then repay them which is absurd and just plain fking stupid. Pirate only carry debt from day to day and if he ends it tomorrow he has one day of debt to clear.

Oh, I missed this one. This is a gem.

If Google (or some other big business) would want to secure a lot of BTC, I think they would first contact MtGox and try to negotiate some kind of a deal. Or, just set up a team to manage their bitcoin holdings and do the buying themselves, otc or exchanges. Or just f'in mine the stuff.

But, there's no way someone can buy a significant portion of a limited resource without moving the price up, Pirate or not. Supply and demand.

If a company like google was going to get into bitcoin they would need to secure a lot of coins and could afford to pay extra to avoid messing with the price too much.  They wouldnt want to signal their entrance into the market.

Where else are they going to go but pirate ?

I have already.  There are similarities to a ponzi, but similarities aren't enough to determine one way or another.  I've never denied it isn't possible for him to be a ponzi, but no where have you acknowledged that its possible for businesses to have insane periods of growth and profit. I believe its that lack of acknowledgment that shows your ignorance.  Just because you've been scammed in the past doesn't make you an expert in scams and/or economics.

They complain his rates are too high.  He lowers them.  They complain because lowering rates is a sign of things coming apart.  There really is no winning outside of shutting the business down.  I can't help but to wonder if they aren't just all shills for the same person who is actually competing with pirate for business outside of this forum.

3000%+ APR debt is impossible to be legit.  BurtW - again I beg you not to listen to me, but to ask any CPA / accountant / MBA / Lawyer / Doctor / anyone with a retirement account / anyone that is solvent and responsible over the age of 60 - just point them here:  https://bitcointalk.org/index.php?topic=50822.0  and ask them if there is any possibility of the program being legitimate.  

Gah Gah Goo Goo, this forum should really enforce an age restriction test.

That is either "impossible" or "totally cool" - depending on your point of view
Discuss/Flame on!

I have already.  There are similarities to a ponzi, but similarities aren't enough to determine one way or another.  I've never denied it isn't possible for him to be a ponzi, but no where have you acknowledged that its possible for businesses to have insane periods of growth and profit. I believe its that lack of acknowledgment that shows your ignorance.  Just because you've been scammed in the past doesn't make you an expert in scams and/or economics.

With careful adjustments to the interest rate he might even be able to win his bet against Vandroiy, while still being a ponzi scammer.

so you are basically saying "BCST is a Ponzi, but so what the rest of the world is too"

To aq, clipse, imsaguy, and burtw (who I think knows what's up but has issued so many Pirate pass-through bonds on GBLSE he is posting in his sig "no, it's not a Ponzi" which makes me believe he is greedily trying to make the scam run just a bit longer) :  do not take my word for it - ask someone that is smart and that you trust to read this thread, read BCST original thread https://bitcointalksearch.org/topic/bitcoin-savings-and-trust-home-closed-50822  and have them tell you their thoughts on the investment plan.

Because that's how science and the rest of the world operate.. until there's evidence, its just an idea/theory.

And a while back, I outlined a theory that is extremely plausible. So much so, that maged is researching it now.

Oooh now you are an expert on how the economy works, please tell more. I will give you some free advice on how the economy of the world is working, its a massive ponzi scheme, nothing more.

Being jealous without facts doesnt make you an expert on any economy, nevermind the bitcoin economy.

Your narrow view on speculative facts, ahum yeh oxymoron hey! is a perfect example of how jealous the naive could be.

Let's consider the two main "business models" people tend to propose for Pirate:

If there's almost unlimited demand for bitcoins among millionaire investors (there's no proof of this at all by the way; if this were the case, BTC price would be much higher) someone else would beat Pirate by selling to them at a smaller premium. Pirate must overprice his service since he has to pay his astronomically high interest on his debt. There's only so much you can do to overprice your service just by having the right connections. Someone will have almost as good connections and will be getting a fiat loan as 3% or lower yearly rate to finance a pirate-like service and keep his fees at a small fraction of what Pirate must charge. So, Pirate will be driven out of the market very quickly, since he has voluntarily crippled himself by issuing so much ultra-high interest debt.

The second option: He's controlling the markets and earning super-high profits on market movements, since he can force others' hands by having larger volume than anyone else. Firstly, there's absolutely no evidence that this is happening and extensive evidence to the contrary. Secondly, in a highly artificially manipulated market like this, all other players will change their behaviour in order to not lose so much. Even if he can do the manipulation at high profit ratio for a short time, eventually his returns will dwindle towards nil.

So, it's utterly unbelievable that either of these is the case.

Yes he is a scammer. He is a scammer because he's paying interest to his debtors from other debtors' money while alleging he's paying it from profits he gets from his business. The business either does not exist at all or does not generate the kind of returns he claims.

This is obvious to anyone who has even a vague idea of how the economy works.

You sound like a creationist.

By the way, care to explain where I am wrong? A while back I lined out why the two main theories of how his business might be legit can't be true.

Until you can prove that, its just a theory.