Topic: Can I put your BTC in my Pirate account ? I'll pay you 20% (Read 2035 times)

I doubt hashing is suitable for finding oil, but liked your version

I would like to toss my hat in the ring while we are all speculating wildly on what Pirate does with the funds. I think Pirate funds a private army of Somalian pirates who capture oil tankers. Pirate's pirates then hold the crews hostage while holding back oil shipments. Part of the money made off the ransom of the oil tanker crews is used to pay the pirates for their services with bonuses given when oil tankers are held for extended periods of time.

Pirate's real business is running the US petroleum refining industry. Because his pirates are holding back shipments of oil, supply is held artificially low and demand has maintained or increased. Pirate has a side venture that is run through GPUMAX that, instead of hashing bitcoin hashes, he has found a way to run oil exploration simulations in a distributed manner through bitcoin clients to search for undiscovered oil deposits in Texas. He then uses the remaining funds from his pirates' ransoms to purchase the mineral rights to the oil deposits that he has discovered. Pirate then extracts this oil, refines it at his refineries and, due to having a cheap source of oil, he is able to undercut his competitors for massive profits. Pirate then returns part of the profits to depositors of First Pirate Savings and Trust so as to keep anyone from asking questions.

In the end, Pirate is a high seas pirate and an oil baron/pirate. Don't ask too many questions or his new venture in "protection" services might add you to the list.

at your own risk

Do you mind pointing me to his competitors?

Thanks.

he's a little late in this prirate-o-ponzi-or-not-game. other competitors already sucked their funds, so he has to stimulate interest and therefore lowering rates later...or this is, let's say unbelievable.

I wasn't referring to what he is doing with the money he borrows, just why he pays more interest then he should.

Interstate 40 does run through Texas.  Maybe that's the dropoff point?

I personally think that he runs a high priced Coyote Service, seeing as he is in Texas....and it seems to have the best guarded border in the South.

He most likely uses the Bitcoins to fund a Border crossing (drinks, snacks, USA shirts & hats, bribes, transportation etc) then once paid the enormous fee for his service from his Mexi-Friends, he passes along the profits to the rest of us.

Again, this is just speculation.

Keep an eye on him. If he changes his nick to 'Coyoteat40' you will know for sure.

As you guys know more then me about the pirate, may I ask, why is he paying so much in interest?
People here will run to lend him money even at 10%. It doesn't make business sense to me.

I think people call Pirate a scam because they don't have a clue about how he do what he do...
And, they would like to be able to do the same but they can't / don't know how... lol

Cheers,
Thiago

Jesus H.....
You are correct. I never even gave it much thought, other than providing Insurance.....lol

Taking Deposits at this point in the game could not only hurt my overall earning potential, but end up costing me more in the end.

I feel like an idiot.....hehe

maths is good.....LOL

Actually, you shouldn't do that.

Let's say you have 50 BTC deposits, and you match them in cold storage.

If you match:
pirate defaults -> lose 50 BTC from cold storage
pirate doesn't default -> gain difference between 20% MPR and 31% MPR

If you just put your 50 BTC with pirate in the first place and don't take the deposit:
pirate defaults -> lose 50 BTC
pirate doesn't default -> gain all 31% interest

It's always better to not take deposits if you're going to match 1:1.

I did none of those things... just saying that it's irrational for people to give you a profit when you don't insure anything.  They could just deposit with pirate.  However, if you insure their deposits against a pirate default, it's reasonable to expect them to pay you for it.

Just tell me, why would you trust him more than Pirate?)
If everything will be fine, he loose nothing, but whats stops him from running away if you give him huge sum of money?)

Definitely....although I am not really in the market for 'big' depositors at the moment, due to Pirate's Storage Capacity being 'Low' currently and I would rather not see a large deposit returned to me in the form of a forced withdrawal.

As I have a current Loan that I used to complete my mining setup and am currently paying back using mining proceeds, I think the best course of action would be to take care of my current 'business' so that my current Lender has no reason to loose faith in me.

I will revisit this offer in the near future once I am 100% debt-free and have withdrawn 50% or so from my Pirate account to keep in cold storage, so that I can match deposits 1:1 using BTC and not have to rely on other fiat for insurance purposes.

The last thing I want to do is end up like another Shakura (or similar) by getting in over my head......all 'bitcoin-star-struck' with dreams of new-found riches on the horizon

Once I complete my current Loan I will re-post a more serious offer that states what I have said above (1:1/Cold Storage matching etc).

Cheers,
bitlane.

If you put the irony out of your post and seriously state that you provide some kind of insurance, that would change something. Otherwise 20% MPR uninsured does not sound better than 18% MPR 25% insured (PPT.C bought at 1.1).

I have some coins with established lenders and while it is true there is a potential MPR of 56% (1.5% daily), I'm fine with getting up to 15% guaranteed. If you offer 20% insured, hurry up and get some larger wallet to accommodate my coins.

100% guarantee with 20% interest.  Are you willing to share your personal information with any big depositors.

...but of course

If Pirate defaults will you return deposits back to people?

Sorry, couldn't resist. 

(on topic, Bitlane has had his account around 4 months as far as I know, has done several decent sized loans and repaid without problem)