Aliens... with extraterrestrial quantum computers! I heard they sell them for 500kBTC!
You can do an asic design for considerably less than 500K btc and all it takes is 10 year old cmos technology. No aliens needed.
Topic: How could Pirate fuck your brains so well that even now many believe in him? - page 3. (Read 10896 times)
August 26, 2012, 03:54:42 PM
You can do an asic design for considerably less than 500K btc and all it takes is 10 year old cmos technology. No aliens needed.
August 26, 2012, 03:49:48 PM
The debt continuing to accrue interest and I expect a full reconciliation to be made.
LOLZ.
Pirate debt has increased by 52,303 BTC* just in the period of time since he ended the operation. That is $549,270 at current exchange rates. Even if he was profitable and could afford the interest obligation while operating, since shutting down he racked up another half million in debt. In another five days he will have racked up over a million USD in additional debt since the shutdown. His interest only obligation is now $57,993 per day or $40.27 per minute.
All that ignores the fact that the debt is legally unenforceable (violates usary laws in the US) and that BTC can be hidden from a judgement with trivial ease. So the debtor can't be collected against and has 40 new reasons every minute to walk away. Of course that even assume he could pay if he wanted to but it is increasingly obviously he can't. Even if he could only pay say half doing so would save him almost $30,000 per day in additional interest yet he hasn't.
So please, humor me I am just curious at which point will you no longer "expect a full reconciliation to be made"? Another week (when he now owes ~$6.3 mil USD), another month (when he owes ~ $8.2 mil USD), 180 days (when he owes ~$46 mil USD)?
* Based on the claim by Pirate that the "trust" had 500K BTC when he shut it down.
hehehehe..
These are the only facts I need to hear to make a sane educated guess as to the outcome...
Simple math will answer this one easily...
Pirate did say within two weeks I think to wind it down and it is just the ending of the first week. Maybe Pirate had those two weeks interest payments tailored into his shut down plan accounted for. If he doesn't honour his two week timetable or comes out with more excuses for time well then people should start to really worry.
August 26, 2012, 03:46:49 PM
hehehehe..
These are the only facts I need to hear to make a sane educated guess as to the outcome...
Simple math will answer this one easily...
These are the only facts I need to hear to make a sane educated guess as to the outcome...
Simple math will answer this one easily...
Id does make a very important implicit assumption; that BTC value will remain more or less stable. If Prirate's big secret is that he hacked sha256 or has been mining a forked chain on asics for half a year, that assumption might be very wrong.
Aliens... with extraterrestrial quantum computers! I heard they sell them for 500kBTC!
August 26, 2012, 03:44:51 PM
others seam more confident:
damn tempting offers!
I guess Ill throw mine up for sale too, PM if interested:
(User #269 of 373) Balance: 44.40847487 Next Payment: 3.06418477
Ill take 40btc for it. OBO
(User #269 of 373) Balance: 44.40847487 Next Payment: 3.06418477
Ill take 40btc for it. OBO
(User #229 of 373) Balance: 562.18232401 Next Payment: 38.79058036
Looking for 350+. PM if interested.
Looking for 350+. PM if interested.
I'll sell mine for 900ish. PM me any offers
(User #71 of 373) Balance: 1184.04269172 Next Payment: 81.68066151
(User #71 of 373) Balance: 1184.04269172 Next Payment: 81.68066151
Since I need the coins sooner rather than later:
Anyone want to buy my account?
(User #114 of 373) Balance: 390.30038379 Next Payment: 26.93072648
I'll consider offers from 300 upwards.
If you are insterested PM me please.
Anyone want to buy my account?
(User #114 of 373) Balance: 390.30038379 Next Payment: 26.93072648
I'll consider offers from 300 upwards.
If you are insterested PM me please.
damn tempting offers!
Confidence is overwhelming!
August 26, 2012, 03:43:48 PM
hehehehe..
These are the only facts I need to hear to make a sane educated guess as to the outcome...
Simple math will answer this one easily...
These are the only facts I need to hear to make a sane educated guess as to the outcome...
Simple math will answer this one easily...
Id does make a very important implicit assumption; that BTC value will remain more or less stable. If Prirate's big secret is that he hacked sha256 or has been mining a forked chain on asics for half a year, that assumption might be very wrong.
August 26, 2012, 03:43:16 PM
others seam more confident:
damn tempting offers!
I guess Ill throw mine up for sale too, PM if interested:
(User #269 of 373) Balance: 44.40847487 Next Payment: 3.06418477
Ill take 40btc for it. OBO
(User #269 of 373) Balance: 44.40847487 Next Payment: 3.06418477
Ill take 40btc for it. OBO
(User #229 of 373) Balance: 562.18232401 Next Payment: 38.79058036
Looking for 350+. PM if interested.
Looking for 350+. PM if interested.
I'll sell mine for 900ish. PM me any offers
(User #71 of 373) Balance: 1184.04269172 Next Payment: 81.68066151
(User #71 of 373) Balance: 1184.04269172 Next Payment: 81.68066151
Since I need the coins sooner rather than later:
Anyone want to buy my account?
(User #114 of 373) Balance: 390.30038379 Next Payment: 26.93072648
I'll consider offers from 300 upwards.
If you are insterested PM me please.
Anyone want to buy my account?
(User #114 of 373) Balance: 390.30038379 Next Payment: 26.93072648
I'll consider offers from 300 upwards.
If you are insterested PM me please.
damn tempting offers!
August 26, 2012, 03:10:55 PM
The debt continuing to accrue interest and I expect a full reconciliation to be made.
LOLZ.
Pirate debt has increased by 52,303 BTC* just in the period of time since he ended the operation. That is $549,270 at current exchange rates. Even if he was profitable and could afford the interest obligation while operating, since shutting down he racked up another half million in debt. In another five days he will have racked up over a million USD in additional debt since the shutdown. His interest only obligation is now $57,993 per day or $40.27 per minute.
All that ignores the fact that the debt is legally unenforceable (violates usary laws in the US) and that BTC can be hidden from a judgement with trivial ease. So the debtor can't be collected against and has 40 new reasons every minute to walk away. Of course that even assume he could pay if he wanted to but it is increasingly obviously he can't. Even if he could only pay say half doing so would save him almost $30,000 per day in additional interest yet he hasn't.
So please, humor me I am just curious at which point will you no longer "expect a full reconciliation to be made"? Another week (when he now owes ~$6.3 mil USD), another month (when he owes ~ $8.2 mil USD), 180 days (when he owes ~$46 mil USD)?
* Based on the claim by Pirate that the "trust" had 500K BTC when he shut it down.
August 26, 2012, 09:52:53 AM
I hope you're right.... ^ only time will tell..... but if it's true he passed a bad cheque in the past and now he has 1million+ dollars..... seems iffy to me......
Good luck to all and I hope everything works out for the better....
Good luck to all and I hope everything works out for the better....
August 26, 2012, 08:54:13 AM
How did Pirate get some many people to give him BTC without revealing his so called method for promising 7% weekly returns. I'm sure plenty of people were willing to gamble with small amounts and not really mind losing knowing something aint kosher here.
That's part of the time honoured ponzi formula. Claim you have a new method to generate massive returns. A proprietary space age trading system in the cloud, leveraging world events while hedging against all risk. Or something like that. It's different this time. I'm breaking all the rules. People fall for that all the time.
Why do people hand over massive amounts of money to essentially anonymous businesses? Why do pensioners hand over their life savings to slick operations only to see it being lost, time and time again? Slick marketing and the target's greed.
August 26, 2012, 08:43:03 AM
LOL ^
August 26, 2012, 03:56:42 AM
this whole episode is really quite brilliant. Pirate played a ponzi scheme COMPLETELY STRAIGHT. It's like he followed a textbook for ponzi schemes. He even exaggerated everything, he called himself a type of robber and offered more ridiculous returns than are possible. And everyone STILL fell for it.
He deserves the money IMO.
He deserves the money IMO.
August 26, 2012, 03:50:18 AM
not to forget a lot of this: http://en.wikipedia.org/wiki/Confirmation_bias
What should we do without wikipedia ?
August 26, 2012, 02:07:53 AM
August 26, 2012, 12:39:14 AM
Even better http://en.wikipedia.org/wiki/Escalation_of_commitment
Quote
Escalation of commitment was first described by Barry M. Staw in his 1976 paper, "Knee deep in the big muddy: A study of escalating commitment to a chosen course of action".[1] More recently the term "sunk cost fallacy" has been used to describe the phenomenon where people justify increased investment in a decision, based on the cumulative prior investment, despite new evidence suggesting that the cost, starting today, of continuing the decision outweighs the expected benefit. Such investment may include money, time, or — in the case of military strategy — human lives. The phenomenon and the sentiment underlying it are reflected in such proverbial images as "Throwing good money after bad" and "In for a dime, in for a dollar" (or "In for a penny, in for a pound").
The term is also used to describe poor decision-making in business, government, information systems in general, software project management in particular, politics, and gambling. The term has been used to describe the United States commitment to military conflicts including Vietnam in the 1960s - 1970s and in Iraq in the 2000s, where dollars spent and lives lost justify continued involvement.[2]
Alternatively, "irrational escalation" (sometimes referred to as "irrational escalation of commitment" or "commitment bias") is a term frequently used in psychology, philosophy, economics, and game theory[citation needed] to refer to a situation in which people can make irrational decisions based upon rational decisions in the past or to justify actions already taken. Examples are frequently seen when parties engage in a bidding war; the bidders can end up paying much more than the object is worth to justify the initial expenses associated with bidding (such as research), as well as part of a competitive instinct.
[edit]Examples
The dollar auction is a thought exercise demonstrating the concept.
After a heated and aggressive bidding war, Robert Campeau ended up buying Bloomingdale's for an estimated 600 million dollars more than it was worth. The Wall Street Journal noted that "we're not dealing in price anymore but egos." Campeau was forced to declare bankruptcy soon afterwards.[3]
The term is also used to describe poor decision-making in business, government, information systems in general, software project management in particular, politics, and gambling. The term has been used to describe the United States commitment to military conflicts including Vietnam in the 1960s - 1970s and in Iraq in the 2000s, where dollars spent and lives lost justify continued involvement.[2]
Alternatively, "irrational escalation" (sometimes referred to as "irrational escalation of commitment" or "commitment bias") is a term frequently used in psychology, philosophy, economics, and game theory[citation needed] to refer to a situation in which people can make irrational decisions based upon rational decisions in the past or to justify actions already taken. Examples are frequently seen when parties engage in a bidding war; the bidders can end up paying much more than the object is worth to justify the initial expenses associated with bidding (such as research), as well as part of a competitive instinct.
[edit]Examples
The dollar auction is a thought exercise demonstrating the concept.
After a heated and aggressive bidding war, Robert Campeau ended up buying Bloomingdale's for an estimated 600 million dollars more than it was worth. The Wall Street Journal noted that "we're not dealing in price anymore but egos." Campeau was forced to declare bankruptcy soon afterwards.[3]
August 25, 2012, 11:21:49 PM
pi·rate [pahy-ruht] noun, verb, pi·rat·ed, pi·rat·ing.
noun
1.
a person who robs or commits illegal violence at sea or on the shores of the sea.
2.
a ship used by such persons.
3.
any plunderer, predator, etc.: confidence men, slumlords, and other pirates.
seems pretty obvious to me....
noun
1.
a person who robs or commits illegal violence at sea or on the shores of the sea.
2.
a ship used by such persons.
3.
any plunderer, predator, etc.: confidence men, slumlords, and other pirates.
seems pretty obvious to me....
August 25, 2012, 09:53:20 PM
It'll take a while to buy those assets back >30%
August 25, 2012, 09:43:45 PM
How did Pirate get some many people to give him BTC without revealing his so called method for promising 7% weekly returns. I'm sure plenty of people were willing to gamble with small amounts and not really mind losing knowing something aint kosher here.
That's part of the time honoured ponzi formula. Claim you have a new method to generate massive returns. A proprietary space age trading system in the cloud, leveraging world events while hedging against all risk. Or something like that. It's different this time. I'm breaking all the rules. People fall for that all the time.
Why do people hand over massive amounts of money to essentially anonymous businesses? Why do pensioners hand over their life savings to slick operations only to see it being lost, time and time again? Slick marketing and the target's greed. Many people don't realise that generating a guaranteed 7% return after inflation per annum is quite difficult. Pirate was offering 7% a week. Alarm bells anyone?
Its been almost a week since Pirate promised to start making full payments to his clients. How's that going? If he was paying out interest from trading activities then he should have had all bitcoins required to pay out immediately.
August 25, 2012, 09:17:52 PM
A bubble is just a ponzi really isn't it, other possibly than the "deliberate act of fraud" aspect. (A ponzi is a deliberate bubble, often accompanied by fraud?)
Wat? A ponzi doesn't do any investing, it just pays out customer deposits. A bubble has real economic activity and investing but the economic activity is unsustainable. I don't get how the two are comparable. When the ponzi collapses all of the later investors lose everything but when a bubble collapses late investors still have a real asset that can at least return something (just not much). Am I missing the forest for the trees? Why do you qualify the end of your quote with "often accompanied with fraud"? When is a ponzi not fraud?
August 25, 2012, 08:59:49 PM
......... Bitlane ...... sockpuppet ? ........
Unfortunately this is my ONLY forum account. Back during the 'BitcoinXpress' battle, I asked theymos to confirm it and he did.
I don't use TOR, I don't attempt to hide my identity from anyone and I happily sleep with my front door unlocked, as I have very little to fear.
I therefore am NO ONE'S sockpuppet. I currently have a personal interest in things, the same as most others and am simply 'enjoying the ride'.....
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