Not if its a ponzi. Because everyone will demand to see the txn that stole the coins on the blockchain. And that txn wont have enough coins.
This is an excellent point. I've never thought of that before.
Topic: How Large is BTCST exposure? - page 3. (Read 10455 times)
This is an excellent point. I've never thought of that before.
Why would he go bust if he's free to change interest rates at will?
He could change them to zero for example.
Wish I could do that with my loans.
He could change them to zero for example.
Wish I could do that with my loans.
Because he will eventually need to return the debt? Or are you saying that he will not pay interest and will not return the coins he borrowed and still not default?
Pirate will issue IOUs and invent bitcoin fractional reserve banking
.who's going to bail him out tho?
in the bitcoin world banks are not to big to fail.
Why would he go bust if he's free to change interest rates at will?
He could change them to zero for example.
Wish I could do that with my loans.
He could change them to zero for example.
Wish I could do that with my loans.
Because he will eventually need to return the debt? Or are you saying that he will not pay interest and will not return the coins he borrowed and still not default?
Pirate will issue IOUs and invent bitcoin fractional reserve banking
. 
Why would he go bust if he's free to change interest rates at will?
He could change them to zero for example.
Wish I could do that with my loans.
He could change them to zero for example.
Wish I could do that with my loans.
Because he will eventually need to return the debt? Or are you saying that he will not pay interest and will not return the coins he borrowed and still not default?
If he sold bitcoins earlier at lower price for let's say providing loans denominated in USD, this price increase will hit him badly, so badly that he may be unable to repay his bitcoin debt.
You can if you loaned under Pirate;s conditions. People are free to withdraw and stop loaning to him. It' not like he is changing the interest rate on an agreed upon fixed period.
That being said, I expected him to give notice earlier (mainly due to the wording in his bet)
That being said, I expected him to give notice earlier (mainly due to the wording in his bet)
Why would he go bust if he's free to change interest rates at will?
He could change them to zero for example.
Wish I could do that with my loans.
He could change them to zero for example.
Wish I could do that with my loans.
What is surprising to me is just how large a target this guy is for a real hacker/social engineer/thief, in real life.
easy to claim a hacker raided the BST coins regardless of the identity of pirate or bitcoin max or the other
Yeah, Zhoutong 2.0 coming up...
-p
Not if its a ponzi. Because everyone will demand to see the txn that stole the coins on the blockchain. And that txn wont have enough coins.
and at 7% per WEEK there is absolutely no need to "determine" if it is a ponzi or not.
In the next period of time Pirate's scheme will collapse, or the interest payout will be slashed, or Pirate will get hacked and the bitcoins will disappear. How long the period of time is is the only question here.
Many have stood up for Pirate and said a 7% weekly return is quite reasonable for a skilled trader like he. I just hope those people aren't invested in the scheme, for they may well learn a very valuable lesson in mathematics. Over the years countless people have claimed 'this time it's different' when claiming returns of several thousand percent per annum (compounded) are quite achievable.
Interest rates have already been cut.. Reduced to 5% next week
yep, that's the signal pirate is vulnerable to BTC price increase. If he needs more that 20k bitcoins for interest payouts each week and he's buying them at exchanges, he may go bust pretty soon. His bitcoin debt is huge.
and at 7% per WEEK there is absolutely no need to "determine" if it is a ponzi or not.
In the next period of time Pirate's scheme will collapse, or the interest payout will be slashed, or Pirate will get hacked and the bitcoins will disappear. How long the period of time is is the only question here.
Many have stood up for Pirate and said a 7% weekly return is quite reasonable for a skilled trader like he. I just hope those people aren't invested in the scheme, for they may well learn a very valuable lesson in mathematics. Over the years countless people have claimed 'this time it's different' when claiming returns of several thousand percent per annum (compounded) are quite achievable.
Interest rates have already been cut.. Reduced to 5% next week
and at 7% per WEEK there is absolutely no need to "determine" if it is a ponzi or not.
In the next period of time Pirate's scheme will collapse, or the interest payout will be slashed, or Pirate will get hacked and the bitcoins will disappear. How long the period of time is is the only question here.
Many have stood up for Pirate and said a 7% weekly return is quite reasonable for a skilled trader like he. I just hope those people aren't invested in the scheme, for they may well learn a very valuable lesson in mathematics. Over the years countless people have claimed 'this time it's different' when claiming returns of several thousand percent per annum (compounded) are quite achievable.
What is surprising to me is just how large a target this guy is for a real hacker/social engineer/thief, in real life.
easy to claim a hacker raided the BST coins regardless of the identity of pirate or bitcoin max or the other
Yeah, Zhoutong 2.0 coming up...
-p
What is surprising to me is just how large a target this guy is for a real hacker/social engineer/thief, in real life.
His name is public, his facial details are known, his place of residence is likely known by somebody with access to county records. He happens to live in a "hacker hotbed" (The Dallas/Fort Worth metroplex).
I would not be surprised at all if he's targeted personally.
I'm sure he uses encryption and what-not but everyone makes mistakes.
I just can't see how this can be good in the long run. My gut tells me if something happens we can kiss goodbye to double digit Bitcoin pricing. :-D
-p
easy to claim a hacker raided the BST coins regardless of the identity of pirate or bitcoin max or the other
I always thought it was opening poster.
Well, there is original poster on urban dictionary, but no opening poster, so...
http://www.urbandictionary.com/define.php?term=original%20poster
I always thought it was opening poster.
hi - sorry for asking, but what is the "op"? if it is the first post, how does it answer my question?
Original Poster. Thread author essentially.
7% ?! Per week? Excuse me.
which day of the week does he pay out the interest? just for me to know when to look for a default...
if you take 500k bitcoin at a 6% interest per week that would make 10M bitcoin in only one year - more than in existence...
if you take 500k bitcoin at a 6% interest per week that would make 10M bitcoin in only one year - more than in existence...
you should read the op. If you're too lazy to do even that, you're not going to be much use determining if it is a ponzi or not.
hi - sorry for asking, but what is the "op"? if it is the first post, how does it answer my question?
and at 7% per WEEK there is absolutely no need to "determine" if it is a ponzi or not.
why not? Because it is?
which day of the week does he pay out the interest? just for me to know when to look for a default...
if you take 500k bitcoin at a 6% interest per week that would make 10M bitcoin in only one year - more than in existence...
if you take 500k bitcoin at a 6% interest per week that would make 10M bitcoin in only one year - more than in existence...
you should read the op. If you're too lazy to do even that, you're not going to be much use determining if it is a ponzi or not.
hi - sorry for asking, but what is the "op"? if it is the first post, how does it answer my question?
and at 7% per WEEK there is absolutely no need to "determine" if it is a ponzi or not.
You think that dollars being legal tender gives everyone the right to liquidate any contract they please by paying what they claim to be fair market value? That's an interesting belief. Others believe in bigfoot.
It's in fact true, ignoring your silly "what they claim" nonsense. Efficient breach is not only permitted but *encouraged*.http://en.wikipedia.org/wiki/Efficient_breach
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