Topic: PirateAt40's Money Laundering Operations: GPUMAX and BST (Read 16079 times)
what do they have?
i have the informations that you seek
do you information that he will pay?
No
Has the "pirate" pay yet?
paraipan is Spanish and Romanian? At the same time? Is this some sort of dual citizenship deal?
He's Romanian living in Madrid, Spain. Not necessarily a dual citizen, as both are in the EU.
He actually posted his full name when he put a legal complaint against Bitcoinica for losing his money gambling.
necro'd for relevance
i agree that these accusations are possible correct. let us hope we get coins back!
Doable, but only if you submitted shares for the first few percent of a round. You wouldn't earn much from it per round though.
Note the "10% of D hoppoint".
Sure you can increase PPS almost arbitrarily, but what good is 500% PPS if its only on 0.01% of your shares?
Yes I made those numbers up.
No, I understood you, and what you wrote stands. I just thought it an interesting point.
BTW, in order to earn 200%PPS at 0.1*D, Slush would have to have a hashrate about 30 times larger than the network hashrate which gave rise to D. So maybe when the ASICS come online?
Doable, but only if you submitted shares for the first few percent of a round. You wouldn't earn much from it per round though.
Note the "10% of D hoppoint".
Sure you can increase PPS almost arbitrarily, but what good is 500% PPS if its only on 0.01% of your shares?
Yes I made those numbers up.
Even if you somehow managed to earn 200% PPS on slush with a 10% of D hopping point
Doable, but only if you submitted shares for the first few percent of a round. You wouldn't earn much from it per round though.
I dont think that Pirate is doing anything illegal ! There is no wonder how he is paying 7% a week when anyone can make 100% "if not more" in a couple of hours by simply buying shares @ GPUMAX and direct it to a score pool such as slush!
Nonsense.
If you can earn more by hopping slush than gpumax purchases cost, then I have a few 100GH for you to play with. Heck, you dont even need mine, you can buy them at gpumax and get filthy rich.
Even if you somehow managed to earn 200% PPS on slush with a 10% of D hopping point, after paying gpumax users 140% you would be looking at something like 500 BTC per month, if that. Thats not even pocket change compared to what pirate owes.
i fear if this isn't unwound soon, its going to be like a mini-2008 US financial crisis for Bitcoin.
Can't wait for that to happen: I'll be buying massively.
Well, there you go.
Maybe Pirate is a successful pawnbroker. Those guys charge 20% or more per month 
You should see what payday lenders and others charge for loans.....
You should see what payday lenders and others charge for loans.....
I dont think that Pirate is doing anything illegal ! There is no wonder how he is paying 7% a week when anyone can make 100% "if not more" in a couple of hours by simply buying shares @ GPUMAX and direct it to a score pool such as slush!
Retail has variable costs. Selling 1000 ipads is harder than selling 500 ipads.
You might be making a 30-50% markup on items (though probably not on ipads - I'd be surprised if retailers make more than 5-15% due to the competition online), but that is only when you don't count your fixed costs (marketing, rent, employees) and variable costs (additional advertising, employees, and rental space to scale up the operation.)
If you can buy 100 ipads from China and turn them over in a week without any additional variable costs, then you are a genius. If you can do this and decide to use other people's money to do it instead of your own and give them most of the profit, then you aren't a genius.
You might be making a 30-50% markup on items (though probably not on ipads - I'd be surprised if retailers make more than 5-15% due to the competition online), but that is only when you don't count your fixed costs (marketing, rent, employees) and variable costs (additional advertising, employees, and rental space to scale up the operation.)
If you can buy 100 ipads from China and turn them over in a week without any additional variable costs, then you are a genius. If you can do this and decide to use other people's money to do it instead of your own and give them most of the profit, then you aren't a genius.
Yea, well IPads was an example. Apple wouldn't dare let that happen. But other products are routinely MU@300%. Instead of Ipads, think Pet Rocks. I wonder, what the MU was on them? lol
And Yes using your own money is preferable in this to maximize profits but using your own money and OPM allows for greater expansion and control of Market Share. In reality though, you could just use OPM, suck out profits and mitigate risks.
Now combine with ForEx and ComEx and 'all' that happens in those markets, 7%/wk isn't unfeasible. BTW: I believe the rate is actually 10.5% or so overall. And remember, this is getting paid in BTC not USD so the Spot Market is in BTC rates.
But alas, I dunno. I just don't appreciate how fast and furious everyone goes negative. But considering what has happened in the community in the past, it is to be expected. It still doesn't make it right though.
I don't really care if what he is doing is criminal, but I hope what he is doing is moral. If moral, then I applaud his ability to generate those returns.
Agreed. Whether or not it is illegal only affects the risk assessment. Unfortunately though, you idea of moral, and mine, and anyone else's won't be exactly the same. Pirate could think what he is doing is moral; it doesn't mean you would.
All this debate over whether it's legitimate business or not...
The answer is simple: such high returns are extremely rare and highly suspicious, but are not proof of wrongdoing. Rare and suspicious doesn't necessarily mean wrong. Some people figure out how to make ridiculous returns, and they are ridiculous because nobody else has figured it out yet. Simple as that.
I don't really care if what he is doing is criminal, but I hope what he is doing is moral. If moral, then I applaud his ability to generate those returns.
The answer is simple: such high returns are extremely rare and highly suspicious, but are not proof of wrongdoing. Rare and suspicious doesn't necessarily mean wrong. Some people figure out how to make ridiculous returns, and they are ridiculous because nobody else has figured it out yet. Simple as that.
I don't really care if what he is doing is criminal, but I hope what he is doing is moral. If moral, then I applaud his ability to generate those returns.
Retail has variable costs. Selling 1000 ipads is harder than selling 500 ipads.
You might be making a 30-50% markup on items (though probably not on ipads - I'd be surprised if retailers make more than 5-15% due to the competition online), but that is only when you don't count your fixed costs (marketing, rent, employees) and variable costs (additional advertising, employees, and rental space to scale up the operation.)
If you can buy 100 ipads from China and turn them over in a week without any additional variable costs, then you are a genius. If you can do this and decide to use other people's money to do it instead of your own and give them most of the profit, then you aren't a genius.
You might be making a 30-50% markup on items (though probably not on ipads - I'd be surprised if retailers make more than 5-15% due to the competition online), but that is only when you don't count your fixed costs (marketing, rent, employees) and variable costs (additional advertising, employees, and rental space to scale up the operation.)
If you can buy 100 ipads from China and turn them over in a week without any additional variable costs, then you are a genius. If you can do this and decide to use other people's money to do it instead of your own and give them most of the profit, then you aren't a genius.
Jump to: