Topic: PirateAt40's Money Laundering Operations: GPUMAX and BST - page 2. (Read 16065 times)

5*1.07=5.35

Well not the 'Stock Market' but the ...?

So his legal options are
Buy bitcoins and sell them making money on the difference. Kinda like the stock market and the larger the swings will make larger gains possible. So at 7% one would have to buy at 5$ and sell for 5.035. That doesn't sound impossible. Granted the exchange will charge something but isn't impossible and the larger the transactions the less he pays agian making it better to draw more depositors in.
Lending to people short term can be an Option. I am not a fan of payday loans but a similar idea would pay bit money a year and each person pays a lot less per contract providing they pay it off fast.
I am not saying he is doing anything illegal just somethings that although look maybe bad could be explained.
Huh 100 to 107 in a week sounds sweet.

EDIT: yes is 5.35 I really shouldn't do math when I first wake up mentally. Still isn't impossible to get a few trades to cover that with less daily or weekly swing.

yup 7% per week.

I'll just say this once: Pirate is probably the only person who can still short Bitcoins now that Bitcoinica went pufff

Sorry for misunderstanding the time. Yes per week is hgh My accounts have always been calculated daily and paid monthly I assumed his where calculated weekly and paid weekly. But unless otherwise noted interest is calculated per year. I saw no notation to the contrary. So I assumed people knew that interest is normally expressed as an Annual Percentage Rate. And payday loans can get quite high and still be legal since it isn't interest charged but fees. Again By all means express the incredible amount that he pays sure but do it in a more normal context.
FYI it looks to be 4132% Now is that likely an issue Sure. Is that the same as an APR of 7% NO.
So to get this cleared up in my head if you have 10 BTC in the bank you would in 1 week have 10.7?

I LOVE GPUMAX!!!!!!!!!!!!!!!1

Best thing ever!

Greek Bonds can get you 0.5%/week.

Pirate 'might' be safer though.

Hey,

I can get a crate of 100 Ipads from China for $200/each. I don't have the money this week, but can sell them for $400/each within the week. I need someone to lend me $20,000. I'll give you back $21,400 next week. 7%. I'll just keep the extra $18,600.
Next week, I might be able to get 2 crates, some with my money, and some with another loan.


Point being RETAIL businesses have huge MarkUps. Earning 7% per week is nothing in retail. The profit depends on the overhead.

Franchises usually operate in 3% for the Franchisee. Not per week but overall for each and every sale. Per hour, per day, per week, per month, per year.


Just trying to show that the 'rate' isn't crazy. Sustainability will be 'ONCE' the market is saturated with Ipads.

And that is just Retail, now think ComEX.

Is it possible to be an 'illegal' operation? Yes.  Is it possible for it to be a legal operation? Yes.   

But gossip and fud goes over so much better.

Take a seat on the fence and watch the show.

Mystery Science Theater 2000.

Banks paid you more than 7% a week? Was this in Zimbabwe or the Weimar republic perhaps?  

If your bank is charging you 7% weekly interest, you need to stop banking with mob bosses in the back of strip clubs.

Maybe I am missing the proof where this has to be a crime. What I can tell you is I personally have been paid by Banks in excess of 7%. Granted this was in the late 90s but all that 7% proves is that it has to be making pirate more then 7%. Lets say pirate wanted to borrow a lot of money. He could take out a personal loan. Lets say his credit is very good and they will offer him 10%. Now if he pays you 7% to buy what he was going to buy anyways and use your money to buy it paying you slightly less then he would pay a bank. To be honest banks are required to keep 0% of savings in their possesion but to keep a whole 5% of your checking account in their possesion. Lets say pirate calculates that 10% of the money will be moving in and out a day

100     90
107     119

Now do I think he is charging 20% per year? It would be legal. It would not be excessive.
Could he have less reserved money and lower it furterh sure.

100     95
107     113

Again not impossble or even illegal.
Now is running a non compliant financial institution illegal sure. Can I be positive that he has all required paperwork filed and the appropriate oversight in place no.

As far as GPUMax it could be that some people do wash coins there. I am not saying everyone using the service is legit. What I will say is that people have said they signed up to test private pools and to use it as a backstop for downtime for mining contracts. Are either illegal no. Maybe I get money from an exchange and feel wrong about paying for stolen coins etc. So I having 0 illegal action to get them decide to buy hashing power. They are my coins. I broke no laws procuring them. I can do with them as I please. Would you make the same accusations about someone you personally know that pays you back with a 20$ bill that was previously stolen but they recieved from a bank? I think the problem is the stolen coins went to an exchange or to buy things. I think having marked coins only means you have done business with people.

I know people say what they want about things but honestly take a moment and think about the reality of things.

i successfully withdrew well over 1000+ today (timing had nothing to do with the recent FUD, just coincidence).

if this is a con, it's a very very long con.

No I wasn't, but that is certainly an area where it occurs.

Strikes me that people are too occupied with what they see right in front of them, and not what else happens in the world.  Might be that they have not been exposed to the ideas, or not seen what else can be done.

As an aside, when the project I was on was seeking capital a few years ago, most people were looking at 30% to 50% returns per year across several years.  The result was people purchased at 0.32 and sold at 1.40 - made a nice return for them.  Much more conventional, but it was a highly regulated and competitive industry.

Making up an outlandish story with no backing (which is what the OP is) is not seeking answers, it is spreading FUD.

Are you referring to payday loans?

I might be confused here. Are you saying making 7%/week is illegal? or paying 7%/week is illegal?

OMG, don't you guys know what markups are in Retail? Lets start sending everybody to jail, they're all ponzi's.

Can we start with Cell Phone companies?

Oh, how about MP that charges $5 per fill and people routinely buy $50 cards. That is 10% right there.

But I see how it is, if it walks like a Duck, quacks like a Duck, it's a Goose.

Actually there are places you can make 7% per week legally.  It's not something I chose to do, and the total dollar returns are not great for me because of market size.  I'll stick to providing 7%/month returns for people (legally), and wait for someone to come trolling that my offering 200+% per year returns "must" be some kind of illegal ponzi shit.  Sure it's not as good as Pirate, nor as such a scale, but it's nicely sustainable.

Except this one.  How do you make 7% a week legally?  You don't even have to answer, since he even claimed himself the operation "may be illegal in his country" or something similar.  (For the illiterate: This is illegal everywhere, no doubt about that, so I'm not going to reveal any specifics.) There can't be any doubt about the [il]legality.  The only remaining question is exactly how it is done.  And you don't need to know all the details, not even to get someone convicted.

Well, that settles it.

https://bitcointalksearch.org/topic/a-day-in-the-life-of-a-pirate-82849