Topic: Putting your money where Pirate's mouth is. - page 21. (Read 73388 times)

Yea I was waiting for this reply.

The difference is when you actually own part of a risky business you have a (small) chance at becoming extremely wealthy from it in the event it becomes a monster.

The only person who appears to have a chance of becoming extremely wealthy from this escapade is pirate 

It's the thread the bet was made in. Isn't the point of the bet to make guesses?

And while we're at guessing... I take back what I said about believing you don't know. You're quite obsessed with the topic for someone who keeps pushing on a 100% proof, just for the record.

Edit: reeses, mined coins have no traces attached. Good luck finding them among all the miners and pools... it's borderline impossible to figure out what went where.

And how many of the trolls continue to troll rather than accept they don't have any 100% proof it is a ponzi and instead keep spinning their wheels?

crazy_rabbit: There's no need to involve extra sources of dirty coins, because there is already BS&T.

If anything is the laundry, gpumax is. I've been wondering why BS&T didn't shut down now that is might have already peaked. The answer is surprisingly simple. It's taking time to punch the coins through miners to get untraceable fresh coins, scattered over large portions of the block chain.

I tip my hat to Pirate. I don't see who would try to trace this. Hell, he could mix in fake miner accounts. It's a complete mess nobody would even try to sort out. It's flawless.

The remaining question for me is: how many of the supporters chose to be oblivious? Given the abundant derailing of discussions, it should be safe to assume the number is not zero. These people, greedy as they are, will be competing who gets out last. I trust that Pirate will outrun some of them, and in this case, I'll be cheering for him.

There is a difference between a investment in and a loan to a business though.

"Nothing other than ponzi could generate these kinds of returns, of course. So I'm quite rationally assuming BS&T is not a legit business."

Thats not really true though. There are a lot of ways to generate those kinds of returns, and lots of reason why someone might want to.

The most obvious is money laundering- for example if Pirate has a real life person who needs to clean up a lot of money and has agreed to pay quite a high percent to do so.

Personally, if I ripped off Bitconica (and I'm not saying Pirate did) I would want to come up with a system to clean up the coins. First I would decide how much of a loss I would be willing to take to purchase privacy from being it traced back to me, and then I would come up with a system that mixes the coins around nice and evenly. In this case, take lots of deposits, and pay stolen coins back out at regular intervals. If I need to clean 10,000 coins, and device I will give 1000 coins to protect my privacy, I could offer to accept 10000btc and pay back 11000btc. I would pay out the stolen coins and keep the clean ones.

The ponzi scheme aspect could be to disburse the coins even wider or distract attention. It can't last forever of course, but it depends on how many coins there are to 'clean'.

He could always be doing something illegal of course.

You are correct of course.

However a wise man once said 'Never invest in a business you don't understand' 

I know it could very well be a ponzi, i also know it might not be. only one person knows for sure, and anyone else who claims to know also (which they don't) is the only argument i have against.

FYI that link you posted actually weakens your argument as it clearly shows how abnormal pirate's rates are compared to everyone elses, which are in the 1-2% range.

Then ill sure pirate will take you up on a wager, like he did with Vandroiy, BTC5k

Yes, I believe, if these schemes (other than those that openly piggyback on Pirate) have no upper limit on deposits they're scams alright.

Well then you'd better get off this forum, because it's full of scammers -> https://bitcointalksearch.org/topic/who-pays-what-81542



well, now i've heard everything

I can't for my life think of why anyone would think ANYTHING borrowing money en masse and paying 7% (or 5%, or 1%) weekly interest would be anything but a scam. Unless there's hyperinflation that eats away the interest. But we're talking about bitcoins, not Zimbabwean dollars.

It is a mathematical certainty that Pirate is a scammer.

Also, if you really don't understand numbers, and you want an EMOTIONAL reason to be afraid of Pirate, I'd say, to me, he has the AURA of someone who's pulled off scams before.

HAHAHA Hell yeah im making one of those tomorrow 

pyramidception?

+1 

The one we've created.... a pyramid within a pyramid.

so, what would be the shape of the Bitcoin Ponzi ?