1) Discover way to get a shitload of cash
2) Retire
There, fixed that for you... 2) Retire
Topic: This rally is a pirate bubble (Read 8670 times)
this
1) Discover way to get a shitload of cash
2) Make a run of your own FPGA boards in China to mine on a massive scale and then pay some hackers to DDoS the major mining pools.
3) ...
4) Profit.
2) Make a run of your own FPGA boards in China to mine on a massive scale and then pay some hackers to DDoS the major mining pools.
3) ...
4) Profit.
I don't get it. People invest Bitcoin with Pirate. If he sells the Bitcoin it drives the price down, how does he drive the price up without using his own money? Is there a new leveraged short-selling exchange?
There are several, but none as big as bitcoinica was and certainly not enough to take a volume pirate would need.
There isn't as much to get about it, people buy BTC in order to give them to pirate. He accumulates them and pays out interest. If it is a straight Ponzi it makes sense the price is going up before the default.
Agreed. If everyone bought bitcoin and invested with pirate (which I believe is true on a larger scale than people realize) the price has to rise. Pirate can only get bitcoins from three different places:
1. new investors
2. mining them
3. buying them
I don't get it. People invest Bitcoin with Pirate. If he sells the Bitcoin it drives the price down, how does he drive the price up without using his own money? Is there a new leveraged short-selling exchange?
We all know that if it isn't already being done it will be done in the future (pirate buying bitcoins on the open exchange).
So the price rising isn't a good thing if he needs to buy them on the open market. Then again he could be mining them through GPUMAX etc.
I don't get it. People invest Bitcoin with Pirate. If he sells the Bitcoin it drives the price down, how does he drive the price up without using his own money? Is there a new leveraged short-selling exchange?
There are several, but none as big as bitcoinica was and certainly not enough to take a volume pirate would need.
There isn't as much to get about it, people buy BTC in order to give them to pirate. He accumulates them and pays out interest. If it is a straight Ponzi it makes sense the price is going up before the default.
I don't get it. People invest Bitcoin with Pirate. If he sells the Bitcoin it drives the price down, how does he drive the price up without using his own money? Is there a new leveraged short-selling exchange?
So, in one moment Pirate is doomed above $10 - then he's just fine until we hit $13, or is it $20? Wait, I read on this forum that Pirate controls BTC prices, so there's no way they'd be trading so high... oh wait...
This stuff is so hilariously contradictory I can't even begin to laugh enough.
This stuff is so hilariously contradictory I can't even begin to laugh enough.
You're getting the idea...it's all speculation.
Actually it is paranoia.
No it's specunoia!
at that time the 7% per week interest rate made a lot of sense and was perfectly sustainable.
In a finite universe exponential growth is never perfectly sustainable.
In a system with a hard limit of 21 million bitcoins exponential growth is especially unsustainable.
You seem to be misunderstanding the velocity of money. Bitcoins can move multiple times, so a person can pay out more than the total number of bitcoins if they are also taking in bitcoins.
Please people, stop talking percentages. "It's impossible to pay 7% a week." No, it's not. Completely depends on how much you lent out , and how much money you're making.
If he's paying out 30k a week, discuss that figure. Is that possible to pay out? Yes, plenty businesses earn that much.
Is it suspiciously high though? Sure it is. But don't focus on the percentage figures, unless you have clear data on exactly how much his operations grows / shrinks / has grown / will grow over time.
If he's paying out 30k a week, discuss that figure. Is that possible to pay out? Yes, plenty businesses earn that much.
Is it suspiciously high though? Sure it is. But don't focus on the percentage figures, unless you have clear data on exactly how much his operations grows / shrinks / has grown / will grow over time.
at that time the 7% per week interest rate made a lot of sense and was perfectly sustainable.
In a finite universe exponential growth is never perfectly sustainable.
In a system with a hard limit of 21 million bitcoins exponential growth is especially unsustainable.
It is perfectly sustainable only as long as the BTC / USD rate keeps dropping at the faster rate than the BTC interest rate not for ever.
at that time the 7% per week interest rate made a lot of sense and was perfectly sustainable.
In a finite universe exponential growth is never perfectly sustainable.
In a system with a hard limit of 21 million bitcoins exponential growth is especially unsustainable.
no
,3400% interest on bitcoins can not be explained by fiat currency growing lower in value
not even at anywhere near those rates
just no
Absolutely. In fact appreciation of BTC with respect to USD as has been the case this year makes the situation a lot worse. On the other hand if BTC were depreciating with respect to USD at a rate over 7% per week as was the case between July 2011 and December 2011 then at that time the 7% per week interest rate made a lot of sense and was perfectly sustainable.
Alright- a question for those who think it's a pirate and pirate-like bubble: when will it pop? Just don't state the obvious.
Hard to say. If pirate is actually making real money it would be right after his first big screwup where he loses a large
percentage of the funds.
This is the way I see it. He has a way to make money (i guess). So he starts out using his own. He is making good money.
Instead of him digging up more resources himself or starting small and reinvesting his profits to grow to keep all the juicy
profits... he decides to borrow money from people.
Well I would not want to do this unless there was a large risk involved. Better to play/gamble/deal with other people's
money then for me to risk my own via a bank loan, savings, etc... That would be best for pirate. And the people borrowing
the money to him get ~8% interest per week because the risk is huge. Otherwise interest rate would be much smaller.
Thus there must be a large risk involved in his operations and eventually a string of losses, him getting scammed, or
what have you will cause the problem we are waiting for. Hard to put a time on this and I am making the assumption
that he is semi legit.
If a ponzi or some other type of scam... the math gives good info on an estimate.
Alright- a question for those who think it's a pirate and pirate-like bubble: when will it pop? Just don't state the obvious.
2-4 weeks after reward drop.
Alright- a question for those who think it's a pirate and pirate-like bubble: when will it pop? Just don't state the obvious.
The increase in price is not due to an increase in the exchange of goods and services for bitcoins or favorable news, the two traditional causes for rallies.
Everyone is buying BTC to get in on pirate's scheme, pirate passthroughs, and other pirate like "lending" schemes.
Obviously earning 3300% a year on BTC is more attractive than 0-10%/year with USD.
The entire bitcoin economy is shifting towards lending and various financial instruments.
If pirate were to default, would the price crash? There would certainly be less incentive to buy BTC. Of course, pirate might have all of the coins by then... so there might not be many sellers.
Everyone is buying BTC to get in on pirate's scheme, pirate passthroughs, and other pirate like "lending" schemes.
Obviously earning 3300% a year on BTC is more attractive than 0-10%/year with USD.
The entire bitcoin economy is shifting towards lending and various financial instruments.
If pirate were to default, would the price crash? There would certainly be less incentive to buy BTC. Of course, pirate might have all of the coins by then... so there might not be many sellers.
Do not forget, that USD has lost over 96% of its value in the last 100 years or so and only! 33% in last 12 years.
Is it possible, that BTC just holds value better than this green funny money form your dear Fed printer?
no
,3400% interest on bitcoins can not be explained by fiat currency growing lower in value
not even at anywhere near those rates
just no
The increase in price is not due to an increase in the exchange of goods and services for bitcoins or favorable news, the two traditional causes for rallies.
Everyone is buying BTC to get in on pirate's scheme, pirate passthroughs, and other pirate like "lending" schemes.
Obviously earning 3300% a year on BTC is more attractive than 0-10%/year with USD.
The entire bitcoin economy is shifting towards lending and various financial instruments.
If pirate were to default, would the price crash? There would certainly be less incentive to buy BTC. Of course, pirate might have all of the coins by then... so there might not be many sellers.
Everyone is buying BTC to get in on pirate's scheme, pirate passthroughs, and other pirate like "lending" schemes.
Obviously earning 3300% a year on BTC is more attractive than 0-10%/year with USD.
The entire bitcoin economy is shifting towards lending and various financial instruments.
If pirate were to default, would the price crash? There would certainly be less incentive to buy BTC. Of course, pirate might have all of the coins by then... so there might not be many sellers.
Do not forget, that USD has lost over 96% of its value in the last 100 years or so and only! 33% in last 12 years.
Is it possible, that BTC just holds value better than this green funny money form your dear Fed printer?
So, in one moment Pirate is doomed above $10 - then he's just fine until we hit $13, or is it $20? Wait, I read on this forum that Pirate controls BTC prices, so there's no way they'd be trading so high... oh wait...
This stuff is so hilariously contradictory I can't even begin to laugh enough.
This stuff is so hilariously contradictory I can't even begin to laugh enough.
You're getting the idea...it's all speculation.
Actually it is paranoia.
So, in one moment Pirate is doomed above $10 - then he's just fine until we hit $13, or is it $20? Wait, I read on this forum that Pirate controls BTC prices, so there's no way they'd be trading so high... oh wait...
This stuff is so hilariously contradictory I can't even begin to laugh enough.
This stuff is so hilariously contradictory I can't even begin to laugh enough.
You're getting the idea...it's all speculation.
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