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Topic: Will bitcoin price tank today on Pirate's new deadline? (Read 3109 times)

donator
Activity: 853
Merit: 1000
Deadline?  What did I miss?

Pirate gave his pass-throughs this deadline to send him the sub-accounts:

...
When is the deadline to send this to you.
Chaang-Noi, I know it's not something you can do with bonds and have relayed that information but I don't have an answer for you yet.
I can have mine compiled quite quickly as the bonds can simply be repurchased and I only have three sub accounts - when would payment be?
<[\\\]> I have mine ready already
<[\\\]> its a google doc
hashking, Friday by midnight.
[\\\] perfect
pirateat40 what are the next steps beyond this?
I can't have it done by then.
<[\\\]> seriously, a basic timeline
<[\\\]> we've been very patient, you need to give us a little something.
gigavps, I don't have a timeline other than Friday at midnight at this point.
What are you intentions.  What if I can't get you the information by friday.
im going to have to run this stuff by my lawyer.
this seems off...
For once I will agree with goat
it's pretty standard for a default
So then there will be no payment.
assets have to be divided fairly
pirate, do you have any assets to be divided?
a list of creditors yes, but the passing on of additional information is unusual
<[\\\]> gigavps, we're over here, wrong channel
oops
pirateat40 can you please explain how you are using the term default?
pirateat40 is there a liquidation preference or priority?
No timeline or further information is available at this time.
pirate, can you make your lawyers phone number public? i want to have somethings confirmed.
that might be the smart move, because you can say things now that fuck you into piercing your corp. shield
Chaang-Noi, those details will be available on Friday and all communication will be by certified mail.
...

So it's friday... are "those details available" now?
full member
Activity: 182
Merit: 100
Deadline?  What did I miss?

Pirate gave his pass-throughs this deadline to send him the sub-accounts:

...
When is the deadline to send this to you.
Chaang-Noi, I know it's not something you can do with bonds and have relayed that information but I don't have an answer for you yet.
I can have mine compiled quite quickly as the bonds can simply be repurchased and I only have three sub accounts - when would payment be?
<[\\\]> I have mine ready already
<[\\\]> its a google doc
hashking, Friday by midnight.
[\\\] perfect
pirateat40 what are the next steps beyond this?
I can't have it done by then.
<[\\\]> seriously, a basic timeline
<[\\\]> we've been very patient, you need to give us a little something.
gigavps, I don't have a timeline other than Friday at midnight at this point.
What are you intentions.  What if I can't get you the information by friday.
im going to have to run this stuff by my lawyer.
this seems off...
For once I will agree with goat
it's pretty standard for a default
So then there will be no payment.
assets have to be divided fairly
pirate, do you have any assets to be divided?
a list of creditors yes, but the passing on of additional information is unusual
<[\\\]> gigavps, we're over here, wrong channel
oops
pirateat40 can you please explain how you are using the term default?
pirateat40 is there a liquidation preference or priority?
No timeline or further information is available at this time.
pirate, can you make your lawyers phone number public? i want to have somethings confirmed.
that might be the smart move, because you can say things now that fuck you into piercing your corp. shield
Chaang-Noi, those details will be available on Friday and all communication will be by certified mail.
...
sr. member
Activity: 387
Merit: 250

What mining hardware has to do with BTC price?

A lot. Most important connections are confused thinking, self-fullfilled prophecies, and the herd mentality.

Well said! In the short run, perception is often more important than reality around here.  Reality tends to win in the long run, but as they say, the market can stay irrational longer than you can stay solvent (actually a Keynes quote : https://en.wikiquote.org/wiki/John_Maynard_Keynes ).
hero member
Activity: 756
Merit: 501
There is more to Bitcoin than bitcoins.
from now until dec 2, it's gradually going to increase to somewhere between $15 and $20.

+1 But not dec 2, more like Nov 20=BFL ASIC effect will be in full effect.  If I am wrong then I am  Grin

What mining hardware has to do with BTC price?

A lot. Most important connections are confused thinking, self-fullfilled prophecies, and the herd mentality.
hero member
Activity: 868
Merit: 1008
Even though ASIC hardware will start to ship in late October, I doubt enough of the hardware will get into the hands of enough people to have a huge impact before the reward is cut to 25 BTC in early December.  Even if it does, the difficulty won't jump upward in a straight line, it will steadily increase.  One thing is for certain however, the number of new coins that will come into existence between now and the drop to 25 for the reward is fixed.  ASIC might accelerate the drop by a few days, but probably not more than that.  Halving of the daily supply of new bitcoins, and the anticipation of that, is likely to make the price rise (possibly by a lot).
legendary
Activity: 2198
Merit: 1311
Didn't he just say he defaulted days ago? What new deadline?

OMG people.  As a debtor your default doesn't start when you make some kind of official announcement.  It starts when you don't make a payment or otherwise violate the agreement you have with your lender.  Pirates default started almost 2 weeks before he made his official announcement.
legendary
Activity: 817
Merit: 1000
Didn't he just say he defaulted days ago? What new deadline?
hero member
Activity: 840
Merit: 1000
Deadline?  What did I miss?

It ended 2 hours ago...
kjj
legendary
Activity: 1302
Merit: 1026
Deadline?  What did I miss?
legendary
Activity: 1792
Merit: 1047
What mining hardware has to do with BTC price?

People are afraid that the new ASIC processing will flood the market with new, cheaper (faster obtained) coins and those will be cashed in asap to recover the ASIC investment, thus driving down prices.

Pure speculation as other factors are at play as well, like difficulty will go up and more unprofitable GPU (electric costs) operators will call it quits. Volatility can cause up or down prices...

If I were to make BTC on ASIC hardware then I would use said BTC on more ASIC hardware.
hero member
Activity: 840
Merit: 1000
from now until dec 2, it's gradually going to increase to somewhere between $15 and $20.


I think it's the other way round, er, wait, I'm a bull, I mean.

................
legendary
Activity: 2198
Merit: 1311
from now until dec 2, it's gradually going to increase to somewhere between $15 and $20.


I think it's the other way round, er, wait, I'm a bull, I mean.
full member
Activity: 184
Merit: 100
and the reward will be cut in half before your "effect" takes place.

Also some of us with rigs might just save the coins or sell off exchange Wink
hero member
Activity: 868
Merit: 1000
What mining hardware has to do with BTC price?

People are afraid that the new ASIC processing will flood the market with new, cheaper (faster obtained) coins and those will be cashed in asap to recover the ASIC investment, thus driving down prices.

Pure speculation as other factors are at play as well, like difficulty will go up and more unprofitable GPU (electric costs) operators will call it quits. Volatility can cause up or down prices...

Ye but this is bullshit. There is 7,5k coins mined daily and 60k coins traded daily only in mtgox/usd market. So even if mining double, its still too small volume to crash the market. Not to mention that difficulty will trigger and even things out.

this

there a fixed amount of coins mined every day, and even if 100 thash/s of asic come at once, things will even out quickly.
hero member
Activity: 602
Merit: 508
Firstbits: 1waspoza
What mining hardware has to do with BTC price?

People are afraid that the new ASIC processing will flood the market with new, cheaper (faster obtained) coins and those will be cashed in asap to recover the ASIC investment, thus driving down prices.

Pure speculation as other factors are at play as well, like difficulty will go up and more unprofitable GPU (electric costs) operators will call it quits. Volatility can cause up or down prices...

Ye but this is bullshit. There is 7,2k coins mined daily and 60k coins traded daily only in mtgox/usd market. So even if mining double, its still too small volume to crash the market. Not to mention that difficulty will trigger and even things out.
hero member
Activity: 840
Merit: 1000
What mining hardware has to do with BTC price?

People are afraid that the new ASIC processing will flood the market with new, cheaper (faster obtained) coins and those will be cashed in asap to recover the ASIC investment, thus driving down prices.

Lol

Care to elaborate?
hero member
Activity: 868
Merit: 1000
What mining hardware has to do with BTC price?

People are afraid that the new ASIC processing will flood the market with new, cheaper (faster obtained) coins and those will be cashed in asap to recover the ASIC investment, thus driving down prices.

Lol
legendary
Activity: 1112
Merit: 1000
What mining hardware has to do with BTC price?

People are afraid that the new ASIC processing will flood the market with new, cheaper (faster obtained) coins and those will be cashed in asap to recover the ASIC investment, thus driving down prices.

Pure speculation as other factors are at play as well, like difficulty will go up and more unprofitable GPU (electric costs) operators will call it quits. Volatility can cause up or down prices...
legendary
Activity: 1014
Merit: 1001
from now until dec 2, it's gradually going to increase to somewhere between $15 and $20.

And after that date?
hero member
Activity: 602
Merit: 508
Firstbits: 1waspoza
from now until dec 2, it's gradually going to increase to somewhere between $15 and $20.

+1 But not dec 2, more like Nov 20=BFL ASIC effect will be in full effect.  If I am wrong then I am  Grin

What mining hardware has to do with BTC price?
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