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Vladimir (OP)
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July 04, 2012, 10:19:08 PM
Last edit: July 07, 2012, 04:42:52 AM by Vladimir |
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The Bitcoin software, network, and concept is called "Bitcoin" with a capitalized "B". Bitcoin currency units are called "bitcoins" with a lowercase "b" -- this is often abbreviated BTC.
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cypherdoc
Legendary
 Offline
Activity: 1764
Merit: 1002
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July 04, 2012, 11:22:54 PM |
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anyone who hides their business model is up to no good.
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Bitcoin Oz
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July 05, 2012, 12:41:36 AM |
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anyone who hides their business model is up to no good.
I thought it was clear silk road needs a mixer ? |
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Vladimir (OP)
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July 05, 2012, 12:43:45 AM |
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anyone who hides their business model is up to no good.
I thought it was clear silk road needs a mixer ? yep, we heard ya, and this is an intriguing thought. |
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humanitee
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July 05, 2012, 12:46:15 AM |
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That was my initial thought but why minimum investment now? That was the straw that broke the camel's back for me, and made no god damn sense unless it was a ponzi.
Interested to hear some theorizing on that front.
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| Whitepaper
Medium
Reddit
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ElectricMucus
Legendary
Offline
Activity: 1666
Merit: 1057
Marketing manager - GO MP
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July 05, 2012, 01:08:50 AM |
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I have the post directly under his OP which states now "Smells like a classical HYIP scam." Some of you guys wanna rent it as advertising space? I don't wanna derail the thread but... scnr  |
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PatrickHarnett
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July 05, 2012, 01:17:16 AM |
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anyone who hides their business model is up to no good.
The original ponzi business model was transparent enough. Also, look around at the businesses you think you know and question their models. |
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Stephen Gornick
Legendary
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Activity: 2506
Merit: 1010
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July 05, 2012, 03:12:39 AM |
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Can't believe nobody has posted a photo of Ben. Or this guy:  |
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imsaguy
General failure and former
VIP
Hero Member
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Activity: 574
Merit: 500
Don't send me a pm unless you gpg encrypt it.
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July 05, 2012, 03:13:31 AM |
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anyone who hides their business model is up to no good.
Like Apple hiding their products so people can't copy them? |
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Bitcoin Oz
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July 05, 2012, 03:18:13 AM |
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The world runs on 3 things I call GOD. Gold ,Oil and Drugs. Which one is most likely to be involved with bitcoin ?
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PatrickHarnett
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July 05, 2012, 03:51:58 AM |
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The world runs on 3 things I call GOD. Gold ,Oil and Drugs. Which one is most likely to be involved with bitcoin ?
WTF has gold got to do with anything. Most US wars are over oil and ideology and that's where the money is. And which one is the US dollar most likely to be associated with? |
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vokain
Legendary
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Activity: 1834
Merit: 1019
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July 05, 2012, 04:24:42 AM |
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anyone who hides their business model is up to no good.
I thought it was clear silk road needs a mixer ? The SR is/was US based. That's the reason why there's no foreign language support and the only options to see prices is with USD/BTC |
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cbeast
Donator
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Activity: 1736
Merit: 1006
Let's talk governance, lipstick, and pigs.
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July 05, 2012, 02:16:44 PM |
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The world runs on 3 things I call GOD. Gold ,Oil and Drugs. Which one is most likely to be involved with bitcoin ?
All three. I'll sell my gold for Bitcoin to buy fuel to pick up my prescription. |
Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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westkybitcoins
Legendary
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Activity: 980
Merit: 1004
Firstbits: Compromised. Thanks, Android!
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July 05, 2012, 03:32:20 PM |
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Not an expert.
But, correct me if I'm wrong, it boils down to the following easy-to-determine model (in the case of Bitcoin at least:)
1) People contribute their X bitcoins
2) The "business" does something with the bitcoins
3) Everyone receives X+Y bitcoins back
If there's no other reasonably plausible source for the Y bitcoins, it's almost certainly a ponzi scheme.
Now, concerning the individual accused of having the above business model. I've not read all of the related threads; has he provided a reasonably plausible source for the bitcoin "interest" he returns? My understanding was that he avoids using the exchanges.
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Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
... ... In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber... ... ATTENTION BFL MINING NEWBS: Just got your Jalapenos in? Wondering how to get the most value for the least hassle? Give BitMinter a try! It's a smaller pool with a fair & low-fee payment method, lots of statistical feedback, and it's easier than EasyMiner! (Yes, we want your hashing power, but seriously, it IS the easiest pool to use! Sign up in seconds to try it!)... ... The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
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Vladimir (OP)
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July 05, 2012, 06:38:55 PM |
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It makes sense. It is so simple, is it not? That specific individual is anonymous and there is no any evidence whatsoever known to me of: 2) The "business" does something with the bitcoins He made a number of vague statements regarding this 2) but those statements have been inconsistent at least. I personally do not believe a single word he says and until proven to the contrary assume that whatever he say is likely a lie. |
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westkybitcoins
Legendary
Offline
Activity: 980
Merit: 1004
Firstbits: Compromised. Thanks, Android!
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July 05, 2012, 07:47:24 PM |
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It makes sense. It is so simple, is it not? That specific individual is anonymous and there is no any evidence whatsoever known to me of: 2) The "business" does something with the bitcoins He made a number of vague statements regarding this 2) but those statements have been inconsistent at least. I personally do not believe a single word he says and until proven to the contrary assume that whatever he say is likely a lie. The thing is, step 2 is largely irrelevant. The bulk of the business will be done in USD, Euros or whatever, and any profits still have to be converted back to bitcoins. Of course, one could claim the business was done in bitcoins. But that has problems that could actually be worse than the whole thing just being a ponzi. At the very least it would suggest that those borrowing the bitcoins are selling goods and/or services directly for bitcoins. I find that pretty implausible myself. |
Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
... ... In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber... ... ATTENTION BFL MINING NEWBS: Just got your Jalapenos in? Wondering how to get the most value for the least hassle? Give BitMinter a try! It's a smaller pool with a fair & low-fee payment method, lots of statistical feedback, and it's easier than EasyMiner! (Yes, we want your hashing power, but seriously, it IS the easiest pool to use! Sign up in seconds to try it!)... ... The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
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GeniuSxBoY
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July 05, 2012, 08:47:45 PM |
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American insurance: biggest ponzi scheme ever
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Be humble!
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pirateat40
Avast Ye!
Sr. Member
Offline
Activity: 378
Merit: 250
"Yes I am a pirate, 200 years too late."
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July 05, 2012, 08:51:25 PM |
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American insurance: biggest ponzi scheme ever
Nah its social security. |
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bulanula
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July 05, 2012, 08:57:07 PM |
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Biggest red flags IMHO : huge returns over 3000% anually and after a while he still needs to use investor money ( instead of using his own capital to get filthy rich ).
This is a ponzi. Clear as day ...
The NDA and "I can't show you my business" is BS because he clearly hasn't got a clue. Arbitrage ? LOL !
Maybe he has invented time travel or free source of electricity from antimatter and he is using that to fund a mining operation where aliens are paying him to siphon all the BTC to another planet !
Occam's razor FTW doods ...
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damnek
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July 05, 2012, 09:16:34 PM |
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Although I have nothing invested in BS&T, the whole ordeal worries me a bit. What if it turns out that clients don't get their funds back? In that case bitcoin will have to take another hit, and price will go down, which also hurts my bitcoin savings. I really hope we'll see some clarification soon..
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