Bitcoin Forum

<pirateat40> Anduck, just blocking buys and selling the coins out of the system.
<pirateat40> It started quickly due to the crash, but has been turbulent slowing things down a bit.

Act accordingly. Most of the supply is his and he himself has a lot of the demand.

This means up or down?

Up depending on how many coins he needs.

If he doesn't pay back, down.

If I needed to buy lots of coins, I'd want the market to think I was about to sell a bunch....

I am not so sure.  There is a bitcoin world outside of pirate and if he does not pay back there are a lot less potential sellers. 

Care to explain this logic.
Who is going to create this additional selling pressure to drive prices down?

The investors who have no coins to sell because they weren't repaid?
People who didn't invest who will suddenly feel the urge to sell because other people got scammed?
Pirate? Trade a lot of easy to hide/transport BTC for a lot more easy to track USD?

This means nothing.  Do not make investment decisions based on what a (IMHO most likely!) ponzi scammer says to calm down the crowd.

+1. Thanks for saving me 30 seconds of typing.

I can attempt a try.

If he doesn't pay or somehow becomes unable to pay due any reason, it increases the risk of litigation, he'll either have to fight it and lose money having to sell other coin, or pay out selectively, or not make people the promised returns. We could very well be looking at the first real test of Bitcoins as a currency if he is indeed brought up on fraud charges, which someone inevitably would do. Every day he doesn't pay increases the likelihood of a lawsuit, and if Bitcoinica is any indication, the first person to sue is likely going to be the biggest/only benefactor, so that risk increases exponentially every day.

I mean, it's possible that a court would say, it's fuddy duddy money, but it'll still be legal proceeding and pirate is going to need money to deal with them or risk contempt of court and possible prison time (which just further delays the pay backs).

what IRC channel and name is this on?

Yeah, the thread title should more accurately be titled 'Pirate's customers/victims' really need more bitcoins'. You need them to be able to sell them.

That's the million dollar question.  The answer is "Yes."

I'm chilling on the sidelines in cash, waiting for a flash crash.

Pirate is a modern day Texas horse trader.  I don't suggest trying to outsmart such Enron types.  

The market is his plaything, and it can stay irrational longer than you can stay solvent.

As am I...and I'm becoming more fearful that we will not get the opportunity to buy at single digits ever again.  My guess is that Pirate is vacillating between the increasingly difficult task of pushing the market down to buy back the coins he owes, or taking the risk of running away with the USD and starting a new life somewhere else, and he might end up choosing the latter.

slow typer

You will get single digits again in oh... About 36 hours.

We're going to see single digits for years.  Obviously the price won't be in single digits for years, but bitcoin won't leave them behind for a long time.  So, you know, buy low, sell high.  Then buy low again, and, you know.

Uh huh, guy makes -almost- 7% per week for the better part of a year, then shuts down because it's just getting boring or difficult or something vague and will pay back right away, then he doesn't and it's because he's just now thinking about splitting.

Imagine this, he never did a damn thing, paid most of what he took in he paid back as 'interest' and has far far less than the total amount owed as his 'profit' and he'll use that to buy a hideout, he's irrelevant now.

This. (I hate "this." posts but I couldn't resist)