Bitcoin Forum

Pirate is in quotes; I don't think he is running a ponzi.  This is an experiment.

0. Wallet starts at 0 BTC.
1. You can open an account by PMing me.  Deposits grow my ponzi wallet balance.
2. I will be crediting 10% a week, on Mondays.  You get partial interest if you deposited after Monday.  You may only deposit/withdraw on Mondays.
3. I will not actually be making any money to pay this "interest."  When I run out of money in my ponzi wallet (and only then), I will post publicly that the experiment has ended and I am bankrupt.
4. Last withdrawal request is filled by however much money is left in my ponzi wallet at the time.


Due to an obvious demand, I have increased the interest rate to 10%!

Why would anyone use this if they could instead get the same interest rate with pirate, with the added benefit that he might not actually be running a ponzi?

Maybe you should up the interest rates? Like a "Super-Pirate" or a "Double-Pirate" ponzi...

Doing it :D

The winning strategy (for everyone) is: don't withdraw, but make sure you withdraw before everyone else.

Is this suppose to be a less -visible- bitcoinduit? 

Oh yummy yummy I wanna play.

Are you yourself allowed to participate?

inau, your rates suck! :D

Make it way higher.

At LEAST 10%.

I don't think this should be called '"Pirate" ponzi simulation'. Try instead '"Playing chicken in my father's Ferrari, blindfold" simulation'.

Why not to do it that way. You take money and deposit it to pirate. You write down every single BTC you get and every Withdrawal/interest payment.
When your withdrawal+interest gets bigger, you report that and give everyone their money back, and interest you keep to your self)

lol, increased to 10%

why not do this on testnet?

Because with testnet, you can generate 50 bitcoins in about 30 seconds.  People would start mining on it and drive up difficulty, making it more difficult for people legitimately trying to use testnet for client transactions, pool software, etc

This could so easily be gamed... have a group of "investors" all deposit huge amounts at exactly the same time hack. Wait for exactly the same period of time, say 15 weekly cycles... bank the 150% return on investment, and then all call for withdrawal at the same moment. Some would get paid, some would not, but everyone would be ahead, at least 50%, and if it was organized right, they could pool the payout which would be the original investment at least, so that nobody would be hurt, and all would gain.

Bingo, instant magic bitcoins! Yay!

You just want to suggest this so you can get a crew together ... and then pull out after 14 weeks. It's the only sensible move.

Doing it!

Looks like Bitcoinduit needs to be updated to include Pirate-style ponzis :)

emphasis mine

Well, crew seemed apropos given the Pirate theme, arrr!

And sorry about that whole 15 weeks being instant thing. I had my geologic time Rolex on, and that kind of thing keeps happening to me.

first "deposit," arrrr! ;D

of course not

lol, I like it & am going to throw some coins at it, when it eventually does go TU will you be posting the history of it all, deposits, withdrawals, interest payed, balances etc (I'm happy to be openly ID-ed) - perhaps then I could claim my reckless ponzi gamble as academic research ;) - PMing now for an account

Lol, since you know this is going to last 15 weeks maybe forget the crew and just get rich yourself?

edit: I'm only trying to patch your system so that you sink alone, arrrr

So who's throwing down 200 BTC and pulling out after the first week for an easy profit of 20 BTC?

I'm curious how this would turn out with a ridiculously high interest rate, like 40%

If I started an identical game (changing only the interest) who would be interested?

Ponzi!

https://bitcointalk.org/index.php?topic=77276.0 (https://bitcointalk.org/index.php?topic=77276.0)?

2 PMs to you re an account & no reply as yet I believe, did this already start yesterday or is it next Monday?  ???

inau is cashing out (https://bitcointalk.org/index.php?topic=84084.msg927022#msg927022)