When you sell trade Bitcoins do you always ask every buyer trader what they are going to use them for?
I don't like those words.  |
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i made a normal purchase on the 25th and it still hasnt gone through yet. Ive sent a message to pirateat and he hasnt responded to me yet. i know of others who made normal purchases AFTER me that have gone through! i copy/pasted the amount and address and sent the coins. this is not my first purchase. why is there no contact information on their site? are they starting to scam people? has anyone else had problems with gpumax?
Check your PM and you might think differently. Thanks, |
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Notice
Payments will be processed shortly.
Update Edit: 1:26 PM (+ 1hr 26min past the target payment time.)
Over the last week there's been a few transactions that were incorrectly logged which I thought was a mistake on my part when approving transactions. This weekend I did some testing and found the issue to be from the latest update to one of the scripts. Before I process today's payments I want to make sure it's fixed and run the correction script to ensure everyone gets credit correctly.
Thanks,
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Oh yummy yummy I wanna play.
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What is so difficult to understand here?
Your borrowers whatever they say to you could simply funnel borrowed money to a ponzi scheme. You do not need to know about it, and your borrowers would not tell you. Once the master ponzi implodes they default on your loans. Do defaults concern you?
BTC rises, your borrowers who converted BTC into USD are unable to pay off your loans they default. This does not concerns you too apparently.
And note that I am not really talking about specifically your borrowers and your business, more about the whole BTC lending marketplace.
With all this Ponzi talk, you make me want to start one. Who's up for a pirate style Ponzi? |
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I'm not paying interesting interest (see I'm just tired) in fiat, it's in Bitcoins. My lenders do whatever they want with the profits I pay out.
Oh there are doubts what you are paying interest in. Or more accurately that you prefer to have 2-3 orders of magnitude higher cost of capital when denominated in BTC as compared to cost of capital denominated in USD. This much is clear and really indisputable. My statement is still not refuted: there are only two possibilities:
1. The issuer is acting irrationally.
2. The issuer is offloading to "investors" some enormous risks. As such these are not really "investors", but simply gamblers. And they should be really not so much concerned about return on capital as about return of capital.
Is there a third possibility? If yes what it is? If not, is it 1 or 2? I'm not asking you to understand what I do or why I do it. I explained my reasoning, which is more than I'd normally speak about publicly and the endless questions followed. And with that, I'll be headin' aft t' me ship, good night. |
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CBH: What.
He believes in Bitcoin, but not enough to risk hundreds of thousands of USD on it. Are you really going to question that decision?
He is risking a lot of money he just chooses not to risk his own money but that’s fine if everyone is aware. I have no problem with it. No, I'm not risking a lot of money. It's Bitcoin! My lenders know the risks of the market crashing and I hope you do to. |
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My point is very simple. When some company that pays "investors" 10% per week, no matter whether it is listed on NASDAQ or GLBSE or elsewhere, there are only two possibilities:
1. The issuer is acting irrationally.
2. The issuer is offloading to "investors" some enormous risks. As such these are not really "investors", but simply gamblers. And they should be really not so much concerned about return on capital as about return of capital.
What exactly do you think you are doing right now with holding bitcoins? If no one wants them, you get no money for them. I'm not paying interesting interest (see I'm just tired) in fiat, it's in Bitcoins. My lenders do whatever they want with the profits I pay out. Maybe I'm just tired, but this is the kind of stuff that makes me stop posting in the forums. |
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So you don’t really believe Bitcoin will be successful (or at least you don’t know if it will) so you’re not going to risk any of your own money when you can risk the money of others.
No no, in the current scenario being discussed, pirateat40's not reneging on any promises. The lenders *agreed* to be paid back in bitcoins. So, yes, their btc are worthless, but that's part of their contract and their choice. Ok, I think I got it. So if the whole thing falls apart tomorrow no one will really care because the premise was never expected to last or return profit for anyone except pirate. I guess that's ok then. Everyone’s eyes are open. Ummm, what? |
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Could you clarify please. What would be an example of an operation where having USD liabilites as opposed BTC liabilities is by 2-3 orders of magnitude more risky?
Ok lets say your business was in "pet rocks". Now, there's a demand for them from an active but relatively small community (like Bitcoin) that believe these rocks are worth their weight in gold. So you run to your bank and withdraw everything you can, hell you might even ask the banker for a loan. You tell him it's for some home remodeling and because he's known you since grade school you get the loan. With money in hand you run to the rock market and spend everything you got on certified "Pet Rocks". You get your business off the ground while paying off the loan but in the back of your mind you can't shake the thought of "What happens if people find out these are just rocks or if the rock market is overtaken by nano pets?". You take the risk and keep building your business by reinvesting your profits back into buying more rocks. You wake up one morning, roll over and look at your phone to see the current price of "pet rocks" to be worthless. With a ill feeling creeping over your body you start to think about how many rocks you have in the warehouse and how much money you've actually creamed off the top. Why didn't I just borrow the rocks from the rock community and pay them a portion of my profits? That way if something was to happen, I made good money doing it and my long time friend (the banker) still likes me. I don't know about you but that's what risk management means to me. So you don’t really believe Bitcoin will be successful (or at least you don’t know if it will) so you’re not going to risk any of your own money when you can risk the money of others. In the mean time you can milk the cow dry and make money for as long as it lasts with limited personal risk. That’s perfectly rational and a very sound personal risk management strategy. He he... see I knew this was coming but figured it would be from Vladimir. I personally believe in Bitcoin and do hold a few of them but like I've said in the past, this is a small market and no one really knows where it's headed. So until I do, this is my model for managing risk while being able to focus on my next move. |
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This does not explain desire to pay 2-3 order of magnitude higher interest. This also demonstrates that such GLBSE shares based on value of "pet rocks" would offload some unspecified but huge risks to "investors".
Also you completely ignored BTC risk mitigation options that ought to be by orders of magnitude less expensive than 6000% annual interest rate.
Basically you have filed to coherently answer the 3 questions which really make more sense in combination.
What you said is basically let's suppose BTC are as worthless as pet rocks and it makes sense for me to pay 6000% per annum on those pet rocks.
I am still at loss on why would one prefer to pay 2-3 orders of magnitude more interest only to mitigate currency exchange risk. Based on historical volatility of BTCUSD currency exchange risk is not that big.
That's the beauty of what makes people different, you don't have to understand. I do |
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Could you clarify please. What would be an example of an operation where having USD liabilites as opposed BTC liabilities is by 2-3 orders of magnitude more risky?
Ok lets say your business was in "pet rocks". Now, there's a demand for them from an active but relatively small community (like Bitcoin) that believe these rocks are worth their weight in gold. So you run to your bank and withdraw everything you can, hell you might even ask the banker for a loan. You tell him it's for some home remodeling and because he's known you since grade school you get the loan. With money in hand you run to the rock market and spend everything you got on certified "Pet Rocks". You get your business off the ground while paying off the loan but in the back of your mind you can't shake the thought of "What happens if people find out these are just rocks or if the rock market is overtaken by nano pets?". You take the risk and keep building your business by reinvesting your profits back into buying more rocks. You wake up one morning, roll over and look at your phone to see the current price of "pet rocks" to be worthless. With a ill feeling creeping over your body you start to think about how many rocks you have in the warehouse and how much money you've actually creamed off the top. Why didn't I just borrow the rocks from the rock community and pay them a portion of my profits? That way if something was to happen, I made good money doing it and my long time friend (the banker) still likes me. I don't know about you but that's what risk management means to me. |
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it's pirates!
(yes this is 100% BS FUD)
It's one of the most annoying things about this "community". I'm not sure why people seek to undermine trust by decloaking addresses/people with large balances. It actually makes it worse than fiat, as you can't easily look up someone's bank balances. It seems a perverse game among people with little respect for privacy in an open ledger system, which makes it necessary for people with "nothing to hide" to go to lengths to obfuscate their holdings. Not everyone is "sophisticated" enough to split their holdings into multiple wallets/addresses. This sort of activity creates a disincentive to invest heavily in BTC and to pull BTC out into cash more frequently. +1 |
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Can you tell us if your business venture is converting the bitcoin you borrow to fiat or not? I'd like to invest in a PPT type thing but I wouldn't like to invest in a business that uses btc only as a transport mechanism for fiat. I'll understand if you think this would give away to much about your business model.
Well, the only reason Bitcoin is worth anything is due to it's value against fiat currencies. At this point Bitcoin is a commodity and those that say otherwise have much more to learn. I hope to be a part of what changes that and look to see Bitcoin as the currency others are based upon. So to answer your question, I would say Yes, but it really depends on what you think Bitcoin is. Let's try to bring it back on track a little. What bitcoin variables do you think can affect your operation, and in which way? Inflation, growth index? And how do you believe that your operation will be affected by the halving of subsidy in December? The only thing that would affect my profits would be a huge spike in price over a very short period of time. At this point I really don't need to know when things will affect my operation because I'm able to hedge my risk with how it operates. If I saw something coming that I felt would cost me more than I'm willing to lose, I would take the necessarily actions to limit the loss, but like I said... it's just a profit loss. Like I've said before and my lenders know, if I had to take a large loss to cover coins... One, they wouldn't know about it (I still owe them the coins) and two it wouldn't be enough to put me in a pinch or cause me to run to Antarctica. So as far as my lenders are concerned the only thing they need to trust is me. |
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I want to fully believe in this so bad. After reading this thread I am one step closer. I am so torn. So torn.
It's easier just to watch. Never trust a ... |
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>> Don't tie up your cash unless you have to.
What are you doing with your cash/profits that is earning a greater than 7% return each week?
Do you have another project has an even greater return? Or do you just like to spend money on consumer items?
I cannot think why you would put more into cash than enough to pay the minimum life essentials, if the alternative was to invest money at 7%/week. I'd not solicit new funds, pay off the original investors, and use my own money.
I don't know, my CPA should know, he should be making more than me right  No, in honesty. Vegas, Fast Cars, Private Islands and Parties... what else? |
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I can tell you that GPUMAX alone is used by people in over 80 counties and gamers from all over the world.
That a clue? - Or maybe I misinterpret "gamers"  Nope sorry, I don't spend time adding in hidden messages to my comments. You would be surprise at how many users we gained from Twitter postings about GPUMAX that got circulated in the gaming community. ie. Minecraft, WOW, COD WHAT you bitcoin people think you're the only ones with nice video cards?  You'd get more gamers if you added a paypal cashout, like EMC. Paying out USD is a whole different ballgame, but I know what you mean. |
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Can you tell us if your business venture is converting the bitcoin you borrow to fiat or not? I'd like to invest in a PPT type thing but I wouldn't like to invest in a business that uses btc only as a transport mechanism for fiat. I'll understand if you think this would give away to much about your business model.
Well, the only reason Bitcoin is worth anything is due to it's value against fiat currencies. At this point Bitcoin is a commodity and those that say otherwise have much more to learn. I hope to be a part of what changes that and look to see Bitcoin as the currency others are based upon. So to answer your question, I would say Yes, but it really depends on what you think Bitcoin is. |
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I can tell you that GPUMAX alone is used by people in over 80 counties and gamers from all over the world.
That a clue? - Or maybe I misinterpret "gamers" Nope sorry, I don't spend time adding in hidden messages to my comments. You would be surprise at how many users we gained from Twitter postings about GPUMAX that got circulated in the gaming community. ie. Minecraft, WOW, COD WHAT you bitcoin people think you're the only ones with nice video cards? |
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It's times like this that I am thankful that BTCS&T Accounts are by referral ONLY.....and you can bet that after many of us have had to sit here and read this bullshit day after day with envious people spreading FUD because they couldn't get on the 'Pirate Train' early on....that NO ONE will be inviting any new people to jump on it now or any time soon.
Pirate, I for one want to say THANKS.
I know I have said it before, but there's no point in me being shy about in this thread.
THANKS for EVERYTHING.
bitlane.
Thank you. |
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