Quit calling Mommy and Daddy to settle disputes. Instead, why don't people learn to watch how they conduct business and be careful of who they conduct business with?
I just saw a Lecture where a guy was talking about the Jewish Diamond dealers and Cowboys selling cattle in the west today. These businesses operate on trust and reputation alone. If you go to the government to try to solve a dispute you are ostracized by the group. I'm not sure of the details on the start of this thread but bringing in the Feds as it were might be a cure that is far worse than the disease. Can you post a link to the lecture? I would like to watch. |
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I have a buddy that works for the NSA, but I think he like checks bags at the airport, I could get him to hop on here if you want.
You mean TSA lul whut? |
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Did GLBSE ever verify the identity of Pirate40 ?
Why would we verify pirate40? He never listed listed anything on GLBSE. How are we supposed to verify people who don't even use our platform? So why was GLBSE brought up in this topic ? Same reason BFL was, the guy mentioned us in passing when asking about pirate. This SEC guy is sneaky Maybe I should go down and meet him. Not sure if its a good idea. What do you think ? Being that you have a real business that is successful, being proactive is a good suggestion. I would bring an attorney if possible or at least have one on call that can be available and do a little coaching before you show up. |
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Do you plan to add support for STRATUM mining protocol?
Do you have rollntime working yet?
Working on this features is in progress, we'll add them soon. Watch for updates! We have decided to clear balances of all users who have the balance turned negative after the withdrawal of mistakenly earned coins. Despite the fact that the balance has been calculated correctly. This was done as thanks for participating in the pool. In sum, we gave users 80 BTC.
I appreciate you owning up to your pools mistake. In fact if you post up your btc address Ill send the negative amount I owed. I would rather volunteer giving it back. Keep up the good work! Thanks for the offer, but the decision is final. No returns!  I am still short a little over 2 BTC, its not the amount, its the principle. They manually changed the Total reward down so their books matched. I mined with their pool and submitted the shares and got shorted. Whatever 80 BTC payment they sent out for goodwill, was calculated after the manually changed my reward and I know someone else that mines much more that contacted me with their horror story.
Contact support from your account, we can't help you without knowing details. I did and it is hard to do that when you manually change totals. I sent a timp-stamped support request right when it happened with the current time and what my balance should of reflected at that time. Later on I logged in, my balance was then not negative but my total reward to manually reduced so that it appeared to match my balance + payouts. |
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I gotta wonder, did Pirate shut down before or after he learned the SEC was investigating him? He's obviously known for some time now.
I would assume he got a visit and they sat down and had a long conversation. That is how it usually works. |
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Dude busted a 400 million ponzi last year. I very much doubt he needs the pirate case to "make a name".  Sounds like an seasoned pro. |
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"Information should ideally be provided by xxxxxx or PPT operators' lawyers. If not lawyers, then at least knowledgable and respected forum members."
I would like to point out some of these "respected members" turns out to be people involved in not so great business ventures that have caused a lot of heart ache on this board from reading through many posts. For the record, I am not referring to the member in the redacted text, that person was just name dropped.
BFL: I hope there is no connection behind the scenes of Pirate and BFL, that would throw us all for a loop. We really need to get an official list from the OP on exactly what questions where asked and what he replied to the best of his knowledge.
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No offense to BitcoinINV, but I would prefer that information about bitcoin that will be used IN COURT is not provided by random forum users.
In addition, please do not inadvertently link BFL to pirate's scam. BFL has not violated an SEC regulations as far as I know.
People turning State's evidence in ...3....2......1..... NOW! This is some serious s**t people. Sure we let of bankers that commit fraud with Billions but they are most likely just looking for an excuse to come down hard on our alternative. This is why I was going after all the illegal businesses that were trying to IPO through this forum months back. It was only a matter of time. In closing THINK ABOUT THIS: Pirate going to prison? Maybe on a reduced sentence. You think he might not of already turned State's evidence and is spilling his beans right now? While everyone was fawning over him, they most likely thought he was a friend and told him many many things that they thought would never come out because he was their buddy and they were in the cool kids cliche. |
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I am still short a little over 2 BTC, its not the amount, its the principle. They manually changed the Total reward down so their books matched. I mined with their pool and submitted the shares and got shorted. Whatever 80 BTC payment they sent out for goodwill, was calculated after the manually changed my reward and I know someone else that mines much more that contacted me with their horror story.
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Stick with the original. Once you start the path of inflation, there is no stopping the justification why "this time is different". The fact that we don't increase the supply is why we are at this stage and its value is where it is.
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You could buy a can of tomato soup in 1950 for a dime. In 2012, you can buy somewhere between 2.5 and 3 cans of tomato soup for a dime. Oh, but it has to be the same dime. (The current melt value of a 1950 silver dime is around $2.50.) It occurs to me that people see inflation and get angry, but most of them don't see the deflation that would have occurred if people were freely allowed to use a sound currency. The theft is bigger than yoou thought.
Bottom-line is that inflation and continual reduction of your purchasing power is baked into the cake. Our leaders have decided this is the proper way to run economies. Unless you change our system from debt based into asset based, this will happen over and over again. No debating that, it is basic math. This is why I think Bitcoin is so interesting and worth the risk. At this point, we can not create more Bitcoins so it can preserve wealth (purchasing power) so BTC is in the initial stages of becoming a wealth reserve asset. |
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But...but..National Public Radio keeps telling me that Inflation is under two percent per year.
Yes if I can make the numbers I report to you based on an index and can swap beef for dog food, 2% inflation can be true. No one cares about integrity anyone it seems. |
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After reading the last 2 pages I have a thought.
Bitcoin is a currency but it not being used as one at the moment, even though people do trade with it. It is being a wealth reserve asset and we have only seen a couple items that actually made the cut, ie: gold & silver bullion. People are purchasing and holding (saving) in Bitcoins because they are more adverse to the current condition of their local currency, being that that are all inflating at amounts that are giving you negative rates of return. What I think makes Bitcoin more attractive than Gold and Silver is that you "can" trade around with it easier than having to walk to your nearest rare coins dealer and exchange your bullion.
We can not focus on the "fixed" aspect enough. Have we really ever had a fixed asset that truly could not be expanded so that is should in theory hold some value permanently? Remember all the electricity and capital equipment (computers) that it took to get this many coins into circulation.
On the other had, fiat currencies are not "wealth reserve assets", you can try and call them that but they do not hold value over time and in scenarios where they are holding value, they are in debt instruments which are actually pulling value from the future to maintains its own value.
With this said, Bitcoins might be on a track to actually have trade continue to decline and only be used for major transfers of value where you need faith in that value or purchasing items where the quasi-anonymous nature lends to these transaction.
Food for thought...
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Here's a thought: it's impossible to save money without lending it. Imagine that you take a $100 bill and stick it in your safe for a year. It's true that when you do so, you're not lending that money to a specific person, but you are lending the purchasing power of that money to the overall economy.
So, what how do I go about spending my share of the money people have in their safes? You spend it by spending the money in your pocket on goods and services. Your money will now go further because the money in other people's safes is not chasing after those same goods and services. This is correct, that is how you spend that saved money each day. If everyone took their money and chased all the goods with it, prices would rise according to the items most useful or in demand. |
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I'm not sure what you want as evidence. A basic course in macroeconomics?
One thing we can see as non-economists is that economic takeoff associated with the industrialization never happened in any country that didn't have the financial structure in place to fuel it through loans. Growth in most countries takes off after liberalizing their financial sector. This is pretty basic.
Saying you don't need loans to succeed may be true for individual examples of companies but ignores the fact your overall growth rate will be very low if few people can find loans. You see recognition of this in all those schemes to foster growth in third world countries through micro-loans.
Are we using industrialization as the gold standard to measure economic prosperity of a country? If so then, yes lending is involved in all cases. If we use a different standards then I may have other examples. |
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ATTENTION DEBATERS: I know everyone is getting a little heated. Let's all stop the name calling and start addressing real questions or opinions. This discussion is really insightful and I want to continue reading the discourse. What I would add to maybe get us back on track. Realize we are dealing with a monetary system that is fixed and not debt based other than the energy you put into it for the coins you acquire. Just like mining any commodity. What I see are a number of models being imposed that come from a fiat/debt perspective. They are not wrong in the fact that applied to the right situation, they are actually correct. What are are trying to address ------- are these concepts fully comparable when operating in a Bitcoin economy? This is the debate I put forth. Please continue 
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You must mean "Yes I am a viking, 2,000 years late"
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Now I am really curious on what is going on?
You are being sarcastic I hope? I am just trying to understand this investment opportunity that is being presented. We need to do our due diligence on these investments. |
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Therefore, in a deflationary economy, we lose out on all investments estimated to pay back 0%-3%, after calculating for risk. This results in a smaller, less productive economy.
No, it's the complete opposite. The point of interest rates according to austrians is not only to allocate resources to profitable investments, but to the most profitable investments. The reason interest rates (and loans) even arise in an economy is becuase different people have different abilities and different opportunities for profits. Lets say you and I are working in different sectors of the economy and earn different rates of returns on our invested capital. You make 5% returns on your investment and I make a 3% return. Rather than to keep this status quo we would both be better of if I simply lent you money for an interest rate between 3-5%. The interest rate would reasonably be in the 4% range. From my perspective, my original investment is not actually a profit, it's an opportunity cost, and the same applies to the society as a whole. I'm allocating my resources in a suboptimal way and unless I can reallocate them to compete with you, the optimal thing to do is to simply hand them over to you (or your competitor). If I lend you the money, then you can expand your output, which will drive down the price of the goods you produce and lower your profit margin. At the same time the output of the goods I was producing will decrease, which will raise the price for my competitors and their profit margin. The end result will be that the profit of both your and mine sector of the economy will get closer and closer to the interest rate i.e. 4%. Banking according to austrian theory is simply an arbitrage business. They solve the case where lender and borrower of funds don't know each other. They give me the opportunity to lend you funds even though I don't know you so I can stop hogging resources that I employ in a suboptimal way. The rate of return where all investments even out is what austrians refer to as the "natural rate of interest". No investments below this should take place in an optimal economy (and though we never reach this point we should strive to get as close as possible). Main point is, resources are limited. All value improvements cannot take place at the same time. This means that resources cannot simply be allocated to all profitable investments, but rather need to be rationed to only the most profitable investments. The purpose of the interest rate is to solve this rationing process as good as possible. Are we debating ideologies (Austrian theory) or actualities? I am trying to figure out if we are dancing around this distinction? |
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There's enough scams around here already.  +1 |
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