Just PM'd about a 5BTC, 1 week deposit.
ur playin' great today kiddo |
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3) I know exactly what he is doing, how he does it and why. It is not a ponzi. It is a a legit business taking advantage of a rare economic opportunity that was just explained to you better and more detail than I have seen anywhere else.
Seems like we are past the denial / drank the kool-aid theory. BurtW - you know exactly what you are doing - it's shameful and I hate you for doing it. You are knowingly defrauding many users, making a small profit yourself, and helping the largest BTC scammer ever run a scam. I hope you get Dox'd / wish I met you to take a pic. |
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Don't bother to argue. Miscreation's babble may well qualify as the largest heap of bullshit that anybody has ever posted here.
I agree, even better yet, do not even bother to read it or try to understand it - you might learn something - but at a cost of your current deeply felt but hightly limiting beliefs. I can understand hgmichna's frustration with both Miscreation and BurtW An intense amount of denial and fundamental misunderstanding of economics has been displayed by Miscreation. I am willing to continue debating for a bit longer. I can cite some real-world post-mortem details from past ponzis and draw even more similarities. BurtW is a different story. At this point in my understanding, BurtW is running the largest BCST pass-through. He is extremely valuable to Pirateat40, as he is basically an affiliate for a Ponzi scheme. He is funneling BTC to the largest BTC scam ever. The question is does he know it or not. This puts him in either 1 of two categories: 1) he knows what he is doing is wrong, profiting from it, and does not care that he is hurting many, many different persons of the BTC investing community and helping funnel a large amount of BTC to the largest BTC scam ever run. He doesn't care, has no risk himself, simply takes investor money and gives it to Pirateat40 because he has one of the "super trust accounts" and if the interest comes that week he gives 6.9% to the investors and keeps .1% himself for setting up the system. 2) he is duped by Pirateat40 in a way that he really, really, really believes that Pirateat40 is some bitcoin super-trader or has some other super-secret thing that he can do that makes tons and tons and tons of BTC but he can never tell anyone about. The denial part comes in here, and he thinks he is just simply offering another wild-west style bitcoin product to smaller "investors," Sure it's been alleged by many, many users to be a Ponzi but maybe, just maybe, once upon a star this guy is totally legit, and is trading like a boss or whatever to be able to pay investors 3000+% each year. In this scenario he is only guilty of being naive and ignorant, duped by Pirateat40 who does in fact seem to be a reasonably good scammer. If BurtW really rolled dice with Pirate, really saw the "baller lifestyle" in Vegas, then this scenario is very likely and after this scam collapses he will be regretful but he won't have known the whole time he was an agent of evil for .1%/wk for all he could bring in. |
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It probably can't at current rates of return. That still doesn't mean it will implode and result in a loss of assets. What would've happened if Madoff had returned all deposited funds before his operation failed? Would it have still been considered a Ponzi? Would anyone have known?
it seems to me you are not a mean-spirited human, but you do lack basic and fundamental understanding of this scam and how it works. No one wants to read the 4 or 5 paragraphs here: http://en.wikipedia.org/wiki/Ponzi_schemeso let me answer your latest question: 1) with Madoff, and every other ponzi scheme operator, to pay this insane interest you need constant new investment. 2) as a function of time, Ponzi owner continues paying the interest and continue taking new investment, with every payment depleting the principle of each investor 3) there is no money making business unit 4) spend money, pay employees, keep some for yourself, keep telling the investors, old and new that you are trading great and making money for everyone, ppl keep investing, total liabilities keep skyrocketing, reserves keep depleting, keep asking for new investment, keep paying, etc. as long as you can. With the Madoff scam it's staggering how long he was able to keep this cycle going. One of his last "investors" was a 95-yr old guy named Carl Shapiro who send Madoff $250M USD during the final months of his scam. By this point Madoff had run out of money by paying his consistent 1% per month interest for years, thus your question "what if he just stopped right before he got caught?" is a little redic. - he had something like $64B in customer funds that were supposed to be on deposit with about $200M in cash by the end. Remember he just had to send a paper statement to his investors each month saying saying "your balance is $x,xxx,xxx.xx" check box yes to constantly re-invest. If this scam had been done with BTC it would have lasted much shorter. |
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added this to Micon's list of Ponzi's that no one should ever send BTC to and withdraw all they can if they already have
obvious Ponzi is obvious
hey OP - here is a question you cannot answer - what business unit do you have that makes so much $ that you can pay such a high interest rate?
I am getting tired of you ponzi marking everyone  If you want to ponzi mark people, keep it to yourself in your own pathetic thread. Stop the bloody witch hunt m8, it's not helping anyone. //DeaDTerra 1) sorry you are tired of me pointing out Ponzi scams. They are a huge net negative on BTC in general. I will never stop exposing BTC scams. 2) It is a net positive to the entire BTC community, save the scammers - it's helping almost everyone. 3) full list of scams / ponzi's -- https://bitcointalk.org/index.php?topic=94900.0 |
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Micon, thank you for your concern. However, I am sure you can appreciate every time you play a hand of poker you might win or lose. In this case (actually in several cases) I put up small stakes to see what would happen. In the same way, I might go to a movie and at the end I may have received my money's worth, but I don't get my money back.
1) please do not support obvious scams 2) here there is no movie, you can buy a ticket but the theater is empty and nothing is on the screen. |
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On a scale of 1-10 how likely do you think you're going to default? This question is for imsaguy.
On a scale from 1-10, with 1 being 0% and 10 being 100%, I'd say about a 4. Now before you freak out, let me explain how I came to that conclusion. I'm using the strictest interpretation of the word 'default'. A default is any failure to live up to the terms of the contract. If I'm late, I'm technically in default, even if you get paid. I have assets that exceed my liabilities if you include all the hardware currently on order from various manufacturers. I could close up shop today, sell everything and pay everyone off. Now technically, I've promised a bonus if I push people out, so I'd technically be in default, even though there was no loss in principal. As I mentioned before, my biggest risks are when and how ASICs are released, the block halving in December, some sort of environmental issue (which I'm insured for but obviously that takes time to get processed), and a few other more minor things. I think any honest miner will reveal they are exposed to the same risks. BFL has announced an October date and while I personally think that will slip, I have to plan like it won't. Its that October date which is the heaviest influence as to why I rated myself as I did. I am taking steps to mitigate the ASIC risks and have already lined up secondary funding from a private party if/when the time arises that I feel I need to make a power play. Having met more than a dozen people in here in person, it'd be pretty stupid for me to cut and run. I will continue and have every intention of providing the best return that I can for my investors. If you have any more questions, please feel free to ask. 1) serious, genuine LOL at this: On a scale of 1-10 how likely do you think you're going to default? This question is for imsaguy.
On a scale from 1-10, with 1 being 0% and 10 being 100%, I'd say about a 4. 2) obv added to Micon's list of Ponzi & other lending scams that you should never send BTC to or get back all you can if u already did https://bitcointalk.org/index.php?topic=94900.0 |
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It would be ~16 k BTC if Pirate does not default and keeps up the current rates
If you want to propose this bet you would have to give met better odds then the 16000 times my money I make by investing with Pirate until the end of 2013 (1.07^75).
So your 17000 BTC (1k for tying up my funds) versus my 100 BTC and you pay the escrow fees and I'm game.
(If you mean the end of 2012 instead of 2013 Pirate would yield 4.74 times my money so your 500 BTC (26 BTC incentive) versus my 100 BTC + you pay the escrow fees would suffice).
This is a good point that I did not think about late last night when asking to bet. I agree that if some1 thought the 7% would continue for 1.5 yrs, why would they flat-bet me $100 as opposed to investing? One-Eyed made the similar point. In the interest of continuing the real discussion that these Ponzis shouldn't be listed as Lending + all should be exposed, I will refrain from offering any more bets. Just saw a sure thing, i.e. there is no way this scam lasts until end 2013. |
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1) I live in Vegas
2) it requires an almost Catholic amount of denial to compare IBM with Pirate's ponzi scheme
3) what do you believe is Pirate's business unit that makes so much money?
1) That is a crying shame. I wish that I had know that before. 2) I was not comparing Pirate to IBM. I was making a point about your use of the word indefinitely. And you know this. 3) My beliefs and your beliefs do not matter. What matters is my knowlege or lack thereof. Also, and this may shock you, your uninformed opinion does not matter. My first hand conversations with him are all that matter to me and to the people who trust me. You do not trust me so there you sit with your opinion and no way of changing it. Good night everyone. Denial to the Nth degree. Every time you ask the Ponzi for how it makes the monies it's always a secret. (again, from http://en.wikipedia.org/wiki/Ponzi_scheme ) Typically extraordinary returns are promised on the investment,[5] and vague verbal constructions such as "hedge futures trading," "high-yield investment programs", "offshore investment" might be used. The promoter sells shares to investors by taking advantage of a lack of investor knowledge or competence, or using claims of a proprietary investment strategy which must be kept secret to ensure a competitive edge. I would love to have a guy like you on my Podcast to debate this topic - it runs each Wed. 7-9pm PST and you can give me any cell / phone / skype or call my skype # further more what you (and me before living here) think of Las Vegas is a strip casino and drunks wandering the streets. I live next to a park and a golf course. I am staring at the mountains out my office window right now. Parts of this town are shitty, and parts are breathtakingly beautiful. but that tangent is for a different thread completely. |
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I am going to ask the users with strong economics backgrounds to please also +1 this thread. Also feel free to assign weight to your thoughts, i.e. for my own perosnal:
"I 100% think that BCST is a classic Ponzi scheme and anyone running a pass-through is helping Pirateat40 steal large amounts of BTC"
I 87% think it's a Ponzi. So what. Let's talk about something else now. This was only fun to talk about the first 11 times around. I enjoyed the drama, but now I've got other dead horses to beat. Anyone who runs a pass-through doing the community a favor. Whoever wants a slice of that pie should be able to have it. Now, either I am going to be extremely pissed off that I missed out on the investment of a lifetime, or a lot of people are going to be robbed. Everything has been said that can possibly be said about it, now we just have to ride it out. You came to the party about a month too late. It is good to raise your concerns, they are they same as about 40 other people on this forum, including me. But Every single one of your posts is FUD. Suckers will be suckers no matter how much you scream (that said, you and I may be the suckers here). Ponzi Bob 1) it is extremely important to continue it's discussion, as the scam is going on right now each day and each week, and I will stop discussing it when it goes boom or is at least not mucking up what should be an important, legitamite part of the BTC community. 2) Micro-lending is a possible killer app for BTC because of the extremely low fees. Right now if I wanted to lend or borrow BTC in any way on any scale I click the lending tab and have to wade through scam after scam after derivative of a scam to find legitimate lenders and borrowers. 2) like it or not, ready or not, this community is setting BTC precedents. Let's set another one by not allowing blatant scams to be listed under "lending." |
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Care to make a 100 BTC wager with me that we will escrow to a person we mutually agree upon that BCST will default by the end of 2013? I love free BTC!
So, that was it then? It was only a setup so that you can propose a bet that cannot make you lose any money? If someone takes your bet, you only have to also put 100 BTC into pirateat40 fund at the same time: you'll either win because pirateat40 defaults (you'll get the 100 BTC from your opponent + the interests you got from pirateat40 in the meantime) or win because he doesn't default and you can take your principal back and have multiplied it by a large amount even after you lose the bet. In fact, you're proposing to buy a 200 BTC insurance against pirateat40 default, for a cost of 100 BTC, valid until the end of 2013, at which date you would have made much more than that. Clever. I must admit that I'm a little disappointed. I thought you were playing the white knight here, while you were just setting up the atmosphere needed to propose this bet. 1) i can assure you no matter what I will never buy buying pirate-anything or ponzi-anything or bonds of such or anyone that makes these posts saying 2% weekly, totally legit, i do stuff with btc that's awesome, just send the coins. 2) Among other things I'm a pro gambler. When the user laughed off my post suggesting a scenario that pirate would want shill accounts in order to generate blockchain verifiable interest, I asked him to put BTC where his mouth is - a standard response in my industry. 3) you think I'm forward thinking enough to set up an entire thread-atmosphere to swoop in for the $800 score? Pirate is stealing $1M+ USD and you think I am spending all this time researching this to make a quick 100 btc? |
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I didn't follow everything you said but I will answer what I did follow: 1) I'm a total defcon newb. It has always interested me but I'm extremely busy running around all day trying to make this paper in a number of different ways the past decade or so. Started reading about infosec a little bit when Anonymous started fucking with Scientology, and really started to go HAM when I saw lulzsec was taking bitcoin donations. As soon as I found bitcoin I haven't stopped spending every free moment studying it. I should have been more prepared and I really wanted to meet Bitcoin guys at Defcon - but i was playing the WSOP the 1.5 months leading up to this and I played a pretty intense schedule this year / didn't read / didn't understand / didn't make plans to go or get in the meet up thread on here and I really, really regret that. I want to meet all of you fine BTC'ers. 'Specially the scammers.
What is defcon? 2) I spent thursday, friday, saturday, and sunday wandering the Rio with a Bitcoin button (ty Freemoney) in the middle of my white tee (yup), putting on some 12 hour $1-$3 NL poker sessions just to talk with awesome defcon'ers about bitcoin and all the next level shit they are into. It was so much fucking fun. I ended up drinking all night 1 of the nights with 2 awesome dudes and by 6am we were arguing (more like they were explaining to me) particle physics / CERN project / Higgs and shit. no one has a players card except those that choose to self-dox. I made that decision long ago before I knew the ramifications of it. I digress
So you were in Vegas this weekend? 3) Your shameful manner is shameful. you seem smart enough to know you are hurting a large amount of "investors" for a small pass-through profit margin.
I don't follow. I am smart but Patrick is stupid? 4) Do you believe that Pirateat40 and his BCST will continue indefinitely?
No. Do you believe that IBM or even the United States of America or the US dollar will continue indefinitely? But really, what I (some random stupid dude) believe or don't believe about Pirate and his business does not really matter to you does it? Do you believe it to be sustainable?
The current interest rate, no. His business, yes, as long as it remains profitable he will do it. I could get backing and escrow a $1M USD bet that Bitcoin Savings & Trust will default within 5 years. I could have cash at Aria for that wager within 2 weeks it's such an obvious scam.
USD? Really? Have you even read this forum at all? Manly bets around here are made in BTC, not USD or any other random ponzi fiat funny money. 5) I really wish I could have met this guy. Love to see scammers in their scamming role and see how good they are. This Pirate guy seems to be pretty good, not great, def. not the best unless [...stuff...]. Would really, really love to meet Pirateat40 and he is hereby issued a challenge to debate me on my live podcast on Wed. Any of you naysayers are welcome if he won't come on the show (which he won't, he knows it's -EV for him)
I wish you could have joined us also. Maybe next year. 1) I live in Vegas 2) it requires an almost Catholic amount of denial to compare IBM with Pirate's ponzi scheme 3) what do you believe is Pirate's business unit that makes so much money? |
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Those numbers are extremely alarming, and if you don't mind please link me to where that information comes from - is it simple addition of forum users that claim to have been paid? do the numbers come from the block chain? could Pirate be sending BTC from his main wallet to just some other wallet he controls and then claims the transaction as interest?
They're from the blockchain, yes. It's possible pirate has set up some dummy accounts which he pays interest to each week but which go back into a wallet he controls, but what's the advantage to him of making the scheme look bigger than it actually is? possible scenario how this helps him / connection to shill account theory too: -- Pirateat40 sets up 10 latops on 10 VPNs with 10 BTC wallets and 10 bitcointalk.org forum accounts, creating them over time / maybe a few at the same time but spreading out sign up dates -- He posts his BS scheme, talks the slick-talk about how he has super-trading margin lending fake whathaveyous -- now he can fake 10 initial "investors" with block-chain verifiable deposits to his scheme. -- those future 7% interest payments cost him nothing as well, he's just sending the btc back to himself. but you all see it in the blockchain as interest paid -- credibility builds, use shill accounts to say how great it is / invite others into "trust accounts" and whatnot. I laughed till I hurt myself. I don't think you can top that one so I am off to bed. Carry on (I am sure you will). Care to make a 100 BTC wager with me that we will escrow to a person we mutually agree upon that BCST will default by the end of 2013? I love free BTC! |
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Those numbers are extremely alarming, and if you don't mind please link me to where that information comes from - is it simple addition of forum users that claim to have been paid? do the numbers come from the block chain? could Pirate be sending BTC from his main wallet to just some other wallet he controls and then claims the transaction as interest?
They're from the blockchain, yes. It's possible pirate has set up some dummy accounts which he pays interest to each week but which go back into a wallet he controls, but what's the advantage to him of making the scheme look bigger than it actually is? possible scenario how this helps him / connection to shill account theory too: -- Pirateat40 sets up 10 latops on 10 VPNs with 10 BTC wallets and 10 bitcointalk.org forum accounts, creating them over time / maybe a few at the same time but spreading out sign up dates -- He posts his BS scheme, talks the slick-talk about how he has super-trading margin lending fake whathaveyous -- now he can fake 10 initial "investors" with block-chain verifiable deposits to his scheme. -- those future 7% interest payments cost him nothing as well, he's just sending the btc back to himself. but you all see it in the blockchain as interest paid -- credibility builds, use shill accounts to say how great it is / invite others into "trust accounts" and whatnot. |
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1) My words may have been a bit harsh. There is a good chance you do not understand the damage you are causing and do not believe what you are doing is wrong. If you DO know what you doing is wrong, and do it any way to make a small profit then yes I stand by my statement and hate your core being. I am extremely passionate about scamming / scammers because it happened to me when I was younger / stupider. I try to tell as many others that will listen what 33 yr old me would have said to 27 yr old me to make me spot the scam as early as possible.
2) I do not consider the possibility I am wrong about this matter. There is no legit Investment vehicle that returns 3000%+ per year. Please do not trust me on this matter - ask anyone with a degree in economics. Ask any accountant you know. Ask any banker, any stock broker, any CBOE bond trader, google it - seek your own information about this very important point and understand then why I can be so certain.
So now you're just old and stupid? Sad. Tell Mark Zuckerberg there are no investments that return 3000%+ per year. again you guys can't help but make my point. Pirateat40 needs to have a Facebook-level operation to pay this type of interest. |
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Pretty much all the big players have been in it from the beginning.
That can be an illusion, as it was in the Bernie Madoff case. (Everyone thought they held a much higher percentage of Madoff's deposits than they actually did because Madoff had far more money "on deposit" than he let on.) Joel - I need help identifying possible shill forum accounts. I run a 1M+ post poker forum and have since 2004 and understand characteristics of shills and dupes. I need community members that have been around for a long time here to look through the now locked BCST thread and see if you can identify low post-count users that basically always just suck off Pirate40 and say how great he is and always enthusiastically report their interest was paid. Can you or anyone else help me try and identify shills? I would bet even money they are out there in most of these Ponzi investment threads... |
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If you ran or do run a pass-through to make .1% for helping a scammer scam the entire community, you are shameful and I hate you. If you didn't think you were doing a bad thing when you started and now understand that you are helping an evil scammer scam, please PM me and I can help guide you on how to best dismantle your operation and return max value to your investors. The few that will listen to me will save their investors at least some of the principle. If you are running a pass-through, know it's a scam and feel the need to blindly defend Pirate because your .1% per week is at stake then you are also shameful and I also hate you.
Those are pretty harsh words dude. I sure wish you had come out and joined us in Vegas. I think that if you met those of us that you "hate" so much in person you would not be so darn harsh. We might have even had a nice discussion about all this, who knows? I would like to leave you with: Please just consider the possibility that you just might be wrong about this. Just temper your word a bit like "It is my opionon that this might be a ..." or even "I believe this is probably a ...", you see what I mean. Just in case, on the remote chance, that there is something you do not know. 1) My words may have been a bit harsh. There is a good chance you do not understand the damage you are causing and do not believe what you are doing is wrong. If you DO know what you doing is wrong, and do it any way to make a small profit then yes I stand by my statement and hate your core being. I am extremely passionate about scamming / scammers because it happened to me when I was younger / stupider. I try to tell as many others that will listen what 33 yr old me would have said to 27 yr old me to make me spot the scam as early as possible. 2) I do not consider the possibility I am wrong about this matter. There is no legit Investment vehicle that returns 3000%+ per year. Please do not trust me on this matter - ask anyone with a degree in economics. Ask any accountant you know. Ask any banker, any stock broker, any CBOE bond trader, google it - seek your own information about this very important point and understand then why I can be so certain. |
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"you have no proof Micon! I want to believe so badly that whatever scam I'm invested in or whatever scam I'm running is really my ticket to riches, so much so that I can easily put myself into a state of denial where I believe 7% per WEEK paid interest is in any way sustainable and not an outright, blatant, and obvious scam"
Thank you for manufacturing my posts. No one said it was sustainable, in fact, even pirate himself said it isn't, and he will stop when it becomes unprofitable for him. You also seem to think that everyone investing into this is an idiot. Majority of people have made money of it already and cannot lose anymore, since everything else is actually not their money anymore. Anyway, that's all I'm going to say. This thread is hilarious You are a prime example of someone I can't do nothin' else for. here is a direct quote, not an obvious and lulzy satire like last post: Majority of people have made money of it already and cannot lose anymore, since everything else is actually not their money anymore.
so the majority, i.e. >50% of the total "investors" in BCST have made money in your opinion? |
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Certainly, between them they must control what? $300k in coins? More?
More. Also I'm not quite up to date - what's the situation with the Vegas show Pirate's supposed to be appearing at?
Just got back. Had a fantastic time. Met a lot of great guys in person that I had only known through this forum, various IRC and Skype rooms. Had a long chat with pirateat40 over dinner. We played craps for hours together. At one point when we were down a few thousand he made the bet that ALL the other numbers would roll before a 7. I believe this bet pays 178 for 1 and I tried to talk him out of this "sucker bet". The very next shooter got on a very hot roll and made pass after pass. At one point I looked over at the running bet and it turned out that every number had come up (before a 7 out) except the 5. I asked the shooter to "roll us a 5 please", Pirate offered him $100 to do it on the next roll and I will be damned, he rolled a 5! We had a fantatic night, Goat saw the whole thing and can verify my story. Rode the NYNY roller coaster with copumpkin three time in row. Met Reeses, one of the funniest people I have ever met. Goat, Gigavps, and several others. Obviously I am biased since I am one of the six owners of the PPT.x zero coupon bond system (see https://bitcointalk.org/index.php?topic=76594.0 for more details.) I am still pissed we did not make the list. We were the first to market. We coined the term PPT for "Pirate Pass Through". I think we deserve the free advertising just as much of more than any of the other "PPTs". The point is: if you are so concerned about all this why the hell didn't you show up and chat with Pirate in person yourself? Why didn't all the "anti-pirate" crowd not send even one single representative to Vegas? I got my airline ticket at the last minute and got the flight and hotel for less than 500 bucks. Surely, between the lot of you anti-pirates you could have scrounged together $500 to send one guy to meet him and report back to your clan. 1) I'm a total defcon newb. It has always interested me but I'm extremely busy running around all day trying to make this paper in a number of different ways the past decade or so. Started reading about infosec a little bit when Anonymous started fucking with Scientology, and really started to go HAM when I saw lulzsec was taking bitcoin donations. As soon as I found bitcoin I haven't stopped spending every free moment studying it. I should have been more prepared and I really wanted to meet Bitcoin guys at Defcon - but i was playing the WSOP the 1.5 months leading up to this and I played a pretty intense schedule this year / didn't read / didn't understand / didn't make plans to go or get in the meet up thread on here and I really, really regret that. I want to meet all of you fine BTC'ers. 'Specially the scammers. 2) I spent thursday, friday, saturday, and sunday wandering the Rio with a Bitcoin button (ty Freemoney) in the middle of my white tee (yup), putting on some 12 hour $1-$3 NL poker sessions just to talk with awesome defcon'ers about bitcoin and all the next level shit they are into. It was so much fucking fun. I ended up drinking all night 1 of the nights with 2 awesome dudes and by 6am we were arguing (more like they were explaining to me) particle physics / CERN project / Higgs and shit. no one has a players card except those that choose to self-dox. I made that decision long ago before I knew the ramifications of it. I digress 3) Your shameful manner is shameful. you seem smart enough to know you are hurting a large amount of "investors" for a small pass-through profit margin. 4) Do you believe that Pirateat40 and his BCST will continue indefinitely? do you believe it to be sustainable? I could get backing and escrow a $1M USD bet that Bitcoin Savings & Trust will default within 5 years. I could have cash at Aria for that wager within 2 weeks it's such an obvious scam. 5) I really wish I could have met this guy. Love to see scammers in their scamming role and see how good they are. This Pirate guy seems to be pretty good, not great, def. not the best unless he turns out to be PeterDC, a scammer I'm currently tracking on DonkDown that has cheated many sports bettors. obv live in Vegas and if any of you guys want to meet in a casino I'm always here. Would really, really love to meet Pirateat40 and he is hereby issued a challenge to debate me on my live podcast on Wed. Any of you naysayers are welcome if he won't come on the show (which he won't, he knows it's -EV for him) |
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Whats the chance all the ponzis will collapse at once ?  It's possible they'll collapse like dominoes and possibly even take down some legitimate funds with them. When one collapses, people might fear that others are going to collapse too and make a large number of simultaneous withdrawals, forcing others (whether Ponzi or legitimate) into an equity or liquidity crisis. I don't think there is any legitimate fund that quotes its interest weekly or monthly. The ones that do that are after those who didn't pay attention to some maths lessons at school and cannot calculate compound interest. It is really laughable, but I guess if pirateat40 had quoted his gains as 3,300% annually, he would have gotten far fewer "investors". whew! another guy that gets it and has a fundamental understanding of economics. the ponzi-defending in this thread was getting absurd. I understand that there is this thread --> https://bitcointalk.org/index.php?topic=79294.260 about +1'ing the fact that BCST is a ponzi, but it says "probably a ponzi" which is weaksauce and does not address the many, many derivatives and other completely separate ponzi's and partial ponzis and funds that are exposed to ponzi. I feel a deep need to expose scams of any sort that I spot. I am going to ask the users with strong economics backgrounds to please also +1 this thread. Also feel free to assign weight to your thoughts, i.e. for my own perosnal: "I 100% think that BCST is a classic Ponzi scheme and anyone running a pass-through is helping Pirateat40 steal large amounts of BTC" |
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