I'm pretty sure Maged knows what he's talking about on that part. But still, I don't understand if people have data, why don't they share it. I mean, you guys are asking for proof of pirate business, but you don't provide much on your part either. I wish that they would, but I'm not authorized to. Ok, fine, I see there's other people in this. But don't be surprised if some people have a hard time taking you seriously. I've done my own due diligence, taking many, MANY hours to read about pirate business, pro and cons. My current conclusion is that pirate have provided a lot more information and confirmation of his good business than you guys could provide that his business is bad. I'm open-minded and if I'm wrong, I can assume it. Still, show some meat. The numbers IS the meat ,7.7% IS the meat , if after "many,MANY hours" of diligent research you still think its legit your either supporting it or you need to get a new calculator because your old one is bonked . |
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What happens if you die? Is there anybody that can withdraw the money?
what happens if pirate dies is an even bigger question ?  |
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Its pretty incredible that people are STILL investing when the numbers indicate that in 18 months or so Pirate will have paid out all the bitcoins in existence ............including the ones that havent even been mined yet Are you aware that interest rates are flexible? Are you aware hes also throwing out ADDITIONAL % bonus "incentives" for people who keep their balance at a high level and dont withdraw it ? |
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Its pretty incredible that people are STILL investing when the numbers indicate that in 18 months or so Pirate will have paid out all the bitcoins in existence ............including the ones that havent even been mined yet |
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Sorry bud.. I am fine.. Hot wife, Amazing son. couple cars, all the toys a dude could want..... my penis size aint half bad either.
But you
Lend me 1-10 million lend me car money, lend me gas money, lend ALLL ThE BILLIONS.....
Who what where?
It really doesn't matter, you're the only one taking what I said so personally as to list out your possessions for us. I never asked for gas money and you don't know what I plan on doing with that money so you have a moot point. My ego needs no boosting and I come in your threads because IMHO their FUCKING RETARTED.
excuse my language but c mon dude......
Sounded a little defensive, I never said your ego needs boosting but its appearant that it is present. FYI dank, if I was local to you and actually that kind of cash to throw around, I'd take you up (if everything checked out, of course.) I appreciate that you have faith in me, not many people do as of yet, however, that changes of course.No,they wont .. |
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It should not be very difficult to figure out if pirate has been paying 7% a week out of all the principal investments and praying deposits keep exceeding withdrawls
there has got to be either a massive deficit in the deposists + compounded interest by this stage unless hes raking in coins by the truckload from somewhere
if he even allowed someone independent to verify that he still has ability to repay everyone or maybe 500-750k BTC still under his control in the BTCST account it would go a long way
How does this affect the temporary and long term value of the bitcoin though ,when people are getting 7% free every week does it not devalue the currency itself and also take away the benefits of mining and other activities that are paying less than 7% but may not be scams?
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Oh all the poor people that hoped to buy some more below 10.
Well you still can. Just use Euros, there it is just trying to climb 9.
use GBP and pick them up for 8ish |
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I hope they declare it illegal. Then I can start dealing.
But really, I can't see how a ban can be constitutional. You don't "own" bitcoins, you have knowledge that lets you access them. Would it be illegal for me to know the combination to a safe full of heroin, that I have never visited, and then tell somebody else the combination, who tells somebody else the combination?
I suppose they could make it illegal to broadcast signed transactions (TOR integration ftw). But even then, it would be totally unprecedented. My guess is that nerds, libertarians, corporations, and media who previously had nothing to do with bitcoin would come out of the woodwork to stand up for it.
Oh, and the price would go way up IMO.
You could say the many of those same things about online banking ,you dont physicaly have the notes and coins you only have an access code to them the code controls numbers on a database your access code can be used to change the numbers on the database to credit someone else ,who can then credit someone else and the only thing that counts is the database change ,a bit like the blockchain if the GOVT wanted to ban BTC they probably could not ,but they could make it so difficult to use most people just wouldnt bother |
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Why would you think that? No, I'm implying that those invested in Pirate don't even want to know whether or not it's a ponzi, because they would then make less money. They can make more money by making a blind gamble on Pirate than knowing the truth, whatever that is. Exactly. If you're one of the people making money from a Ponzi scheme, the last thing you think you want is that it be revealed that it's a Ponzi scheme. You fear that would keep new suckers from feeding in the money that's going to your exorbitant profits. (But the truth is the reverse. You do not really benefit from being the recipient of fraudulent transfers. See my other posts about things like claw backs.) there will not be any "claw backs" in reality Pirate and the top guys who are all claiming its impossible FOR THEM to lose anything since they already got out more than 100% of whatever they put in are obviously going to profit from new investors joining below them the top levels/guys running passthroughs have nothing to lose but the people on the bottom levels will have to lose ,there is just no way everyone can walk away with triple their investment when this tumbles if Pirate wanted to prove this wasnt a scam he could do it easily ,just by showing a 3rd party the BTCST account balance and the 3rd party could verify that pirate has or has not been paying interest from everyones principal investment ....... it would be a very easy way to silence all the critics and he wouldnt have to disclose business secrets to prove he is not in the red and still has enough funds to close the shop without anyone being burned ............ |
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going out on a limb but a hit-man type service i.e. like ::)SilkRoad but a market for killing people!  thats already available |
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The increase in price is not due to an increase in the exchange of goods and services for bitcoins or favorable news, the two traditional causes for rallies.
Everyone is buying BTC to get in on pirate's scheme, pirate passthroughs, and other pirate like "lending" schemes.
Obviously earning 3300% a year on BTC is more attractive than 0-10%/year with USD.
The entire bitcoin economy is shifting towards lending and various financial instruments.
If pirate were to default, would the price crash? There would certainly be less incentive to buy BTC. Of course, pirate might have all of the coins by then... so there might not be many sellers.
Do not forget, that USD has lost over 96% of its value in the last 100 years or so and only! 33% in last 12 years. Is it possible, that BTC just holds value better than this green funny money form your dear Fed printer? no ,3400% interest on bitcoins can not be explained by fiat currency growing lower in value not even at anywhere near those rates just no |
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The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled "Legal tender," which states: "United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues http://www.treasury.gov/resource-center/faqs/currency/pages/legal-tender.aspxDoes that mean that if I lend you my car for the weekend, you're within your rights to sell it and give me back the amount you got in dollars? If I lend you my car, I expect to get my car back. In the same way, if I lend you some Bitcoins, I expect to be paid back in Bitcoins. Is the law really saying that all loans can be paid back in dollars at the borrowers discretion? Most/all judges are not young computer geeks so good luck I doubt pirate would even be charged with anything if he claimed he was hacked tomorrow and someone stole everyones coins if the coins are transferred to some anonymous wallet using untraceable IP address from TOR ,what case would there be for pirate to answer? does everyone have a paper contract signed and witnessed that says pirate owes them 10,000 BTC or $110,000 in cash for deposits invested ? didnt think so  |
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What are the chances the cia is buying all the bitcoins they can on the sly because they know the usd is about to collapse as the worlds reserve currency and they are just getting as much of the replacement as they can before the russians or chinese do ?
In this case there is unlimited fiat at their disposal and they can just run the presses to gather as many bitcoins as they can.
if the CIA or the FED were buying coins ,theres no reason they would stop at 11usd esp if fiat was about to collapse |
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You've got to remember that bitcoin is small-fry.
If it wasn't, it would be an absolutely trivial matter for a US governmental agency to use a 51% attack or something similar to bring down the network. They have some of the brightest minds in coding, and a eleven-figure budgets, we wouldn't stand a chance.
You give "them" too much credit. I know they look good right now, you know landing that SUV on the Martian surface and all. But the fact remains: the current hash rate of Bitcoin greatly exceeds the power of the fastest know supercomputer. Additionally, a 51% attack doesn't destroy Bitcoin outright. It only allows them to interfere with the generation of new blocks, eg, they can block transactions and monopolize the block reward. In *theory* many miners would drop once they hit a point that it became futile to mine (eg, a SUSTAINED 51%+ attack), but i got a feeling that people dont' like getting rolled and you'd see hash rates rise to whatever challenge threatens Bitcoin! If people (like minder in the btc community ) had more hashing power ,why would they wait until an attack ? they could just add that power to the network now and take the rewards ? |
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Everyone on the pro-pirate team says he is pretty rich in USD anyway so he can take some BTC losses or W/E
if he did steal 400-500k BTC he could take them outta circulation for a few years and slowly move them back in over the next 5-20 years when they are worth shitloads
but is this the same wealthy pirate who was in the police report for a $500 fraud case ?
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Sell for what? Something spat out of a printing press and called 'real money' because its backed by a broken system? This is the first time I've bothered saving in my life, I'll convert some to that other crap when needs be but the bulk is staying in for the long haul.
That's where I'm at. I don't want real money. I spend bitcoin, not cash out. spend it on what ? can you live by spending bitcoins somewhere yet ? 99% of the retailers in my country wouldnt even know what a bitcoin is never mind accept it for a purchase |
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investigators suspect madoff was fraudulant from the 1960s and he never missed an interest payment
for 39 years
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400k btc is a fairly nice chunk of money ,especialy in this climate of ever rising btc value ........
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As a miner for more then a year i only pooled up my btc when prices were lower then 4-5.
Anytime the price is higher then 5 i let some go. As the price recently climbed i unloaded more and more and now i am the point i sell daily. Good times again. 300+ dollars a month easy.
Bitcoin bubble part deux for the win
will you still feel so good about coins you sold for $5 if the price reaches $100 in the next few weeks ? |
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If you look at the current trend of things deemed illegal then bitcoin price would skyrocket.
At the end we could end up with a silkroad type of exchange.
there must be some hub that dispenses the fiat though .currency has to enter and leave the bitcoin world somehow so that would be its weakest point |
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