So ,a 20% rise in bitcoin prices is more dangerous to pirates operation than keeping investors in it at 3400% ? some of you guys need to get new calculators of course rising prices is bad since pirate has to buy the coins he uses for interest payments every monday but would it not be a lot more simple to cut the INSANE interest payments first and foremost ? ok ,pirate has some other businesses ,but as someone noted on another thread ,the last business that payed these kind of returns was www.facebook.com does anyone believe pirates secret business is growing at a scale faster than facebook was /did ? |
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also since the coin price is rapidly rising ,buying back the new 25% higher priced coins is going to eat into his 3% rapidly
Which is why Pirate said that a sudden price spike can hurt him. So paying interest of 3400% per year cant hurt Pirates operation ,but rising bitcoin prices could ............ |
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"To have a large volume. The more he have BTC, the more he can get profit. If he offered 2%/week, he would have strong competition around the forum and many people would invest elsewhere. He would be unable to accumulate the large inventory he have right now. At 7%, he's at the top of the world, he's the ultimate fund and cannot be touch. And like I said, pirate is not making profit in BTC, but in USD, that's important. The 3% profit he makes is in USD. Let's say pirate move 125 000 BTC every week. He makes 10% profit on it, that's 12 500 BTC. If he takes only 3%, he makes 3750 BTC. But since it's in USD, he can make around 37 500$ each week. He makes this money while being almost immune to BTC volatility.
I don't know the exact number, it's just to show how the little 3% that pirate can be really profitable. And like The Joint said before, I'm also sure at 99% of what pirate is doing. That 1% can go a long way, and I can't argue on it, since I don't know. I only hope it gives you another perspective of how pirate can make his money. "
youre either blindly defending pirate or you cant see the wood from the trees
hes taking 3% for himself but repaying a compounding 7% for the priviledge of borrowed coins
also since the coin price is rapidly rising ,buying back the new 25% higher priced coins is going to eat into his 3% rapidly
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So pirate has borrowed enough coins to give him the weight to manipulate the market and thus profit enough from his up an down game to pay off his lenders and make profit?
Everyone could just call their coins back. Why would they when they are essentially in cahoots with the pirate and making good money? Because when pirate makes a really bad bet (JPMorgan Chase style and he will one day) he will probably default. Then everyone will lose a portion if not all of their money, and Pirate will be labeled a ponzi scammer even if he is not. When it gets to serious cash like this then it is hard to come back from big falls. If he lost a little before he could pay back out of his own funds to make up for a profit later on, but a loss that he can't handle will doom the whole operation. All of pirate's creditors could do the same thing he is doing except without the manipulation and potentially make more than 7% a week. I don't borrow or loan money anyway and I will only invest with people or institutions that are transparent, but I would hate for this to hurt the bitcoin economy and tie a lot of people's coins in limbo like with Bitcoinica. At the end of the day, if you put your money in a black box and get ripped off, it's your own damn fault. It's very difficult to feel sorry for the investors in Enron, Madoff, or by the same token BTCST. If you invest in something you don't understand you might as well burn your money, the net effect will be identical  People (the majority ) may be stupid when it comes to financial investments but i dont think that automaticaly means they deserve to be led into ponzi's and other types of scam |
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Bitcoin desperately needs a big business to adopt it ,such as an ebay or amazon or maybe even dhgate to go mainstream even the itunes store or something as crappy as that would pull in millions of users but big businesses dont change a perfectly working system easily and the sites mentioned above NEED transcations to be reversible in case customers dont get their goods could you imagine the customer service agent when she tells someone tough shit that your product never arrived ,thats what you get for paying by bitcoin  |
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yes ,but if you print a few billion extra copies of any book ,you let me know how the sales go The same thing would happen with dollars. Like anything else, their value is dependent on the supply and the demand. correct ,but since its not possible to print up an extra few million diamonds or gold bars or even bitcoins they have a value in their scarcity that printed money does not thats why i think of bitcoin as a commodity as much as a currency ........but theres no reason it cant be both  |
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the cheapest way would be for USA to declare the BTC an "instrument of terrorists and drug trafficers and pedofiles" to evade capture and make them illegal
all exchanges accepting USD for bitcoin would be closed and it would cost hardly anything
if USA did it first ,UK would follow and probably EU eventually
they could do all this without buying a single coin or spending a single dollar because the
lawmakers are already on the payroll
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Nooo... I don't want an app like that, it will make me look like a mocachino drinking bumbandit, the only time I could use it is when the power goes off at night and all the lights go out
the important question here is ,do you drink mocachinos ?  |
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a commodity can not be increased artificicialy ,you can leave the printing presses on all night and print an extra billion dollars if you want
You can not do this with gold ,or diamonds or bitcoins
i think he means that ......
You can leave the printing presses on all night and print an extra billion copies of any book, but books are a commodity. yes ,but if you print a few billion extra copies of any book ,you let me know how the sales go |
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pity you couldnt issue a verifiable statement for 21 days wile funds were locked down........ There's been a statement there the entire time. Keep spreading FUD though, it seems like the only thing you're good at. you told me my transfer hadnt been done by MY bank you told me i must have got the reference wrong you told me theres a problem on the interface you told me theres a problem now with intersangos acct you then went back to technical difficulties you then say the online access is not working this is day 23+ and withdrawls have STILL not been met basically all lies, B/S and stalling tactics you 3 idiots were really on holiday in vegas when all this shit was happening ? seriously ? |
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bitcoin is much too small to resist any decent attack yet Any major country could probably kill it easily with computing power alone the entire economy is worth $50-100 million in comparison ,gisele bundchen (yes,the bikini model ) is worth $250 million and thats peanuts by "rich" standards http://www.toptenz.net/top-10-shockingly-rich-celebrities.phpwhen a market is so tiny ,it cannot resist being manipulated by people ,countries ,goverments that are worth so much more they can buy in ,crash the price down to near zero or incite a panic or many things that would make it too volatile to mainstream traders to accept a major bank could buy it and bury it and it would barely register on that days trading sheet |
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$100 should be very stable then. 1 bitcent = $1. if the price spiked up to x i wold sell happily sell ALL my coins ...... what figure do people think x should be ? |
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The case that would crash the price the most would be if pirate shuts down his operation and returns everyone's money. This would result in a huge supply to sell and a bunch of people looking to take profits.
thats assuming everyone would sell .......... i think if pirate returned everyones coins many people would look for some other way to grow their balance by investing in something else ,even a mining op which pays 1-2 % a week would probably be overloaded with newcomers thats assuming the btcst doesnt default though and thats a pretty big assumption when you think about those glorious interest rates ...... |
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Like the last time it was very stable around $5. It helps a lot with mental conversion math.
10 or 15 or 20 or 25 ? |
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You people have no vision. Will it break 25$ mark? That is much more interesting question.
Yes. It will. Eventually I think it will break the $1,000,000.00 mark in our lifetimes ? How long is my lifetime going to be? Hopefully much much longer than any answer you will give to this question let me re-phrase it then ...... i dont think anyone logged in today on this forum will see 1 BTC = 1 Million $ but i hope and pray it happens, tomorrow wold be fine by me |
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You people have no vision. Will it break 25$ mark? That is much more interesting question.
Yes. It will. Eventually I think it will break the $1,000,000.00 mark in our lifetimes ? |
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You will need a blockchain, though. Or someone you trust, who has a copy, and whom you can communicate with, and who has connections to other peers.
I believe that is included, if I read this right: https://en.bitcoin.it/wiki/Block_chainIf I am wrong, someone please correct me. Currently 1.75 GB, and growing. http://blockchain.info/charts/blocks-sizeOr just check the size of the Bitcoin folder on your PC. I have the entire blockchain on 3 separate laptops that run 24/7 but i was thiking of ditching the lot and switching to multibit or electrum is it of any benefit to the network for most people to be running the full client and blockchain or could almost everyone switch to a lite weight wallet that only downloads the block info but not the entire block ? the 51% attack is harder the more people are running a full copy of the blockchain, is that correct ? |
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hey mate I'd like to setup a bitcoinmax account, the withdrawal address I would like is 1HJQ9dm7kt4aYMP9gKXUX39sg4QNcoTnuC, I'll be sending 5 btc now, but will be paying into it from interest from other investments.
read the first post again |
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All money is a commodity.
(...)
Something that is "fiat" is inherently NOT a commodity.
I am not following you. a commodity can not be increased artificicialy ,you can leave the printing presses on all night and print an extra billion dollars if you want You can not do this with gold ,or diamonds or bitcoins i think he means that ...... |
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If the BTCST defaults /gets hacked /pirate forgets the password etc and everyone loses those coins i can only presume coin price would rise
i could be wrong but it may balance itself out again ,were pirate to sell the stolen coins on the markets but i doubt hes so stupid as to do that
a shortage of 400,000 btc shoould have some effect on the price
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