We do not need hacks/thefts to help show how valuable bitcoins are. An influx of hacks/thefts can greatly lower the confidence of the users within the system.
There are thousands credit card number thefts everyday and still somehow nobody lost faith in credit card. because you can simply call your bank ,tell them someone in argetina made $10,000 of unauthorised purchases on your credit card and they will reverse the transactions who are you going to call when your btc wallet gets hacked for $10,000 of BTC ? |
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If not greed, what is the motivation for toxic waste dumping?
lazyness |
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You can be screwed on credit score for most debts
ive heard of people being refused finance for owing money to a dvd rental company for an unpaid subscription that they just ignored
bills are bills apparently
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Hoarding hurts the individual, not bitcoin in general.
Imagine an individual owns 99,999 bitcoins. He can acquire the 100,000th coin for $9.40 right now easily. However, at what price can he sell his 100,000th coin? -- About $7.50. The more coins he owns, the harder it is to receive equal value when converting into goods (USD in this case).
Ask him if he can afford to hoard them for 5-10 years THEN start selling |
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almost every place i spend money everyday still only accepts money ........
Do the places you spend money at accept Zimbabwean dollars, INR or Yen? Bitcoin is being used for exactly what it should be used for and has the right attributes for, direct person-to-person trades over long distances & transactions that require anonymity. I honestly don't see it replacing cash, but thats just my opinion. Majority of them only accept cash tbh but then again most of them give discounts for cash anyway any place that does accept cards has a 3% surcharge and the purchase must be over a certain size cash is still king |
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Even Intersango and the problems they are having just now ?
Especially intersango and the lies they are telling problems they are having now |
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I've always been skeptical of the theory that a currency that increases in value causes hoarding and a currency that reduces in value causes spending. I'd imagine a currency that increases in value would encourage folks to buy higher priced goods while a reducing value would drive the prices of goods down. Everyone knows that in many cases you get what you pay for but (for example) tailors making clothes to last a lifetime have almost disappeared while everything in the clothes shops is made in countries with cheaper labor.
you can still wear an indestructable pair of jeans for many years before they fall apart but the fashion industry works hard to make people think they need to be stylish and new stylish clothes are released every season every year ,and famous people wear them so everyone else wants to wear the latest fashionable item very clever ...... |
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at the moment ,there is so little places accepting BTC ,what else can you do with them ?
almost every place i spend money everyday still only accepts money ........
going to take a while before btc is usable for daily stuff
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Micon is hilarious. Been following this thread closely trying to see some evidence of scam or ponzi but all I got was wikipedia links...
Do you really not understand the simple fact that there has never, in the history of humanity, been anything remotely resembling a low risk investment that can promise to return 3000%? However, the list of things that have claimed to be such and have actually been Ponzi schemes is quite long. Even his supporters admit that the scheme cannot last (this is simple mathematical fact). The only question is whether it ends with Pirate paying people back or with Pirate not paying people back. And Pirate basically has no incentive to pay anyone back. This isn't rocket science. have you not seen this yet ?  https://www.globaloilfund.com/ |
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Not any time soon?
probably not ever ........ |
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This could be just business grow. And it is actually less grow than the exchange rate increase over the few weeks. Pirate works in USD not BTC, so when the price did rise from $5 to $8, his working potential did rise from say $2.5M to $4M, a hefty 60% in little more than a month. If he was able to use this for business grow, then something as "little" as 28% a month should be no problem. An keep in mind that he makes most likely more than 10% a monthweek and compounding, now calculate his actual revenue. Let's say Pirate has deposits of 250,000 Bitcoins. If he works in USD, then at $5, he has been paid $1.25 million. Now, the price goes up to $8. So he now owes his depositors $2 million. Every time the price of Bitcoins goes up, Pirate has a loss. What I think you're missing is that all of his "working potential" is debt, so when it goes up, he just owes other people more. You are completely correct. The fact that he works in USD and the price has gone up recently is actually a negative thing for Pirate. You say that as if paying 3400% interest was not a valid concern for pirate if the above figures are correct he would have lost the best part of a million dollars ,who can recover loses that size in a market the size of Bitcoin and still pay 7% every week ? |
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just to confirm: my pending deposit went through and was credited to my account.
just to confirm, mine DID NOT and this is now around 3 weeks of being fukd about ....... |
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Somehow I'm not convinced when people who have admitted to being Pirate's co-conspirators (or victims) claim that they know what Pirate is doing with their money and claim that it's not a Ponzi. There used to be a Ponzi scheme in Finland called WinCapita (see http://en.wikipedia.org/wiki/WinCapita). Many of the victims (some of whom lost tens or hundreds of thousands of euros) still believe WinCapita was legit (the founder claimed he was doing forex trading with a secret, highly efficient algorithm), even though the founder admitted guilt in 2009 and was convicted in 2011. Pirate's operation has all the tell-tale signs of a Ponzi scheme. Just because his identity is known it doesn't mean he's not a scammer. everyone known who bernie madoff was ,everyone known who sergei "forgot his name " the biggest russian pyramid scamer ever was the russian guy even printed worthless share certificates with his REAL FACE on them and issued them to to share holders for cash and conned half of russia out of their life savings if history has taught us anything it has to be that knowing someones name is virtually zero security for your investments .......... |
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Actually ,there is a free lunch in these things IF are in the top tier
its usually the lower tiers that lose all
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is there no end to the greed and stupidity?
Correct ,there is no end to peoples greed and certainly not to stupidity  |
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I'm not taking sides, here as I think Micon has over reached and has failed to back up his claims other than speculation, although he may well be correct that the risk is nowhere near sustainable. Other than having some coin invested with pay.bc, I'm pretty agnostic about the issue (other than some points I made upstream). That being said, what's the timeline on your bet? As far as I can tell, it's just a bet that says it won't fail. Are you saying it won't fail in X amount of time, or that it won't ever fail? If it doesn't ever fail, will you be keeping your money in until it closes down for other reasons? Otherwise, it seems like your money will be stuck forever. Or, is this more of a rhetorical point? what do you mean when you say things like "If it doesnt ever fail " it absolutely has to fail if you look at the numbers if it keeps going on like this in less than 2 years all the bitcoins in existence will have been paid out in interest alone INCLUDING the ones that havent been mined yet double any number every 3 months and see how fast you get to 22 million and you will soon understand why its impossible 350,000 now 700,000 in 3 months 1,400,000 in 6 months 2,800,000 in 9 months 5,200,000 in 12 months 10,400,000 in 15 months 20,800,000 in 18 months 41,600,000 in 21 months 83,200,000 in 24 months ..... |
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Another big reason not already mentioned, there are quite a few debit card which can be funded with LR and allow cash withdraws at ATMs. I'm not aware of a ATM usable card program accepting BTC. LR has been around since 2002. When BTC is a decade old, I'm sure it will be much more widespread than LR is now.  a bitcoin debit card would be perfect for daily transactions if it could be somehow linked to ones "wallet" or even comtain a "mini wallet" stored on the card itself |
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Quality LOL |
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