17EVRSvdPJGhk7uKHCpY9ghnWnx7j3pPAs

Received

@ Vandroiy,

Look dude, certainty does not equate to knowledge.

I started a thread claiming I was 99.9% sure that what Pirate is doing is legitimate.  I also made sure to point out that 99.9% certainty is not 100% certainty, and I also made sure to point out that my belief should not be treated as investment advice.

Your ego is getting the better of you.  Does the information available suggest that Pirate's operation could be a ponzi?  Yes.  Does the information available also suggest that Pirate's operation could be a legitimate business?  YES.

Also think of a scenario in which it could be both.  In other words, think of a model that mimics characteristics of a ponzi scheme but in reality is a completely legitimate business operation. For example, a scenario in which lenders provide deposits that can be used to make a profit for both Pirate and the lenders (interest), leaving a greater sum of deposits which can then be used to make more profit and pay more interest, leaving an even greater sum of deposits which can then be used to make even greater profit and pay even more interest, etc.

Now, what would the inevitable conclusion of such an operation be?  After a while, the BTC supply in the market begins to decrease and the interest payment rate needs to be lowered, which is what is happening on August 1st.

If you give me $100, I promise you I can turn that into $107 in 1 week.
I also promise you I can turn $107 into $115 in another week.
I also promise you that I can turn $115 into $124 in another week.

But, if there are only $10.5 million in existence (representative of BTC), there will eventually come a point at which making 7% becomes impractical if not impossible, so the interest rate will need to drop.  Now, I couldn'tve made those profits without your money (characteristic of a ponzi), but the profits were completely legitimate.  

I already know it's possible to make 7% on deposits legitimately.

Why run a ponzi paying 7% when you can run a legit business paying 7%?

Gotta love the extra cash flow 

High bid so far belongs to Maidak

$5 mil for me

$5 mil to my family and friends

$100,000 to 10-50 homeless people under the condition that I have oversight of their usage

$1 mil to start a charity organization

$1 mil for drugs, sports cars, and court fees

$1 mil for "spiritual awakening" vacations

$1 mil for people that simply ask for money

$1 mil to promote all the books I will ever write, and to publish them

$1 mil to start a business with Pirate or Gigavps

$5 to buy Phinnaeus Gage a shot

$500,000 to Lou P. Garoux as an apology for voting him as the worst forum member of the year

$100 to Meni Rosenfeld because he's interesting to me

$10,0000,000 to colorize a portion of the moon so that it's visible to the naked eye

$100,000 to build a bar called "The Joint"

$100,000 for permission to dig up and keep Stevie Ray Vaughn's guitar from Dimebag Darrell's grave

$1,000,000 to bang Mila Kunis

And I'd buy 10 bitcoins, and one Casascius gold bitcoin

Edit:  Oh, and 1-10 mil as a loan to Dank

Bitcoin is an open-source program and anyone can review the code.  There are a lot of programmers here and if Bitcoin were a scam, people would become aware of it quite quickly.  Also, Bitcoin is 'run' by its users, not its developers.  It's a peer-to-peer currency, and there is no centralized authority that controls it.  We, the people, control it.

You mean Bitcoin?

Bitcoin is legit, but it may come off as a ponzi to those who have not done their research.  The first people who invested in Bitcoin (e.g. those who were among the first miners, those who started the first Bitcoin businesses and exchanges, etc.) took a significant risk in terms of time and/or money to set everything in motion, and they deserve the rewards they have gotten.

Bitcoin is revolutionary, and if you take the time to build a good reputation and see what Bitcoin and this forum has to offer, you can be part of that revolution.  But, be extremely weary of scammers and others who will try to take advantage of you.  That being said, welcome!  There are a lot of incredibly bright people here from whom you can learn a lot.  You can also make a lot of money if you take advantage of the numerous opportunities here

"It's black!"  "No, it's white"  "No, it's definitely black because of x, y, and z!"  "No, it's definitely white because of x, y, and z!"

Oh really?  Or maybe it's actually...

Interest payment received.  Thanks payb.tc!

I'm auctioning signature space for 1 month where 1 month = 30 days.

Your ad/link will replace the Rugatu link that is currently in my signature.  If you want the link to be listed 2nd in my signature, that is OK.  The Coinabul link will remain at the top.

Bids can be placed in either BTC or LTC.  If two bids are made and one is made in BTC and the other in LTC, it will be assumed that 1 BTC = 200 LTC.  For example, a bid of .5 BTC will be outbid by a bid of 105 LTC.  In the event of a tie, (e.g. .5 BTC vs. 100 LTC), the LTC bid will win.

Bidding starts at .15 BTC or 30 LTC.  Increments will be .05 BTC or 10 LTC.

The auction ends when I say it ends, but it will last for no longer than 72 hours from the time this thread is created.

Happy bidding

I think we're going to see a lot of .005-.01 for a while.  It may even fall lower after the difficulty compensates for the price increase and everyone tries to make a profit.  Running reaper greatly increases my temps and power consumption.  With LTC being as profitable as it currently is, I don't think we can expect it to be more profitable in the short term.

When ASICs reach consumers, I think it will be a different story.  All those old GPUs are going to need new homes, and Litecoin will need to be profitable for all those GPUs when the difficulty skyrockets to G/hashes.  I picked .05

Actually, I figured out a way around my problem.

I deleted the opencl.dll file that remained after I had uninstalled catalyst control center.  Then, when I reinstalled catalyst control center, it worked with the new opencl.dll.  Weird.

Litecoin,

Very admirable   I'm impressed.

Holy dear god thanks for this!!!

Hardware comparison:

My 5870 is getting ~ 385 k/hash

My 3x6970 is getting ~ 697 k/hash or ~ 232.3 each

Yet, my 6970's can get ~440 m/hash with bitcoins while my 5870 can get ~460

Seems my 6970s are underperforming comparatively with reaper.  I've tried various worksizes and aggression settings and this seems to be the best I can get.

So, I had my 5870 running cgminer 2.21 yesterday mining Bitcoins.  I had catalyst 11.12 and stream sdk 2.4 and opencl 1.0

Then, I downloaded reaper, configured it, downloaded catalyst 12.6 and stream sdk 2.7 with opencl 1.2.1.

My computer is running windows 7 64-bit.

My 5870 was not mining litecoins fine, but then I tried downloading MSI afterburner, and that's when shit went crazy.

Now, not matter what I do, whether or not I try to completely uninstall my drivers and SDK and reinstall them, cgminer is telling me...



It won't mine Litecoins through reaper either.  It's as if my computer isn't even recognizing my graphics card.  I completely uninstalled MSI afterburner and have tried completely removing my drivers and the SDK and reinstalling 3 different versions of them, and still no luck.

As a side note, when I install my drivers and it goes through the process of installing Catalyst Control Center, I can see a command window pop up twice and close immediately during the installation process.  It also seems as though the installation process goes faster than normal and the progress bars don't complete all the way during the "detecting graphics hardware" and "installing new display drivers" phases.  But, it tells me installation is complete and there are no errors or anything.

Any help would be appreciated.

No.  Litecoinpool.org.

Litecoinpool.org
9332
user
pass

Working on my 5870 now with catalyst 12.6 

opencl 1.2.1  sdk 2.7

Have you tried localhost; 9332; [user]; [pass] to solo?

1.0 on the 5870.

1.1 on the 3x6970.  Could that be why the 6970 rig at least seemed like it wanted to start compiling the kernal?