The basic idea of SS is sound. The two problems are that the money is not being kept in the trust fund. It is being used as an interest free loan by the government, so basically it is not there. The second problem is the payout needs to be reduced NOW but it is politically much easier not to. So future generations are ripped off by the current one. It is sad, because the reduction needed is actually doable. Seniors would of course object to a 10% cut in current SS benefits, but with that the system would be sound (SS, not medicare/medicaid).
As originally intended, yes. But it turned into one big Pyramid Scheme that requires each generation to produce more children and give those children more and more jobs at the same or higher rates of pay. Now if you truly restricted it to Widows, Orphans, disabled etc... then there is plenty of money. SS is a hidden tax that the government borrows from. Well used to borrow from. They can't anymore. It will have to be means tested for any shape of it to stay viable. People still believe the money they put in for 50 years was theirs. I blame the government for that illusion and not clarifying it. You will have 1 worker trying to support more than 2 people on SS very shortly. Can't be done. Start with the wealthy, if they don't need it, they don't get it. And 'need' needs to be clearly quantified. |
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Could you clarify please. What would be an example of an operation where having USD liabilites as opposed BTC liabilities is by 2-3 orders of magnitude more risky?
Ok lets say your business was in "pet rocks". Now, there's a demand for them from an active but relatively small community (like Bitcoin) that believe these rocks are worth their weight in gold. So you run to your bank and withdraw everything you can, hell you might even ask the banker for a loan. You tell him it's for some home remodeling and because he's known you since grade school you get the loan. With money in hand you run to the rock market and spend everything you got on certified "Pet Rocks". You get your business off the ground while paying off the loan but in the back of your mind you can't shake the thought of "What happens if people find out these are just rocks or if the rock market is overtaken by nano pets?". You take the risk and keep building your business by reinvesting your profits back into buying more rocks. You wake up one morning, roll over and look at your phone to see the current price of "pet rocks" to be worthless. With a ill feeling creeping over your body you start to think about how many rocks you have in the warehouse and how much money you've actually creamed off the top. Why didn't I just borrow the rocks from the rock community and pay them a portion of my profits? That way if something was to happen, I made good money doing it and my long time friend (the banker) still likes me. I don't know about you but that's what risk management means to me.  So you don’t really believe Bitcoin will be successful (or at least you don’t know if it will) so you’re not going to risk any of your own money when you can risk the money of others. In the mean time you can milk the cow dry and make money for as long as it lasts with limited personal risk. That’s perfectly rational and a very sound personal risk management strategy. Does the guy paying for Corn or Pork Bellies believe they will be successful? He hopes so, but is aware Soy Beans might displace the Corn. So he doesn't put the bank on Corn and mitigates risks. |
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LOL, common you have to show it: 1. nounce Standard greeting, or description. ADJ: That shits nounce man. Verb: Nounce that shit. "Nounce bitches! What's goin on?" It seemed apropos in this circumstance. Geesh... spoiled sport. |
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>I only have US dollars at Bitcoinica. I'm hoping that US dollar accounts were unaffected by this. How were >the US dollars stored?
>>Seriously? Can't tell if a joke or not.
Not a joke. There has been a lack of information for users whose primary assets are in US dollars. Most of the discussion is centered on BTC and I'm wondering if US dollars are a different situation?
I guess the US dollars have to be stored in an account somewhere and are probably secure. But if they were on a credit card account or paypal, I'm guessing they could be compromised just like BTC could. Although they should be returned by charge backs.
Were they storing the US dollars on MtGox? If so, they could have been converted to BTC and withdrawn.
I think what your missing is the difference between USD positions and BTC positions on Bitcoinica is the same. They were just numbers on a machine that was compromised. So, poof gone like magic if the data to all positions was lost. There was no physical cash on the system, just the positions and to whom it belonged. The cash, for the most part, is in the bank if they had cash to store in the bank. So, yes presumably there is 'cash' somewhere but who it belongs to is another matter and part of the problem as I see it. However, You bring up a good way of validating something but it might not make people happy. If you funded via a Fiat currency, you should be able to show that funds were sent there. There are 'records' via other institutions and they would be able to show fiat currencies sent back to parties. The difference could at least be a case for refunds if in fact all data was lost. This however doesn't, initially, help people that transferred in using BTC or what they sent out using BTC. Without data and proof of accounts and positions, this is/could be one big mess. We're all speculating here though. Not much in the way of official communications from those in authoritative positions. |
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If anyone was/is going to take legal action, they aren't going to make threats about it in a forum. They will let their attorneys do the talking for them to the appropriate entity responsible. Usually that is anyone remotely connected to it. The lawyers sue everybody and let the judge weed out who is appropriate. We might even get new case law: § 31.33.7 Bitcoinica sub(a) interesting trading platforms. I'm not making threats. I'm merely saying those documents, if real, could be very valuable for the people that want to take legal action. Seems to me that that is a threat in of its self. i.e. Take care of me or I'll release what I have. Otherwise: You would just post them and let the chips fall where they may. |
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If anyone was/is going to take legal action, they aren't going to make threats about it in a forum. They will let their attorneys do the talking for them to the appropriate entity responsible. Usually that is anyone remotely connected to it. The lawyers sue everybody and let the judge weed out who is appropriate. We might even get new case law: § 31.33.7 Bitcoinica sub(a) interesting trading platforms. |
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actually he's probably not running a ponzi. what he is likely doing is very profitable. in this scam traders get burned. his clients, his investors profit from that. they do not get burned. clients could get hurt if he is levered up ("scale up") with money he has borrowed from when his strategy eventually fails. leverage works both ways. risk/reward multiplier. You know this sounds like something familiar. Can't quite figure it. Oh, a really good Broker on Wall Street. (Pirate = EF Hutton) Don't give him ideas, he'll start charging commissions. |
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If anyone could opt out, everyone would. It's mandatory because we all know it's just a Ponzi scheme.
GET BACK TO WORK, SLAVES!
ah... The Amish do not contribute to Social Security, nor Obama Care, nor Mortgage Insurance, nor etc... But they also don't partake of any benefits of Social Security. |
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I only have US dollars at Bitcoinica. I'm hoping that US dollar accounts were unaffected by this. How were the US dollars stored?
Seriously? Can't tell if a joke or not. |
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I don't get it why would some one put a PGP signature? wouldn't someone just copy the message and paste it into their "owned" PGP signature with the new message and paste that PGP sig with the new message? No one wouldn't even know the diff?
Well to anyone who checked the sig it would be immediately obvious that message has been changed or that it isn't signed by the expected party. 99% of people won't validate the sig (would be nice if some browser auto-validated sigs) but the signature is for the 1% who would. Well i assume that the sig would be changed too if the messages can be, I still don't get how any of the PGP signatures linked to identity in some way is there database look up that has identity associations with it I'm not aware of? Not sure if serious... Yes, it is called a public key-server. You can verify that the message was written by the gpg(pgp) Nick that 'Wrote' it. Maybe not who posted it, but who wrote it. Reeses post was to show that you can't prove you're NOT someone with a post. If you want the person responding to your inquest to sign it, I would suggest that you ask them to add a nounce (some random data) of your choosing to the reply to insure that it is not a 'cut and paste' job. Do this simply because entire conversations to questions can be thought of ahead of time. However, beware that most keys here are not 'signed' by anytype of authority to prove IRL identity. So all you are really doing is confirming a gpg <Nick>. Most gpg nicks that want to protect a reputation here can be found in the WoT on the -otc. There are however a few people that have their keys signed by an authority and other members. An 'authority' is usually an respected organization that has some type of proof of IRL identity. Other members 'usually' don't sign someones keys unless they have met them but this isn't always the case. Edit: Didn't type fast enough. |
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Retail has variable costs. Selling 1000 ipads is harder than selling 500 ipads.
You might be making a 30-50% markup on items (though probably not on ipads - I'd be surprised if retailers make more than 5-15% due to the competition online), but that is only when you don't count your fixed costs (marketing, rent, employees) and variable costs (additional advertising, employees, and rental space to scale up the operation.)
If you can buy 100 ipads from China and turn them over in a week without any additional variable costs, then you are a genius. If you can do this and decide to use other people's money to do it instead of your own and give them most of the profit, then you aren't a genius.
Yea, well IPads was an example. Apple wouldn't dare let that happen. But other products are routinely MU@300%. Instead of Ipads, think Pet Rocks. I wonder, what the MU was on them? lol And Yes using your own money is preferable in this to maximize profits but using your own money and OPM allows for greater expansion and control of Market Share. In reality though, you could just use OPM, suck out profits and mitigate risks. Now combine with ForEx and ComEx and 'all' that happens in those markets, 7%/wk isn't unfeasible. BTW: I believe the rate is actually 10.5% or so overall. And remember, this is getting paid in BTC not USD so the Spot Market is in BTC rates. But alas, I dunno. I just don't appreciate how fast and furious everyone goes negative. But considering what has happened in the community in the past, it is to be expected. It still doesn't make it right though. |
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And this is BitCoin
The double meanings are apropos and hilarious.
On a dark desert highway, cool wind in my hair
Warm smell of colitas, rising up through the air
Up ahead in the distance, I saw a shimmering light
My head grew heavy and my sight grew dim
I had to stop for the night
There she stood in the doorway;
I heard the mission bell
And I was thinking to myself,
"This could be Heaven or this could be Hell"
Then she lit up a candle and she showed me the way
There were voices down the corridor,
I thought I heard them say...
Welcome to the Hotel California
Such a lovely place (Such a lovely place)
Such a lovely face
Plenty of room at the Hotel California
Any time of year (Any time of year)
You can find it here
Her mind is Tiffany-twisted, she got the Mercedes bends
She got a lot of pretty, pretty boys she calls friends
How they dance in the courtyard, sweet summer sweat.
Some dance to remember, some dance to forget
So I called up the Captain,
"Please bring me my wine"
He said, "We haven't had that spirit here since nineteen sixty nine"
And still those voices are calling from far away,
Wake you up in the middle of the night
Just to hear them say...
Welcome to the Hotel California
Such a lovely place (Such a lovely place)
Such a lovely face
They livin' it up at the Hotel California
What a nice surprise (what a nice surprise)
Bring your alibis
Mirrors on the ceiling,
The pink champagne on ice
And she said "We are all just prisoners here, of our own device"
And in the master's chambers,
They gathered for the feast
They stab it with their steely knives,
But they just can't kill the beast
Last thing I remember, I was
Running for the door
I had to find the passage back
To the place I was before
"Relax, " said the night man,
"We are programmed to receive.
You can check-out any time you like,
But you can never leave! "
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-----BEGIN PGP SIGNED MESSAGE----- Hash: SHA1 It's the only way to prove you are not Shakaru. -----BEGIN PGP SIGNATURE----- Version: GnuPG/MacGPG2 v2.0.17 (Darwin) Comment: GPGTools - http://gpgtools.orgiQIcBAEBAgAGBQJPvC9xAAoJEEA+/hj9AfY+26kP+wQHSDZ3sr+JbkGQRAcSwsVN ZCQBvt/Z7ugTIfdejjftsqmQ1IZGQURygNf05/I4KrMJ8ZyaMkQ7bjRLv6ntCxT8 f0UyJjk23NgwTNdIx2Xzn2w3+eb7XFD/fdF+YnnlDvsnNK1PUZsd2BJwl4FwFxr8 gd84G2raO1b3zE1ElPuAXlCaEGuzAMFAnXz079Ltf0PiBQgHmSWUs1hXj1VZGe/v v4470Z5lj43ALKmoF41mwy/EK0OuQHB9Zsaaq2MCr3t4DKuIBdadasOZXYHZQmtw Vv9FRU6X5l5BnYHxx64KEM7F4gRNqven0GI3oET/lHQjlk/y6GRvpVbv303F6qeg biW/BTacs9w7bmd7va/j/RIEr48UxClu4aQrHWVzERHxgwS524rIszEElIcKRI6t 1gFkFB43HXSsQtwJbE6i01p1cf+yT800dEQAPjnQ2kHjsUPOQPtq2gLndmqpyaK1 2qyFdnK2nWeKQ42EMYbdcrNLTNyAHvsEGY+lQexS3y2bcctfxF/7PGHddJAcrJNV BPWdeWpPIjzwQYdGmKR8W3SwPWtD+LSKoRaMExAk0rgoacEGL93twTIQhaj95CHr uYO7n4L9+x4YZFNTo3eY/V3JkFGEGWwddrU7tPV0mMtJZ9tt7iaQ7iifTMJoy37m ICE4mJnCQwQGkIJQKFrA =eDCW -----END PGP SIGNATURE----- LOL |
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I don't get it why would some one put a PGP signature? wouldn't someone just copy the message and paste it into their "owned" PGP signature with the new message and paste that PGP sig with the new message? No one wouldn't even know the diff?
Yes, and it has been done. But, you can verify the signature with the message. So, it depends on the message and what is said in it. If you are challenging some to just sign something though, you might want to add a nounce to the request. i.e. Sign the following... I am me. aksdjfkaksehkehje893929 with your gpg key. |
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I joined the FPS&T, BTC S&T on the 1st of March 2012, it wasn't easy to get on board then either, I requested that my investment be rolled over for compound interest but this got missed on our communications which is fine by me, who on earth would be paying out interest if he could just keep it when up to anything dodgy, nearly 3 months down the line of receiving these payments that never even had to be made plus continual monitoring of the evolution of Pirate's offering & most of all this thread have convinced me to PM Pirate today to request doubling my previous investment much sooner that I was originally planning to do if he has that sufficient availability at present
Congratulations! You managed to use five commas and zero periods. vrag, is that you? IC,IC. is correct. "How about IC,IC,ICDCDC,InterogatoryDC,DCRunON." ? |
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So his legal options are
Buy bitcoins and sell them making money on the difference. Kinda like the stock market and the larger the swings will make larger gains possible. So at 7% one would have to buy at 5$ and sell for 5.035. That doesn't sound impossible. Granted the exchange will charge something but isn't impossible and the larger the transactions the less he pays agian making it better to draw more depositors in.
Lending to people short term can be an Option. I am not a fan of payday loans but a similar idea would pay bit money a year and each person pays a lot less per contract providing they pay it off fast.
I am not saying he is doing anything illegal just somethings that although look maybe bad could be explained.
Huh 100 to 107 in a week sounds sweet.
Well not the ' Stock Market' but the ...? |
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Sent
NOW, tell me what are you getting pops?
I'm buying him a vintage Beatles Record from Silkroad, its a custom listing. It would mean the world to him. LOL, I missed it. Well nice to know I am doing my part to make SR legit. |
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Sent
NOW, tell me what are you getting pops?
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Hey, remember the Baron's thread. That was a long thread. Wonder if it will ever make a re-apperance. /me hides.
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So as far as my lenders are concerned the only thing they need to trust is me. Never trust a Pirate. Trust the Pirate's Booty. This is fun stuff. You couldn't make it up if you tried. lol |
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