Scamming is illegal and committing large-scale fraud over millions of dollars worth of assets is punishable in the US and almost every other country to speak of.
Nobody has argued that scamming is not illegal. Right now, though, there is no known criminal investigation into pirate's operation. He can't be prosecuted, convicted and punished for fraud without substantial evidence. Many users are actively against the idea of trying to initiate a criminal investigation because they believe that it will reduce the chances of recovering their funds even further. Others are unwilling to send good money after bad by pursuing civil action while it's unclear whether pirate has any ability whatsoever to pay any judgements. Whether pirate's actions are contractual breaches or criminal offences does not affect whether harassing him or his family is in itself an offence. I agree with those points, and think that harassing pirate's family is an utterly cretinous and infantile idea. But, if people want to press charges, they should. They should also report the scheme to the IC3 as a fraudulent internet business, because that's what it is, apparently. |
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That is until Shavers keeps records of anyone that contacts his family and countersues for harassment.
That would be a funny thing...  Officer: So, why are they harrasing you and your family?
Trendon: Well, I stole $X,XXX,XXX.XX from them... It is considered a debt right now. Theft is taking something without the permission of the owner. The owners of these bitcoins gave the bitcoins to Shavers voluntarily without any written contract on when it will be paid back. So now people that gave bitcoins to Shavers are trying to collect a debt he has with them where that debt is in a virtual currency that is not legal tender in any jurisdiction. Can we please stop spreading this outright nonsense. Theft can also be done through fraud by deceiving customers. By your argument, Enron execs should be free of any charges and Madoff would be enjoying his billions on an island somewhere. Scamming is illegal and committing large-scale fraud over millions of dollars worth of assets is punishable in the US and almost every other country to speak of. Enron stock isn't legal tender either, but had an easily measurable USD value, just like bitcoins or Pirate deposits. |
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Probably increased press coverage and the Pirateat40 scam/scams coming to an end As the fictitious nature of the ponzi deposits are exposed, the "m2" money supply of bitcoins is reduced (people who think they are holding bitcoins, are in fact not holding anything), and there is a rush to buy more as many of the disenfranchised investors/marks are still hoping the value of bitcoin itself will appreciate against the dollar. |
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First dip gold in water to find the amount of displacement.
as written above, this is pretty hard. second, and as an additional point why this doesn't work: you can mix the tungsten with small amounts of some other very cheap element to get the exact density of gold. then, both parts (pure gold, and the tungsten+something mix) have exactly the same density. Heh. No.no he's right. you could toss a little platinum in there to offset the weight to have a net equivalent density of gold in the same volume. in the end you'd really have to go to more complex testing eg ultrasound or conductivity Platinum? Let's keep things cheap while we're ripping people off. A proper ratio mixture of lead and tungsten could have the exact density of gold. Platinum is cheaper than gold (Crazy, right?) and lead is 1/2 the density. Pt is the cheapest element that has a higher density than gold. The equation that would need to be fulfilled is: p_Au*f_Au + p_Pt*f_Pt + p_W*f_W = p_Au, for the bar to pass the archimedes (effective density) test. where p_x is the density of element x and f_x is the volume fraction of element x. p_Au = 19.282, p_Pt = 21.46 and p_W = 19.25. This equation is subject to the constraint f_Au+f_Pt+f_W = 1. The price of W is $45/kg, which is $1.28/oz. Gold price = $1771/oz., Platinum price = $1638/oz. Now we can establish the price of the bar as a function of the volume fractions. The price per oz. of the forged bars is given by P_bar(f_Au, f_W, f_Pt) = P_Au*f_Au+P_Pt*f_Pt+P_W*f_W, which we would like to minimize given the above density and volume constraints. This arrives at an edge solution (max. amount of W, no Au in bar), at f_W = (p_Au-p_Pt)/(p_W - p_Pt) = 98.4vol.% W, 1.6vol% Pt. This bar would cost $27.40/oz. and have exactly the same apparent density as a gold bar. Of course, it would not look like gold, but basically you could add any amount of Pt/W in this proportion (98.4% W, 1.6% Pt) to the gold bar, and you would not change the effective density. |
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^^resize that shiz   hollllyyyyyyy shittttttttttt i wonder what user xkcd is on the forums |
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First dip gold in water to find the amount of displacement.
as written above, this is pretty hard. second, and as an additional point why this doesn't work: you can mix the tungsten with small amounts of some other very cheap element to get the exact density of gold. then, both parts (pure gold, and the tungsten+something mix) have exactly the same density. Heh. No.no he's right. you could toss a little platinum in there to offset the weight to have a net equivalent density of gold in the same volume. in the end you'd really have to go to more complex testing eg ultrasound or conductivity |
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This is actually more wide spread than you think, I know lots of Chinese factories are producing
these tungsten filled "gold bars" that is flooding the market. Most of the time even the merchant would not
know, since it's difficult to know unless you destroy the bar and reveal what's inside. I think at least
20% of gold bars on the market right now, are tungsten filled.
Don't see any problem if these bars r used as legal tender. Noone should care what is inside. Tungsten is even more valuable than paper inside dollar banknotes. Tungsten is a common element with little inherent value. If people buy gold bars, they expect to be buying a certain quantity of rare, expensive, precious gold, not common tungsten you can find in every lightbulb. |
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inb4 archimedes #eureka
his method is so inexact, it wouldn't work at all. you know, water has this nasty thing of "surface tension" use oil then. this method should be pretty exact. Worst case you'd have to get some lab glassware to have precise volumetric measurements. Getting accuracy of better than 0.1% might be pretty tough even with lab equipment, especially when one of the surfaces is embossed. It would be pretty tough, you are right, and would require some laboratory skill. 19.25/19.30 is a thin margin. The conductivity test or ultrasound would probably be the easiest. |
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inb4 archimedes #eureka
his method is so inexact, it wouldn't work at all. you know, water has this nasty thing of "surface tension" use oil then. this method should be pretty exact. Worst case you'd have to get some lab glassware to have precise volumetric measurements. |
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The walls... worn smooth by billions of tumbling Mario corpses... LOL
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Since some of it is real gold, the bar will weigh roughly a half gram more than it is supposed to, on a 311 gram bar.
well, if it says 311 gramm, it will weight 311 gramm. what they change is most likely the size! i.e. a fraction of a mm on a non-even surface (where the embossed numbers and letters are) is impossible to notice. therefore, one has to measure the actual volume, which is pretty hard. inb4 archimedes #eureka |
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But cashflow will decrease when assets are used to buy back shares. Usagi may have many admirable qualities, but I don't think she can make capital appear out of thin air or generate cashflow from nothing.
You're right, but I will be using revenue to buy back shares while we don't have new contracts to sign (vs. just investing it or holding it). I will be keeping our existing assets on the books to back existing contracts and some room for signing new ones. This is a very common thing to do in business. Shares undervalued? Buy back to reward long-time shareholders. Shares overvalued? Issue new shares to raise capital and grow the business (although usually a tough sell to current investors) |
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Wait, so almost all the PPT operators tried to sell their operations to you when it became obvious the situation was unsustainable? Like rats off a sinking ship  Or he could be buying low and end up with a huge profit when pirate repays... are you going to divide up your pound of flesh equally among pass-thru holder? lol |
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Great article. Keep up the good work julz!
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Funny how everyone is blasting Graet because he is the only pool operator to actually take a stance
Whereas I have seen none of the others comment in this thread or anywhere else saying they would ban GPUMAX
Users will always find a dealer, so go after the users not the dealers
the United States war on drugs has made that much clear
This is such an unnecessarily antagonistic thread. Pool ops have no obligation to do anything about GPUmax, although it would be nice if they would. Same thing with miners. There is no reason to act like Graet or anyone else is some outrageous person for not going out of their way to block it. |
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Obsi gave some more information on IRC yesterday. I don't have logs unfortunately, so please correct me if I'm wrong. I am trying to be as factual as possible here. Obsi claims: - Obsi is running a passthrough to a business involving lending and debt purchasing
- This business allows its employees to invest in its operations
- Obsi has organized a passthrough with one of the employees
- Obsi can not reveal the business because others could bypass him and take this opportunity directly.
Obsi is ben bernanke |
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How is this going to help you get your BTC and how little profit do you think GPUMAX generate ?
It's simply a matter of principal. How many Jews do you know that today proudly drive a VW Beetle ? or perhaps even a Porsche ?  |
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Hey Graet. Imagine that you have a young wife and a young son. Your wife's Gynecologist (you know, pussy Doctor) is your son's baseball coach on the side and physically abuses your son, say, in a 'private' nature. Would you still allow him to work on your wife's private parts because 1 has nothing to do with the other ?
lmao |
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Alternatively you could avoid bringing legal attention to bitcoin by using your brain to avoid getting scammed.
A scammer tag in bitcoin community is more powerful than a tax - avoidance judgement. Cause then you are done with the ladder profits. Cheers Zyk costs nothing but time to start a new identity/identities on the forums. if you can make off with $5m just by posting on a forum for a year, I'd be working round-the-clock, posting from multiple accounts and lying my guts out to get the money. unless of course I was afraid of getting thrown in the slammer |
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