Do you think all the passthrough sellers are at personal risk of losing assets from legal proceedings ?
I'm honestly not familiar enough with the terms of all the pass-throughs and the jurisdictions in which they operate to give an informed opinion on that. I don't know how their pass-throughs would be regarded legally in the jurisdictions in which they're located or whether they'd be regarded as promoting/operating an investment scheme, or if they've fulfilled product disclosure requirements. My uninformed opinion is that in some jurisdictions the operators would not have personal liability because the product and the risks were fully disclosed and investor funds weren't misused. They may have technically breached financial services regulations in some places, but that alone won't necessarily make them liable for their lenders' losses. From what I have seen he is in Texas and they have a very conservative view of property in that state if that is where he is operating out of. I think that based on what he wrote he is building a bankruptcy case so that if anyone does come back after assets or claims claw-backs that he had a record of what actions were taken and then he came to a settlement with each person listed for the best he could come up with. I would expect that if the lists are turned in by Friday (and if they are not oh well, shit out of luck) that those folks will be sent back a counter offer to close out the debt. The key here is what he sends back in the counter if you ask me. Basically he is going to make each of the trust account holders take a deal for all the accounts they hold and make them go back to their investors/contributors and say here is what I got,  . If it were me that is what I would do so that I could move on with my life and basically pass the buck. BTC are still property and the law may not fully understand this digital item/effort but they will break it down to the basics and apply the law that fits to this matter. If he did move the BTC and covered his track he could claim default and still walk away with the funds unless someone get some savvy legal people involved. All in all this is legal protection, maybe some small payouts to show good faith and the end to this effort. Also as it was said in this post, someone or a few someones would need to have the balls to push the legal issue if they are not happy with what comes out of this weekend, maybe we will see that and maybe not. For those of us involved with this investment this saying fits: It is a big shit sandwich and we are all going to have to take a bite. |
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Yeah, everything appears fine.. the top 20 list is probably wildly inaccurate as well due to the mixed difficulty. There's lots of little things like that I keep finding, doh! Are you still not able to connect to US1? There's about 460 GH/s on it right now. I'm wondering why US3 is so under utilized though, there's always less than 100 GH/s on it, heh. Not a huge deal, we have capacity to spare now. Each server should be able to handle at least 2TH/s of Diff1 shares if not more. I need to run some speed tests.
evanesce - You should be able to buy SMS credits now.
The top 20 list looks find to me, I am still on it  |
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By the way Nevada is working on making online gambling legal. There is nothing public yet but industry and the political efforts are moving that way behind the scenes.
Yeah, this agrees with the recent observations made at the CES'12 in LV. In the past both NGCB and LVMPD would both follow the leads on some small-time payments being directed (or diverted) to the online games of chance. This year officers of both NGCB and LVMPD closed small-time investigations immediately upon confirming that the payments are (or could be) used for non-gaming related transactions. So apparently the winds in Nevada had changed direction. That makes sense, the Governors office came to a conference I was at and talked about "when" online gambling takes effect in Nevada. Also there are some new ventures with mobile software for gambling taking place at the casinos and they are all set up to do full casino gambling. Now the apps let you make sport book bets with allot of limitations. |
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By the way Nevada is working on making online gambling legal. There is nothing public yet but industry and the political efforts are moving that way behind the scenes.
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With the BTC per block going from 50 to 25 in December (maybe November) would you be willing or want to do another sheet reflecting that effect with the known data you have listed? I am sure difficulty will be higher but it might give us more info on what to expect. Love the sheet by the way, |
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I have been watching this effort for some time. It may say newb next to my title but I have been lurking. I have funds tied up in this and know others that do as well. I also knew that getting these rates was a bit unreal and figured that I was getting in early enough to be able to get out before it fell apart, wrong.
All of that said if Pirate is really trying to return all of the principle funding and with some or all of the interest I would consider him a hero compared to other financial wizards in the normal/real finance world. I would say that if he pulls that off he should consider a new more stable venture once the dust has settled and contact those who did invest with him to invest again in the new venture.
If all he returns is the principle to all the investors then we really should be adults and understand that mistakes/shit happens and that we should be lucky to get that back. I know allot of people who did not get that when the housing market took them for a ride.
If he does run with all of the coins and we get nothing then he goes down with all of the others in history under the term Ponzi artist/crook and all we get is a lesson learned.
I know I needed my funds back to help pay for my investments in this bitcoin world but I will survive, I know others who has significant amounts and all in all it is just a sad thing if he runs. If he does not and I would say his actions as of late may have me thinking he might not then wow to him. If he does run with the actions he has done in the last 30 to 60 days like meeting people, making posts after the fact and other communications then he is nuts.
I wish all of us luck who are in this ride and see you on the other side whenever that it.
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Been watching this for a while.
I don't know how it will end. He could end up paying out, he may not.
If he does pay out, I would really like to know why stop now, and what could he have possibly been doing to justify that kind of rate. My guess is drug money laundering, but that's only a guess.
What would be cool and possible is, given the fragility of the market, to accumulate a bunch of coins, cash out at a high price, tank the market, buy back at pennies on the dollar, and return coins to his investors. Everything would be legit - his customers would be receiving the right amount of coins, only the would be worth less.
Allot of people on here figured that is what he did which is why we had a wild ride from 15 to 8 dollar value of coins. Not sure if that was his plan and if he did it but I don't think it was because only 150K of 500K coins he had were sold. I saw that; on that day volume was also ~ 275k compared with normal ~75k. Best case scenario Pirate was just day trading. see 8/8-8/9 for an example in the stock market: http://www.google.com/finance?q=NASDAQ:PCLNPCLN lost $117 in a day, for no good reason. Pirate was probably just controlling the market similarly, nudging the price along and then when enough had followed, taking it sharply in the opposite direction - first one in, first one out (buy low, sell high). Why he quit? I dunno, maybe there is competition now for market making, meaning it's not as easy to control. Maybe he just got tired of being tied to the numbers game. If he's smart, he'll continue this game all the way thru to the end. He'll be releasing 500k bitcoins. A lot of those coins are going to be sold, meaning the price will probably drop considerably. Meaning, he is probably sitting on a lot of cash right now, and as he lets coins go and they are sold, he'll be buying back into the market as the prices go lower and lower. Then once all the 500k are released, he'll wait for btc to crater (around ~1 or whatever), and then he'll buy back in with whatever cash he has leftover. His clients will have their coins back, they just won't be worth as much. I can see that but man oh man he is playing with fire in that version. If he does not get moving with more miners coming on line, ASIC and other market pressure he might not be able to move the markets as much as he likes. If he does and the cost drops before he sold all his coins then he will have a bunch of crap and a bad rep. All in all I think no matter what happens he is going to miss out on a bigger payday and his reputation is toast. |
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Lurker who has been mining for eight months. Did the GPU mining for a while and still do but that has been crap compared to BFL setup. I am a BFL fan so boo to you if you don't like them. Also my name represents that I am using solar to power my mine so ha to you all who buy your power for the man, just kidding around.
I want to be able to post more so that is why I am introducing myself otherwise I am very low key and like to watch, don't get into drama and just trying to be real and make some money.
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Been watching this for a while.
I don't know how it will end. He could end up paying out, he may not.
If he does pay out, I would really like to know why stop now, and what could he have possibly been doing to justify that kind of rate. My guess is drug money laundering, but that's only a guess.
What would be cool and possible is, given the fragility of the market, to accumulate a bunch of coins, cash out at a high price, tank the market, buy back at pennies on the dollar, and return coins to his investors. Everything would be legit - his customers would be receiving the right amount of coins, only the would be worth less.
Allot of people on here figured that is what he did which is why we had a wild ride from 15 to 8 dollar value of coins. Not sure if that was his plan and if he did it but I don't think it was because only 150K of 500K coins he had were sold. |
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Its too bad, pirate's operation was really getting off the ground if you ask me. Allot of his actions leading up to his closure do not make sense for someone who was going to take the money and run. Either he ran into a technical or financial issue he can't figure out and is trying to fix it or he realized his plan was not going to work and so he ran with the funds. Personally I think if he was running a ponzi he missed out on the big money later in the year with more machines and coins being created. Also he has been checking in to IRC and this site since he shut down so why would you do that if your plan is to run. Again all of this is odd.
I was in it through hashking's site so I know I am out some coin unless he does deliver but basically if history has taught us anything is to kiss the coins good by.
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So what do you think, are we seeing a rally or just a limited supply while people wait for December? Also with December coming are we headed for the perfect storm of stuff like: 1. BFL ASIC in October (well maybe in october) 2. Elections in November 3. bitcoins halfing in December'ish 4. Europe funding problems 5. China slowing Could we see insane numbers and them boom a flood of coins? December brings Christmas, and people selling coins. This statement was made up completely and doesn't have any evidence at all. Don't blame me for blatant speculation!Good point I just hope the coins are worth half of what they are today. |
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So what do you think, are we seeing a rally or just a limited supply while people wait for December? Also with December coming are we headed for the perfect storm of stuff like: 1. BFL ASIC in October (well maybe in october) 2. Elections in November 3. bitcoins halfing in December'ish 4. Europe funding problems 5. China slowing Could we see insane numbers and them boom a flood of coins? |
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