Hey guys, thanks for all the responses.....I will try to address all of the questions/replies in this post.
What are my other BTC obligations?
I currently have an 11,000 BTC loan with a long time forum member who wishes to remain anonymous.
I know you have a large mining operation, but you already sold most (all?) of that on GLSBE, so Im not sure how much BTC income you still have and whats going to happen to that debt if BTC exchange rate doubles or triples? I wholeheartedly agree. There are 2 opportunities with available to me for which I will use the funds......one major and one minor. The major opportunity is simply purchasing more equity in my firm. I currently own a sizable minority interest, but more has been made available to me. The business is 46 years old, and has never earned less than 20% ROE. Many years we are closer to 30%.
I assume you will tell any potential investors which firm that is, so they can check the financials and your claim to a stake of it? Perhaps rather than requesting a loan, you could float some shares of that company on GLSBE, backed up by actual company shares, and you take your cut of dividend payments or management fees? I completely agree a lower APR does not automatically remove any risk of a ponzi.....I just hope in doing a more rational type of lending that is successful, persons will stop engaging in the type of schemes that inevitably blow-up. The insanely high yield offerings we see bandied about are a red flag, and a huge one at that. 20% APR is also a big red flag, just sayin. |
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^ No. It seems hashking is just paying back random people with small-ish balances. At least this is what it looks like from reading his statements. He's not willing to lay out his plan, apparently, so it's hard to figure out who actually gets paid out.
exactly like pirate.. |
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I think potential lenders will also want to know more about how you will spend or invest their money to achieve that 20+% APR. Without that knowledge, they cant assess the risk and it would be difficult to distinguish your offer from a slow ponzi.
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Also was it clear Madoff was a ponzi? He tricked a lot of people...
QFT. Thats the guy who is going to uncover what Pirate really did ROFL. |
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 One of few worthy of that title. Vandroiy, can I have your signature? (preferably a digital one that unlocks those 10000 BTC  ) |
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Goat leading investigation in to Pirate:  |
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The first thing we would like to do is find out exactly what pirate was doing.
Thats easy. He took your coins and ran. Whatever Pirate did with your coins, "invest", sell, gamble, coke or hookers doesnt matter one yota. Why dont you focus on verifying his ID and filing a formal complaint? |
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He has a point though. You cant completely separate bitcoin from the community that uses it, and that only seems to be about ponzi's, scamming, hacking and gambling. For bitcoin to grow, it needs to get adopted by legitimate businesses and regular users, but the environment bitcoin thrives in, makes it as likely Amazon will accept bitcoins as that it will sell its goods on silk road.
I used to be optimistic about bitcoin, but I am more and more convinced it wont go anywhere.
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Exactly. A few posts up I read Patrick has 1000 BTC at hashking, and "isnt worried about it"..
Link? I searched this thread and found no mention of Patrick having any exposure to HK. Sorry, different thread: As an example, I have 1000 coins with HashKing that I don't worry about,
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There may also be an equity crisis that is masquerading as a bank run.
Things may be much worse than Patrick thinks they are, even if he is 100% completely honest. (Though naive, it's not like lots of people didn't tell him this would happen.)
Exactly. A few posts up I read Patrick has 1000 BTC at hashking, and "isnt worried about it".. Hashking is a broke scammer who invested all his money (and money that wasnt his) with pirate. Who knows how much more such toxic debt Patrick holds? He may not know himself, but my guess is a lot of it went directly or indirectly to pirate through a myriad of schemes, bonds and "insurances", and that only just began to unravel. |
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What country are you in. And what bank are you refering to? I'd like to read the fine print for myself because if it's true, myself and many others I know with sizeable deposits would love to bank there and earn interest, and be insured...
I dont know of any bank deposito that does not earn interest. AFAIK only a rented safe doesnt. http://en.wikipedia.org/wiki/Deposit_insurance#By_EU_country |
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Im curious how you expect to sell any of these then. Your price/GH is significantly above BFL, and you will probably be ~6 months later. Are you just betting on BFL not delivering? My price per GH/s is sometimes lower than some of our competitors. Also, why would I make our prices much lower if there are no available alternatives at this moment ? Since you wont have hardware until next year either, the alternatives are plentyful. They dont exist now, just like your product doesnt exist now, but alternatives promise much faster delivery and better GH/$. I honestly dont understand why anyone would preorder your asics instead. |
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No word on date availability, can we expect this to ship before 2015 ? We expect this to ship somewhere around first half of 03.2013 I'll post additional notice on shipping dates after prototype tests. Im curious how you expect to sell any of these then. Your price/GH is significantly above BFL, and you will probably be ~6 months later. Are you just betting on BFL not delivering? |
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If you lend out at 7% per week, all you will get is satoshi dice players who have no intention of paying back if they lose their bet.
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In a possible bad case scenario the effects of any loans that could later turn out to be slow/toxic will be distributed pro rata amongst the depositors.
You can bet your other 2/3rd that this will be the case. Even if Patrick is being sincere, chances are very high that he lend money to people who invested it directly or indirectly in pirate and will be unable or unwilling to repay the debt. Borrow coins at 2% per week and get 5-7% per week. Its a no brainer. Either Patrick is very gullible or he must have known this. |
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vescudero, will you accept an escrowed bet about your default in the next 6 months?
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Its where pirate's ship is anchored
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Another one bites the dust?
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