Supposedly payments are starting to show up...in the bs&t payment thread, at least one person claims to have received his/her 4k owed bitcoins from pirate.
Actually he was just trolling. |
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Have to remember, that vendors on that silk road can hedge their btc to protect themselves against swings like this...I think it only costs them 4 percent or so, (been a long time since i read a thread over there, maybe its changed by now, but at least thats the way it was a couple months ago)
AR
Sure you can always do something. 4% sounds OK. But you also have to learn how to hedge and then hedge the deals. Does your time have no value? I'm not positive since I'm not a user/seller of SR, but I've heard that the hedging is a built in functionality. The 4% you pay is so you don't have to learn to do it yourself. That is my understand as well just remember hedging simply transfers the volatility risk to someone else (in this case the site operator and/or backers providing the hedging). If volatility increases the risk increases and either they are forced to stop offering it or charging more. No matter who is doing the hedging volatility costs users who are using Bitcoin as a payment mechanism. More volatility = higher costs and lower value/utility. If they make an actual trade to back it, there is a very small window of vulnerability. |
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Have to remember, that vendors on that silk road can hedge their btc to protect themselves against swings like this...I think it only costs them 4 percent or so, (been a long time since i read a thread over there, maybe its changed by now, but at least thats the way it was a couple months ago)
AR
Sure you can always do something. 4% sounds OK. But you also have to learn how to hedge and then hedge the deals. Does your time have no value? I'm not positive since I'm not a user/seller of SR, but I've heard that the hedging is a built in functionality. The 4% you pay is so you don't have to learn to do it yourself. |
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Although your ideas are possible on paper, I just don't see bitcoin becoming the saving grace that ends all wars. The powers that be will do whatever it takes to preserve that power. I agree with this 100%. The only way to end aggression is through the use of force (ironically). There is no lasting, peaceful way to prevent other people from coming and trying to take your shit by force (under the pretense of the "greater good"). You only have as much liberty and freedom as you are willing to defend physically. Ever heard of Ghandi? He and his followers broke the spirit of the British military not with force, but by refusing to fight back. You can only beat a pacifist so many times before you feel like scum. |
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User #319 ...FML  Wow, talk about an explosion of accounts, I'm 282 and it's just a couple weeks old. |
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I'm surprised the bets haven't amounted to much. Perhaps someone knows something I don't. I still doubt the price fluctuations have been enough to get all the coins he needs. The fact that he's closing and still needs to manipulate the market to me means that he decided to shutdown before he had all the coins he needed (someone please correct me if I have the timeline wrong).
Or maybe there has been so much FUD flying you're just seeing ghosts. Anyway, let's not get into who is and isn't manipulating whom. This thread is for bets. |
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I'll do 10. I don't believe we'll see a default, but I'm willing to give Matthew a few coins as a thank you for offering this up. If the shit does hit the fan, my signature address is fine.
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I think it's safe to say it's been a bit longer than 3 hours now....and I still haven't gotten my withdrawal request of 114 BTC.
I wonder what the problem could be ?
It's monday in your part of the world? Its monday afternoon here, but that is unrelated to Pirate's monday There is actually a pretty simple relation between your Monday and pirate's. where's he, europe or US? This time of year, pirate is UTC -5, in winter, UTC -6. Central Time, US. |
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I think it's safe to say it's been a bit longer than 3 hours now....and I still haven't gotten my withdrawal request of 114 BTC.
I wonder what the problem could be ?
It's monday in your part of the world? Its monday afternoon here, but that is unrelated to Pirate's monday There is actually a pretty simple relation between your Monday and pirate's. |
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The 5 "elements" being absurd is simply a matter of poor translation. What was really described by those classifications were the 5 densities of energy. Solid, liquid, gas, plasma, E/M waves.... not so absurd now is it?
Now according to you we must search ancient text for MAXWELL's equations !! No, I didn't say that. |
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... September Gavin will be announcing CIA takeover of all bitcoin development with Pirate being promoted to Director.
No problem. That's what God created forks for. And if the blockchain forks in relationship to a codebase fork I'm cool with that too...as long as it doesn't back-track to half a year ago when I last did a transaction I'll just control the same percentage value in more than one blockchain. Until someone you send BTC to rebroadcasts your transaction on the other chain... This is easy to avoid though, just remember to send all your coins to a fresh, unique address on each chain shortly after the fork. |
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I agree with proudhon. People were no doubt holding during the rally (miners, bitpay, etc.), coins are going to be coming out of the woodwork.
And that's just the people who were holding (like, had them in their own wallet, or just sitting in MtGox). Now, in addition to all those holders getting their coins ready to sell, we've got the hundreds of thousands of coins coming out of the pirate ship and a good portion of those a likely to end up on MtGox. I hope everyone is well stocked on popcorn and beer, because this week is going to be epic. What we've already seen is the tip of the iceberg, so to speak. This is going to be bad. I won't be selling any of my pirate booty, but I'm tempted to get some usd ready in case others do. |
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Sorry for the rant. My fingers need a break. Once I get typing about this stuff it's hard to stop...
Please don't, excellent posts, if you ever feel like writing for the magazine I'm sure it would go down well. Almost too good, will have to keep an eye on you It's non stop here today, first an education in market manipulation, then a debit card linked to bitcoin announced and now you pop up... I've no idea who you are but I'd bet you'll be playing a leading roll in bitcoins future. Very pleased to make your acquaintance. Where can I read more about this debit card? I don't see anything in the service announcements or service discussion sections. Edit: found it in bitcoin discussion: https://bitcointalk.org/index.php?topic=101838.0 |
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Another possibility is that's BFL. And they're using it to play the market with all the money from their pre-order sale.  BFL used Bit-Instant meaning they were paid in fiat cash for those BTC purchases. In that case... I stand corrected.  Do I get a special badge or sticker for correcting you  Maybe it's Bit-Instants wallet but I don't think so. Of course:  Although they also could have changed their surplus of USD back into BTC. Makes sense if you go long on BTC Except they used bit-pay, not bit-instant. |
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Its just crashing because everyone is trying to improve their positions.
But by panic-selling? I mean sure it brings them out of the game and into the safe zone, away from this depression, but wasn't there an initial cause of this panic? I don't think its really even that much panic, its just people trying to accumulate bitcoins. It will be one hell of a race to get back in once we form a solid bottom. |
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Smart money's chilling with their fiat dollars while they wait for a rebound.
Smart money's already bought back in so they don't have to fight for the few BTC still for sale against everyone else sitting with fiat in their accounts now. |
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Damn people! Anyone watching the collapse right now? We've seen a 1 USD/BTC drop in the last 30 minutes!
FTFY |
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Crazy times. I'm enjoying every moment of it.
Indeed. We all did ourselves a great disservice. This is not going to make the general public trust Bitcoin. And trust of the general public is what can drive the price into the 5-digit range. So for some puny "profits", which are bound to be the losses of someone else, we blow it. Welcome to humanity. We have two options: greed and fear. |
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It was merely a blind arrow in the darkness,there are many absurd things in our ancient texts like - earth,water,air,fire and sky are the 5 elements of universe. I guess the important thing is whether there is a record of the Matter=Energy translation before the physicists published about it. I'm going to try to check it with multiple indian dudes. I have no idea how common familiarity with sanskrit is. Most likely it is only a select few experts who translate at this point. If its true lorentz factor must have been written somewhere. But one mystery still remain,speed of light is given in vedas or its over interpretation ? http://www.google.co.in/search?q=speed+of+light+in+vedasThe 5 "elements" being absurd is simply a matter of poor translation. What was really described by those classifications were the 5 densities of energy. Solid, liquid, gas, plasma, E/M waves.... not so absurd now is it? |
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The sanskrit is:
Isa vasyam idam sarvam.
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