This is the dawning of the age of Acquireous!
The age of Acquireous!
Acquireous!
Acquireous!
Aquarius? |
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There, now it will fill in the rest of today, then stay constant.
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I see the cup with handle here.  Oops, that's the live data. I'll update it to the specific dates. |
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Can someone explain to me the logic behind this? Is this really manipulation?
I would figure that if it really was someone who wanted to buy 200k worth of coins they would do it in small bits over time
Without proper perspective as to the motivation the possibilities are numerous. Maybe they'er in the know about the rumor that Germany pulling out of the EURO and they needed to find a quick option before marketss open on monday? Then again maybe one should plan for 30k of BTC to be sold back onto the market later next week? Fat arb opportunity, but if you go for it and don't have the money ready to buy on the other exchanges, then they will snipe you because they do? Of if you buy up the others first they pull the wall? |
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The trading floor has now become a challenge of wits.
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seriously guys; watch out for the Double Ramp...
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Anyone want to sell some bitcoins? |
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No sellers, Okay!  |
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 Who's this new manipulator? Anyone want to sell any bitcoins? |
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Your math is off. Starting with 10K BTC and compounding every week that would give you .337M BTC. You're off by an order of magnitude.
Sorry, you are of course correct. But it is an exponential, so let's just change it to 2 years. Running two years from 10k BTC, he would end up with more BTC than currently exist! The yield is something like 3300% annually. Yes, my earlier number was wrong. But even if it was wrong by two orders of magnitude, this would still be ridiculous. What I'm trying to say is: the numbers are so far away from reality, it doesn't even matter. One BTC in four years would yield about 1,290,000 BTC. AND NO, I DID NOT MESS UP THE MATH THIS TIME.Assuming that you don't withdraw the btc at any point. AFAIK, at some point, everyone does a little profit taking. It is totally reasonable to be skeptical about high returns. But the people who are vocal about it are nuts. They do that simple and completely irrelevant calculation as if people or pirate will never scale back no matter how big it gets. Pirate gets to push people out and afaik he actualy does it. So there is nothing exponential even implied here. It's like a standing loan with a standing payout. And when the loan amount goes up because pirate wants more the interest only goes up in exact proportion, linearly. I think a fast BTC price rise is going to bring pain though, I'm watching closely. Or maybe he's all in and sitting this one out until it settles down... he did say he's taking a vacation this weekend. |
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2SHA256 getting cracked open while Bitcoin is still using it as the hash function. I don't much (anything) about whats "under the hood" of bitcoin, so how hard would it be to change the hash function should that come up? Hard, but doable. Technically it's not that hard, but gaining consensus on what to move to and ensuring a smooth transition may prove to be a challenge. Yeah, I'm mainly worried about the pushback from miners, especially the ones who've bought "endgame" ASICs whose investments become worthless if the algorithm changes. Usually cryptographic functions aren't broken overnight, which is part of why I'm not as worried about ECDSA (even if breaking the wallet key system would be far worse than breaking the hash algorithm). It's just that I don't know whether people will be willing to throw their Butterfly SCs in the garbage just because 2SHA256 is starting to look a little pale in the face. If SHA256 starts to look pale, they will be pushed out by people who make hardware to hash faster using the exploits. As long as that hardware is widely available, it just means higher difficulty. When difficulty is high enough that we really only have 128 bits of 0's and 128 bits of hash, I'd say it's time to change the algorithm. |
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My humble prediction *gasp* *gasp*;
We wont break through 6.60$ before not having fallen back behind 6.40$ (possibly to 6.30$).
*gasp*
 PFFF all you want, he called it. |
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@FredericBastiat: The game ends abruptly at the point of maximum expected money deposits -- or, equivalently, as soon as the money flux goes negative. I would expect that behavior because it gives maximum profit. So, yes, this is point number 4. Come on, how can u speak about 4 years, when btc is roughly 3 years old.
No one tells you that this would last for ever. You are pointing to a fact that this cannot go for long,I agree with you, but thats it.Thats why people are taking part in it.
In reality, there are multiple users with five- or even six-digit BTC sums who would go great lengths to get 1% weekly return, not 7%. If the pirate wanted money, he'd go to them and offer security, and he'd be earning the entire difference of 6% in addition. The throughput would be gigantic even within one year. Too gigantic to sound realistic. Nothing he does makes any sense from his perspective. He has a magical unbelievable money machine, but does... a mining site? He does a psychological trick to make it a PRIVILEGE for someone to be able to lend him money. It's textbook fraud. All the visible patterns seem to target psychology, but I don't see anything that makes sense economically. Be that as it may, I've said my part. I wouldn't complain if this were MMM-2011, where the people who orchestrated it openly admitted what they were doing. This one is deceptive, and I hate deception. It, in my opinion, is enough reason to "misbehave" and temporarily disturb a thread. Pirate's business plan is so profitable because of lack of competition. If he only paid 1% weekly, he would have to explain his business plan. If he explains his business plan, he will have more competition and thus less profit. Now, quit trying to save people from the boogie man and let them learn for themselves. |
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this thread makes me feel that bitcoin is kind of drug, when the rally comes, people are high here.
Sounds like an accurate description. @Vladimir If it was such a no-brainer, then why did it take weeks for the price to rise? Clearly we were in the minority here.  I disagree with this lending bubble thing because my impression is that the large borrowers/lenders are diversified well enough if they have exposure to pirate, so, in my view, there will be no masses of huge defaults on bitcoin loans for that reason. A few, yes, but nothing huge. It might happen because of an extreme price ramp, though. In contrary, a pirate default might actually be a short term bearish event considering how much of the BTC community seems to be invested. There would be lots of lost trust, just like with the MtGox hack. If you look at the lending section, it will become apparent that people treat the pirate investment differently, especially when people ask if the other party has any exposure to pirate. Deleting old posts to stay leet are we? |
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maximum pain theory in action
I have been predicting this since it was clear that Bitcoinica had no database backups. It took quite a a while, but it was destined to happen. Edit: wow, look at my post count.  Quick! No more posts . |
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I suppose I could implement something that could divide between different lenders... The borrower could just as easily request multiple small loans and divide it up that way. That would be much easier to program and less prone to failure. Would having to make multiple loan requests be a huge problem for you? What could some of the complications be?
If he's thinking prosper style, that was 50+ people throwing in on a loan. That would be cumbersome to do manually. |
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how can anyone say we have a Mania?
how many remember all the ridiculous threads that were started back in Dec/Jan as we started the rise? it's been remarkably civil around here during this latest rise since February.
uhhh... we are censored now Good point. |
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iOS 4.3.3
They didn't have an untethered jailbreak for iOS 5 until a few weeks ago and I haven't had the chance to update. Safari crashes sometimes, but this is the only other app I've had trouble with.
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Every piece of current money in existence today is created by this mechanism of debt loaned into existance.
Except bitcoin, or gold, or silver, or chickens, or ... Maybe you mean fiat money, but the term money means anything that is accepted as payment in a given socio-economic context. I used the term " Current Money" for our current legal tender fiat. Sorry for the confusion. Still not accurate... everything I mentioned is still used today in certain areas of the world |
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