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Added hyperlinks to the asset names to give quick access to GLBSE.
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So pirate has borrowed enough coins to give him the weight to manipulate the market and thus profit enough from his up an down game to pay off his lenders and make profit?
Everyone could just call their coins back. Why would they when they are essentially in cahoots with the pirate and making good money? Because when pirate makes a really bad bet (JPMorgan Chase style and he will one day) he will probably default. Then everyone will lose a portion if not all of their money, and Pirate will be labeled a ponzi scammer even if he is not. When it gets to serious cash like this then it is hard to come back from big falls. If he lost a little before he could pay back out of his own funds to make up for a profit later on, but a loss that he can't handle will doom the whole operation. All of pirate's creditors could do the same thing he is doing except without the manipulation and potentially make more than 7% a week. I don't borrow or loan money anyway and I will only invest with people or institutions that are transparent, but I would hate for this to hurt the bitcoin economy and tie a lot of people's coins in limbo like with Bitcoinica. |
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So pirate has borrowed enough coins to give him the weight to manipulate the market and thus profit enough from his up an down game to pay off his lenders and make profit?
How? He'd need to be making in excess of BTC30000 profit per week to make this thing a legit business. Check out the volume on Gox. If you were on the right side of every single move the market makes and made up 50% of the entire gox volume, you wouldn't make that. So where's he making that? The silk road doesn't even make that amount of profit. It just isn't possible to make the numbers fit anymore. If anyone can work out a way that fits within the basic confines of reality that'd give 30000BTC per week whilst having no known customers and no obvious signs of market activity then please do tell. He does not have to make a profit every week. One week he might lose 5% but the still owe's his creditors 7%. Then the next week he might make 20%, enough to cover the 2nd week and the negative funds from the first week. |
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So pirate has borrowed enough coins to give him the weight to manipulate the market and thus profit enough from his up an down game to pay off his lenders and make profit?
Everyone could just call their coins back. |
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Most of the rally was for shits and grins. If you're buying at these prices, you're making a mistake.
And if you are selling at these prices? |
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mtgox monthly volume 7-10x larger than SR's, contrary to previous speculations that mostly SR marketplace fuels Bitcoin economy
What is your point? The FOREX market has a total daily turnover rate of $4 trillion. The gross world product is about $80 trillion. SR is selling manufactured goods, they take capital and labor and create goods that are more valuable than the parts separate. MtGox is a zero-sum game for speculators and just a place to exchange currency for those that want to buy or sell something using the Bitcoin currency. |
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One thing is certain. Advertised more than a 2% weekly return is a lie (or a damned well calculated statististic)  @GeoRW, I think it is relevant to point out the current yield based on the most recent ask. I use the weighted average on my site and tables over that time period to give a better representation of the return. This is because if only the bids are matched then the return is overestimated for that time period. For the last 7 days, YABMC would give a 2.37% dividend return on the 7 day weighted average. For the last 30 days, that dividend return would be 12.64%. One think people fail to factor in is that although the mining bonds may depreciate in value, it will always be worth X hash rate. This is unlike owning your own mining hardware or mining company which will have depreciation in the hardware. The best asset would be one that does not pay any dividends for a few years and instead using the profits to grow the business. The problem in this economy is that there is a lack of trust that the management will not get bored or hacked in that time period so investors want their money immediately. My philosophy is that if I can't trust someone in a year, then why would I trust them for a day. |
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So what is the estimated amount that is in the Pirate fund?
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The female host laughed twice when she referred to him going to jail. Sadist.
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Do not take it personally, same shit happens to all the Mh/s mining turds.
Hey, nobody forced you to buy turds. Are you implying to have a divine right to capital appreciation + dividends? Bonds are usually good for preserving your capital and earning you a fixed income from dividends. If you think about it, mining turds offer you none of the previously mentioned benefits. At the moment, dividends do not cover the depreciation of your invested capital. Sorry, but this applies to all the mining turds. Gigavps managed to push his turd prices up temporarily, telling fairy tale about ASIC upgrades. He also showed us how "generous" he can be. Last month he increased dividends by 10% (110% PPS). Lets be honest, this was just a ruse, to get you all worked up over nothing. He also invented a cunning way to rip off his turd holders once more, introducing a additional .25 BTC fee, to make the upgrade worth anything at all and close to what he personally gets out of it when trading FPGA's to ASIC's (fully paid by turd holders money, btw). I am not encouraging you to fuck us over the same way. How about you take some of that profit and add few Mh/s to the existing turd coupon? If you haven't made any profit, then why even bother? Oh well, just remembered... You have a assload of equipment that cost you exactly nothing - present from the turd holders, who have by now, lost most of their invested principal. Principal, you never have to pay back because this is how the contract is written. And yes, this applies to most of the turds, floating around the GLBSE. Only mining bonds (not turd!), that make any sense to invest in, are the ones with a fixed or partially fixed coupon. Bonds with floating rate must have a part of the coupon fixed at interest rate X and a part of the coupon tied to a Y Mh/s or something similar. "Mh/s only" turds are just garbage and burn investors hard earned bitcoins, while buying turd issuer a room full of equipment at 0 risk. Difficulty and market risks are all left to turd holders. If you truly believe that difficulty is going to go trough a massive drop, then yes, you have a good chance of getting back your money you paid for the turd. Now, lets not forget, that the income from mining will be halved soon. No more 50 BTC blocks. Can you see, how this affects your income and turd price, dear turd holder? Open up a mining company called TURD. |
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No, I live on the beach and a Texas size belt buckle would be too hot.
Is that what he said? No his mouth was too full. |
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LOL, tell that to people who bought those mining turds in June at 0.30, have received 0.038 BTC dividends an looked how turds price has lost close to 40% of it's value, dropping from .30 to 0.16 BTC per mining turd.
And please, do not use that idiotic party line "bb..aaa...bu...bu.. but bonds are not for capital gain..."
Do not take it personally, same shit happens to all the Mh/s mining turds.
You need to factor in price appreciation of bitcoins relative to whatever fiat currency. |
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Do you guys really wear big belt buckles at all times?
No, I live on the beach and a Texas size belt buckle would be too hot. Of course, when I ride my horse into town I put on my belt, with my Springfield 1911. |
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When you get your new Yubikey make sure you test it out on your withdraws. I found that I had to go to the security settings, delete the current Yubikey option and then reset it for withdraws to require the OTC of the Yubikey.
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I think more things need to stay away from Pirate's offering and it is better to put these insured funds into other things to diversify the bitcoin economy.
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I have a real worries about America not being cop state... You worry that America is not a police state? |
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Why not just ask Kevin?
I find his last name interesting though. The mandarin for 林 is Lin while the cantonese version is Lam. He uses Lim which is used in the Chaozhou dialect. These people have a large diaspora community. Many live in Vietnam, USA, Malaysia and Singapore.
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Gosh! But has anyone actually made mention of a hitman? You are obviously not paying attention to Rarity's comments. Rarity can bring up the subject buy you cannot discuss it here.  |
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Crocodile Dundee is already on the case.  |
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What is the agenda? If you have not done so already, you should check out TX/RX Labs. It would be a great way to blend bitcoin meetups with a group that could collaborate and make some projects. I am in Galveston, but I would go to Houston for that. |
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