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Exactly. More than enough information has been know about Mr. Shavers for weeks now. No victim has done anything, not a single thing. I don't even think anything non-constructive (prank phone calls, or vandalism) has been done. The victims have done ABSOLUTELY NOTHING. It isn't for a lack of information. Hell if you were a real investor you had all the info before sending him a single coin.
Why?
1) For weeks many continued to defend him.
2) For weeks many bought into the whole delayed payout, needing more info, shifting the blame to PPT, Matt idiot gamble, etc, etc, etc.
It was designed to delay, obfuscate, and gradually get you use to the idea that you weren't ever seeing your coins again. If you held out even the slightest hope in the past 3 weeks well it worked.
So pick one:
a) hire a laywer
b) meet him at his front door with baseball bats
c) STFU
How many threads are needed? Do something or don't but there are like 200,000 posts related to the scam. Does anyone really think talking about it for a couple more weeks is going to make Bitcoins rain out the sky? Really? If "one more thead" going to magically convince Mr. Shavers to just hand your coins back?
TL/DR:
The reality is if you haven't already done anything, you AREN'T going to do anything. Being honest with yourself is the first step in resolving a problem. Just admit it to yourself, what Pirate already knows, that you aren't going to do a single thing about it. He got away with your money and you know deep down you already know you aren't going to do anything. If you were you would have talked to a lawyer or driven to Texas with your bat weeks ago. Once you are honest with yourself you can move forward with your lives and maybe stop posting about what someone "should" do.
BTW: I heard Rusty is offering 3% per week. Just put twice as much money into Rusty's "super secret can't share any details money making biz" and in a couple months you will have even more money than before Pirate defaulted. It is that easy. You believed it the magic once, why not believe in it again.
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If you have a backup of your wallet.dat which contains the address you sent them to there is absolutely no risk of losing coins. It will take a very long time to download the blockchain but that is to be expected. 0.3.23 is ancient any particularly reason you are still using that? worst case scenario you can export the private key from your wallet.dat and import it into another wallet.
As Revalin indicated coins don't go to your client. The go the blockchain (alll 20,000+ nodes all around the planet). Your wallet.dat simply contains the keys which let you (and only you) spend/transfer coins you have received. You don't need to be online, or have a client up to date, or even have a computer to receive bitcoins.
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"Still need these?
No, thanks."
Good idea to put [CLOSED] in the title.
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Could you explain how to use bitinstant? maybe in a pm? again, i'm new at this and need some help.
Yeah I don't think I am going to do that.  You may want to take a look at their website. |
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Well 30 days is an anti-fraud measure. It may be annoying but calling it a scam isn't exactly accurate.
BitInstant is one option for US customers to get coins the same day from lots of retail locations.
Tangible Cryptography (see sig) provides the lowest cost coins bulk only in bulk sales ($500 min).
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i understand. all im saying is dont fuck with me and make this harder for me. i asked nice at first. i said please and thank you. people kept digging in me. repeating people are gonna come after with bats and spill my blood wont help either. i dont respond well to threats.
What do you respond to? Honest transactions? Nope. Seriously the only thing that will make your creditors (I am not not one of them) calm down is action. Pay them. Give them a specific plan dates and amounts of when & how you will pay them. Anything else "I promise you will get paid" is just worthless. If someone lied to YOU would you trust them when they say "I promise I will pay you"? Honestly? Either a) make a payment or b) give a detailed exact plan on when the next payment will be. nothing else is going to get anyone to "calm down". You stole from them. Would you be calm? |
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He obviously means a trusted THIRD PARTY.
For Matt could have written up a letter explaining the prank and how even if he won he would not under any circumstances expect the losers to pay or seek any consequences for them, dated it, then digitally signed it. He could then have a trusted third party (say Gavin) digitally sign it as a notary. Even better would to then take a hash of the final double signed document and put that hash in the OP. That would have required the trusted third party to know that Matthew wasn't going to pay out and collude with him in concealing that fact from all the BS&T investors who were using his bet to hedge their potential losses. I'm honestly not sure whether anyone willing to do that could be called trustworthy. Why? He could sign it and send it to the 3rd party to sign, then post it. There's no need for the 3rd party to know the contents of the message until the 9th. Exactly. The trusted party would simply be acting as a notary of sorts "Yes Matt delivered this digitally signed (possibly encrypted) doc to me on xx/xx/xx". |
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Also, we need to evaluate this statement: These deposits are guaranteed by me. Which means no one will lose any money if I make any bad investments. Again, this brings up the issue of time. However, he was never specific about what he meant by "me". You could argue that he guaranteed the program with his personal assets. Should hashking be required to liquidate all assets that can be forcefully liquidated by law? Honestly it is going to take some lawsuits (probably a lot of failed ones before a successful one) before debtors feel they have anything to lose. Still given HashKing has shown no evidence of a legal entity (LLC, Corporation) "me" could only be interpreted to mean him, his person, his assets. Without an LLC or corporation he has no personal liabilities. Every cent he owns from his car to his house to the clothes in his closet and the balance of every bank account could be used to satisfy a judgement. Still it remains to be seen if a judge would consider bitcoin debts to be enforceable. In all honesty this would be a horrible trial case. Poorly worded contract, interest rates above the usary limit of any state, no hard evidence of real world identity, no promisary note, no signed deposits. Sadly it seems these investors Bitcoin ATMs really not want to learn a lesson. Scam after scam after scam they just keep doing the same dumb crap. Hell there are 3 or 4 active ponzi on the forum right now. Clueless idiots haven't attempted to pull their funds out. When they crash and burn in a couple weeks you can just take this entire thread do a copy & paste replace HashKing with the name of the next scammer and save everyone a lot of time. |
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I think the Galaxy Nexus (OS codenamed "Jelly Bean") will change your mind. It is the first Android phone that I felt was comparable to iPhone in terms of polish and ease of use. Honestly I would pay more for one than an iPhone. I don't fiddle anything. Popped a prepaid t-mobile sim card in it and downloaded some apps. Actually since the app store is linked to my google account it downloaded all the apps from my old phone onto this one.
Still if the Nexus doesn't do it Android is catching up fast. If you compare an Adroid 1.0 device to 4.1.1 device it is night and day. Each version Android closes the gap more and more. Honestly I don't think there is a gap anymore but some of it is subjective. Dual core processor, high resolution screen (higher DPI than retina display without the name), large edge to edge screen, NFC that worked right out of the box (even with blockchain.info wallet app), easy to use UI, smooth/polished graphics, nearly universal app support, etc. Getting harder and harder to say Android is a hacker device.
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jbreher, I will answer your question and then leave you to your delusions.
You cited the interest rates in the lending forum as "proof" that 1.5% per week NET is achievable. It isn't. Hell credit card companies or PayDay loan companies don't make that kind of return on capital. I was just pointing out that just because there are loans in the lending forum at x% per week doesn't mean one can borrow at 1.5% per week and issue loan in excess of that, cover costs, defaults, and still be profitable.
Even if that was possible under normal circumstances (which it isn't according to free market theory) the Pirate situation will destroy any chance of profitability. What is better than 7% return per week? How about infinite return per week. Borrow at x% and deposit it with Pirate @ 7%. As long as Pirate pays collect the difference. If/when Pirate defaults just walk away.
Even if a court recognized bitcoin debts they certainly wouldn't recognize usurious bitcoin debts. If anything they would strike them dawn as unlawful and noncollectable. A business model built around charging people 300%+ APR on an uncollectable debt is doomed to failure.
Patrick may make his depositors whole, but will only be because he eats the loss himself.
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Gifts are reversible. All PayPal is reversible. It requires trust and as a new users you don't have any rep.
If the amount is small someone might take a gamble and trust you.
In the future if you need a small amount of BTC I recommend checking out BitInstant.
If you want a great deal on a larger amount of BTC ($500 min) our company offers 1% below MtGox last with no fees.
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Way to miss the point.
ANY LENDER ON ANY CURRENCY DOESN'T REALISTICLY EXPECT TO PROFIT 100% OF THE INTEREST CHARGED.
So just because there are loans @ 1.5% per week and just because some of them pay back on time doesn't mean 1.5% per week on capital loaned is sustainable or realistic.
Any lender will experience default losses and those losses will reduce the net return.
Taditional banks.
Finance companies.
Payday lenders.
Bail Bondsman.
Bitcoin lender.
It doesn't really matter.
Looking at the gross rate on the lending forum is naive. Take a look at all the defaults. Take all the amounts loaned, and all the repayments. Be sure to factor in late/defaulted loans repaid over longer period sometimes without interest. The net return for all lenders collectively isn't 217% APR. Hell it probably isn't even a positive number.
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At least dank is a loser with a plan. That plan is "buy me a house, hookah bar and a car and when I'm a millionaire rockstar I'll pay you back with interest," but it's still a plan.
In dank defense his plans have been getting better. I would be more likely to fund that, than to fund this "plan" which is pay for debt by taking on more debt. |
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I already agreed with Joel that borrowing in order to lend was a bad idea.
That wasn't my point. My point is that even if you use your own money and lend @ 1.5% per week you aren't going to NET 1.5% per week. The higher the interest rate the worse the customer you will attract. At 1.5% per week you are essentially only attracting bums, scammers, and people very bad at math. You would be lucky to have a positive net return at all. |
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Can you name one please?
Tangible Cryptography LLC Then again we didn't offer 7% per week sucker rates so you likely missed the offering. |
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Generally speaking, IMO, buying bitcoins and holding them is usually better than buying mining gear and mining with it.
So the real answer is still no, there currently is nothing I can do with my BTC that is better (more profitable) than simply hoarding them. Right? Lending however no real business is going to take loans at 200%+ APR. We have borrowed a line of Credit at 0.5% per week. Our creditors have enjoyed a return on their capital. Even 0.5% per week is kinda unrealistic but given all the Pirate nonsesne and unrealistic demands of creditors we had to go that high to compete. When we renegotiate it likely will be lower. In our business we can use the LoC to allow instant trades without tying up our capital or being long huge amount of BTC. The cost we pay in interest is worth the utility we gain. At "asinine" interest rates the utility isn't worth the interest. |
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It is impossible to get risk-free 1.5% weekly interest, I don't care how good you are at "playing the market" or "choosing who to lend to."
This needs to be repeated over and over until people start to get it. Several of us have actually done this in reality (well not the risk-free part, we do take on a lot of risk). This needs to be repeated over and over until you realize that it is actually happening. Some of us have become very good at picking who to lend to and who not to lend to. Just because you think it is too risky for you and that you would never try to do it does not mean you have to try to make everyone else stop doing it. Did you factor in your losses from Pirate into your 1.5% net return? Obviously in lending defaults are subtracted from the gross return. A bank offering a 7% APR car loan isn't expecting to make 7% APR. Between their transactions costs, other labor, defaults, repossesion costs, fraud, etc they probably are shooting for a ~5% return on capital (slightly more than inflation). The bank doesn't make any more on CC or car loans, than say mortgages. Priced right the costs and losses factored into each product generate the same net return. 1.5% per week after defaults, labor, losses, etc simply doesn't exist. If it did exist the supply of coins would drive down rates to the point it didn't exist. That is how markets work. So take your gross return subtract your 10K Pirate loss (and other defaults) and tell me again you are making 1.5% per week. |
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I strongly recommend you do a lot of research into FPGA, ASICs, profit estimates if difficulty increases by say 500%, and the 25 BTC subsidy reduction (in ~90 days).
To answer your direct question. The 5000 series is/was preferred because its architecture is well suited for the high IntOps that are needed for mining.
In mining all that matters is number of stream processors * clock. Bandwidth, memory, PCIe slot version, none of that matters.
Now you can't compare SP from one architecture to another (i.e. 5000 series vs 7000 series) that is one of the reasons why the 5000 series WERE in demand. SP per SP and clock per clock they had higher performance.
Speaking as someone with over 10GH/s on quad 5970s rigs they are operating on borrowed time. It is only a matter of time before they are no longer economically viable. Will it be 3 months, 6 months, 9 months? Who knows I no longer even care to speculate. It will happen when it happens but I can be "cool" with that because my rigs were paid for a long time ago and each extra month I get is just pure profit. Obviously 9 months is better than 3 but even if it is 1 I will be fine.
Buying GPU now could be very risky for very little potential profit.
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We have them, but nonetheless Gox gets most of the business. Why is that, do you think?
How many exchanges do you think can eke out a living on the percent that isn't Gox?
-MarkM-
Competing directly again Gox? None unless they are well capitalized (meaning have cash in hand for 24-36 months of operation with full staff). As a niche provider with higher margins? We aren't doing too bad right now. |
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