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why would you think bots can't respond within seconds?
In more mature markets (NYSE) bots respond within milliseconds to out-bot other bots.
Seconds is like hours to humans. It would be like saying I placed this order with Amazon and got a confirmation calls within a few hours. How is that even possible. I mean I can't believe a human could do that.
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Only because it is defined so foolishly vague. Editor's note: "Default" is defined as keeping people's bitcoins for a period of time and not applying pre-advertised rates of interest or not letting withdrawals. Change of interest rates for future periods is not a default as long as they let people to withdraw funds before the new period. Ok keep people's bitcoins for a period of time. CHECK. Well 1 nanosecond is a period of time, so in 20 trillion years. So sometimes between 1 nanosecond and the end of time the bet can be decided depending on how much time the editor considers a "a period of time". |
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The user even likes to play the Satoshidice game.
Um maybe that was Pirate's great investment system.  |
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I received a wire confirmation from CryptoXChange today. It should post within 4 days I will update and close the thread once it does.
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anti free market you are. Please don't misuse the term. Adam Smith defined free markets as markets free from corruption, fraud, coercion, and governmental interference. A ponzi scheme is not a free market. Not unless you accept that the victims have a right to extract $5M in compensation from the operator. Having the perpetrators hide behind the defense of the law (governmental interference) while claiming "free market, free market" is the height of hypocrisy. The free market would involve the creditors using any means necessary to secure recovery of their funds including seizing all Pirates assets, his livelihood, his businesses, his future earnings/pensions/inheritances, and holding as collateral anything he holds dear. The same would be done for those who helped to perpetuate this fraud. Thankfully for Pirate and others there is no free market but please please don't pretend a free market is only a one way street. A market which allows a criminal to engage in fraud but then protect him from consequences of that fraud is not free, not even close. |
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A more controversial question would be "Is the earth flat?". Uneducated opinions to the contrary the earth is not flat.
Likewise, uneducated opinions to the contrary Pirate has defaulted.
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This is why I don't expect loans to be a very large part of a mature bitcoin economy. No lender would ever lend at a negative nominal rate so loans will be very expensive in a deflationary environment.
Consumption and investment will be funded via savings (capital formation) instead of debt.
In a mature Bitcoin economy the rate of deflation will be very low. While inflation/deflation is a component of interest rates it isn't the only component. Take CC denominated in USD. 24% APR when the projected inflation over the period of repayment is ~3% annually. Hypothetically if the USD neither deflated nor inflated and all risks were the same one would expect the market to reach equilibrium at ~21% APR on this CC loan. If a large & mature Bitcoin economy is deflating at say 1% per year then we would expect a 23% 20% interest rate on this same loan denominated in BTC. |
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it's clear we have the technology to create "something as valuable as gold" in a digital form. only maybe - at this stage - there is no will within the first generation "gold rush" to share it. Um roughly 100K BTC change hands on the market everday and another 50K BTC or more are involved in transactions. There certainly is a very real will to share. Oh you mean just give them away? LOLZ. BTW Bitcoin is democratic. Miners vote on tx by hashing power. Nobody can be forced to accept a Bitcoin, nobody can be forced to sell a Bitcoin. The entire process is completely voluntary. Kinda hard to get more democratic than that. You seem to continually conflate wealth generation with minting. They aren't the same thing. If you want to mint coins well you need to be a miner however if you wish to store wealth in Bitcoins you simply need to trade something (anything) someone else may want for coins. There are even girls who trade naughty pics for Bitcoins. They certainly aren't miners but they have acquired coins. They are free to hold them, or trade them ("selling" Bitcoins for USD/EUR is simply another form of trade). The idea that a farmer, or lawyers, or architect couldn't participate in the Bitcoin economy without being a miner is simplistic. By that logic the only persons who got wealthy when currencies were in precious metals were miners, an obvious fallacy. |
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I find it "interesting" that this is the third or fourth brand new account created in order to tell veterans how objectionable they are being. Most people who find objectionable stuff on a forum simply never create an account.
Hrumph Pirate how about you spend more time repaying your creditors (at least partially) and less time creating new accounts.
TL/DR: obvious sockpuppet is obvious.
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Sure thing. If I could read all the PMs...
Well not all PMs. |
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Goat do you routinely out your clients and investors? Remind me to never do business with you. Crazy I know that I would expect financial privacy on business deals made in .... private.
https://bitcointalk.org/index.php?topic=82572.0How private is that? I stand corrected. Can't believe I missed that post. |
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Goat do you routinely out your clients and investors? Remind me to never do business with you. Crazy I know that I would expect financial privacy on business deals made in .... private.
The request was made in public.
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As someone already posted the XKCD comic in one of these threads, a $5 wrench could be a pretty effective password cracker for whatever encryption Pirate might use. Obligatory XKCD xpost.  Sorry it is one of my favorite comics and the author supports hot linking. |
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1) He has stuck around, saying he will make it right. Correction he has stuck around saying he will TRY to make it right. It just simply is way beyond his abilities to do so. I expect he will eventually return something. Maybe 10 bitcents on the coin. The rest will have been eaten up as interest to those who withdrew before it went bust, his failed business "strategy" (very loose use of the word), and his spending of paper profits when things were looking good. Has anyone asked if the "Meet & Greet a Pirate" was financed on the investors dime? |
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I have to disagree with the OP. A pirate default would be no more helpful to bitcoin than mybitcoin, bitcoinica and countless other scams/hacks/frauds that have occurred previously. If pirate defaults, people will be broke and pissed off. Some will leave bitcoin forever. Others will hang around but have less money for investing in other operations and assets on GLBSE/MPEX. I see nothing good about that. No coins were lost, only transfered. In the event that coins were actually lost (no evidence of that) then the value of all remaining coins has increased. |
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Default: In finance, default occurs when a debtor has not met his or her legal obligations according to the debt contract, e.g. has not made a scheduled payment, or has violated a loan covenant (condition) of the debt contract. A default is the failure to pay back a loan.[1] Default may occur if the debtor is either unwilling or unable to pay his or her debt. This can occur with all debt obligations including bonds, mortgages, loans, and promissory notes. Yes Pirate has defaulted. That was never in question. He defaulted over 10 days ago when he violated his own contract. The accounts were demand account meaning they could be withdrawn (including all interest) on demand. People demanded a withdraw and a withdraw wasn't provided = DEFAULT; Period. That isn't in dispute by anyone except those interested in moving the goal posts. |
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(...) Bitcoin is not deflationary. Right now inflation is still over 25% yearly, and in December it will drop to about 12%. That's still very high inflation short-term and mid-term. The question is how many people hoard, and what are the effects of the long term ~0% inflation, and also the fact that the underlying bitcoin economy might be growing faster than money supply right now.
But "deflationary" is a misleading word to describe bitcoin's planned money supply.
Well, we have 25% 'inflation' if you define the word 'inflation' solely in terms of the coin supply. But the normal meaning of 'inflation' and 'deflation' is related to how prices change, and in that sense we can say there is deflation now in the Bitcoin economy. This is because the user base for the currency is expanding quickly and people are willing to pay more and more fiat for a bitcoin. Since most products and services sold for bitcoins get their price by converting the expected price in fiat currency, things have been getting cheaper in BTC. The pizza that was sold for 10,000 BTC in 2010 would be worth around 2 BTC now. That's quite a deflation rate, and I expect that trend to continue during the next years. A word of advice. Use the word price to describe changes in price. i.e. price inflation or price deflation. Many people use the a definition of "change in money supply" as the meaning of inflation/deflation so if you are talking about change in price explicitly saying so avoids a lot of unnecessary back and forth (on ever single post). The counter and then counter counter post and the probably still to come counter counter counter post ... |
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Some people's perceptions about the nature of "investing" seem to be muddled by the effect of inflationary fiat currencies. In an inflationary currency system (defined as a system with an ever-growing monetary base), changing the format of your wealth to an asset like a house or some company's shares may give you a "return" in terms of the fiat currency simply because the value of the currency has decreased. This is why an interest rate around 2% in America or around 10% in India may be perfectly reasonable, and not a Ponzi scheme. I would just point out that Pirate's "yield" was so high as to make any inflation or deflation adjustment to be immaterial. All investors are seeking REAL returns and thus the inflation risk is part of the interest calculation however 7% per week is 3,400% APR. The inflation component (or lack thereof) is utterly immaterial compared to that asinine interest rate. 3,400% APR in any currency under any circumstances is almost certainly a ponzi scheme and if it isn't the investor should have clear and detailed prospectus outlining why and be able to explain in their own words why. The fact that "this one might not be a ponzi" isn't sufficient. If that is what one is relying on well then it IS a ponzi. |
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I don't think cops or lawyers is what pirate should be running from.
Some big bitcoin users are also in black market/drugs.
Those people use guns.
He's not just playing with nerd-miners and linux-enthusiasts..
Huge profit motive for a criminal as well. Should they succeed not only would they get the coins they gave to pirate back, they would get the rest as well... @ estimated 500k coins we are talking a liquid and easily moveable $5mil usd. Well the problem is there is no 500K coins, there never was. Still whatever amount actually exists (100K?) is still sizable. |
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Seems the noobs got more sense than some bitcoin veterans On the idea of "investing" in an semi-anonymous guy going by the pseudonym of "Pirate": It's like calling a guy named pedo to come as a clown-act for a kids party.
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