Bitcoin should be able to stand on its own. Calling for governmental regulation and/or oversight is the typical knee-jerk reaction for people who feel or have been slighted in their business dealings. We have the talent and ability to overcome these problems before bringing widespread attention to what BTC is instead of what it could be. Government intrusion into any area of our lives always results in a loss of liberty and could make BTC too much trouble to deal with and has never protected anyone from those people of poor character. The entire USA was ripped off by the collusion of the US government and the financial sector. Government is not the answer; we are.
Damn good post. Personally, I'm not against any and all forms of government intervention. But sadly I can't think of a single government in the world that has been able to legislate stupidity out of the population... so in the case it wouldn't have worked anyway. And why would wanna legislate on the stupidity of people? Because you know better? You know that Pirate is a scam and those who invest in him are looser? Your line of reasonning is one of the main reason why governments fail everytime. Because of I-know-better-what-s-good-for-you people. Actually the best solution against frivolous investments would be liberty, and its counterpart: responsibility. Actually, yeah, on a number of fronts, I do know better. But as I said, though some have come close, no government has ever been able to wipe out stupidity. |
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Bitcoin should be able to stand on its own. Calling for governmental regulation and/or oversight is the typical knee-jerk reaction for people who feel or have been slighted in their business dealings. We have the talent and ability to overcome these problems before bringing widespread attention to what BTC is instead of what it could be. Government intrusion into any area of our lives always results in a loss of liberty and could make BTC too much trouble to deal with and has never protected anyone from those people of poor character. The entire USA was ripped off by the collusion of the US government and the financial sector. Government is not the answer; we are.
Damn good post. Personally, I'm not against any and all forms of government intervention. But sadly I can't think of a single government in the world that has been able to legislate stupidity out of the population... so in the case it wouldn't have worked anyway. |
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But.. But.. Trying to crash the btc exchange rate and buy the btc with fiat would imply he had no real business model.
Plus, it's a bit like walking into a spinning aircraft propeller... you can only do it once  |
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Has anyone been paid back yet?
What do you think?  I know, I know. BTW, has anyone looked in the lending forum? If you happen to think Pirate will pay back, there are plenty of his lenders who seem to be less confident about that and are selling their accounts for super cheap. Hey! I'll buy them all up... I'll pay them with the shiny bridge I have for sale! |
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Heh... it's not just bitcoin that is decentralised. The brains behind it are decentralised as well. That's what's so cool about it.
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i herd rumors the govt is going to shut down and seize all bitcoin servers from the owners next month!
That's unnecessary, all they have to do is raid the Bitcoin offices and shut down their building. Bitcoin is history... |
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Im often overly optimistic but reading between the lines it sounds like mastercard is familiar with and open to discussions on bitcoin.
+1, the worrying thing is the FUD potential of this though. Hmmm... the media is weird sometimes, though. If this spreads like FUD, and then it turns out we all do get a Bitinstant Mastercard, it would be very positive in the end. |
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We are still to see a single shred of evidence that people have given him 500k BTC. It's quite likely that some people gave him some coins. By the looks of last weekend, I'd estimate somewhere in the region of 60 - 80 thousand, tops.
Still, I agree with the basic OP premise, it boggles the mind that he should even have taken that. People are not smart.
But we should all stop just repeating that he owns 500k, that makes absolutely no sense and, more importantly, THERE'S NO EVIDENCE FOR IT.
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[10:44] <@pirateat40> Anduck, I really thought this initial process would happen faster than it has.  [10:44] <Anduck> pirateat40: what's causing the delay? [10:46] <@pirateat40> Anduck, the price movements. [10:46] <Anduck> pirateat40: u been selling or buying` [10:47] <@pirateat40> Anduck, just blocking buys and selling the coins out of the system. Look at pirate shit himself. Trying to generate coins on the market? lol .......fail! Edit: "Selling the coins out of the system" A.K.A. ...buying bitcoins! System = USD Yeah, it must suck when you try to bring down the market to buy coins at a lower price and other people do it ahead of you...  |
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Assumptions and stupidity
You don't know shit so stop talking as if you do.
Stop name calling and think for a second about that return rate. If he had 500k bitcoins, 7% of that is 35K bitcoins ~$350K. Want to explain how he is going to pay that out EVERY WEEK? You're hilariously stupid, or you're just trolling, which is whatever. If you're not trolling, care to justify your position in any way? I didn't name call, that's just another one of your stupid assumptions, I have no proof either way but i am not the one saying 100% That anything is anything, you are, with no evidence, and then calling it evidence, which is stupidity As Carl Sagan used to say, extraordinary claims demand extraordinary evidence. You also have no evidence that I don't have a dragon... yet the burden of proof is on me to show I do. If I don't show it, I'm lying about having a dragon. The 'extraordinary evidence' will be known in a couple of weeks, So unless you have something other than "OMG THERE IS NO PROOFS" I will continue to call it stupid to make accusations with no evidence but a lack of evidence, especially at a point where you can't even claim to be trying to save people from depositing If you claimed to have a dragon and refused to offer proof, I would think you might have a dragon but it doesn't effect me, even if I did assume you had no dragon, I would see no need to claim that as fact without any evidence of a lack of dragon If you were claiming to have a dragon in a brand new ecosystem with extremely fast evolution, and the reason you can't show proof yet is because the proof would show people how to make their own dragons which would stop you from running your dragon farm... I would be more inclined to believe you may be telling the truth... And would defend you against people with no evidence saying dragons are impossible. Ack, that's just bad science and bad logic. You're essentially saying with any new system we're supposed to suspend the logic that has worked on every other system IN ITS ENTIRETY! That's how religions happen. If I make the assertion that I can double the amount of any system in ten weeks, over and over, by using some method, it is incumbent upon me to either explain the method (the very concept of open source) or produce the results. My understanding is that neither has happened, even though there was a promise that one of them (showing the results) would happen. This reinforces the notion that you cannot create a system that doubles the number of bitcoins every ten weeks, among other things because the laws of mathematics being what they are, you'd run out of bitcoins in pretty short order. Ergo, on the face of it, it's a scam. The claim that it isn't a scam constitutes extraordinary evidence, and absent it (as it happens to be), it's a scam. |
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Assumptions and stupidity
You don't know shit so stop talking as if you do.
Stop name calling and think for a second about that return rate. If he had 500k bitcoins, 7% of that is 35K bitcoins ~$350K. Want to explain how he is going to pay that out EVERY WEEK? You're hilariously stupid, or you're just trolling, which is whatever. If you're not trolling, care to justify your position in any way? I didn't name call, that's just another one of your stupid assumptions, I have no proof either way but i am not the one saying 100% That anything is anything, you are, with no evidence, and then calling it evidence, which is stupidity As Carl Sagan used to say, extraordinary claims demand extraordinary evidence. You also have no evidence that I don't have a dragon... yet the burden of proof is on me to show I do. If I don't show it, I'm lying about having a dragon. |
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People from both sides of the ponzi/no ponzi argument seem so convinced of themselves. One only side can be right though. It's hard to believe they're sharing the same reality.
Schroedinger's ponzi? also to timbert, "OMG I DON'T KNOW ANYTHING!" is not "damning evidence" Well, it's impossible to make 7% weekly interest for an extended period, so there's no way he's paying back. If you have some evidence in the history of the world where a business has grown AT LEAST at that rate (it'd have to be higher for him to also profit), then please show me it. This is to the point of fiscal impossibility, and therefore it's pretty damning evidence. I don't think "OMG I DON'T KNOW ANYTHING!" is a good summation of what I've written so far, but good try buddy. AND to make it even more obvious, he would have paid back his loan and principal to own that business and make more money for himself if it was real. Forget about business, any system that grows at 7% per cycle will essentially double every 10 cycles. We've known that to be unsustainable since the days of the grains on wheat on the chessboard... that's why I wonder is there's any evidence for pirate holding 500k BTC beyond him saying so. I find it hard to believe that people would fall for this to the tune of a half million BTC. Yeah, it's feasible for some illegal businesses in their infancy, but it's not feasible for an extended period, clearly. The 500k BTC wallet was in that thread of the 500 largest BTC holders. It's possible that it did not belong to pirate, though, that may have just been a guess, but it seems to fit together. It would've been a pretty trivial thing for him to prove he controls that wallet, though. There are several other explanations for a 500k BTC wallet around. I think people believing pirate controls half a million BTC is very much part of his plan... my guess, there aren't 500k BTC worth of stupid |
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People from both sides of the ponzi/no ponzi argument seem so convinced of themselves. One only side can be right though. It's hard to believe they're sharing the same reality.
Schroedinger's ponzi? also to timbert, "OMG I DON'T KNOW ANYTHING!" is not "damning evidence" Well, it's impossible to make 7% weekly interest for an extended period, so there's no way he's paying back. If you have some evidence in the history of the world where a business has grown AT LEAST at that rate (it'd have to be higher for him to also profit), then please show me it. This is to the point of fiscal impossibility, and therefore it's pretty damning evidence. I don't think "OMG I DON'T KNOW ANYTHING!" is a good summation of what I've written so far, but good try buddy. AND to make it even more obvious, he would have paid back his loan and principal to own that business and make more money for himself if it was real. Forget about business, any system that grows at 7% per cycle will essentially double every 10 cycles. We've known that to be unsustainable since the days of the grains on wheat on the chessboard... that's why I wonder is there's any evidence for pirate holding 500k BTC beyond him saying so. I find it hard to believe that people would fall for this to the tune of a half million BTC. |
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For bitcoin's sake- I hope Pirate Returns the money, and the community stays away from such "financial innovation" in the future, even if it's not a ponzi.
For bitcoin's sake, I hope Pirate doesn't return the money. Even if he pays out in full, anyone giving Pirate money took a huge risk. If that risk is rewarded, imagine how eager people will be to get in on the next big thing completely indistinguishable from a scam. It can only get worse if he pays out. It's bad either way. If he returns the money, the market gets flooded and the price plummets again like it did in 2011, and potential bitcoin users are turned off for a long time. If he doesn't return the money then you've got a thief running around with 500k bitcoins which he could drop at any moment. We're all talking about 500k BTC in pirate's possession, but do we have any verifiable evidence that this is so, aside from his saying it is? This isn't rhetorical, I really don't know and would love to know if there's a sure fire way of making that determination. |
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Boy, would you guys keep this thread clean?
If thats not possible than I suggest OP at least collects valid claims and posts them in OP.
Nonsense! Noone expects that there will be any real transactions posted here. >>If pirate would pay anyone back then that woud be worth a whole brand new thread of its own!<<Meanwhile this thread can serve as a place to poke fun at people who trusted a pirate by his word.Meanwhile this thread can serve as a coming-to-terms- place for the people who made a bad investment... If this in an investment, so is the lovely bridge I have for sale |
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We know nothing yet. DnT makes a perfectly valid point; if we assume its not a ponzi and Pirate can and will pay back, he and/or his fanclub would have an enormous financial interest in making it appear otherwise, allowing them to make bets and buy back PPT debt at a large discount. Pirate (presumably) knows exactly what will happen, and so might at least a few other people. That knowledge could be worth a small fortune by itself.
Now Im not saying its necessarily a wise assumption to make that he will pay back, but its no different than last week or last month. Id also like to point out that if it is a ponzi, it doesnt make too much sense for him to drag it out like this and keep up appearances for a few more days, or even weeks. He'd have to run, so he might as well do it now.
Really, it makes no sense for him to drag things out??? Yeah, because if you need to run, the last thing in the world you need is some extra time |
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I hope the block reward will keep the same, so that BTC will provide continuous incentive for new adopters, and reduce the deflation nature in BTC economy
The continuously reducing supply in protocol make it a perfect place for speculation, and the wild price swing will discourage business users
If you want inflationnary monopoly money, take a look at euros or dollars they might interest you. Easy there. If the block reward stayed at 50 forever, Bitcoin would still be the hardest money in existence and the inflation rate would approach 0 over time. It's irrelevant, though. It would be trite to create a cryptocurrency based on Bitcoin with a 50 coin reward in perpetuity. You don't need to change Bitcoin for that. |
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Is bitcoin 2 coming out next month?
No.
Everybody knows eleven is my favorite number, so if there was going to be a major release of bitcoin it would be "Bitcoin 11". But it ain't gonna happen.
Only 11 kinds of people in the world, those who can count in binary and those who can't |
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So, once everyone has the cards, no-one will ever need to use them again. Maybe some bankers can actually read the writing on the wall and will not go extinct. Only a matter of time until a bank, likely a Swiss one, allows you to have an account in BTC |
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Just curious to everyones opinion, is the value going to stabalize at around $10 for a while or is it going to crash/rally again in the near future?
Yes |
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