See Open Transactions.

He does. He's also associated with the Bilderberg Group; hopefully as a fresh perspective and not to be indoctrinated.

A coddled child, protected from all difficulty, rarely becomes more than an automaton. We learn through our failures. Development of rational judgment requires trial and error.

Go get a dog so you can come to understand cause & effect.


And if you destroy what might turn out to be a legitimate outfit that may well be a primary factor in maintaining a stable Bitcoin exchange rate, what will you say? "Oops"?

You are not the judge, jury, and executioner.

Why? Are you really so obsessive about Pirate, or do you actually want to bear latecomers' offspring?

Do you realize what the OP is? That's right - nothing to do with warnings about a Ponzi. By continuing to post here, you bump this thread to the top. Latecomers will see the thread title. How many will read through 69 pages only to come across the Ponzi posts and have an epiphany? What makes that your responsibility?

You'd be more effective at furthering your anti-Pirate cause by creating your own thread and bumping it regularly, or by finding employment at the RIAA, MPAA, US Congress, UK Parliament, or any number of do-gooder 'We know how to live your life better than you do' socialist organizations.

There have been some very good posts that you've made elsewhere; this fanatical desire to tilt at windmills is truly beneath you and insulting to your intelligence. Nobody wins from this scorched earth method. Stop it and go find a cause that's worthwhile.

You still don't get it. Instead, you try to cover up your immaturity with ad hominem ignorance. What you value is not necessarily the same as what others value.

Quit making antagonizing posts when those in the thread have a clear understanding of their participation risk. Go do something productive with your time rather than engaging in mental masturbation.

Ignore.

Then perhaps you still have blinders on; reread what was written and sleep on it. Would Marie Antoinette have favored her head over lavish parties if she knew what the consequences of her behavior would be?

Let's see if I can make this even easier in just four words:

Reputation cannot be bought.

From the A day in the life of a pirate thread:



Whom you know matters. A reliable business relationship can be a difficult thing to achieve, especially when there's no competition.

Bitcoin does not incur oversight. This can be very valuable for transfers at high volumes within an organization, businesses that pursue aggressive tax minimization strategies, and a number of other situations. Flow can be more important than stock. I could see a lot of demand for this from traditional financial firms, particularly in the foreign exchange area. With increasing scrutiny, services are fleeing the western system in droves wherever possible.

Some supply may be sourced from Gox and existing clients. What other service does Pirate run that could provide a major supply of BTC?

This came to mind

I wonder how many Alpaca socks were sold on Eve...

Right, don't take a chance on anything; don't rock the boat; maintain the status quo whether it's good or bad.

Fin.

Where is the damage? Obviously, your belief is worthy of anger and hostility and attempts at defamation.

Maybe you're right. Maybe people are looking to get involved with Bitcoin, but stop because of that evil BS&T thing which is apparently more popular than Bitcoin itself. It must be obvious that everyone who installs a Bitcoin client is instantly enrolled in Pirate's program as well.


You're going to leave just when your own arguments are being debunked? Not very sportsmanlike.

If you believe this to be a Ponzi, is anyone forcing you to put your money into it like a bank bailout? Is anyone with a BS&T deposit being forced to do anything, even if it might seem too good to be true for most?

I'll make this as easy as possible for you: speculation in markets has nothing to do with running a business, and if people never have to make their own determination on whether something is a scam or not, how would they ever know? What it you've gotten so used to assuming everything is a Ponzi scheme that you can't recognize a valid enterprise?

Has there been any wrongdoing? Do you have any way of proving so? Are your funds involved? If not, then you've stated your case as others have been for months. It's been mildly amusing; now please take the Don Quixote routine and be on your way.

I assume you're referring to the DMC share price of ~0.5BTC adding up to about 2k?

Also, this is not to single you out as many mining outfits will have to deal with this:

What contingency plan do you have, if any, for being within a business-hostile environment that has granted itself the authority to seize assets as it sees fit, offering no recourse? Might it be better to have multiple smaller, independent facilities in geopolitically diverse locations?

You're right, just like a politician. As Pirate offered, actions speak volumes.


So what valid reason do you have to be angry? I haven't bothered following your rants: are you invested with Pirate?

And why is the incentive to bring the 'susceptible' into the core so weak? Many PPTs hold reserves in case of a Pirate default. If anything, the new policy tries to strike a very delicate balance and protect those who make the decision to partake.

Not to mention the fact that 'personal responsibility' includes the word personal for a reason.

Have you ever run a legitimate business?

I can't speak for the others, but perhaps I can shed some light on these two.

The security deposit is an incentive to uphold Pirate's good name. After all, reputation is more important than all the Bitcoins in the blockchain, and once tarnished its no easy feat to restore.

Reducing the interest rate is another incentive structure. There's undoubtedly been excessive demand to board Pirate's party ship, but it would be a slap in the face to allow anyone on when the requirements have offered a glorious port for existing depositors over the past several months. It would also be direct competition if Pirate were to offer access to all, causing mass withdrawals from PPT providers and relegating their hard-won efforts to recipients of lower rates. New depositors would be gleeful, but he would risk the ire of others whom had built up their own services.

Lastly, since there are probably plenty of people preferring Pirate's service over PPTs, the trade off will have to be a lower return, resulting in greater profit for Pirate having to take on additional management duties, den if they are mostly automated.

This is an operation being run more responsibly than many brick-and-mortar firms. Dwolla could certainly learn a thing or two. I also have my suspicions that this service may be a primary reasons the exchange rates have been mostly stable since March, making Bitcoin that much more attractive to non-tech businesses. Tip o' th' hat to the Pirate.

* Disclaimer: I hold small deposits at various PPTs which might barely be enough to open an account with Pirate directly. The majority of my assets are put to work through my own efforts elsewhere, because relying on someone else to make everything happen for you often leads to a life not worth living.

Yes, I discovered Swiftcoin after exploring FNIB from the trade wiki. From what I could find, it seems to be a private variant of Bitcoin based on promises with none of the openly verifiable benefits.

The FNIB service may be worth a try, but I wouldn't touch Swiftcoin; buyer beware.

Swiftcoin?

Does anyone have more information on this? Is it Solidcoin 3.fail?

I don't see anything open or in support of full disclosure.

What was the USD exchange rate when you became involved with Bitcoin?

$0.01?
$0.10?
$1.00?
$30.00?
$3.00?
$5.00?

What would you consider a reasonable price? Do you long for the 'good old days' of being able to get a thousand bitcoins for a few dollars? How many people are even aware of the system's history enough to realize that the rate used to be much lower than $2? How many will never know that?

For many of us, the genesis block in 2009 is a distant memory that isn't even our own. It is external, the same as the birth of our parents. We were not there for it: it just was, because if not, our parents would not exist - and by extension, neither would we. The principle of monetary value is very similar to this.

From Mises' The Theory of Money and Credit:


The debate over whether Bitcoin is or is not money, a commodity, or the possibility of its origins no longer matters; it hasn't mattered for some time. Bitcoin is very simply functioning on a basis of its own existence. Those new to Bitcoin today will understand it to have a value of about USD$6.50 or whatever their local currency is exchanged for, and with no other historical basis to form their opinion, that will be the fair value they are accustomed to.

Without deeper exploration into the ideas behind cryptocurrencies, what remains is a use paradigm. It spreads like an Internet meme, the more unique and appealing, the wider the and more deeply-rooted it will be in the social mindset. Many know of trollface, and it applies in a wide range of situations. There's a solid anchor to a particular behavior which most people are familiar with. Likewise, Bitcoin works in a familiar way, but has certain distinct elements which differentiate it enough to make an impact.

At least one entire generation has now grown up with email because it simply existed. Awareness and usage were simply ingrained. The same goes for driving a car, playing sports, watching television... and banking. If a person newly discovers Bitcoin and finds that either $1 or 0.1BTC both buy a bottle of water, then a Bitcoin develops as being worth $10 from that person's perspective - because Bitcoin just is.

Any continued adoption of Bitcoin will build a new basing platform at each stage. What was your entry point? I'm still wishing I paid more attention when I read some here and there so long ago, well under $1...

Some nearly unbelievable charts from GGR.





The banks that have been exerting such phenomenal short pressure are now almost netted out to a flat position in silver. It's speculators and managed money in overextended short positions. Shorts supply the product to the longs, so where will these specs and MM shorts get their supply from if the price rises? Unlike the bullion banks, they don't control warehouses storing hypothecated gold and silver. The same rules for hedging that allowed the banks to naked short also don't apply.

These shorts will be squeezed, resulting in enormous paper losses at best, and forking over rapidly appreciating physical metal at worst. Guess who will be buying? That's right: exactly those banks that have destroyed the markets with their illegitimate short positions which are no longer a threat to the banks' existence.

Over the next few months, we will witness an historic bloodbath, even if there is an initial dip during July. If you're still short during any kind of bank holiday, your losses will be potentially unlimited and you could effectively be murdered financially. Even if you're long, hypothecation can strip you of your assets until any profit is void. Leveraged longs more so.

Cypherdoc is great at picking corners, but it's a guaranteed loss if the corner is frozen. I would close out at a profit while I could; the risk is too great when the rules are against you. Stick with Bitcoin & phyzzz.

Looks like agreement: A ‘Lehman moment' will ensure gold and silver will soar again