Does Pirate clarify this decision anywhere on the forums? It comes very fast after the restructuring of the accounts. Curious what triggered this sudden change.
<pirateat40> hashking, I tried to hold off thinking the operating wallets would balance out but they haven't fast enough so Im having to hold more reserves which is eating into my profit margin.
<hashking> ok.
<Chaaaang-Noi> you need more coin or less?
<riX2000> probably less withdrawals/deposits
<teek> sounds like he needs less in / out
<pirateat40> Its a stability thing, its getting harder and harder to predict when coins will come in and go out.
<Chaaaang-Noi> i see
<pirateat40> So I'll have times when im holding too many coins in op wallets and move some over and then get a flood of withdraws.
<Chaaaang-Noi> could you just lock it so we can only take out on mondays or someting?
<pirateat40> Yea, but i hate limiting people moving funds. Here, for those curious about the reason. How does a rate decrease help stability ? Discuss that... |
|
|
|
Micon, why is bitdaytrade on the list. I couldn't care less, but having legit stuff on there kindof invalidates the whole list. At least give reasons.
I thought that one was self-explanatory. https://bitcointalk.org/index.php?topic=81357.0Joel is all over it already & gives very clear explanations of this particular scam. bitdaytrade != mybitcointrade They wont know it cause they dont do any research. Who is they ?? I understand that it's a good strategy to associate Micon with anyone having high doubts on pirate and friends (to say the least), but it won't work... |
|
|
|
Micon, why is bitdaytrade on the list. I couldn't care less, but having legit stuff on there kindof invalidates the whole list. At least give reasons.
I thought that one was self-explanatory. https://bitcointalk.org/index.php?topic=81357.0Joel is all over it already & gives very clear explanations of this particular scam. bitdaytrade != mybitcointrade |
|
|
|
Similarly, how could they possibly be truly offering margin credit without obtaining enough identifiable information on the investors to mitigate the credit risk and go after in-debt accounts?
They were not allowing in-debt accounts, your positions were liquidated when your account reached zero. And they were asking for identification, but i guess only for AML policies. But that's my point: bucket shops don't let their customers go ini debt, nor do they issue margin calls, because they want them to get wiped out. I might be wrong, but to me a bucket shop is a place where you can do (margin) trading, but which has no link to a real market (ie they are only betting against their customers) Sure some trading platforms are allowing to go in debt, but there is always a limit to it. And if the line is crossed, your positions will be liquidated. So the only difference is the amount of debt allowed (in the case of bitcoinica it was zero). btw, bitcoinica was issuing margin calls. |
|
|
|
Similarly, how could they possibly be truly offering margin credit without obtaining enough identifiable information on the investors to mitigate the credit risk and go after in-debt accounts?
They were not allowing in-debt accounts, your positions were liquidated when your account reached zero. And they were asking for identification, but i guess only for AML policies. |
|
|
|
Okay let me explain a bit better  First of all quoting one sentence doesn't really explain the whole situation. The reason why I am shutting down withdraws are not because I can't pay it out with the depositors money, but because I can't liquidate fast enough. Usually I keep a 500-1000 BTC in liquid btc in the trading bots and on the different exchanges. I use this buffer to buy shares and to pay withdraws. But when people withdraw faster then I can liquidate asset to refill this buffer then we get problems. This causes problems as it makes me incapable of manual trading and margin/flip trading. Which is one of our edges against only long holding funds. Also this prohibits us from bulk orders and such which is our edge against individual small investors. Hence I decided to freeze the withdraws, long enough for me to liquidate enough on GLBSE to cover most of the withdraws and leave us with a big enough buffer. The root of the problem is the bad liquidity on GLBSE and our way to high exposure to it. I hope that kind of answers your question? //DeaDTerra Be sure i wasn't trolling, only asking you about your strategy if things turns bad. Of course liquidity can be a problem on GLBSE, just not sure it's the only problem. Wish you and your investors the best You are hinting on another problem, please speak you mind. //DeaDTerra Basically being bullish on BTC makes me bearish on most glbse assets. Was just wondering how much of a loss can you accept. Anyway, bitcoin.me is right, i don't have any reason to keep on bothering you, so i won't. |
|
|
|
Okay let me explain a bit better First of all quoting one sentence doesn't really explain the whole situation. The reason why I am shutting down withdraws are not because I can't pay it out with the depositors money, but because I can't liquidate fast enough. Usually I keep a 500-1000 BTC in liquid btc in the trading bots and on the different exchanges. I use this buffer to buy shares and to pay withdraws. But when people withdraw faster then I can liquidate asset to refill this buffer then we get problems. This causes problems as it makes me incapable of manual trading and margin/flip trading. Which is one of our edges against only long holding funds. Also this prohibits us from bulk orders and such which is our edge against individual small investors. Hence I decided to freeze the withdraws, long enough for me to liquidate enough on GLBSE to cover most of the withdraws and leave us with a big enough buffer. The root of the problem is the bad liquidity on GLBSE and our way to high exposure to it. I hope that kind of answers your question? //DeaDTerra Be sure i wasn't trolling, only asking you about your strategy if things turns bad. Of course liquidity can be a problem on GLBSE, just not sure it's the only problem. Wish you and your investors the best |
|
|
|
First i would say that i really don't think you're a ponzi. You are most likely an investment fund. So what i want to say is not at all a way to accuse you of running a ponzi. I also would like to disclose that i'm not an investor, nor do I plan to, nor do I have any interest to spread fud. But this sentence is a bit worrying to me : Wouldn't it be better to allow for new investors again instead of shutting down withdrawals?  New investors are currently open due to the many withdraws and yes that would be the most optimal way to do it, but unfortunately the amount of new investors are lower then the amount of old investors leaving. //DeaDTerra This mechanism (being able to pay for withdraws with money from fresh investors) IS what a ponzi is all about. Lots of ponzi schemes are investment schemes turned bad. I understand that your fund is being affected by the recent BTCUSD move, it's normal. Most of glbse assets (for example mining bonds) are shorts BTC, long the assets of the issuer. So my question would be what will you do if the market keep on going against you ? Will you keep on waiting ? To me you should ALWAYS allow withdraws, but you should find a mechanism were people who withdraw take some part of the loss. Hope everything will turn out ok for your fund and your investors. |
|
|
|
Note that payb.tc is citing emotional distress as the reason for the deletions.  Clearly, making around 10k$ a week is really tough emotionally, nobody realize how bad it feels... This read was an eye-opener to me, convinced me that the pattern was far too similar to invest anything in pirate & friends. |
|
|
|
Just to make sure i get it. - You have an estimated 100k btc (1M USD) in users deposits
- You don't want to provide identification
- You try to say that you provided it when you registered the domain name, but in fact you didn't
Wow, is that for real ?? |
|
|
|
Can you ask him his opinion about what James Rickards said about bitcoin : "Bitcoin looks great as an exchange currency, but not as a reserve currency." |
|
|
|
Somebody is definitively putting an end to this rally. Begin correction phase.
I was wondering, do you have a bet somewhere about the single digits next year ? Just to see if you really mean it  |
|
|
|
oh btw, Gold STILL down, Bitcoin exploding!  That would be a more accurate description compared to "Gold collapsing, bitcoin up". IMO the best description would be "Gold correcting, bitcoin exploding". But yeah i know, you disagree (and anyway it's too early to really know) At least we both agree and enjoy seeing bitcoin slowly approaching fair value btw what would be your bet on US election ? and what would it do to markets ? |
|
|
|
Thanks for that! Good read. +1 |
|
|
|
Why did you close positions ? (at least mines)
Do you plan on restore them ?
did you have a short position? that might've gotten closed because the ticker said 1 BTC = 1E12 USD. No, i had a long position, with a 1:1 leverage, so it can't be a liquidation. Not that it really matters, it was a 3 btc position, mainly for testing... Am I the only one who got positions closed ? Talked with Alberto, my positions are back |
|
|
|
So you are offering free upgrade to 215Mh/s per bond, right? That's 1.325/215Mh/s ~ 0.006BTC per 1Mh/s after upgrade. That's about two times cheaper than what Bitbond offers. What's the catch? * Free: 2M/s BITBOND converts to 12.5Mh/s BITBOND.ASIC for free
* Small upgrade: 2M/s BITBOND converts to 45Mh/s BITBOND.ASIC for 0.25 btc
* Large upgrade: 2M/s BITBOND converts to 450Mh/s BITBOND.ASIC for 5.5 btc
In other words, assuming a value of 0.50 BTC per BITBOND share: Free: 12.5 Mh/s for 0.50 BTC = 25 Mh/s per BTC, or 0.0400 BTC / 1 Mh/s Small: 45 Mh/s for 0.75 BTC = 60 Mh/s per BTC, or 0.0167 BTC / 1 Mh/s Large: 450 Mh/s for 6 BTC = 75 Mh/s per BTC, 0.0133 BTC / 1 Mh/s That's an easy one, bitbond & gigamining are making a profit from the transition to asics, he's not. (disclosure, I own some hydromining bonds) |
|
|
|
Why did you close positions ? (at least mines)
Do you plan on restore them ?
did you have a short position? that might've gotten closed because the ticker said 1 BTC = 1E12 USD. No, i had a long position, with a 1:1 leverage, so it can't be a liquidation. Not that it really matters, it was a 3 btc position, mainly for testing... Am I the only one who got positions closed ? |
|
|
|
|
Why did you close positions ? (at least mines)
Do you plan on restore them ?
|
|
|
|
Waiting for the receiver being appointed. I asked Tihan and he said it will be soon and will be announced.
I am not involved in the process other than being one of the creditors, but my recommendation for the time being is to collect all evidence you have for supporting your claim and be ready to provide it in a form that the receiver requests.
I was wondering about that, what info should we prepare for the receiver. In my case, i only used BTC to move money in and out of bitcoinica. Should I provide proof of ownership of incoming BTC addresses ? (If so how ? Is there tools for the receiver to check that ?) Are the mails of any use ? (is there a way for gmail to prove that the mail was sent by bitcoinica and not tempered with ?) |
|
|
|
|
Show Posts
