Does that mean shipping to Canada is not an option (or, prohibitively expensive)? That's too bad then.

Wow, it's been a volatile week (decade, to be exact). After laughing my head off because of my long position during the 5 US$ to 15 US$ spike, then panicking (but, thankfully, not panic selling) during the ensuing bloodshed, I've still made off with a 100% increase in a matter of months (take that, Pirate investors). So, what happened this week? Well, something certainly did happen, and I'll recap the points that are most important to me below.

Prices: During the rally, the price momentarily rose above that of last year before returning to below that of last year during the correction¹.


Volume: Volume in USD for 2012-08-17 was the highest of record for Mt. Gox's USD market. With more exchange decentralization now, this is even more of an accomplishment. 2011-06-08 held the previous record, and retains second for this benchmark. 2012-08-19 achieved 5^th place for that benchmark. Volume in BTC was also stunning, with 2012-08-19 winning a 3^rd place finish. The January rally still makes up the bulk of those records, however.


Volatility: Although the event brought volatility, the event was not as volatile as some others. The decade beginning 2012-08-13 brought six days with above average volatility, three days with average volatility, and one day with below average volatility².

Conclusion: What doesn't kill you makes you stronger. Although I declared a bubble previously, I now retract that declaration. Luckily, only a correction seems to have occurred. But only time (or the manipulator) will tell.

Footnotes:
¹ Based on open prices exactly 365 days apart, i.e. one day less than a year prior
² Based on three equiprobable categories over two years of data.

How are you shipping them? Where are you located?

I'd be a customer if you are in Ontario and have a good shipping plan.

I have posted my response here.

Disclaimer: I hold no financial interest in Pirate@40's endeavors, nor do I condone investing in shady 7% a week schemes.

I have personally retracted this statement.

I have recently been approached about my current position of Bitcoin Savings & Trust. While in the past I have remained fairly negative about BS&T, accusing the fantastical rewards as impossible and the entire business as a scam, with recent proceedings I have been forced to change my position. Although I refuse to accept that investors in BS&T have made a smart business decision, I am now forced to agree that the dice have turned their way and investors in BS&T will be receiving their full investments, plus interest, back.

Below is my rationale, point-by-point for structure.

• Trusted operator: Pirate@40, although I have previously discounted this fact, is well-trusted in the Bitcoin community. This is both a white and red flag, admittedly, as investors may not have participated if a non-trusted member formed BS&T
• Known operator: In similar vein, Pirate@40 is supposedly well-known among investors, having disclosed a factual name and picture. Admittedly, well-known Ponzi schemes have done the same; Bernie Madoff and Charles Ponzi not excepting. However, when the choice exists to be anonymous, Ponzi operators are likely to take it.
• Continued communication: In an environment like Bitcoin's now, and building upon experience from Madoff and Ponzi, a true Ponzi operator would likely choose to fly to an exotic country and cease communication. Pirate@40 has done neither.
• Payback: While all Ponzi operators have historically attempted payback when the operation is collapsing, the situation involving Pirate@40 is distinct in certain ways. The crucial difference here: Pirate@40 has closed the scheme himself. With the option of simply taking all the money and leaving, paying back a few investors is not constructive to his goals.
• Financial incentive: At this point, with many PPT bonds in free-fall, Pirate@40 himself has the option of purchasing a large amount and reducing his debt. This gives him a financial incentive to repay his lenders. Additionally, Pirate@40 runs a reportedly successful business in GPUMAX, profits from which would disappear if Pirate@40 chooses to vanish.

Although I am not an investor in BS&T, my position is that there is insufficient evidence to declare a default, and the exit strategy so far is not indicative of a looming default or an elaborate scam set up. There are many reasons why I believe this to be so, but they do not belong in this thread.

Someone isn't aware of how MyBitcoin was the largest BTC and USD value denominated hack/scam/theft of all time. If (and I consider this a very implausible situation) Pirate defaults on this, then it will be the greatest BTC and USD denominated scam/default, but still peanuts compared to a possible Mt. Gox disappearance (>1M BTC is in their possession).

That isn't fair. Many users got it for free, why do I have to buy it?

Good thing or bad thing?

I am a rocket surgeon, and I can assure you that Wednesday has been canceled this week.

That default is a late payment, not a lack of payment, as bitlane will eventually get his money back (not at the promised time, but eventually). This thread seems to be for lack of payment.

Pirate has defaulted on bitlane, and thus far only bitlane. I don't see how this affects anyone else, so for the purpose of this PPT he has not defaulted.

The board, provided you have the necessary privileges to view it. I believe forum staff also do. Since I can't view it myself, I can't tell you what's in it.

At this point, he may default. Until Monday has culminated over there in Alaska, a default is not certain.

Tom Williams is probably Shane Smith and located in Nanaimo.

Monday has yet to finalize in Alaska. Wait a few hours.

This RSS that hasn't been updated in ages..

Anyways, I didn't realize that Tycho was working with icbit.se; that lends a lot of credibility to it. This information would probably need to be advertised. Too many of these websites with broken links and stock design turn out to be scams, which is why I doubted icbit.se. See, for example, MtGix, which has poor English, broken links, and a stock design.

Apologies for attacking your website; I should have done more research into the issue before judging the book by its cover.

What if, hypothetically, a BTC becomes worth 5000 US$?

The attitude in here is horrible. BitcoinTalk is itself known for its general rudeness, but the IRC channel has been polite the last time I used it. I can't believe it has degenerated that much.