Ok I'm too lazy to Google the time zone thing. However, as I understand it, the auction starts in approx 9hrs 45min from now, no? 7pm California time?
From the OP:
The bond auctions will take place every Saturday morning at 2 AM UTC. That is every Friday evening at 7 PM PDT, 8 PM MDT, 9 PM CDT and 10 PM EDT.
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Every time something goes wrong for you, you attempt to drag someone else's name though the mud. You need to stop doing this.
+1 |
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Actually, Amazon handles the address bit, so you wouldn't even know it. They do let you know when its shipping and when its delivered so its not like I can scam and say I never received it. Any issues with the merchandise itself would be handled by Amazon and I think that makes it safe for both of us. Let me get my funds together. I'll send you the link to my list in a pm and you can tell me about how much of the credit you're looking to sell. Sound good to you?
Oh, sorry, I don't have Giftable Codes, I have the credit on my account.  Unless the wishlist works so I can order it for you using my credit. You should be able to use your amazon credit to buy items on my wishlist. It worked like that for others.  |
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How about I give you a wish list link, you buy stuff off that and it ships to a confidential address? How are we going to decide BTC/USD rate?
Yeah, All the arrangements can be made through PM. No one else has to know what you want me to order. As far as BTC/USD Rate, I usually go by MtGox, usually the MtGox Low or 24hr average. Actually, Amazon handles the address bit, so you wouldn't even know it. They do let you know when its shipping and when its delivered so its not like I can scam and say I never received it. Any issues with the merchandise itself would be handled by Amazon and I think that makes it safe for both of us. Let me get my funds together. I'll send you the link to my list in a pm and you can tell me about how much of the credit you're looking to sell. Sound good to you? |
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What are your terms?
Well, if you're in the US, You tell me what you want. We work out the price and You pay directly, through escrow or whatever. Then I place the order.  How about I give you a wish list link, you buy stuff off that and it ships to a confidential address? How are we going to decide BTC/USD rate? |
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BT made it clear he was not keeping the pool up to date and maintenance had fallen of the deep end. Go re-read the ARS thread, the email you recieved was notice that he was closing the site and hosting down, the pool hasn't had an operator in quiet some time. SMPPS pays as long as there is a positive pool buffer, it never became positive he owes you nothing. You should feel cheated by yourself, if anything, because you were either too lazy/bullheaded to move on or you were too optimistic that BT's personal issues were going to be resolved and he would come back. https://bitcointalk.org/index.php?topic=18567.msg649544#msg649544https://bitcointalk.org/index.php?topic=18567.msg606692#msg606692If you need further information on SMPPS you should contact Meni I will state again since you seemed to have missed it, closing the pool when miners are unpaid is morally ambiguous. You are acting as if I am not going to pay the pool because of ARS's actions. I really think you need to reread what has been said in this thread. He paid out everything he had, even if it meant not everyone got 100% of what they were owed. Its EXACTLY the same as what you're doing.. you're paying out everything you have and if there's not enough to go around, tough luck. |
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I'll be updating this thread as put more of my junk for sale. For sale: DNS 323 - 2 Bay Raid Enclosure - Gigabit Network - 15 BTC Western Digital 1GB harddrive WD10EACS - 15 BTC Western Digital 1GB harddrive WD10EACS - 15 BTC Picture of the above 3 items - http://imgur.com/GuCnK I'm viewing this on a mobile device, so the picture is small.. 1tb drives? |
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I am not blaming him for the negative balance, I am blaming him for closing operations. By that local I could close this project before I pay everyone out. Absurd...
Hmm.. no. You offered a pay per share business, that means you owe everyone what you promised for the shares they submitted. Ars did not, they owe their miners what was effectively mined, not a dime more. But closing up shop, when they said they would giving warning is the issue I have with them. I mined there to help them cuz they said they would giving warning before they closed. They effectively did not do that. I feel cheated and lied to. To be clear, I have over 58 BTC unpaid. I am owed at least a month of ARS being operation before it is closed. Couldn't we say the same about your pool? We were/are owed and have btc unpaid. It sucks being on the other side of the fence, doesn't it? |
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So...what do you actually do with the money to generate profit?
Basically, what it boils down to is: we (6 of us) each took 400 btc and put it into a fund we don't touch. the coins just sit there. We offer ~2k bonds each week, take the money and invest with pirate. After 28 days, we take the money out and pay each bond holder 1.28 btc. Whatever is left over, we keep. If pirate should happen to default, we'll use the 2400 in our reserve fund to pay on the bonds, giving each person about 25% of their money back. Essentially, we're covering at least 25% of the default. so to loop back to your original question, we invest with pirate. We, the 6, make money off the premium that people buy the bonds for. Ok. That's a reasonable answer that makes sense. Thank you. Of course my next questions is, how does Pirate create profit? Straddle trades? Some kind of bitcoin options? An event-driven hedging technique? I'm trying to wrap my head around this and other investments I see on this site, but the answers seem to be long on hype and short on substance. I know that when it comes to investing other people's money and actually generating profits, answers to such inquiries tend to be cagey, but briefly explaining one's strategy doesn't reveal the process. Extraordinary alpha over just about any benchmark merits an explanation. What say you, Pirate? In his original OP he alludes to what he does, but he will not reveal anything more, even with all the prodding that people have done. So long as he continues to pay as agreed, there isn't a problem. If this doesn't suit one's risk profile, there are plenty of other operations going on. It does grow tiresome to have people continue to post the same FUD about ponzi when there's ultimately nothing conclusive to back it up. I am not saying you're spreading FUD, you asked legit questions that I haven't seen you ask before so they're fair game. |
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The PPT bond's creators have created a jointly managed PR account. Please whitelist me.
BurtWagner/everyone else will be posting shortly to verify.
Verified. Seconded. |
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You know you're trolling when even bitlane disagrees with you.
LOL.... subed. |
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As of today, Bitcoin Savings and Trust has now been around 7 months if the Nov 3 post thread date is accurate. I'd be happy to hear the official start date if I'm wrong on this one.
As for proof that it is a Ponzi scheme, I will openly admit that I am speculating. However unlike Pirate, I'm willing to share my analysis and am not making any money on this. Pirate refuses to share any meaningful business model and wants to take your money. His defenders are profiting (at least on paper) from the Ponzi. Who would you trust? What's your analysis? that you cannot fathom a business plan that pays 1% a day? That explains why pirate's starting ventures and you're just trolling the forums. |
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So...what do you actually do with the money to generate profit?
Basically, what it boils down to is: we (6 of us) each took 400 btc and put it into a fund we don't touch. the coins just sit there. We offer ~2k bonds each week, take the money and invest with pirate. After 28 days, we take the money out and pay each bond holder 1.28 btc. Whatever is left over, we keep. If pirate should happen to default, we'll use the 2400 in our reserve fund to pay on the bonds, giving each person about 25% of their money back. Essentially, we're covering at least 25% of the default. so to loop back to your original question, we invest with pirate. We, the 6, make money off the premium that people buy the bonds for. |
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I think posting this targeting newbies is irresponsible.
For the record, I (and many other people) believe that Pirate is operating a Ponzi scheme. I'd urge all possible investors to research Ponzi schemes (Wikipedia, Bernie Madoff, etc) and decide for themselves whether they want to risk losing their money.
The major advantage of the bonds is that you will lose "only" 68% of your money (or more if the bond authors break their promise), instead of 100%. In exchange for this privilege, your rate of return is half or less of what Pirate is paying out to other people (33.5% / 30 days).
you believe? where's your evidence? I believe it isn't a ponzi. |
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The board of directors meeting ran a bit long tonight. There are a lot of exciting things in the works to be announced shortly.
The sale tomorrow will be for the full 2000 bonds.
Thank you for all of your support - and see you at the auction tomorrow in less than 24 hours.
woohoo! |
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And once again, the thread is off topic from the OP
subed +1 |
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And once again, the thread is off topic from the OP
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I'm not anywhere near the point where I'd just buy everyone out and wrap this out, but I want to start the discussion now so that when the time comes, everyone's on board.
There have been people that joined at the beginning and there are people that joined 2 days ago. There are people that bought in for the minimum and there are people that bought in for much more than that. From a strictly dollars and cents (btc, but that ruins the idiom) perspective, its to my advantage to buy out those with the highest rate. From the investor's standpoint, I'm going to guess they'll want me to buyout the newest people first. So where is the happy compromise?
I'm open to suggestions and ideas. Once there's a couple good ideas, I'll put them to a poll and let everyone decide.
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So why chaos? Probably has something to do with the pseudo-random nature of hashing.
Meanwhile, back on the farm... |
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