Having the moderators going around saying "I think this is bad" but not actually doing anything is a bunch of crap. Stand behind what you say or don't say it.
Why would you be saying that? The only thing I can think of is that after Pirate gets a scammer tag, it could lower the number of deposits, and put the interests rates back up... right?  More like I don't like character assassination. |
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Lastly, there is some sort of Pirate fan club going on here, where everyone else is bashed in a sort of group thinking, or alternatively sarcastic "jokes" are spammed to hide/annoy any critics. Reminds me of May/June 2011. I knew that something was familiar here, but I just couldn't put my finger on it. Thanks! This is an open request to Maged, Theymos and the rest of the mods..
If you truly believe Pirate to be a scammer, then label him as much. Show us the evidence just like you do with the other scammers. Otherwise, you're just being a hypocrite and we shouldn't trust you anymore.
No. It is almost impossible to get a scammer tag here unless you've actually completed a scam against someone. Pirate hasn't (yet). You don't need to trust me, but you should trust the tag. Scammer tags have to be approved by at least one trusted member and an administrator. Having the moderators going around saying "I think this is bad" but not actually doing anything is a bunch of crap. Stand behind what you say or don't say it. |
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Furthermore, the tiered system of higher interest rates for higher deposits. The explanation given for this was that small accounts are a hassle, but then it makes no sense to change to a new system where people can create as many accounts as they want without referral (although with lower interest). It also makes no sense that the interest rates remain 7% at the top end of the new tier, which probably will require tons of BTC deposits (big incentive not to withdraw), turning it into a sort of pyramid scheme where the "Trust" accounts have to refer new people to grow their interest rate.
Sure everyone can make new accounts, but why would you make a new account for 3.9% when you could just go under a trust account and get a better rate? I think you'll see very few new accounts actually being made on their own. |
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Brunic:
No matter how you tune the numbers, Pirateat40 would quickly be able to trade with more and more of his own funds, kicking out investors and claiming the profits for himself. As soon as he has over 10k coins himself, it takes him 34 weeks to obtain one million BTC without the help of investors.
Forget it. Any theory without money laundering is a joke, and for that he lacks a supply path for fresh coins: too much re-investment.
In fact, just forget it period. There exists no explanation why anyone in the right mind would "share" returns like that over such a long time.
Boom! I'd like to see ponzi "investor" apologist try and defend against this one.. Why does pirate still share his profits? Charity?  Interesting, no takers so far. We've already hashed this out as well. There's a currency risk. By him always taking his profit as USD, he reduces the risk to himself and passes it on to the depositors. |
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This is an open request to Maged, Theymos and the rest of the mods..
If you truly believe Pirate to be a scammer, then label him as much. Show us the evidence just like you do with the other scammers. Otherwise, you're just being a hypocrite and we shouldn't trust you anymore.
Edit: Thanks to whomever split this off, I had poor targeting.
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But consider for a moment the (possibly very small) possibility that he really has found an excellent way to make money.
Actually no, I will not consider that, like at all. ^ this does not exist on this planet. There is no "secret" way of making money with no risk, there is either legit based on sound fundamentals money making or there are frauds and scams. Every time someone discovers a new way to make money with such a high return it's almost always because they are the first to enter the market providing an actual good or service or they just discovered a significant technological advancement giving them a huge edge over the rest of the market, neither state of the market can last for a long period of time because competition soon follows and diminishes your slice of the market pie. Please quote for me where he states he will continue this forever. Its you lovely people that keep making this estimations about what will happen "if things keep going the way they are". Please quote me where he stated when he intends to stop. You see, two can play this game. I'm not the one making projections of "if this continues forever" He's already reduced his rates twice. Whats to say he won't reduce them further? In fact, if he does reduce them, you'll bitch about "the end is near!" At this point, people are going to bitch regardless of what he does. |
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But consider for a moment the (possibly very small) possibility that he really has found an excellent way to make money.
Actually no, I will not consider that, like at all. ^ this does not exist on this planet. There is no "secret" way of making money with no risk, there is either legit based on sound fundamentals money making or there are frauds and scams. Every time someone discovers a new way to make money with such a high return it's almost always because they are the first to enter the market providing an actual good or service or they just discovered a significant technological advancement giving them a huge edge over the rest of the market, neither state of the market can last for a long period of time because competition soon follows and diminishes your slice of the market pie. Please quote for me where he states he will continue this forever. Its you lovely people that keep making this estimations about what will happen "if things keep going the way they are". |
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The price should have been the give away. 20 coins for mint 5850s? crazy.
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+1
Get your own thread, troll. bulanula is allowed to +1, but he isn't? Don't mind them, they are butt-buddies on IRC. someone's jealous. |
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I get angry because you imply you are smarter than the rest of us or that you know something that the rest of us don't. Either put up or shutup. What you've offered already isn't anything knew. Try coming up with something that isn't a repeat a someone else's argument.
Wait, I missed a bunch of stuff I guess. Why are we angry? Give me the TL;DR version. Are we on another Ponzi cycle? Getting a bit fuzzy are we? …I told you you shouldn't take a swig every time they accuse pirate of running ponzis  I thought it was going to be a safe drinking game. Not like the one where you drink every time Dr. House says something medically insipid. Talk about blacking out. I say we make a drinking game based on the number of posts you delete. |
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Reputation? Since when have it tried to SELL SELL SELL anything I do? Reputation is not something you say, it's created by what you do.
This matches a politician's skill in evading to answer the questions posed. I merely asked for an explanation of the extreme dependence between the size of individual deposits and returns. This is a classic HYIP aspect, and the current changes should make an explanation even more difficult. This is a pretty clear point that does not call for hiding in fancy wording. I know for a fact that Pirate has been refusing new accounts, and I talk about accounts who would give him thousands of BTC to earn if his plan was to just run away with it.
3 days ago I got one of the persons I referred asking me why would'n Pirate accept him/respond to him.
Does that really fit with the story of the link you posted?
You're just a jealous son of a bitch, (...)
psy... let me answer that. Yes, the link makes pretty clear why a Ponzi often desires to put limits on its growth, see his initial trouble with "The Whale". Limiting growth lengthens the lifetime of a Ponzi, increasing overall returns. It might help to understand my position before trying to flame it away. Strange how it's the same users and the same types of posts, I only ever remember you from pro-pirate posts. If it makes you feel better, I'll be keeping this post of yours for later reference, just as I encourage everyone to nag me with mine if I turn out wrong. The nay sayers have said their nay, now GTFO. No one is asking to be warned (we've already been warned) and we aren't asking to be converted. You're seriously wasting everyone's time, including your own.
It doesn't take an oracle to guess whom my posts are not directed at, and why I'm angry. The more interesting question is, why are so many "investors" angry, and what purpose does a post serve that tells me to fuck off instead of addressing any arguments? If this were just about silently reaping returns, there's really not much reason to engage in enormous flamewars. But this is about dragging in more people fast, and the susceptible ones only. This is why the forum flamewar becomes important, and this is why I deliberately broke the usual forum etiquette. Well, you are right insofar as I'm running out of time I can spend whiteknighting. I'll just conclude for now that there wasn't a single argument that made sense to me, the counters came almost exclusively from users I was already tracking for excessive BS&T "discussion" involvement, and they mostly consist of "GTFO" or copypasta-quality text to bury my posts. Well, so I will "STFU and GTFO" for now. There's only a single account left I was probing for the blacklist, which is quite the quota given the short time-frame of this little intermezzo. I get angry because you imply you are smarter than the rest of us or that you know something that the rest of us don't. Either put up or shutup. What you've offered already isn't anything knew. Try coming up with something that isn't a repeat a someone else's argument. |
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Here's something to consider..
The trust accounts seem structured to manage other accounts. Perhaps the security deposit is to make sure you've got skin in the game so you don't screw those sub accounts. Just a thought.
The nay sayers have said their nay, now GTFO. No one is asking to be warned (we've already been warned) and we aren't asking to be converted. You're seriously wasting everyone's time, including your own.
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+1
Get your own thread, troll. |
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whenever difficulty changes
How often does the difficulty change? does mhash only determine the amount of shares processed? or does it make it harder to process shares Difficulty changes every 2016 blocks, which usually takes about 2 weeks or so. Your mhash, when factored in with difficulty, will tell you about how many shares you'll get in a certain time frame. Its all based on averages though, so you could be higher than the estimate or you could be lower or you could be spot on. |
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Spent most of the day working in the yard and then remembered that I hadn't paid out .A yet. I just paid .A. Have a good night everyone. |
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In fact, ASIC is the only thing that can prevent 51% attack. Why? Today there are banks, financial
institutions, intelligence organizations that have super-computers, consisting of thousand and thousands
of CPUs or GPUs. These grids are used to run financial analysis, mostly Monte-Carlo.
Imagine "Societe General" in France for example. They have a GPU array of 15,000. If for financial
interests or certain other reasons, they decided to switch to BitCoin for a week. This grid alone can
give them over 15TH in processing power... this will not be 51% attack, it will be 120% attack.
This is just one bank, activating only one of its grids.
As long as the algorithm used in BitCoin can be effectively implemented in CPU or GPUs, network will always
be under threat. Scrypt won't be good either, since many institutions have grids of several thousand CPUs.
The only thing that can stop it is the ASIC. Imagine tomorrow the processing power of the BitCoin network
is 2,000TH. This is something super-computers cannot attack, simply because their combined processing
power cannot reach even 10% of it, let alone 51% attack....
Regards,
BF Labs Inc.
Glad to see you can't do math. Assuming the network is 10TH, if France adds 15TH, they won't be doing a 120% attack. They'll be doing a 60% attack. 15/(10+15) = .6 not to mention a bank PH is not equal a dbl sha PH... I'm actually curious to know what gpus are typically used in those sorts of gpu clusters. |
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I never wanted to take investments in a new project, 1.. or even start one for sure for that matter.
I am over this place, in a lot of ways it is different and not even what it used to be. Im not sure what to do about this, I am not fond of getting accused of things I have nothing to do with, like shakaru's issues. And you admit the investment was a gamble and I owned 51%.... You guys are the displaying the definition of wanting to have your cake and eat too, again.
Stop being babies about it, it didnt work out and there was a 20% refund. It not easy to refund money once you have started a business, and are going along. If we were really in this together and this shit didnt work out its like oh well, well hit me up if you need a favor. Offer what ever you can to make it right. No one ever asked me like hey can you get me a programmer or maybe facilitate a transaction somehow without charging me fees? so quick to blame and act like isolated from the business, but if it took off and we were making money you would be all over it, like you were really taking responsibility and risk lol. Its not like that money went to only equipment, I bet some got spent on other shit too.
This isnt a highly regulated market, Im sorry for that. If it was I would of kept better records, but I didnt, because I straight up didnt have too.
You guys are to much.
This community is the one that has floundered, terrified of the big bad scam. paranoid to where you wont even move forward. So quick to blame, cant even take logical variables into consideration.
"you guys used to be cool" lol
Anyways Im done, this isnt somewhere that spawns revolutionary ideas anymore, but it has become a stagnate pool of paranoia.
Its funny you say this. Its asshats like you that cause the paranoia. Taking money, refusing to provide records, getting pissy, then leaving. Here's a recent quote from you: I will do my best to itemize everything that was bought and sold.
My electricity cost here was a major reason the mining did not work, and id say over the two months there was a decent portion spent on that. (Maybe 10%)
Anyways, I didnt purchase anything for myself ( like a scammer would) or cash out any money to cash unless to buy parts. so most everything should be accountable.
One could reasonably argue that its management's fault this failed. |
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These periods of lack of funding smack directly against your claims of instant payouts. You'll notice you're getting 1/6 of the hashrate because of it.
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