But to be fair, I doubt the OP saw THIS kind of implosion coming (ie caused by hacks).
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Wow....I just saw that post Pirate made about lifting the referral requirement to deposit BTC in a savings account with him.
That has "I need more bitcoins because I suck at trading and need to pay off the old investors" all over it.
Let's open the door for more suckers to send me bitcoins
Any idea when this "meet-up" is supposed to be occuring? |
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This poll just goes to show that...I see history repeating itself with BS&T/PPT.....many on the other poll think its the greatest thing too.  Dont listen to me...listen to pirate and make your own decision. After all the hacks it blows my mind that so many people are still willing to trust so much value with relatively unknown 3rd parties. Never underestimate stupid people in large groups. Seriously though, this thread is hilarious, particularly the first page: Why would it implode? Why are you spreading FUD? Did you get short squeezed?
do i hear a n00b crying?
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2: This address was first charged some time in late January 2012. BS&T was set up in early November 2011 afaik (check here: https://bitcointalk.org/index.php?topic=50822.0). It is therefore in the correct time frame in order to belong to pirate's BS&T operation. If pirate is somehow putting his lenders' coins to work to make 10% per week, they wouldn't be sitting in a single address for months at a time If pirate is running a ponzi scheme, he wouldn't have this many coins since he has to pay out interest every week without any means of generating income other than from new deposits. He 'should' have around this many coins, but by definition ponzi schemes don't have as much as they 'should'. These two 'facts' suggest to me that these aren't pirate's coins. Does anyone have some idea of how many coins pirate "should" have? I realise that big investors are very unlikely to want to disclose the size of their positions, but just look at the lending forum: There are a lot of people with several thousand BTC in BTCST. There are a lot of passthroughs with many thousands of BTC apiece in BTCST. There are a lot of other bonds that hold undisclosed levels of Pirate exposure. I have no concern for what happens to Pirate's immediate investors if/when he defaults. What concerns me is how much of the bitcoin economy is actually exposed to BTCST. We've had financial crises in regular currencies and personally I thought Bitcoin was supposed to help avoid all that |
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Back to the topic - this doesn't necesserily mean Bitcoin network has grown. It may be the same number of people mining on improved technology.
This. We've got probably upwards of a terahash of FPGA gear, and ATI's 7xxx cards are obviously better miners than anything that came before. Back in July last year I was running a few 5850s, getting 370Mhash each. Now I'm running 7970s doing 580Mhash each with scope to push them to 680 if I wanted to... |
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Can you add when the cut off times are for each day. Share counts just aren't adding up for me. I've been logging on my side and it seems like sometimes large chunks go missing.like a whole server gets skipper for share counts or something. Primarily us1. Us2 for 7/25 shows no share changes at all and that totally not right.
We moved to a new payout and stats solution...not ready for production, but I am using it for 26th. It also pulled data so I can check that... I decommissioned us2, eu1, eu2 and jp1... all were only .25 of available load... Our largest users are off the public servers so, I don't need all the cost to make accommodation them. I move things around days after I made the changes in DNS, so I thought it would be smooth... Ill find them... You've pulled eu1 completely? No redirect? Balls. That means my 1.7Ghash rig will have been mining BTCGuild for the past few days  I'll get someone to drop by my flat and change the settings if you can tell me where to point it  |
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But still good luck building a case in china...
You must have had a HUGE account with bitcoinica building such an international case ranging into corruption havens such as china.
Not even if I possessed all bitcoinica funds I would waste my funds for taking a chance there. In relation to internationally enforced cases we are talking about peanuts here.
...but as I stated earlier not all bitcoiners are pacific hackers - I personally from what I know would fear for my life being involved in this.
For all those still hoping for their fund - write it off finally and enjoy the crime story evolving.
You don't need to go for an investigation into China. Report it to the police, and sue Bitcoinica. I mean, we know of one guy who had 24000BTC on there, that's a $350000ish deposit, if that's not worth time in court to you then clearly your time is more valuable than mine Then, let the Bitcoinica guys pull off all of Zhoutong's fingernails til they get the money back |
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I was not aware that 1Gh/s was even possible on a 5970... That is just outrageous hashing power for an old card... Mine would only do about 700Mh/s a piece...  Yeah that 1Gh/s is pretty damn impressive.I just wish I could buy an HD5970 easily in UK (it's out of stock everywhere in UK) and reach those clocks (although I should factor in the cost of watercooling that monster as well). Impressive.I wonder what the power use is and what your PSU is rated at? As you'd need a pretty strong PSU to run that and a watercooler plus the rest of the system. PSU is a Seasonic X-1250. I'm thinking the system itself is pulling more than 1.2 kW from the PSU, but I don't have a watt meter to tell. It's a great PSU, everybody was recommending that over a Corsair AX1200. Also, I wasn't sure if the AX1200 could support 8 Pci-e cables, because it comes with 6 (as said on website), so that would limit me to 3 cards. While my SS has 8, so up to 4 cards. Great PSU - best I've seen so far is the Enermax Platimax 1500W - 10 Pci-e cables with that one If I didn't worry about them being obsolete soon I'd get 3 7970X2 cards and one of those and have a little 3.8Ghash box |
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I am sure some of you are wondering WFT (Wiki Leaks TaskForce) has been going on? Me too! See, we fell way behind on payments and I needed to find out whether to pull the plug, slash the rate, or keep going and hope for rain. Well, I have been analyzing stats and mining patterns to see what was happening and found very inefficient practices that were killing us and payment showed. So, I hate rules and want to keep them to a minimum. That said, please take notice: I absolutely have to be mined 24/7. Sorry, I know why you would set me as your backup pool, I would do the same. However, that is not efficient for the pool. I know many of you are doing it and I have given permission to those who have asked, so please forgive me for not allowing you to use another service that has been leasing and dropping my hash rate to 25%, it's not fair to those who are 24/7.
Truly, I hope you understand. Moreover, you are free to go and come back to try to get higher return, but please go for a week or so. Itsa no problameo, however, please just let me know and remember you are always welcome here.
Starting now, please mine 24/7 and I will freeze the rate for the time being. Please be assured that you will be getting better information via a nice front end being developed by a really cool member. Also, another bright member built me a wonderful tool that tracks everyone mining on any club server in in real time so I can manage the operation better. If some miners continue to disappear when we need them, I plan to temporally withhold payment just to get their attention...I won't reduce their rate or earnings cause that is lame.
Until the front end is ready, I will be able to provide more accurate daily stats that will replace the spreadsheet. ;-) Also, if we are all mining 24/7, daily payments will become the norm...so shadow can stop whipping me:-P any concerns just pm me. Thanks for your patience and understanding
Well, you should have 24/7 from me At least I hope so, nobody's been to my house and checked the rigs in at least 48 hours so I'm looking forward to the stat-tracking! |
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In other news:
-SSL Usenet anonymity "Not Guaranteed" says MPAA.
-Collapse of Eurozone "Not Guaranteed" says European Commission.
Yawn.
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Had an order briefly stuck in the system, got fixed almost immediately.
But Paypal just froze the funds. I've contacted Jeremy, anyone else here got experience of these problems?
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I am seeing updated stats for 7/21/12 on the page but no stats on record for my username. I know I have been processing in project x throughout the time so I am not sure why it shows no shares for 7/21/12. I believe the stats are incorrect. If they are incomplete I will go with that until I see more updated info. So far I see no stats for 7/22 or 7/23 either. Between project x and gpumax they should take 100% of my shares and so far the #'s are not adding up. Please let me know marty.
The window on the 21st must be very short or share totals are incomplete - the share totals don't look right at all anyhow, and I know for a fact that I submitted somewhere in the region of 35-40k shares that day, not 12k. So that makes us now 3.5 days overdue  |
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We are all going to be rich! Stop trying to stop us! How dare you! Do you really expect us to stop deluding ourselves and start doing something productive?  BTW you can add all the so called pirate pass through bonds to your list. The are just his co-conspirators who would be equally liable for fraud IMO once/if "savings and trust", lol, is revealed as a ponzi (so would be every singe ponzi promoter on this forum). I'd actually be curious to know if there is any legal risk to the dozens of "pass through" operators. Certainly, between them they must control what? $300k in coins? More? Also I'm not quite up to date - what's the situation with the Vegas show Pirate's supposed to be appearing at? |
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Stats for the past 3 days coming up soon? I'm away from home at the moment, so I get nervous not being able to get live stats on how my rigs are doing |
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The difference is, that in Bitcoin, some of these rates CAN be sustained. Bitcoin has such low fees and almost no government interference. Bitcoin loans are often 10% MPR. Mining can get you 1% WPR. I don't know about 7%, but Bitcoin is not fiat, and it shouldn't be treated like it has fiat's limitations.
I'm afraid Occam's razor applies here however. We have a user on the forums who claims to be able to offer people a guaranteed 3400% APR... In a largely anonymous online currency. Next, we have BS&T offering "Partner Accounts" encouraging people to plough many thousands of coins into this investment, and to encourage others to invest by proxy in order to increase their total amount invested. Is there even a way to short BS&T any more? |
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Looks like pirate needs more money. He has lifted the referral requirement so now anyone can invest again in this BCTST. I am speculating this usually happens when business goes bad so more capital is require to remain "profitable."
...Nope, can't see any reason why he'd want to pull in as many people as possible right now |
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Lets suppose the speculation is true, and the Pirate has in fact been selling large amounts of coin. Ostensibly this is to stop bubbles, but another possibility is he's gradually converting a large amount of his bitcoin holdings into fiat. One he's done that he then has the incentive to crash the bitcoin market as his Bitcoin Savings and Trust obligations are denominated in Bitcoins. For instance, suppose he's a FinCEN insider and known's that repressive anti-bitcoin measures are about to be introduced. After the crash he simply has to buy back the coins at much-reduced rates, and he gets to keep the fiat left over as his profits.
tl;dr - The Pirate has a big incentive to destroy Bitcoin itself.
Or... The date at which he's promised to appear in vegas is fast-approaching and he's busy cashing out the remainder of his winnings before he disappears To be honest, when I see "Suspected bitcoin ponzi op selling large amounts of bitcoin" My first thought is not "oh, this must be a terribly clever way to make money semi-legitimately by manipulating the market, how clever!" I think "I wonder if there's some way for me to short the bollocks off that fund?" |
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As the proprietor of SatoshiDice, I can tell you that because you won that 100btc, my family will now not be able to eat this week. So enjoy your winnings!!!  Actually, someone won 900btc from SatoshiDice a few weeks ago on one bet. THAT really hurt. People win and lose all the time on the site, but please remember that gambling should always be considered fun entertainment, never let it become an addiction. Also, for those of you who win money from the site, I encourage you to spend some portion of it in the Bitcoin economy. It helps nurture the ecosystem and Satoshi will bless you with good luck. What kind of reserves do you need to run the site? Also, couldn't help but notice that someone making the max bet on the 64000x multiplier would win 3200BTC if they won  Do you have enough to pay that out instantly? |
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Considering, that Bitcoin is a deflationary currency, while the dollar is inflationary, it's even more unbelievable for some business to generate profit of 7% a WEEK. I can't imagine how something like that should be possible without scamming at some point.
No, no, you should totally trust an anonymous person dealing in an anonymous online currency who claims to be able to offer you 3400% APR returns with no risk. What could possibly go wrong? Although, this has been discussed to death |
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Hah! You wish Also, just tried the load balancer and was getting >50% rejects for the first 100 shares  Back on just us1 now and no rejects so far - how's the load balancing handled? |
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