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141  Economy / Services / Re: Gigamining / Teramining on: September 08, 2012, 09:34:43 PM
I have been saying for almost half a year they are terribly overpriced. Thats whats wrong with them.

If you think they are so terribly overpriced then why not borrow some and short them? At least put some money where your opinion is.

Ive been doing just that, and if you read what I wrote, Im still doing it: "
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Im pretty sure they are still grossly overpriced today, so anyone who believes otherwise, lend me your bond, so I can short it. I will give you a nice bonus on your dividends if you let me borrow it for 3-6 months. PM me for details.
"
142  Economy / Services / Re: Gigamining / Teramining on: September 08, 2012, 09:18:33 PM
So, in essence, you are saying that mining bonds in general are a bad idea?

Why do you keep posting strawman arguments Giga? Can you not read? English is my 3rd language, so perhaps I do not make myself clear? I have been saying for almost half a year they are terribly overpriced. Thats whats wrong with them.

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If so, should I even offer a paid upgrade? Am I only furthering the detriment of possible holders of the bonds?

The ASIC switch is impossible to predict. If BFL is the first on the market and you get your gear before most others, the paid upgrade might be worth it. If not,  it will be money down the drain. Its not something I would want to bet on, and clearly, not something you want to bet on otherwise you would not securitise your asic revenue.

No.

Why not?
143  Economy / Services / Re: Gigamining / Teramining on: September 08, 2012, 09:09:34 PM

Hi P4man,

 It seems to me that more often than not, you are nay saying mining bonds,

True,  Ive been saying this for 4 months.  Was I wrong? A quick glance at GLSBE suggests I was not.

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pointing out the problems rather than the solutions.

If you dont buy them, there is no problem and no need for a solution. The only problem I guess is uneducated buyers paying too much, so I try to educate them (and borrow bonds from those who disbelief me).

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Are you recommending that others just buy and hold BTC? Are you recommending a reinvestment strategy?

Compared to buying or holding fixed MH mining bonds, clearly buying or holding BTC is definitely the smarter choice. If you can short these bonds, even better. Will you lend me some of yours?
144  Local / Discussions générales et utilisation du Bitcoin / Re: Obtenir quelques btc en France sans attendre 15 jours ?(désolé si repost) on: September 08, 2012, 09:01:03 PM
Parce qu'il y a pas mal de personnes qui preferrent utiliser du cash. Si non, je n'aurais pas eu plusieures demande pareille.
Egalemant, tous les bourse bitcoin qui accepte SEPA que je connais, utilize une banque Polonais, et tres souvant ton virement et blocque par ta banque.

Bitcoin Central utilise maintenant un compte français à la place de cette banque polonaise dont tu parles.

Je ne savais pas (je ne connais meme pas cette bourse), mais c'est bien a savoir.
145  Local / Discussions générales et utilisation du Bitcoin / Re: Obtenir quelques btc en France sans attendre 15 jours ?(désolé si repost) on: September 08, 2012, 08:57:37 PM
D'abords, excusez mon francais ecrit terrible. Ca fait 20+ ans que je eu des cours Smiley.

Si tu veut, pour des quantité pareille, je veux biens t'envoyer des bitcoins pour des billets euro envoye par courielle. Je l'ai fait plusieurs fois pour d'autres personnes sur ce forum. Je suis en belgique, ca n'e prends que 1 ou 2 jours. Envoie moi un PM si cela t'interesse (et dit mois si to comprends l'anglais, c'est plus facille pour moi pour ecrire Smiley ).

Ce n'est pas plus rapide qu'un virement SEPA, et bien moins sûr. Pourquoi ne pas lui proposer de te faire un virement plutôt que de t'envoyer des billets ?

Parce qu'il y a pas mal de personnes qui preferrent utiliser du cash. Si non, je n'aurais pas eu plusieures demande pareille.
Egalemant, tous les bourse bitcoin qui accepte SEPA que je connais, utilize une banque Polonais, et tres souvant ton virement et blocque par ta banque.
146  Local / Discussions générales et utilisation du Bitcoin / Re: Obtenir quelques btc en France sans attendre 15 jours ?(désolé si repost) on: September 08, 2012, 08:50:30 PM
D'abords, excusez mon francais ecrit terrible. Ca fait 20+ ans que je eu des cours Smiley.

Si tu veut, pour des quantitées pareille, je veux biens t'envoyer des bitcoins pour des billets euro envoye par courielle. Je l'ai fait plusieurs fois pour d'autres personnes sur ce forum. Je suis en belgique, ca ne prends que 1 ou 2 jours. Envoie moi un PM si cela t'interesse (et dit mois si to comprends l'anglais, c'est plus facille pour moi pour ecrire Smiley ).
147  Economy / Service Discussion / Re: Why I trust Patrick Harnett on: September 08, 2012, 08:31:29 PM
They already do. You are the first person who I've ever seen call Patrick out, I'm quite sure all of his investors as well as many potential investors feel quite secure investing in Patrick.

You base your trust on the person, Joel (and I and many others) base our distrust on the business model. I dont know Patrick, but that doesnt matter, since I might not even be able to spot a ponzi scam artist if he lived under my own roof. OTOH,  its fairly easy to spot a businessmodel that has all the trademarks of a ponzi. IOW, leave your trust or distrust of Patrick out of it, if anything, Pirate should have taught you that lesson. Instead focus on what is known and unknown about the business.
148  Economy / Services / Re: Gigamining / Teramining on: September 08, 2012, 08:10:18 PM
Hi P4man,

Are you recommending that I shouldn't even offer an upgrade?

Thanks,
gigavps

Where did you read me saying anything like that? Ive commended you for it plenty times, but it doesnt change the fact that its almost certainly not going to be nearly enough to offset bond holder losses. Are you recommending people buy and hold your bonds at current market price?
149  Economy / Services / Re: Gigamining / Teramining on: September 08, 2012, 07:15:58 PM
Okay, I understand that difficulty has gone up a lot since June 12, so there is a lot more competition, but I still can't see any mathematical reason for the share price of any security to go down exponentially when BTC price is going up.

Because you bought a fixed MH bond, aka a turd. As others pointed out, your "dividend" is linked only to difficulty and block reward. Difficulty was always expected to go up, perhaps  in the past months it went up faster than most expected, but with ASICs approaching, you havent seen anything yet. I fully expect difficulty to go up >10x in the next 6 months and possibly as much as 100x in the next year.  On top of that, blockreward will halve in december, and thus so will your dividends. Well, it will be half whatever is left by then, because by december ASICs will have started mining. Gigamining offers you a free upgrade when they get their asics, but a 4x increase (IIRC?)  will do precious little to offset the difficulty explosion you are about to see.

TL'DR, these mining bonds have been overbought since day one by people who didnt understand what they were buying. Im pretty sure they are still grossly overpriced today, so anyone who believes otherwise, lend me your bond, so I can short it. I will give you a nice bonus on your dividends if you let me borrow it for 3-6 months. PM me for details.
150  Economy / Lending / Re: Is there enough interest in real world lending for 15%- 20% ? on: September 07, 2012, 08:03:14 PM
what are you going to do if BTC value doubles or triples?
151  Bitcoin / Mining / Re: Another 2.5TH jump overnight ? on: September 07, 2012, 03:53:53 PM
Now that does show the 3-day average dropping ~2TH/s from 9/3 to 9/5, but then jumping up ~4TH/s from 9/5 to 9/8.

Nah, it doesnt show hashrate, it shows time between blocks. It uses that to guestimate hashrate but you can tell from the graph how much variance there is on that, through all of bitcoins history.
152  Economy / Marketplace / Re: Bitcurex.com - Win BCC card at BitMinter.com - MintRace Weekend #2 on: September 07, 2012, 12:47:43 PM
I got my Bitcurex card in the mail today, quite a bit faster than expected Smiley

I only just sold some BTC to charge the card, transferred it to the card, over an hour later the balance is still zero, but if it takes 2 hours, that will work for me too. I do wish there was an easier way to check the balance than sending an SMS to Poland.

Also,  it seems as if google play / wallet wont accept the card. Perhaps its because the balance is still zero, but apparently the card must be enabled for digital goods purchases. Is it enabled for that? If not,  how do I enable that?

update: a few hours later the card is charged and it works just fine on Google Wallet Smiley


As for the rest, the procedure seems pretty straight forward. The paper work (and english language translations) could be a little more professional I guess, but thats nitpicking. A bigger concern is that there is very little market depth at bitcurex exchange, selling just 10BTC made the price drop by 5% lol. It appears to be a nice exchange, so Im sure the is some opportunity for arbitration if anyone is interested.

153  Bitcoin / Bitcoin Discussion / Re: Depositors insurance? on: September 07, 2012, 08:11:09 AM
So to make an insurance option feasible I the insurer will retain the private keys to a bitcoin address that a depositor can use to store their bitcoins

The only thing in/assured here is that the depositor will lose his coins.

154  Bitcoin / Mining / Re: Another 2.5TH jump overnight ? on: September 07, 2012, 06:34:28 AM
There is no sudden overnight jump. There is only variability. Its nothing new:
http://bitcoin.sipa.be/
155  Economy / Long-term offers / Re: Who Pays What? on: September 06, 2012, 10:42:59 PM
Yes it's late, but it's also proof. You have the right to call them a scam at that point. Calling everyone a scammer because you don't like how they do business isn't proof.

The point is not to prove they are scams. You cant prove that. Nor do you have to. The point is to rate businesses which can demonstrate they are (most likely) NOT scams, which can demonstrate reserves, income, identity etc above ones which can not demonstrate any of that at all.

As it is now, its trivially easy to set up a ponzi on GLSBE, and get Patrick to rate you AAA. What then is the meaning of it? Its meaningless. Dont even bother.
156  Economy / Service Discussion / Re: Discussion about 10,000BTC Bet (Official) on: September 06, 2012, 10:27:39 PM
The irony of this is that I remember Matthew actually being quite sceptical of Pirate's scheme.

From what I've gathered (and I could quite likely be very wrong), Matthew is trying to make a point and pirate's scheme has less to do with it than reactions from forum members do.

Perhaps. Or perhaps thats what he will claim; but just as likely Matthew saw an opportunity to potentially make $100's of K and eternal fame for the risk no bigger than getting a scammer tag on a nerd forum.
157  Economy / Long-term offers / Re: Who Pays What? on: September 06, 2012, 10:00:19 PM
Now when i see someone that guarantees no losses and they default then i'll call it a scam.

ROFL. A bit late then, no?
158  Economy / Long-term offers / Re: Who Pays What? on: September 06, 2012, 09:58:01 PM
Obviously I will be interested to see your collected assessments of the people in this section then.

You mean all the 1% per week "securities"? I trust none of them, not one tiny bit. Nor should anyone as long as they do not open their books and wallets so to speak.

Now unlike me,  you have taken it upon yourself to rate them, and I actually think thats a good idea; I can imagine legitimate businesses not wanting to disclose everything to everyone, so there is a good argument to be made that someone like yourself, who  would need to be trusted by both parties, would obtain privileged access to information to make meaningful assessments, allowing legitimate businesses to prove themselves to be more trustworthy than the scammers. That means you would  judge the facts (or lack thereof), not the scammers lies.
159  Economy / Service Discussion / Re: Discussion about 10,000BTC Bet (Official) on: September 06, 2012, 09:48:57 PM
The irony of this is that I remember Matthew actually being quite sceptical of Pirate's scheme.
160  Economy / Long-term offers / Re: Who Pays What? on: September 06, 2012, 08:19:05 PM
The whole point of bitcoin land is to stay anonymous,

That may be the point for you, but its certainly not the case for many legitimate businesses.

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The standards are different here. Even in the real world though i can get tens of thousands of USD from banks with nothing more than my credit history.

Not without giving up your anonymity you dont.
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