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1081  Other / Off-topic / Re: Crazy Americans went to sleep on: August 17, 2012, 05:07:15 PM
Oh, sorry. Forgot to tell you guys that I woke up.
1082  Economy / Speculation / Re: WE HIT $14.00!!!! on: August 17, 2012, 08:18:19 AM
the best part about this rally is : if a big bear strikes, mtgox will just crash.  GG bears
That's actually a good point. We can't quickly crash down even if we want to. MtGox will just crash.
1083  Economy / Speculation / Re: WE HIT $14.00!!!! on: August 17, 2012, 08:08:08 AM
Oh man, the last time I saw so many Americans up this late at night was last year! Oh God, I remember those late nights...
1084  Economy / Service Discussion / Re: BullShit Trust. It is the beginning of the end. on: August 17, 2012, 07:32:56 AM
Coins gone for three hours - THE PONZI IS COLLAPSING! THE END IS NIGH!

Perfectly logical.

Did you by chance notice a follow-up post, where I confirmed the receipt of my coins ?

I even asked VIA PM if it would be easier if I simply cancelled my withdrawal request, due to the time..... YET STILL NEVER RECEIVED ANYTHING FROM PIRATE BY WAY OF COMMUNICATION IN REGARDS TO ANY KIND OF TIME LINE OR DELAY THAT I MAY FACE....until I received this approx 5.5 hours after my initial request:

bitlane,
Your account has been closed.  Your funds will be sent to the withdraw address on file on Monday with the regularly scheduled interest payment.
-pirate

Wouldn't it have been JUST AS EASY to tell me where I stood on his so-called queue ? ...... HE'S NOT THE ONLY ONE WITH A LIFE.
So wait, he still hasn't sent you're withdrawal? And now he's closing your account? What a Madoff!
1085  Economy / Service Discussion / Re: BITCOIN SAVINGS & TRUST - Just when you thought Bitcoin was instant.... on: August 17, 2012, 06:16:39 AM
While I have your attention Maged, any reason why service operators are able to get away with locking their Service Threads, when they use this forum for active recruitment ?
I don't know, I just work here.
1086  Economy / Scam Accusations / Re: SCAMMER = Tom van de Moosdijk mysticalnl@gmail.com on: August 17, 2012, 05:45:17 AM
Could you go into Paypal and hit the refund button on the transaction he sent you?

Oh man, I remember this guy...
1087  Economy / Service Discussion / Re: BITCOIN SAVINGS & TRUST - Just when you thought Bitcoin was instant.... on: August 17, 2012, 05:27:36 AM
He has NEVER stated 24 hours TO HIS LENDERS. You might be referring to his 'Bet' but that has absolutely NOTHING to do with me or the terms under which I lend to him under.
He has, several times. Of course I don't blame you for not keeping up with the daily activities of Pirate with all of the posts about him.
1088  Economy / Long-term offers / Re: Who Pays What? on: August 17, 2012, 04:59:02 AM
The bulk of the OP contents will be reinstated later today.  This has been a useful exercise demonstrating the bias of particular people against those actively working to improve the Bitcoin economy.

The OP will be restructured and include the following features:

  • Only those with business models that are apparent or have been disclosed will be listed.
  • To be listed, issuers will need to submit and agree to publication of their financial metrics (the credit rating system).
Awesome! Finally, some accountability.
1089  Bitcoin / Important Announcements / Re: [ANN] Bitcoinica Consultancy abandons customers. Bitcoinica to enter Liquidation on: August 17, 2012, 04:04:15 AM
Take this with a grain of salt, because it's unsubstantiated rumour at this point, but if it's true it would be enormously helpful to the liquidation process.

Quote
Wayne Lee-Archer 2:55 AM
MagicalTux will be travelling to NZ to talk to the recievers regarding
Bitcoinica/Intersango

https://privatepaste.com/5241fafb45
1090  Economy / Exchanges / Re: [ANN] Bitcoinica Consultancy abandons customers. Bitcoinica to enter Liquidation on: August 17, 2012, 04:03:40 AM
Take this with a grain of salt, because it's unsubstantiated rumour at this point, but if it's true it would be enormously helpful to the liquidation process.

Quote
Wayne Lee-Archer 2:55 AM
MagicalTux will be travelling to NZ to talk to the recievers regarding
Bitcoinica/Intersango

https://privatepaste.com/5241fafb45
Quote
KEEP THIS ABSOLUTELY CONFIDENTIAL
Huh.
1091  Other / Meta / Re: kentrolla's "lol broken bot" thread deleted? on: August 17, 2012, 02:16:58 AM
It might be the one stevegee58 linked to. Who's to say, since the thread is no longer there.
Theymos can look at it and restore it, if it was wrongfully deleted.
1092  Bitcoin / Important Announcements / Re: World's First Bitcoin Lawsuit - Cartmell v. Bitcoinica on: August 17, 2012, 02:14:04 AM
Posting this link for accuracy. It looks like Amir did respond to contact by the plaintiffs and was willing to consider the idea of them taking over Bitcoinica and the claims process.

Quote
That sounds like a good plan. I also would be willing to help you verify and vet claims.

However the problem is that now Patrick and Donald have said they're done. They feel like we had no legal responsibility to take on the claims, and that we took it on so people's payments would simply get done. Now that they've walked away, they aren't dealing with this mess. They are also unlikely to hand over the funds to any third party.

http://privatepaste.com/0c4b934417
Contents of the above link:
Quote
Hi,

That sounds like a good plan. I also would be willing to help you verify and vet claims.

However the problem is that now Patrick and Donald have said they're done. They feel like we had no legal responsibility to take on the claims, and that we took it on so people's payments would simply get done. Now that they've walked away, they aren't dealing with this mess. They are also unlikely to hand over the funds to any third party.

Don't take this as legal advice, but we would need to get Bitcoinica LP to do it. I'm not sure how it would work (written consent or what?) but that's what I imagine. I myself never had access to any funds as I'm not a responsible person, and can be careless in real life. So I don't have access to anything (like Intersango). My role is mostly writing code and organising things (like our community projects, the conference or writing articles).


Relaunching Bitcoinica though is a stupid idea though. I detailed why here:

  https://bitcointalk.org/index.php?topic=93319.msg1038189#msg1038189

And also see the email between Zhou and Tihan:

  http://pastebin.com/8XKZaPK6

i.e that Bitcoinica was losing money in its last months. By putting it back up, you are taking a huge risk, especially with the current platform. We were building a new platform from scratch for this reason. Two requirements for relaunching Bitcoinica:

1 - a new codebase and system from scratch that you control and understand fully. I realise this was a mistake now. At the time I did have concerns, but didn't speak up as everyone around me seemed capable and full of initiative.


2 - a better hedging algorithm that depends not on a person tuning values, but on a mathematical algorithm that is assessing risk. I would recommend a stochastic random walk that measures risk movements to an acceptable certainty to tell you whether to trade or not. A good book I recommend is Evidence Based Technical Analysis.

Otherwise if you don't follow that advice above, then the community is in for a whole lot more heartache and disaster. I really don't want anyone to lose money, or suffer more.



----- Original Message -----
From: Jesse Powell <jpowell@gmail.com>
To: Amir Taaki <zgenjix@yahoo.com>; Jed McCaleb <jed2000@gmail.com>; Brian Cartmell <brian@cartmell.co.nz>; Roger Ver <roger@memorydealers.com>
Cc:
Sent: Thursday, July 19, 2012 5:16 AM
Subject: can we work out a deal?

Hey Amir,

We've been trying to contact Patrick and Donald with no response.  Are
you the only one left at Bitcoinica?  We'd like to work out a deal that
would allow you guys to walk away from it, leave the claims process and
responsibility with us.  We'd likely attempt to relaunch Bitcoinica and
eventually get our money back that way but in the meantime at least all
the other users would get repaid and a lawsuit could be avoided.

Let us know what you think.

Jesse
1093  Economy / Long-term offers / Re: Who Pays What? on: August 16, 2012, 06:25:27 PM
Well, if someone else wants to do this, now is your chance to get a sticky.
1094  Economy / Service Announcements / Re: SatoshiDICE hit 1,000,000 bets today on: August 15, 2012, 10:04:05 PM
Nice job!

So with an average bet of 0.1btc you've made about 1500btc?
At the moment, they've made 4699.61641731 BTC.
1095  Alternate cryptocurrencies / Altcoin Discussion / Re: [SCAM] Litecoin-based BFL Singles on: August 15, 2012, 09:52:49 PM
theymos just decided to ban him instead of putting the tag on him.
1096  Other / Beginners & Help / Re: Whitelist Requests (Want out of here?) on: August 15, 2012, 09:46:16 PM
I'm new to the BTC world, but I've spent the evening reading through as much as I can absorb.  I have concluded that mining is not for me at this time, but trading is.  I understand the broad system, believe in the currency and wish to speculate through trading based on an a difficulty vs price approach.  I also think that there is much need of additional services and retail prospects in taking bitcoin in a seamlessly integrated fashion.  I hope to use my retail/IT development background towards this goal to both benefit the bitcoin community and honestly more so for my own success.

BTW is it just me or is the overall feel of this environment a little hostile?  I wonder if that is unavoidable with the nature of online+financing... but I sincerely hope it can be made more friendly while remaining secure.  Maybe that's the nut I should be trying to crack Smiley  Off to read some more.
Don't worry, the hostility goes away after you're here for awhile.

eb3full: Whitelisted
zefside: Whitelisted
frozenkai: Whitelisted
1097  Other / Beginners & Help / Re: Bitcointalk offline.... newbie status still in effect? on: August 15, 2012, 09:36:19 PM
Whitelisted for proof of prior knowledge.
1098  Economy / Lending / Re: Bryan Micon's List of BTC Ponzi Schemes that should not be listed as "Lending" on: August 15, 2012, 08:50:49 PM
I've suggested that if Pirate were running a Bitcoin-only Ponzi, it would've failed nearly three months ago - just prior to the price level increasing from $5.
Why would you think that? I'm genuinely interested in your analysis.
1099  Economy / Lending / Re: Bryan Micon's List of BTC Ponzi Schemes that should not be listed as "Lending" on: August 15, 2012, 08:29:44 PM
And a while back, I outlined a theory that is extremely plausible. So much so, that maged is researching it now.
I've thought over the futures idea, and am now concluding, without further information, that it is not likely. My reasoning is that a futures market first evolves from the fundamentals and speculation comes into play to add liquidity later.

The fundamental groups are:
1) Miners
2) Businesses

Miners have a strong incentive to use a futures market because it would allow them to lock in the price of bitcoins they haven't mined yet. I highly suspect that a futures market will evolve to be strong in bitcoin in the future because of this. However, most of the miners who would use futures are members of this forum, so we would have heard something about this. It's a shame that Pirate said that GPUMAX wasn't involved in BS&T, because that would have been more interesting to consider.

Businesses would use a futures market if a lot of escrow or other delayed delivery of bitcoins were taking place, but we all know that isn't the case.

Now, it's true that most of any market is speculation. However, no market can be (almost) completely speculation, since speculation is a zero-sum game.
1100  Economy / Trading Discussion / Re: Putting your money where Pirate's mouth is. on: August 15, 2012, 06:18:33 PM
FYI, here is my interpretation.

Since the existing ToS includes the provision for pirate's ability to change interest rates "with notice", this latest change in interest rates does not violate the terms of the bet contract, even though it did not itself have a 30 day notice. The term "interest rates" was only used as an example of terms that may change in ToS; the list of examples was not intended to be either exhaustive or necessarily-inclusive. The point of the ToS changes section and advance notice thereof, was to make sure that users are given ample notice for any unexpected material changes.

For your easy reference, link to bet contract:
https://bitcointalk.org/index.php?topic=91661.msg1013589#msg1013589
witnessed. (from team ponzi, just to be fair)
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