Glad thats over

[alan2here]

http://bitcoincharts.com/charts/mtgoxUSD#rg30zig2-hourzczsg2012-07-10zeg2012-08-22ztgMzm1g10zm2g25
phew, back to normal.

We can point to the spec of volitity on the right of the graph in a few months and tell people who missed it about how people were saying it would be the end of bitcoin.

[elosk]

But it isn't done yet. Pirate hasn't paid everyone back yet. If he does, it will most likely result in a flooding of the market which will drop the price. If he runs off, the market will rally as everyone who invested with him tries to get back into the game.

[alan2here]

Thanks for the info elosk.

[smoothie]

But it isn't done yet. Pirate hasn't paid everyone back yet. If he does, it will most likely result in a flooding of the market which will drop the price. If he runs off, the market will rally as everyone who invested with him tries to get back into the game.

+1 this is what I think will happen as well.

If we find he sold the majority of the coins already...price will skyrocket...

[alan2here]

People seem to trust him greatly on the IRC channels.

Does it follow that when people get there BTC back there will be a lot of selling and the price will decrease?

[jwzguy]

But it isn't done yet. Pirate hasn't paid everyone back yet. If he does, it will most likely result in a flooding of the market which will drop the price. If he runs off, the market will rally as everyone who invested with him tries to get back into the game.

That seems like a fairly baseless assumption to me.

[Hyena]

I was so close to selling everything on Monday morning but luckily I was too lazy.

I've been scammed 10 years ago by Fast Market and Solid Investment , total ponzies. They paid 4% a week and were scams. 7 is just hilarious. This is why I believe pirate won't pay.

[muyuu]

But it isn't done yet. Pirate hasn't paid everyone back yet. If he does, it will most likely result in a flooding of the market which will drop the price. If he runs off, the market will rally as everyone who invested with him tries to get back into the game.

By everyone I think you mean anyone. 0 people reported paid back so far.

Load up your accounts at the exchanges, we may reap some nice single digit coins.

[mobodick]

But it isn't done yet. Pirate hasn't paid everyone back yet. If he does, it will most likely result in a flooding of the market which will drop the price. If he runs off, the market will rally as everyone who invested with him tries to get back into the game.

Meh, price will go down either way.

[elosk]

But it isn't done yet. Pirate hasn't paid everyone back yet. If he does, it will most likely result in a flooding of the market which will drop the price. If he runs off, the market will rally as everyone who invested with him tries to get back into the game.

That seems like a fairly baseless assumption to me.

How so? If people get their coins back, do you not think that many of them will sell to try and get out?

But it isn't done yet. Pirate hasn't paid everyone back yet. If he does, it will most likely result in a flooding of the market which will drop the price. If he runs off, the market will rally as everyone who invested with him tries to get back into the game.

Meh, price will go down either way.

Why do you think it will go down if he runs off?

[jwzguy]

But it isn't done yet. Pirate hasn't paid everyone back yet. If he does, it will most likely result in a flooding of the market which will drop the price. If he runs off, the market will rally as everyone who invested with him tries to get back into the game.

That seems like a fairly baseless assumption to me.

How so? If people get their coins back, do you not think that many of them will sell to try and get out?

Why would they? If they get paid back, it's not like they got burned.

[elosk]

But it isn't done yet. Pirate hasn't paid everyone back yet. If he does, it will most likely result in a flooding of the market which will drop the price. If he runs off, the market will rally as everyone who invested with him tries to get back into the game.

That seems like a fairly baseless assumption to me.

How so? If people get their coins back, do you not think that many of them will sell to try and get out?

Why would they? If they get paid back, it's not like they got burned.

True, and this is purely speculation, but I believe that after having someone else sitting on their coins for so long and after making large profits, that people will be inclined to convert at least some of their coin to fiat

[CoinDiver]

Simple economics. You increase the monetary base, the value of a unit of currency goes down.

Further more, people will sell out of fear that everyone else will sell. Look at the charts, it will only take a fraction of that 500k BTC to make a significant drop in the rate.

[alan2here]

True elosk.

[jwzguy]

I see absolutely no reason they would want to. I sure wouldn't. Fiat's going down in value every day, why do you think I invested in BTC in the first place? That wouldn't change because I got out of a HYIP without getting burned. (Hypothetically, I didn't invest.)

We're talking about an entire population, and while of course there may be some people who overextended themselves to take advantage of the interest and desperately need some cash, I wouldn't expect it to be the majority.

[Faraday]

But it isn't done yet. Pirate hasn't paid everyone back yet. If he does, it will most likely result in a flooding of the market which will drop the price. If he runs off, the market will rally as everyone who invested with him tries to get back into the game.

That seems like a fairly baseless assumption to me.

How so? If people get their coins back, do you not think that many of them will sell to try and get out?

Why would they? If they get paid back, it's not like they got burned.

Because the only reason they bought the bitcoins was to invest for the interest rates? (I'm not saying all pirate investors were like this, but some must have been.)

[mobodick]

But it isn't done yet. Pirate hasn't paid everyone back yet. If he does, it will most likely result in a flooding of the market which will drop the price. If he runs off, the market will rally as everyone who invested with him tries to get back into the game.

That seems like a fairly baseless assumption to me.

How so? If people get their coins back, do you not think that many of them will sell to try and get out?

But it isn't done yet. Pirate hasn't paid everyone back yet. If he does, it will most likely result in a flooding of the market which will drop the price. If he runs off, the market will rally as everyone who invested with him tries to get back into the game.

Meh, price will go down either way.

Why do you think it will go down if he runs off?

Loss of confidence, hampering the bubble we had.
I think the value without megabulls is below $10.

[alan2here]

Simple economics. You increase the monetary base, the value of a unit of currency goes down.

Further more, people will sell out of fear that everyone else will sell. Look at the charts, it will only take a fraction of that 500k BTC to make a significant drop in the rate.

It's not out of circulation when pirate has it, is it. Isn't he using it to buy and sell too?

[jwzguy]

Simple economics. You increase the monetary base, the value of a unit of currency goes down.

Further more, people will sell out of fear that everyone else will sell. Look at the charts, it will only take a fraction of that 500k BTC to make a significant drop in the rate.

Except there wouldn't be an increase in the monetary base. People are just getting loans paid back.

Some people may sell out of that fear - their loss. The charts only show the current orders on the books. They do not reflect the entire user base by any stretch.

The longer this payout takes, the more academic this conversation is, though.

[jwzguy]

Because the only reason they bought the bitcoins was to invest for the interest rates? (I'm not saying all pirate investors were like this, but some must have been.)

Why would anyone think it was the majority. You're not invested in Bitcoin but you decided to take the leap because of an extremely risky HYIP opportunity? I would think that's almost no one.

Loss of confidence, hampering the bubble we had.
I think the value without megabulls is below $10.

Obviously if you remove a big chunk of the the population that values Bitcoin, the market price drops. But you can't. So the only value that matters is the one that reflects the behavior of the entire population.