misterbigg (OP)
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November 01, 2012, 01:40:02 AM |
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So it's basically November, are people still thinking that they are going to get paid eventually by Pirate?
What happened to the people who bought the Pirate debt for satoshis on the btc?
Did GLBSE get wound down properly?
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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benjamindees
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November 01, 2012, 02:10:03 AM |
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The silence is deafening.
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Civil Liberty Through Complex Mathematics
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misterbigg (OP)
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November 01, 2012, 03:26:28 AM |
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The silence is deafening.
What? |
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proudhon
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November 01, 2012, 04:53:21 AM |
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Also, Bitcoinica, Bitcoin Consultancy, Bitcoinica Consultancy, Amir, Patrick, etc, etc,...
It's good to have a reminder every now and then.
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Bitcoin Fact: the price of bitcoin will not be greater than $70k for more than 25 consecutive days at any point in the rest of recorded human history.
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ElectricMucus
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Marketing manager - GO MP
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November 01, 2012, 05:10:47 AM |
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Don't you worry there is gonna be the next one.
ICBIT I'm waving at ya.
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Brunic
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November 01, 2012, 05:21:40 AM |
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Now, I agree that pirate is a scammer. Up until GPUMax closing announcement, I still had faith in pirate, since I couldn't believe somebody could be so dumb to ruin GPUMax. Well, it seems I'm wrong, somebody was dumb enough to ruin what was the project with the most potential around here. My GPU were so ready for it...  |
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Maged
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November 01, 2012, 05:47:17 AM |
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The only potential GPUMax had was being a powerful weapon to destroy the bitcoin network. Good riddance.
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ldrgn
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November 01, 2012, 06:03:21 AM |
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The only potential GPUMax had was being a powerful weapon to destroy the bitcoin network. Good riddance.
Why are you a moderator? You clearly don't understand Bitcoin. |
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Brunic
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November 01, 2012, 07:46:04 AM |
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The only potential GPUMax had was being a powerful weapon to destroy the bitcoin network. Good riddance.
Why are you a moderator? You clearly don't understand Bitcoin. Touché! Seriously Maged, you also think Coinlab is a powerful weapon to destroy the bitcoin network too? Come on... |
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BCB
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BCJ
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November 01, 2012, 10:06:42 AM |
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Magad
Could you explain? I have heard form more the a few users that GPUMax was a great resource.
Thanks.
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Vladimir
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November 01, 2012, 10:17:34 AM |
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So it's basically November, are people still thinking that they are going to get paid eventually by Pirate?
I thought this was pretty clear as early as May 2012 (and earlier for those with a brain who happened to learn about this 7-10% a week proposition earlier). |
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Maged
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November 02, 2012, 12:16:42 AM |
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Magad
Could you explain? I have heard form more the a few users that GPUMax was a great resource.
Thanks. That's part of why it was so dangerous. More importantly, though, because it was just a mining proxy, it was literally impossible for anyone to know how much mining power GPUMax controlled through those proxy connections. In light of what we now know about Pirate it's fair to say that his entire goal with GPUMax was to leverage his ponzi-gained trust along with shiny features to silently build up over 50% of the network's hashing power through his proxy. Then, once his ponzi reached its peak, he'd unleash this power against the network, blame it on a hack or something, then run away with his ponzi gains while we were too busy cleaning up the mess to notice. In fact, he probably thought that the attack would permanently destroy bitcoin, so people wouldn't even care that he ran. Luckily for us, he was still building up the technical capacity to do this attack when his ponzi collapsed. If you still don't think that was the goal Pirate had for GPUMax, then you are still in denial. Thus, the OP's point has been made. |
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BCB
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BCJ
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November 02, 2012, 12:19:39 AM |
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Thanks Maged for that informed explanation.
So now we are crediting Trendon Shavers with being an evil Master Mind (He did make off with aprox. $2M USD worth of bitcoin)?
I'd be curious to hear other opinions about GPUMax.
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DeathAndTaxes
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Gerald Davis
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November 02, 2012, 12:25:35 AM |
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Thanks Maged for that informed explanation.
So now we are crediting Trendon Shavers with being an evil Master Mind (He did make off with aprox. $2M USD worth of bitcoin)?
I'd be curious to hear other opinions about GPUMax.
Yeah I wouldn't really call it "mastermind". When your plan requires the abject stupidity of others in order to work it is hardly a mastermind. Pirate borrowed BTC and sold them for USD. TL/DR version he was massively short (probably the shortest short in the history of Bitcoin). He had no way to pay the interest obligation at the current exchange rate. However 500K BTC is pretty easy to pay off if BTC fell to say $0.10 USD:BTC. So: a) Pirate had no end game, he was just as delusional as his investors or b) Pirate was the worlds worst ponzi operator but lucked out that he found a group of people more idiotic than him who ALSO didn't really mind losing millions of dollars (actions speak louder than words here). or c) Pirate's "plan" was to tank BTC exchange rate and thus massively devalue his debt. Doesn't matter if the plan was dubious or not. |
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Maged
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November 02, 2012, 12:33:42 AM |
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Oh, and remember that huge wave of GPUMax invites that went out after BS&T collapsed? That was one last-ditch effort to kill bitcoin and drop the price further.
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BCB
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BCJ
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November 02, 2012, 12:34:49 AM |
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Clearly he (and his PPT's??) had the confidence thing down.
Did he/do you really think he could have captured more then 51% of the network hashing power?
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MPOE-PR
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November 02, 2012, 12:35:35 AM |
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Thanks Maged for that informed explanation.
So now we are crediting Trendon Shavers with being an evil Master Mind (He did make off with aprox. $2M USD worth of bitcoin)?
I'd be curious to hear other opinions about GPUMax.
Yeah I wouldn't really call it "mastermind". When your plan requires the abject stupidity of others in order to work it is hardly a mastermind. Pirate borrowed BTC and sold them for USD. TL/DR version he was massively short (probably the shortest short in the history of Bitcoin). He had no way to pay the interest obligation at the current exchange rate. However 500K BTC is pretty easy to pay off if BTC fell to say $0.10 USD:BTC. So: a) Pirate had no end game, he was just as delusional as his investors or b) Pirate was the worlds worst ponzi operator but lucked out that he found a group of people more idiotic than him who ALSO didn't really mind losing millions of dollars (actions speak louder than words here). or c) Pirate's "plan" was to tank BTC exchange rate and thus massively devalue his debt. Doesn't matter if the plan was dubious or not. Actually, his plan nigh-on succeeded, if not for a few pesky inconveniences. Look at August charts. |
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Maged
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November 02, 2012, 12:40:07 AM |
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Clearly he (and his PPT's??) had the confidence thing down.
Did he/do you really think he could have captured more then 51% of the network hashing power?
Absolutely, no question. Remember that whole invite-only thing GPUMax had? Well, the way that works is the same way it worked for the ponzi, and you saw how that went down. |
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BCB
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BCJ
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November 02, 2012, 12:41:50 AM |
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I don't remember the whole invite thing. I was not following pirate or GPUMax before the default. That is why I am asking. Thanks.
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myrkul
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November 02, 2012, 03:31:44 AM |
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c) Pirate's "plan" was to tank BTC exchange rate and thus massively devalue his debt. Doesn't matter if the plan was dubious or not.
I was pretty sure this was the plan from nearly day 1. I figured he was going to do it via massive holdings and spooky walls, but a 51% attack would work just as well, I suppose, and fits well with the rest of the evidence. |
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