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Author Topic: Bitcoin Savings and Trust | Home | Closed  (Read 774125 times)
BurtW
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June 23, 2012, 11:47:51 AM
 #1021

Now where's me a good PPT??

what's a 'PPT'?

I see what you did there.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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Otoh
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June 23, 2012, 11:53:37 AM
 #1022


lol

Node40.com is a leader in DASH hosting, dedicated exclusively to fully managed masternode hosting. Professional, organized, and responsive. I have many dozens of nodes with them.    
BTC = $c²     BTC = 1otohotohMoQoxHuxLBveQiZcV3Pji3Tc      DASH, Digital Cash = www.dash.org   
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payb.tc
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June 23, 2012, 11:54:46 AM
 #1023


i have no idea what you're talking about. heh
BurtW
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June 23, 2012, 12:00:00 PM
 #1024

For anyone who would like to know "What is a PPT?" or "Where can I deposit my Bitcoins?"

Patrick put a lot of work into this:  https://bitcointalk.org/index.php?topic=81542.0

Thank you Patrick!

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
bulanula
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June 24, 2012, 11:58:36 AM
 #1025

I love pirate and all BUT the only thing I don't like about him and his operation is that he does not seem to believe in BTC ( refers to them as "pet rocks" ) and also I think he is the only one preventing BTC going to $10 soon by dumping as much as he can ...
SimBesh
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June 24, 2012, 01:00:33 PM
 #1026

I love pirate and all BUT the only thing I don't like about him and his operation is that he does not seem to believe in BTC ( refers to them as "pet rocks" ) and also I think he is the only one preventing BTC going to $10 soon by dumping as much as he can ...
notme
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June 24, 2012, 03:29:01 PM
 #1027

I love pirate and all BUT the only thing I don't like about him and his operation is that he does not seem to believe in BTC ( refers to them as "pet rocks" ) and also I think he is the only one preventing BTC going to $10 soon by dumping as much as he can ...

Thank God he is preventing another pump and dump.

https://www.bitcoin.org/bitcoin.pdf
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imsaguy
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June 24, 2012, 07:36:52 PM
 #1028

I think Pirate is selling nuclear weapons to Iran and North Korea.  That's how he is making all of his profit.

Coming Soon!™ © imsaguy 2011-2013, All rights reserved.

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June 24, 2012, 07:41:25 PM
 #1029

Ah, and he is using BFL's approach of asking for payment first! Smiley

Wait! .... What does he need our coins for again?  Huh

 Grin

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June 24, 2012, 07:53:10 PM
 #1030

I think he is the only one preventing BTC going to $10 soon by dumping as much as he can ...
This statement makes no sense at all. 

If he sells off his BTC for USD then how does he pay interest in BTC? 

Looking at the operation as a black box he has a certain amount of working BTC capital on deposit and must use that to make a profit in BTC so he can send it out to his depositors.  On average he has to either borrow, make or buy BTC every week in order to make his weekly interest payments and maintain his BTC capital base.

If he sold off all the BTC he borrowed then he would soon be out of BTC and would not be able to make his payments.

He may buy and sell BTC on a daily basis but overall he has to have an average inflow of BTC into his opertion for it to work.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
bitfoo
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June 24, 2012, 08:07:30 PM
 #1031

He may buy and sell BTC on a daily basis but overall he has to have an average inflow of BTC into his opertion for it to work.

I personally think that pirate and his customers may have contributed quite a bit to the climb of BTC value from $2 to $6.

bulanula
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June 24, 2012, 10:05:27 PM
 #1032

I kind of get where you two are going but why was he so scared of a rise in USD prices if so ?

"The greatest thing that could hurt me is a sudden spike in BTC price" - so he does anything to avoid that rally to $10 by Dec by dumping as much as he can onto it.

Makes sense, no ?
Gladamas
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June 24, 2012, 10:27:32 PM
 #1033

"The greatest thing that could hurt me is a sudden spike in BTC price"

I completely forgot about that quote! It does make sense with waltmarkers' theory!

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bulanula
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June 24, 2012, 10:38:23 PM
 #1034

"The greatest thing that could hurt me is a sudden spike in BTC price"

I completely forgot about that quote! It does make sense with waltmarkers' theory!

And there I was sat, thinking 70% of my posts are rubbish Wink
Gladamas
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June 24, 2012, 10:47:13 PM
 #1035

"The greatest thing that could hurt me is a sudden spike in BTC price"

I completely forgot about that quote! It does make sense with waltmarkers' theory!

And there I was sat, thinking 70% of my posts are rubbish Wink

I'm sorry for posting that; I shouldn't have posted utter BS.

Does the trade in for value apply if we acquire singles on the used market? EG if I own 20 singles bought from another miner, will I get $599 each in trade-in?

YES !

Please ignore all of Bulanula's posts.
He is correct though...

I do realize that, but over 70% of the time he is trolling, I just wanted to say that.

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notme
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June 24, 2012, 11:44:30 PM
 #1036

I kind of get where you two are going but why was he so scared of a rise in USD prices if so ?

"The greatest thing that could hurt me is a sudden spike in BTC price" - so he does anything to avoid that rally to $10 by Dec by dumping as much as he can onto it.

Makes sense, no ?

No.

He isn't scared of a rise, he is scared of a sudden spike.  He has brief time periods (a few hours) where he has traded BTC for enough USD to rebuy the BTC + a profit.  If it spikes during this exposure, he loses BTC.

https://www.bitcoin.org/bitcoin.pdf
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alexanderanon
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June 25, 2012, 05:29:47 AM
 #1037

C'mon people, how much of a spike could severely affect a person who is in USD for maybe a few hours at a time? Even the June 2011 spike wasn't moving that fast.

PatrickHarnett
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June 25, 2012, 05:39:13 AM
 #1038

C'mon people, how much of a spike could severely affect a person who is in USD for maybe a few hours at a time? Even the June 2011 spike wasn't moving that fast.



Although I never played there (Bitcoinica), I believe the local term is Zhoutong'd (forced liquidation of a position at a loss).  In other markets, more common are squeezes and corners where liquidity dries up.

As for materiality, depends on the person, but for argument sake, assume $1M - that's material for most people.
alexanderanon
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June 25, 2012, 05:54:42 AM
 #1039

C'mon people, how much of a spike could severely affect a person who is in USD for maybe a few hours at a time? Even the June 2011 spike wasn't moving that fast.



Although I never played there (Bitcoinica), I believe the local term is Zhoutong'd (forced liquidation of a position at a loss).  In other markets, more common are squeezes and corners where liquidity dries up.

As for materiality, depends on the person, but for argument sake, assume $1M - that's material for most people.

Well I think the implication then is that when pirate is in USD he is shorting bitcoin (perhaps leveraged on bitcoinica when it was around), and that a sudden move up would obviously hurt a short position. I agree with that, but I thought the general sense was that pirate changed to USD for face to face interactions, perhaps trading bitcoins for USD, rather than changing to USD for shorting purposes. I believe he even said as much at some point but I don't have the quote.
Gladamas
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June 25, 2012, 05:59:51 AM
 #1040

C'mon people, how much of a spike could severely affect a person who is in USD for maybe a few hours at a time? Even the June 2011 spike wasn't moving that fast.



Although I never played there (Bitcoinica), I believe the local term is Zhoutong'd (forced liquidation of a position at a loss).  In other markets, more common are squeezes and corners where liquidity dries up.

As for materiality, depends on the person, but for argument sake, assume $1M - that's material for most people.

Well I think the implication then is that when pirate is in USD he is shorting bitcoin (perhaps leveraged on bitcoinica when it was around), and that a sudden move up would obviously hurt a short position. I agree with that, but I thought the general sense was that pirate changed to USD for face to face interactions, perhaps trading bitcoins for USD, rather than changing to USD for shorting purposes. I believe he even said as much at some point but I don't have the quote.

I don't believe he would short Bitcoin unless his business involves day trading. But a sudden spike in USD/BTC prices would hurt his business if the theory described here is true.

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