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Question: How would you rate Bitcoin Savings & Trust?
5 - Excellent
4 - Very Good
3 - Good
2 - Fair
1 - Poor
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Author Topic: Bitcoin Savings and Trust | Home | Closed  (Read 792489 times)
pirateat40
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April 10, 2012, 07:35:21 PM
 #761

Pirate,

Are deposits being accepted at this time? I ask this since you mentioned your DB was temporarily locked.

-FB

Yes, everything is working server side, just client side is disabled.

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April 10, 2012, 10:45:31 PM
 #762

I'm kind of sad it's no longer called First Pirate Savings & Trust.  Sad

+1

Have another +1!
Why did it change?  I looked at my "new replies to your posts" and was like "I don't remember posting there"

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April 11, 2012, 12:03:38 AM
 #763

Site is looking very professional. As for the name, if put to a vote, I would support first pirate shavings and crust
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April 11, 2012, 01:37:55 AM
 #764

The changes look great!

One initial observation is that I don't see a place where I can see my deposit address any more. If this is coming, ignore me. If you addressed this previously, slap me  Sad
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April 11, 2012, 04:28:05 AM
 #765

I'm kind of sad it's no longer called First Pirate Savings & Trust.  Sad

+1

Have another +1!
Why did it change?  I looked at my "new replies to your posts" and was like "I don't remember posting there"
Heh, I don't even look at the thread title. I just click the thread with the smiley face Grin

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April 11, 2012, 04:48:52 AM
 #766

i like the new look too.. congrats.. Smiley

+1 smracer, +2 MadSweeney, +1 bitdragon, +1 mimarob, +1 Valalvax, +2 dbox, +100 payb.tc, +1 TheBitMan, +2 gusti, +1 hashking, +1 Xunie, +2 wm-center, +1 Scott J

https://bitcointalk.org/index.php?topic=484.msg962923#msg962923
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April 11, 2012, 03:04:55 PM
 #767

The changes look great!

One initial observation is that I don't see a place where I can see my deposit address any more. If this is coming, ignore me. If you addressed this previously, slap me  Sad

It should be in the note you took when he set up your account.

Why would I take a note when it's right on the site?
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April 11, 2012, 04:09:43 PM
 #768

I never saw my deposit address on the site. on another note I have it on my email.

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April 11, 2012, 09:30:40 PM
 #769

I never saw my deposit address on the site.

me neither
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April 11, 2012, 09:36:52 PM
 #770

I never saw my deposit address on the site.

me neither

He's a delorean so he must've travelled in time, to when there will be deposit addresses visible in the site lol

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April 14, 2012, 02:35:39 PM
 #771

  • SSL Encrypted - Coming shortly.
  • Two-Step Authentication via Google Authenticator - Coming shortly.
  • Request Withdraws - Coming shortly.
  • Account Changes - Limited based on authentication.
  • Transfer Codes - Coming shortly.
  • Much more to come...

hi pirate. the feature i miss from the old site is the displaying of the 'estimated payout' amount. will that be on the new site too one day?
pirateat40
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April 14, 2012, 02:37:31 PM
 #772

  • SSL Encrypted - Coming shortly.
  • Two-Step Authentication via Google Authenticator - Coming shortly.
  • Request Withdraws - Coming shortly.
  • Account Changes - Limited based on authentication.
  • Transfer Codes - Coming shortly.
  • Much more to come...

hi pirate. the feature i miss from the old site is the displaying of the 'estimated payout' amount. will that be on the new site too one day?


Yes, it's coming.

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April 14, 2012, 09:50:56 PM
 #773

(This is purely speculative, but I'm surprised no one has really addressed this in 818 posts)

7% rate/per week reinvested continuously is roughly equal to increasing principal by a factor of 6 over six months, and a factor of 34 over a year. Since this bank has been offering loans for about 6 months, I'm sure there are already some very happy early investors. But how will these high rates affect the overall bitcoin market? Someone had mentioned an investment of 25KBCT. Assuming that investor reinvests all earnings, and there is continued demand from the bank, in one year's time that balance along would grow close to 1MBCT. Because of that, the market will probably adjust by increasing the value relative to USD, and decreasing the amount of BTC required by Pirate.

It will be interesting to see how this all plays out, but I'm very bullish on the BTC as long as Pirate continues to have an exponential need for it.

Disclaimer: I do not have a significant quantity of BTC, but I'm thinking about buying a lot more based on the the effect Pirate may end up having on the overall market.

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April 14, 2012, 10:07:40 PM
 #774

(This is purely speculative, but I'm surprised no one has really addressed this in 818 posts)

7% rate/per week reinvested continuously is roughly equal to increasing principal by a factor of 6 over six months, and a factor of 34 over a year. Since this bank has been offering loans for about 6 months, I'm sure there are already some very happy early investors. But how will these high rates affect the overall bitcoin market? Someone had mentioned an investment of 25KBCT. Assuming that investor reinvests all earnings, and there is continued demand from the bank, in one year's time that balance along would grow close to 1MBCT. Because of that, the market will probably adjust by increasing the value relative to USD, and decreasing the amount of BTC required by Pirate.

It will be interesting to see how this all plays out, but I'm very bullish on the BTC as long as Pirate continues to have an exponential need for it.

Disclaimer: I do not have a significant quantity of BTC, but I'm thinking about buying a lot more based on the the effect Pirate may end up having on the overall market.



Well, just put in 0.01 BTC at 364% APR compounded weekly over 10 years and buy yourself a yacht, a cigar, and some whiskey. Smiley

Obviously this program wasn't meant to last forever. But as long as you get your principle back, no crying or whining allowed.


Corporations have been enthroned, An era of corruption in high places will follow and the money power will endeavor to prolong its reign by working on the prejudices of the people until wealth is aggregated in a few hands and the Republic is destroyed. ~Abe Lincoln 1ApJdWUdSWYw8n8HEATYhHXA9EYoRTy7c4
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April 14, 2012, 10:39:32 PM
 #775

... how will these high rates affect the overall bitcoin market? Someone had mentioned an investment of 25KBCT.

I won't go into the numbers much for now - the principle concept is more important. Two primary factors need to be acknowledged:
  • The dynamics behind Pirate's business result in high demand for bitcoins in relation to other currencies, particularly USD
  • Bitcoin's current supply inflation is about 25-30% per year

These are opposing forces that act to restrain the external exchange price rise (assume USD/BTC for this discussion).

What you seem to be concerned with is the internal mechanism. As long as supply is available through either inflation or willing sellers, high BTC/BTC returns are feasible. If the internal demand outpaces available supply, the exchange price will rise; that's the external influence (USD/BTC) which entices existing bitcoin holders to sell, replenishing the supply and allowing the high returns to continue.

At the inflection point where mining rewards are halved as we approach 2013, there may very well be a need to decrease the rates. However, that still leaves another four years of 8-12% base inflation, not including sellers (whether purely BTC sellers from within the system [mining, paid for work, etc] or foreign exchange [USD<->BTC] sellers). So the insanely high returns we're seeing now probably will persist for at least another six months, but will eventually decline as the percentage of total bitcoins held by FPS&T (I'll always think of it as First Pirate, not BS&T Smiley ) grows, or if Pirate's external-facing side of the Bitcoin business slows down.

We're witnessing an external speculative wave of wealth escaping overbearing, self-destructing fiat currencies by jumping into safer waters - right now it's only a trickle, and the internal structure is extremely fluid. Still, the signs of basic structures are forming - banking, lending, storage and security, transaction facilitation, etc.

Pirate & Co. may be single-handedly enabling and funnelling external demand into the bitcoin system. If Pirate maintains the present course and quality of service (both inside the Bitcoin community/network and out), I expect no less than two years remain for rapid growth. By then, competition may have solidified and be acting as a limiting factor to enforce more sustainable levels of expansion.

Obviously this program wasn't meant to last forever. But as long as you get your principle back, no crying or whining allowed.

Exactly, and there's no reason to believe principle won't be returned in full - this isn't your daddy's fiat currency: it's a pirate's Smiley
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April 15, 2012, 04:40:23 AM
 #776


Exactly, and there's no reason to believe principle won't be returned in full - this isn't your daddy's fiat currency: it's a pirate's Smiley


I love this quote. Very good points, btw, I agree completely.
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April 15, 2012, 12:52:44 PM
 #777

7% rate/per week reinvested continuously is roughly equal to increasing principal by a factor of 6 over six months, and a factor of 34 over a year. Since this bank has been offering loans for about 6 months, I'm sure there are already some very happy early investors.
I would be more interested in how many reserves the "trust" still has. E.g. what would happen if the 10 biggest accounts cash out at the same time. Right now.

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pirateat40
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April 16, 2012, 08:11:59 PM
 #778

Alert:

A bug has been found in the payment script that has caused some issues with the last payment.  It will be corrected shortly and any adjustments in payment will be credited or sent to you.

Thanks,

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April 17, 2012, 08:39:29 AM
 #779

Alert:

A bug has been found in the payment script that has caused some issues with the last payment.  It will be corrected shortly and any adjustments in payment will be credited or sent to you.

Thanks,

Has this been corrected yet? Not that it matters much but my last payment is still a tad shy of what it's supposed to be (thus some kind of bug still being there).
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April 17, 2012, 09:59:40 AM
 #780

Quote
I would be more interested in how many reserves the "trust" still has. E.g. what would happen if the 10 biggest accounts cash out at the same time. Right now.

This.

Scenario.

I. Buy, borrow or steal 1k btc.

II. Open Krakken Bank of Bitcoin, October 1st (as we all know krakken eat pirates). Offer 7% per week to investors. At this point it makes sense strategically to open it only to "selected" investors - most everybody isn't interested anyway so you gain some "mystique" that costs nothing.

III. 1st of November. Collected a few hundred in principal, paid maybe 10-20 BTCs from your 1k. BuKK stands at a few hundred btc invested + the goodwill of paid investors, you stand at ~980 BTC.

IV. 1st of December. Collected about 1k BTC in principal, paid ~200 BTC from your 1k. BuKK stands at 1k invested, buzz is starting to fly. You're ~750 BTC.

V. 1st of January. Collected 2-3k BTC, paid pretty much the remainder of your original balance. Start making little noises here and there about how you "own" the bitcoin market and delicately suggest to people that your moves actually have any impact (a ludicrous concept, but it served the bankers of old fiat well).

VI. 1st of February. Things start to balloon from here. BuKK principal is easily over 10k BTC, growth rates in the 10 to 20% range each week. Replenish your original 1k with some fringe just in case, pay the suckers their "interest" from the growth rate like any serious pirate/krakken/anything else designed-to-fail ponzi scheme. Do a lot of mouthing about imaginary investment opportunities irl or at the irl/btc interface that somehow magically net you what no business in the ~1000 years of business history ever made and each hyip in the ~10000 years of hyip history always claimed.

Huh

VII. Fail. A well, certainly not the first time, certainly not the last time, it's a pity to let a sucker keep its bitcoin and all that. Not like any lessons are liable to be learned or anything of the sort.

What's that, June? September? May? Heck, with a little luck it might even survive till the reward halving.

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