Bitcoin Savings and Trust | Home | Closed

[exahash]

It's not irrational to speculate on high-risk ventures. If you think the risk of him running off with your money is higher than the potential rewards, avoid it; we think the rewards are higher than the risk, so we put money in, and it really is that simple.

^ this.

Well put copumpkin.

[imsaguy]

But consider for a moment the (possibly very small) possibility that he really has found an excellent way to make money.

Actually no, I will not consider that, like at all. ^ this does not exist on this planet. There is no "secret" way of making money with no risk, there is either legit based on sound fundamentals money making or there are frauds and scams. Every time someone discovers a new way to make money with such a high return it's almost always because they are the first to enter the market providing an actual good or service or they just discovered a significant technological advancement giving them a huge edge over the rest of the market, neither state of the market can last for a long period of time because competition soon follows and diminishes your slice of the market pie.

Please quote for me where he states he will continue this forever.  Its you lovely people that keep making this estimations about what will happen "if things keep going the way they are". 

[mollison]

Every time someone discovers a new way to make money with such a high return it's almost always because they are the first to enter the market providing an actual good or service or they just discovered a significant technological advancement giving them a huge edge over the rest of the market, neither state of the market can last for a long period of time because competition soon follows and diminishes your slice of the market pie.

Um, yeah, it's called bitcoin, have you heard of it? 

And he has stated that he doesn't want to reveal exactly what he's doing because then other people will do it, driving down his profit. Which also fits with your theory as quoted above.

[hazek]

Every time someone discovers a new way to make money with such a high return it's almost always because they are the first to enter the market providing an actual good or service or they just discovered a significant technological advancement giving them a huge edge over the rest of the market, neither state of the market can last for a long period of time because competition soon follows and diminishes your slice of the market pie.

Um, yeah, it's called bitcoin, have you heard of it? 

And he has stated that he doesn't want to reveal exactly what he's doing because then other people will do it, driving down his profit. Which also fits with your theory as quoted above.

Really? Somehow pirate can do what no other Bitcoin business can do, and he can do this in secret without anyone else catching on?? Bitcoin is just a new money + a new financial service, how does that differ from what returns are possible with conventional money and conventional financial services? It doesn't.

If you aren't interested in simply trolling me and if you actually want to listen to my arguments why you should be very skeptical of getting involved please read my entire post and don't take things out of context.

[hazek]

But consider for a moment the (possibly very small) possibility that he really has found an excellent way to make money.

Actually no, I will not consider that, like at all. ^ this does not exist on this planet. There is no "secret" way of making money with no risk, there is either legit based on sound fundamentals money making or there are frauds and scams. Every time someone discovers a new way to make money with such a high return it's almost always because they are the first to enter the market providing an actual good or service or they just discovered a significant technological advancement giving them a huge edge over the rest of the market, neither state of the market can last for a long period of time because competition soon follows and diminishes your slice of the market pie.

Please quote for me where he states he will continue this forever.  Its you lovely people that keep making this estimations about what will happen "if things keep going the way they are".  

Please quote me where he stated when he intends to stop. You see, two can play this game.

[imsaguy]

But consider for a moment the (possibly very small) possibility that he really has found an excellent way to make money.

Actually no, I will not consider that, like at all. ^ this does not exist on this planet. There is no "secret" way of making money with no risk, there is either legit based on sound fundamentals money making or there are frauds and scams. Every time someone discovers a new way to make money with such a high return it's almost always because they are the first to enter the market providing an actual good or service or they just discovered a significant technological advancement giving them a huge edge over the rest of the market, neither state of the market can last for a long period of time because competition soon follows and diminishes your slice of the market pie.

Please quote for me where he states he will continue this forever.  Its you lovely people that keep making this estimations about what will happen "if things keep going the way they are".  

Please quote me where he stated when he intends to stop. You see, two can play this game.

I'm not the one making projections of "if this continues forever"  He's already reduced his rates twice.  Whats to say he won't reduce them further?  In fact, if he does reduce them, you'll bitch about "the end is near!"  At this point, people are going to bitch regardless of what he does.

[BurtW]

I have figured it out!  I know how he does it!  Pirate has somehow figured out a way to make BTC every time someone types the word "ponzi".  Here, let me make some more BTC for myself and everyone who has money on deposit.  Sorry, all you here in this thread that don't have BTC on deposit won't get any:

ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi,

[ineededausername]

I have figured it out!  I know how he does it!  Pirate has somehow figured out a way to make BTC every time someone types the word "ponzi".  Here, let me make some more BTC for myself and everyone who has money on deposit.  Sorry, all you here in this thread that don't have BTC on deposit won't get any:

ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi,

wow!  I got a payment! ponzi ponzi ponzi

[hazek]

Baby Jesus is crying.  Can you fucktards take this to one of the "is pirate a ponzi?" threads?

No one is going to convince anyone else.  Pirate has abandoned this thread because it's information-free.  With increasing frequency, some n00b shows up with the same polemic and vitriol (always the vitriol) about Ponzi.  If they'd bother to scan the thread, they would discover that this horse has been beaten so badly that it's horse...jelly.

(see what I did there?)

Since I think it's a ponzi scheme and I'd like it to go bust ASAP in order to save people from unnecessarily losing their money, wouldn't you say it would make sense for me and people who share my views to beat this horse in perpetuity to prevent any latecomers to miss out on the warnings especially because ponzi schemes can't survive without a constant stream of new suckers?

You aren't making any sense.

[bulanula]

Exactly.

Anyone talking about Ponzi in this thread should just STFU and GTFO ( just like psy said ) !

Can we make it so "ponzi" is automatically censored to "*****" like "BFL" is automatically censored to "***" in the FPGA forums ?

That would be great !

Also, IMHO the people shouting PONZI right naow should be liable for any losses that happen as a result of those posts ...

In other words, if this folds and I lose my xxxx BTC be sure I will come after you hazek and vandroiy to get my last satoshis because you come in here and try to ruin the partay because you were late and jealous now !

[N12]

In other words, if this folds and I lose my xxxx BTC be sure I will come after you hazek and vandroiy to get my last satoshis because you come in here and try to ruin the partay because you were late and jealous now !

Good thing you already have the scammer tag.

[hazek]

Exactly.

Anyone talking about Ponzi in this thread should just STFU and GTFO ( just like psy said ) !

Can we make it so "ponzi" is automatically censored to "*****" like "BFL" is automatically censored to "***" in the FPGA forums ?

That would be great !

Also, IMHO the people shouting PONZI right naow should be liable for any losses that happen as a result of those posts ...

In other words, if this folds and I lose my xxxx BTC be sure I will come after you hazek and vandroiy to get my last satoshis because you come in here and try to ruin the partay because you were late and jealous now !

Hahahahaha spoken like a true ponzi "investor" apologist.

[bulanula]

In other words, if this folds and I lose my xxxx BTC be sure I will come after you hazek and vandroiy to get my last satoshis because you come in here and try to ruin the partay because you were late and jealous now !

Good thing you already have the scammer tag.

You are implying I am scamming here ? HOW ?

This is not a ponzi and I have said so multiple times in this thread.

hazek, glad you like my comedy. I like it myself

[BurtW]

Hey!  I got another payout from the last few posts.  Thanks!  Keep it up until your fingers get tired.

[BurtW]

Oh, but can you do us a favor and leave out all the other unnecessary words, we don't make any BTC on those.  Just stick with something like this:

ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi, ponzi,

[bulanula]

VIP Hero Member or WoT Rating > 100

 

I'll never have either of those things.

Also, can anybody out of the blue invest in the "new" starter 100 BTC account ?

What happened to referrals ?

[Maged]

pirate, just had an idea, why don't you start an account, where, people can send any amount of money to, as donations basically, it becomes part of the pool. Let that be a non-stop recurring interest account.

Love it!

Oh HELL no! Pirate should NEVER be trusted with money destined for charity. That would be like the pension funds that invested in Madoff.

This is an operation being run more responsibly than many brick-and-mortar firms. Dwolla could certainly learn a thing or two. I also have my suspicions that this service may be a primary reasons the exchange rates have been mostly stable since March, making Bitcoin that much more attractive to non-tech businesses. Tip o' th' hat to the Pirate.

My God, Vandroiy was right with the Eve comparison. In Eve, the biggest scam of all time was also considered by many to be the most reputable business there was. Now, before you say that this doesn't prove anything, it actually brings up a good point: Why hasn't anything ever gone wrong with his business? Sure, there have been some minor payout issues, but that's not his business.

Speaking of business, how does he, as a single person, manage both the investment side of things as well as the other side of his business, and still have time to post/chat on IRC? You can't tell me that his work is easier than MtGox, BitInstant, or Bitcoinica (either before or after its demise), and yet, that's the scale of how many Bitcoins he is dealing with.

Speaking of scale, while I normally could care less that people are falling for a ponzi, this has gotten to the scale where if something bad happened, it would STILL directly affect me, even though I'm not invested in Pirate. I decided to remain silent before, but this has gone too far. It's now at the point where the only way to ensure that you aren't exposed to Pirate is to drop Bitcoin entirely, and as a supporter of Bitcoin, I despise that staying out of Bitcoin is the only rational thing to do as long as Pirate is around.

[CecilNiosaki]

Speaking of business, how does he, as a single person, manage both the investment side of things as well as the other side of his business, and still have time to post/chat on IRC? You can't tell me that his work is easier than MtGox, BitInstant, or Bitcoinica (either before or after its demise), and yet, that's the scale of how many Bitcoins he is dealing with.

Likely the same way that I, as an Online Community Manager, have time to do analytics on forums, develop marketing and social media strategies, and more all while having the time to chat with players in-game and through IRC and other medias. Ironically, it doesn't take that much time to write on IRC, and I think it's rather silly that you're going to try to use that.

[copumpkin]

pirate, just had an idea, why don't you start an account, where, people can send any amount of money to, as donations basically, it becomes part of the pool. Let that be a non-stop recurring interest account.

Love it!

Oh HELL no! Pirate should NEVER be trusted with money destined for charity. That would be like the pension funds that invested in Madoff.

This is an operation being run more responsibly than many brick-and-mortar firms. Dwolla could certainly learn a thing or two. I also have my suspicions that this service may be a primary reasons the exchange rates have been mostly stable since March, making Bitcoin that much more attractive to non-tech businesses. Tip o' th' hat to the Pirate.

My God, Vandroiy was right with the Eve comparison. In Eve, the biggest scam of all time was also considered by many to be the most reputable business there was. Now, before you say that this doesn't prove anything, it actually brings up a good point: Why hasn't anything ever gone wrong with his business? Sure, there have been some minor payout issues, but that's not his business.

Speaking of business, how does he, as a single person, manage both the investment side of things as well as the other side of his business, and still have time to post/chat on IRC? You can't tell me that his work is easier than MtGox, BitInstant, or Bitcoinica (either before or after its demise), and yet, that's the scale of how many Bitcoins he is dealing with.

Speaking of scale, while I normally could care less that people are falling for a ponzi, this has gotten to the scale where if something bad happened, it would STILL directly affect me, even though I'm not invested in Pirate. I decided to remain silent before, but this has gone too far. It's now at the point where the only way to ensure that you aren't exposed to Pirate is to drop Bitcoin entirely, and as a supporter of Bitcoin, I despise that staying out of Bitcoin is the only rational thing to do as long as Pirate is around.

People tried this before and it didn't really catch on much, but if you really think it's going to crash, go short on him. So many people believe strongly in him that I'm sure you'll find a counterparty who is willing to take regular insurance payments from you in exchange for coverage if things go south. My issues with CDSes don't really apply to high-profile people like you, because there's no doubt that you aren't pirateat40 and you have little power to cause him to default. So look for a counterparty for a large OTC CDS Have fun!

You can be like one of the protagonists of http://www.amazon.com/Big-Short-Doomsday-Thorndike-Nonfiction/dp/141043026X, fighting the bubble and making money on the way down.

[Vandroiy]

copumpkin: I'm just having a lengthy discussion why shorting BS&T doesn't work properly. The offers in the past were not true shorts or had other issues. I know people who would short the living hell out of BS&T, and this is not an understatement.

No one is going to convince anyone else.

I know for a fact that the little flamewar triggered multiple withdrawals, independent on the rate changes. We just need to keep going until the kill switch is flipped.

Chilling new deposits alone should bring the thing down, that's why it's essential we do not leave this thread here alone. I think we're pretty close to the limit. Heck, there are some large asks and sales on Gox today, could be the remainder of the active wallet on its way to Malaysia.


At Goat insurance... gmaxwell showed me a post where Goat offered 200 BTC for evidence pointing him to child pornography or something. Claim it a joke or whatever; gmaxwell was not amused, I trust him, post was edited later, Goat is blacklisted.