Bitcoin Savings and Trust | Home | Closed

[BurtW]

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!

[1713582469]

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[1713582469]

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[bulanula]

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]

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]

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.

[imsaguy]

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

[wachtwoord]

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

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

 

[BurtW]

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.

[bitfoo]

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]

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]

"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!

[bulanula]

"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

[Gladamas]

"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

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.

[notme]

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.

[alexanderanon]

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]

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]

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]

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.

[PatrickHarnett]

Possibly one of the more accurate comments is that people can make any unsubstantiated claim about anything related to Pirate.  Therefore, it has become obvious that he is some kind of deity able to transmute BTC to dollars and back again.  If you ask him he is "God" he will deny it and therefore prove he is.  (I can't remember the Hitchhiker's Guide proof that then makes him disappear in a further puff of logic.)

[notme]

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.

I'll just leave this here:


Yes, those are $3-5/BTC hourly candles (10-16.7% asssuming a $30 base).

[imsaguy]

I made a chart to help explain:

The newest Google doodle??!?!?

I KNEW Satoshi worked for Google!