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Author Topic: Question for First Pirate Savings and Trust  (Read 2494 times)
Turbor
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January 13, 2012, 05:56:28 PM
 #21

If he's an early adopter he could manipulate the market. With 200k $ you do what you want, with 500k you're god. OMG i think he's the BITCOIN MANIPULATOR Grin Wink

The Bitcoin network protocol was designed to be extremely flexible. It can be used to create timed transactions, escrow transactions, multi-signature transactions, etc. The current features of the client only hint at what will be possible in the future.
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notme
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January 13, 2012, 06:41:20 PM
 #22

First of all, even IF you reinvest all interest payments (many don't) it's closer to 3500% as he only compounds every 3 days.  For many of his clients, it's only 365% interest.  Borrowing USD to buy BTC is risky.  Consider the following situation:

Step 1. Borrow $20k from a friend.  Promise $30k
Step 2. Invest in about 3000 BTC @ $6.5
Step 3. BTC returns to $2
Step 4. Turn $6000 into $30k to pay back your friend

In an entirely plausible situation, you're 50% loan has just ballooned into a 500% loan, worse than many of the loans P@40 has already.  5% on a currency conversion is not unheard of, even for legit business.  It seems very likely to me that he could easily make 1% daily on his money.

I only offer this information because I beat you to the punch so their's no way you can knock me off the list :-P.

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