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Electricbees
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February 21, 2012, 01:17:52 AM
 #1

Here's an idea I'm playing with.
Bitcoinica and lenders on the forum here will offer you interest on cash and bitcoins, respectively.
My credit card has a $1500 limit, with no interest for six months.
Through my bank, I could, say, deposit those funds via dwolla into bitcoinica, and collect interest on it for 5 months, and a few weeks.
(Same steps for bitcoins, perhaps. Collect 1% daily?)
Remove balance, pay off credit card in full, enjoy delicious profits for nothing.

Anyone else considered this before? Am I missing something that makes this not work?

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There are several different types of Bitcoin clients. Server-assisted clients like blockchain.info rely on centralized servers to do their network verification for them. Although the server can't steal the client's bitcoins directly, it can easily execute double-spending-style attacks against the client.
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February 21, 2012, 02:16:33 AM
 #2

Here's an idea I'm playing with.
Bitcoinica and lenders on the forum here will offer you interest on cash and bitcoins, respectively.
My credit card has a $1500 limit, with no interest for six months.
Through my bank, I could, say, deposit those funds via dwolla into bitcoinica, and collect interest on it for 5 months, and a few weeks.
(Same steps for bitcoins, perhaps. Collect 1% daily?)
Remove balance, pay off credit card in full, enjoy delicious profits for nothing.

Anyone else considered this before? Am I missing something that makes this not work?

Other than the fact that anyone who offers you 1% daily is probably a scammer - no.

Electricbees
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February 21, 2012, 02:22:12 AM
 #3


Savings Account - 100 BTC Minimum
This plan works as an ongoing commitment.  You would send coins anytime to the address provided and you would earn interest on a daily basis.  You can withdraw your balance at any time, but I do request that you give me a couple hours to insure I have coverage for the next order.  Interest payments are paid out every 3 days until either you withdraw the funds or my local dealings dry up and I can no longer be profitable. This plan pays 1% per day.



Pirate's savings pays 1%... But no one can get in on that now that it's full.
Just throwing this idea around. Might try it soon here...

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February 21, 2012, 02:24:52 AM
 #4


Savings Account - 100 BTC Minimum
This plan works as an ongoing commitment.  You would send coins anytime to the address provided and you would earn interest on a daily basis.  You can withdraw your balance at any time, but I do request that you give me a couple hours to insure I have coverage for the next order.  Interest payments are paid out every 3 days until either you withdraw the funds or my local dealings dry up and I can no longer be profitable. This plan pays 1% per day.
Pirate's savings pays 1%... But no one can get in on that now that it's full.
Just throwing this idea around. Might try it soon here...

Sounds super reliable...

*edit* btw, Ponzis usually say they're full to make you trust them more, it's a common hallmark of the scam. There is no way they're actually paying 1% to people per day. That would make zero sense for them. Don't fall for it.

*re-edit* The right way to do what you're talking about is to get a high-yield CD and borrow at a low rate against property, and play the difference between a loan and a locked-in interest rate over the long term. No one legitimate offers compounded interest daily or weekly like what you're talking about. That is always, always a red flag for a scam. You'd be a lot better off just putting your life's savings on Roulette (which as a casino owner, I wouldn't recommend either).

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February 21, 2012, 02:33:13 AM
 #5

I'm damn positive the borrowers who pay out these interest bits ARE just getting 1000+ BTC and shuffling them around for dividends while doing something else with the majority of deposits. I wouldn't care so long as I got my BTC back. (No guarantees to that.)
I have looked at getting High-Yield savings with my banks already, and while appealingly safe, I can't actually afford to throw that much money into a deposit and wait for it to mature. Best option then I suppose, is to carry on normally...


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rjk
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February 21, 2012, 03:58:31 AM
 #6

Sounds super reliable...

*edit* btw, Ponzis usually say they're full to make you trust them more, it's a common hallmark of the scam. There is no way they're actually paying 1% to people per day. That would make zero sense for them. Don't fall for it.

*re-edit* The right way to do what you're talking about is to get a high-yield CD and borrow at a low rate against property, and play the difference between a loan and a locked-in interest rate over the long term. No one legitimate offers compounded interest daily or weekly like what you're talking about. That is always, always a red flag for a scam. You'd be a lot better off just putting your life's savings on Roulette (which as a casino owner, I wouldn't recommend either).
Heh, shows how much you know about pirate's system.

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Electricbees
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February 21, 2012, 04:23:04 AM
 #7

Sounds super reliable...

*edit* btw, Ponzis usually say they're full to make you trust them more, it's a common hallmark of the scam. There is no way they're actually paying 1% to people per day. That would make zero sense for them. Don't fall for it.

*re-edit* The right way to do what you're talking about is to get a high-yield CD and borrow at a low rate against property, and play the difference between a loan and a locked-in interest rate over the long term. No one legitimate offers compounded interest daily or weekly like what you're talking about. That is always, always a red flag for a scam. You'd be a lot better off just putting your life's savings on Roulette (which as a casino owner, I wouldn't recommend either).
Heh, shows how much you know about pirate's system.
I apparently know nothing... Do you know what he actually does?

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rjk
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February 21, 2012, 04:52:11 AM
 #8

Sounds super reliable...

*edit* btw, Ponzis usually say they're full to make you trust them more, it's a common hallmark of the scam. There is no way they're actually paying 1% to people per day. That would make zero sense for them. Don't fall for it.

*re-edit* The right way to do what you're talking about is to get a high-yield CD and borrow at a low rate against property, and play the difference between a loan and a locked-in interest rate over the long term. No one legitimate offers compounded interest daily or weekly like what you're talking about. That is always, always a red flag for a scam. You'd be a lot better off just putting your life's savings on Roulette (which as a casino owner, I wouldn't recommend either).
Heh, shows how much you know about pirate's system.
I apparently know nothing... Do you know what he actually does?
I'm sure he would give you more details if you needed them, but it is basically selling bitcoins for cash in person, and for those transactions he needs a lot of coin in a short amount of time. Obviously the sale is at a decent markup, because he then buys coin at an exchange to repay the lenders, and gives them their interest. As far as I can work out, it isn't a continuous interest system, although if it is, that would be due to trading profits.

Also, good luck getting an invite, you might have better luck asking on IRC (maybe).

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payb.tc
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February 21, 2012, 10:24:45 AM
 #9

Sounds super reliable...

*edit* btw, Ponzis usually say they're full to make you trust them more, it's a common hallmark of the scam. There is no way they're actually paying 1% to people per day. That would make zero sense for them. Don't fall for it.

*re-edit* The right way to do what you're talking about is to get a high-yield CD and borrow at a low rate against property, and play the difference between a loan and a locked-in interest rate over the long term. No one legitimate offers compounded interest daily or weekly like what you're talking about. That is always, always a red flag for a scam. You'd be a lot better off just putting your life's savings on Roulette (which as a casino owner, I wouldn't recommend either).
Heh, shows how much you know about pirate's system.
I apparently know nothing... Do you know what he actually does?
I'm sure he would give you more details if you needed them, but it is basically selling bitcoins for cash in person, and for those transactions he needs a lot of coin in a short amount of time. Obviously the sale is at a decent markup, because he then buys coin at an exchange to repay the lenders, and gives them their interest. As far as I can work out, it isn't a continuous interest system, although if it is, that would be due to trading profits.

Also, good luck getting an invite, you might have better luck asking on IRC (maybe).

maybe true, but... every ponzi has a back-story. usually it's 'trading' in foreign exchange or something... bit-scalping? Cheesy

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February 21, 2012, 11:13:45 AM
 #10

Sounds super reliable...

*edit* btw, Ponzis usually say they're full to make you trust them more, it's a common hallmark of the scam. There is no way they're actually paying 1% to people per day. That would make zero sense for them. Don't fall for it.

*re-edit* The right way to do what you're talking about is to get a high-yield CD and borrow at a low rate against property, and play the difference between a loan and a locked-in interest rate over the long term. No one legitimate offers compounded interest daily or weekly like what you're talking about. That is always, always a red flag for a scam. You'd be a lot better off just putting your life's savings on Roulette (which as a casino owner, I wouldn't recommend either).
Heh, shows how much you know about pirate's system.
I apparently know nothing... Do you know what he actually does?
I'm sure he would give you more details if you needed them, but it is basically selling bitcoins for cash in person, and for those transactions he needs a lot of coin in a short amount of time. Obviously the sale is at a decent markup, because he then buys coin at an exchange to repay the lenders, and gives them their interest. As far as I can work out, it isn't a continuous interest system, although if it is, that would be due to trading profits.

Also, good luck getting an invite, you might have better luck asking on IRC (maybe).
He does not give potential investors details. Nobody I know who deals with him knows, either. They "have ideas," though. (edit: that was just fwiw. Pirate's paid out everyone as requested, afaik, and it's gone on long enough where I'm not very worried about it anymore, and wouldn't mind getting in on it when I have coins again. - Though the "if you take out BTC on loan, don't tell anyone you're giving it to me" clause pisses me off.)

Don't mix your coins someone said isn't legal
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