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Author Topic: pirateat40's end game  (Read 3776 times)
coin_toss
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April 21, 2012, 05:29:19 AM
 #21

OK guys, so I wanted to post this in the bitcoin discussion forum, but I can only post things here right now.

I'd like to start a discussion about pirateat40 and his 2 projects: GPUMax and Bitcoin Savings & Trust
He may be just a very smart person that happened to be working on 2 very ambitious projects, but something just doesn't seem right about pirateat40.

Who is buying mining shares for PPS*1.4? Why would anyone do that? Pool hopping is not that profitable anymore, right? Why doesn't pirate disclose the reason for these purchases. How is pirate making >1% a day the money he borrows? If he really is legitimately making so much money, why give 7% interest/week when his closest competitor is giving 3% interest/week. And most banks have money with pirate to be able to pay out that much. There's ton of people waiting to give him money, so wouldn't the right business move be to lower interest rate and make more money? I've learned that if something seems too good to be true, it generally is. Could this be a long con? Or is he actually making honest money with these 2 projects?

Here's what I'm getting at, what if his end game is to kill bitcoin? What if the fed decided that they want to put an end to bitcoin before it becomes a bigger threat. Think about it. If you were trying to kill bitcoin, what would you do? You'd want to do a 51% attack to shatter everyone's confidence and at the same time pull off the biggest bitcoin heist ever. If mining hardware costs $1 per mhash, to match the total network hashrate of 11 thash, you would need to spend $11 million. Wouldn't GPUMax be the cheaper and smarter way to do the 51% attack? You need to convince 51% of the network to use it. PPS*1.4 would do it. And to convince people that it's not malicious, only allow purchases to mine at specific pools. But what's to prevent pirateat40 from one day use all that mining power maliciously? So how much does it cost to pay half the network 40% more on the earnings 1/4 of the time (i'm assuming there's only public work 1/4 of the time)? 7200 btc are mined a day... so 7200 * 1/2 * .4 * 1/4 = 360 btc or just $1800/day. Run that for a year, and it's only $657,000. And that's if he has half the networking hashrate, which hopefully is not close to yet. So this is a lot less than the $11 mil that would be needed to buy mining hardware. Trick bitcoin miners into attack their own network... brilliant!

So now how do you make 360 btc a day? You can either spend your own money or start a HYIP. So build up bitcoin-otc to have people trust you then start lending money at 1% interest a day and use people's deposit to pay the interest and the money needed to keep purchase on GPUMax. Keep growing the total loan amount so you have enough money but keep the growth contained so that you don't pay too much interest. And build up hype by making it hard for people to deposit money with you.

This scam can probably last until he gets 51% of the mining power. Then use whatever money is left in the BTST accounts and do a 51% attack against mtgox and other exchanges at the same time. Then disappear with all the money. Will bitcoin survive this?


Nice job spreading FUD from behind a sock puppet
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curious
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April 21, 2012, 08:18:20 AM
 #22

Nice job spreading FUD from behind a sock puppet

I'm not trying to spread FUD. I'm just curious if people have considered the possibility. And I have nothing to gain to spread FUD.
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April 21, 2012, 08:55:51 AM
 #23

Hint: Bitcoin is not the only source of work that can be hashed.
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April 21, 2012, 09:41:07 AM
 #24

Hint: Bitcoin is not the only source of work that can be hashed.
AFAIK pirate's pool has no custom mining software. So the question is: can you get something other than Bitcoin hashes using standard miner (cgminer, diablo etc)?
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April 21, 2012, 10:04:42 AM
 #25

Quote
Another issue to add to the list, is that shares offered for sale outside gpumax dont seem to attract anything like the rates GPUmax gets. If there is such a market for hoppers/gamblers/pool testers wanting to buy shares at 150% PPS or more, why arent they bidding on contracts like the one in my sig and other similar ones?

Since you're smart enough to ask the right question, allow me to suggest what is perhaps the right answer.

If you were going to steal a large sum of bitcoin, would it make sense to steal old coins that have been sent to you by well known members of the community, or would it be wiser to steal freshly minted coins?

A, but how to get freshly minted coins...

Well, if you could somehow get the more naive miners to give you their hash power so you can spirit away the freshly minted coins then you'd be all in the clear.

Hmmm... but how to get them to give you their hash power....

Well, if you traded the old and soon-to-be-tainted coins for it it might work, mightn't it?

The price paid by GPUmax simply reflects pirate's desperation to wash as many coins as possible before this entire thing blows. Let me guess, has price going up since the 17th? Nice how that worked out then.

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April 21, 2012, 10:07:24 AM
 #26

interesting thread.. watching

poop!
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April 21, 2012, 10:16:47 AM
 #27

Well, if you traded the old and soon-to-be-tainted coins for it it might work, mightn't it?

It should be possible to find out now if the coins used to pay GPUmax users originate from pirates trust. Would be interesting to see someone try to connect them, but Im skeptical.

Raoul Duke
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April 21, 2012, 10:36:10 AM
 #28

Well, if you traded the old and soon-to-be-tainted coins for it it might work, mightn't it?

It should be possible to find out now if the coins used to pay GPUmax users originate from pirates trust. Would be interesting to see someone try to connect them, but Im skeptical.

I love it how MPOE-PR does everything possible to be successful on his PPT shorting operation...

In fact, MPOE-PR and the OP are one and the same, only a blind wouldn't see it.
And notice I said fact, not suspicion...

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April 21, 2012, 10:43:50 AM
 #29

@psy: Your fact is not a fact, inasmuch as I'm here because marked pointed out this thread to Mr. P on IRC on one hand and the PPTAPR.SYNTH is already a whopping success. At the present moment there's no more marketmaking going on by Mircea Popescu, all those bids you see are third parties.

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April 21, 2012, 10:46:49 AM
 #30

I'd like to start a discussion about pirateat40 and his 2 projects: GPUMax and Bitcoin Savings & Trust
He may be just a very smart person that happened to be working on 2 very ambitious projects, but something just doesn't seem right about pirateat40.
...

pirateat40's ventures are curious.  And curious is a brand new member asking "why is pirateat40 doing this?".  It seems obvious to me that "curious" is "pirateat40".  He is asking the question because he doesn't know the answer.  "Why is he doing this?"   He has looked inside and out and found no plan.  Maybe his curious identity can flesh one out.

I've tried this in other contexts.  It never works.  Personalities I make up always know less than I do.  I end up explaining stuff to them or in lieu of any actual knowledge I just satiate them with "everything will work out OK" platitudes.

Sam
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April 21, 2012, 10:59:23 AM
 #31

You are a true market maker... You even register your domains with a market address...

http://whois.domaintools.com/polimedia.us
Quote
Administrative Contact Name:                 Martha  McCuller
Administrative Contact Organization:         Norsena
Administrative Contact Address1:             14781 Memorial Dr.
Administrative Contact City:                 Houston
Administrative Contact State/Province:       TX
Administrative Contact Postal Code:          77079
Administrative Contact Country:              United States
Administrative Contact Country Code:         US
Administrative Contact Phone Number:         +40.0731507527

If that's your twisted sense of humour at work, well, I LOL'ed.
You should learn with the pro's: they register their domains at restaurants addresses.

Also, fluffygrrl, didn't people teached you that spamming and trying to impersonate forum moderators to trick users is an ugly thing to do?
That really shows your integrity...
I advise people to read that thread, some interesting shit there.
For some more lulz: https://www.google.com/search?q="fluffygrrl"+"spam" <--- I guess her forum spammer bot went crazy lol

BTW, you're some ugly ass chick... Who gave you that black eye? Was it Mircea Popescu himself?




MPOE-PR
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April 21, 2012, 11:07:48 AM
 #32

Right, your distraction skills werk. Pirate is not going to default because you can do reverse dns and a ponzi isn't a ponzi because I am the OP. Got moar?

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Raoul Duke
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April 21, 2012, 11:20:29 AM
 #33

Need MOAR?

nuff' said!

I'll just use your method and go post that in all of your threads. People need to be warned, after all. We can't let inocents suffer, right, fluffygrrl?

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April 21, 2012, 11:59:36 AM
 #34

So did you lose a lot on the Ponzi Savings and Thrust?

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Raoul Duke
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April 21, 2012, 12:06:37 PM
 #35

So did you lose a lot on the Ponzi Savings and Thrust?

The one holding a grudge against pirate is you, so: How much did YOU lose?

It would be better if you kept your mouth shut...

What the fuck is that? You clearly can't run a profitable company, why should people trust you their money?
http://www.firme.info/polimedia-srl-cui22530016/indicatori-financiari.html

Just click on the year of 2010... Moving a whooping $25k in the entire year and still managed to lose $5k...
Great company you have there!

Recommended! You really know how to manage money and be profitable!

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April 21, 2012, 12:15:47 PM
 #36

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How much did YOU lose?

Now let's put our thinking hats on for just one second and think. If we held pirate delinquent debt do you think it wouldn't have been posted by now? What sense do you make?

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Raoul Duke
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April 21, 2012, 12:20:18 PM
 #37

The only sense I make is that you make no sense and continue to commit the same mistakes year after year after year

http://depletedcranium.blogspot.pt/2008/02/polimediaus-doingfineorg.html
http://blog.spywareguide.com/2008/02/the_right_way_the_wrong_way.html

really, I'm gonna stop now. My belly already hurts from so much laughter!

Your slogan is very powerful: polimedia srl is the manager of success in the romanian market.

Success! What a joke!

dirtycat
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April 21, 2012, 01:17:02 PM
 #38

cant we all just get along?  Grin


poop!
Raoul Duke
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April 21, 2012, 01:19:44 PM
 #39

That lion seems more friendly than the cat in your avatar...  Undecided

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April 21, 2012, 04:59:30 PM
 #40

This got really ugly, really quickly.
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