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Author Topic: PirateAt40's Money Laundering Operations: GPUMAX and BST  (Read 15050 times)
PatrickHarnett
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May 21, 2012, 10:26:58 PM
 #101

I think the last few threads started with this reasoning:
"I have no factual basis for my beliefs, therefore I argue that someone else is a criminal."
Except this one.  How do you make 7% a week legally?  You don't even have to answer, since he even claimed himself the operation "may be illegal in his country" or something similar.  (For the illiterate: This is illegal everywhere, no doubt about that, so I'm not going to reveal any specifics.) There can't be any doubt about the [il]legality.  The only remaining question is exactly how it is done.  And you don't need to know all the details, not even to get someone convicted.

Actually there are places you can make 7% per week legally.  It's not something I chose to do, and the total dollar returns are not great for me because of market size.  I'll stick to providing 7%/month returns for people (legally), and wait for someone to come trolling that my offering 200+% per year returns "must" be some kind of illegal ponzi shit.  Sure it's not as good as Pirate, nor as such a scale, but it's nicely sustainable.

Are you referring to payday loans?

No I wasn't, but that is certainly an area where it occurs.

Strikes me that people are too occupied with what they see right in front of them, and not what else happens in the world.  Might be that they have not been exposed to the ideas, or not seen what else can be done.

As an aside, when the project I was on was seeking capital a few years ago, most people were looking at 30% to 50% returns per year across several years.  The result was people purchased at 0.32 and sold at 1.40 - made a nice return for them.  Much more conventional, but it was a highly regulated and competitive industry.
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May 21, 2012, 11:35:52 PM
 #102

i successfully withdrew well over 1000+ today (timing had nothing to do with the recent FUD, just coincidence).

if this is a con, it's a very very long con.
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May 22, 2012, 08:59:58 PM
 #103

Maybe I am missing the proof where this has to be a crime. What I can tell you is I personally have been paid by Banks in excess of 7%. Granted this was in the late 90s but all that 7% proves is that it has to be making pirate more then 7%. Lets say pirate wanted to borrow a lot of money. He could take out a personal loan. Lets say his credit is very good and they will offer him 10%. Now if he pays you 7% to buy what he was going to buy anyways and use your money to buy it paying you slightly less then he would pay a bank. To be honest banks are required to keep 0% of savings in their possesion but to keep a whole 5% of your checking account in their possesion. Lets say pirate calculates that 10% of the money will be moving in and out a day

100     90
107     119

Now do I think he is charging 20% per year? It would be legal. It would not be excessive.
Could he have less reserved money and lower it furterh sure.

100     95
107     113

Again not impossble or even illegal.
Now is running a non compliant financial institution illegal sure. Can I be positive that he has all required paperwork filed and the appropriate oversight in place no.

As far as GPUMax it could be that some people do wash coins there. I am not saying everyone using the service is legit. What I will say is that people have said they signed up to test private pools and to use it as a backstop for downtime for mining contracts. Are either illegal no. Maybe I get money from an exchange and feel wrong about paying for stolen coins etc. So I having 0 illegal action to get them decide to buy hashing power. They are my coins. I broke no laws procuring them. I can do with them as I please. Would you make the same accusations about someone you personally know that pays you back with a 20$ bill that was previously stolen but they recieved from a bank? I think the problem is the stolen coins went to an exchange or to buy things. I think having marked coins only means you have done business with people.

I know people say what they want about things but honestly take a moment and think about the reality of things.

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May 22, 2012, 09:04:43 PM
 #104

Maybe I am missing the proof where this has to be a crime. What I can tell you is I personally have been paid by Banks in excess of 7%. Granted this was in the late 90s but all that 7% proves is that it has to be making pirate more then 7%. Lets say pirate wanted to borrow a lot of money. He could take out a personal loan. Lets say his credit is very good and they will offer him 10%. Now if he pays you 7% to buy what he was going to buy anyways and use your money to buy it paying you slightly less then he would pay a bank. To be honest banks are required to keep 0% of savings in their possesion but to keep a whole 5% of your checking account in their possesion. Lets say pirate calculates that 10% of the money will be moving in and out a day

100
107
If your bank is charging you 7% weekly interest, you need to stop banking with mob bosses in the back of strip clubs.
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May 22, 2012, 09:04:51 PM
 #105

Banks paid you more than 7% a week? Was this in Zimbabwe or the Weimar republic perhaps?  Cheesy

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May 22, 2012, 09:23:46 PM
 #106

Greek Bonds can get you 0.5%/week.

Pirate 'might' be safer though. Smiley

Hey,

I can get a crate of 100 Ipads from China for $200/each. I don't have the money this week, but can sell them for $400/each within the week. I need someone to lend me $20,000. I'll give you back $21,400 next week. 7%. I'll just keep the extra $18,600.
Next week, I might be able to get 2 crates, some with my money, and some with another loan.


Point being RETAIL businesses have huge MarkUps. Earning 7% per week is nothing in retail. The profit depends on the overhead.

Franchises usually operate in 3% for the Franchisee. Not per week but overall for each and every sale. Per hour, per day, per week, per month, per year.


Just trying to show that the 'rate' isn't crazy. Sustainability will be 'ONCE' the market is saturated with Ipads.

And that is just Retail, now think ComEX.

Is it possible to be an 'illegal' operation? Yes.  Is it possible for it to be a legal operation? Yes.   

But gossip and fud goes over so much better.

Take a seat on the fence and watch the show. Smiley

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you got hacked bitch!


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May 22, 2012, 09:24:28 PM
 #107

I LOVE GPUMAX!!!!!!!!!!!!!!!1

Best thing ever!

I am the Bitcoinica Hacker.
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May 22, 2012, 09:27:11 PM
 #108

Sorry for misunderstanding the time. Yes per week is hgh My accounts have always been calculated daily and paid monthly I assumed his where calculated weekly and paid weekly. But unless otherwise noted interest is calculated per year. I saw no notation to the contrary. So I assumed people knew that interest is normally expressed as an Annual Percentage Rate. And payday loans can get quite high and still be legal since it isn't interest charged but fees. Again By all means express the incredible amount that he pays sure but do it in a more normal context.
FYI it looks to be 4132% Now is that likely an issue Sure. Is that the same as an APR of 7% NO.
So to get this cleared up in my head if you have 10 BTC in the bank you would in 1 week have 10.7?

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May 22, 2012, 09:32:56 PM
 #109

I'll just say this once: Pirate is probably the only person who can still short Bitcoins now that Bitcoinica went pufff Wink

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May 22, 2012, 09:33:02 PM
 #110

Sorry for misunderstanding the time. Yes per week is hgh My accounts have always been calculated daily and paid monthly I assumed his where calculated weekly and paid weekly. But unless otherwise noted interest is calculated per year. I saw no notation to the contrary. So I assumed people knew that interest is normally expressed as an Annual Percentage Rate. And payday loans can get quite high and still be legal since it isn't interest charged but fees. Again By all means express the incredible amount that he pays sure but do it in a more normal context.
FYI it looks to be 4132% Now is that likely an issue Sure. Is that the same as an APR of 7% NO.
So to get this cleared up in my head if you have 10 BTC in the bank you would in 1 week have 10.7?

yup 7% per week.
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May 22, 2012, 09:50:16 PM
 #111

So his legal options are
Buy bitcoins and sell them making money on the difference. Kinda like the stock market and the larger the swings will make larger gains possible. So at 7% one would have to buy at 5$ and sell for 5.035. That doesn't sound impossible. Granted the exchange will charge something but isn't impossible and the larger the transactions the less he pays agian making it better to draw more depositors in.
Lending to people short term can be an Option. I am not a fan of payday loans but a similar idea would pay bit money a year and each person pays a lot less per contract providing they pay it off fast.
I am not saying he is doing anything illegal just somethings that although look maybe bad could be explained.
Huh 100 to 107 in a week sounds sweet.

EDIT: yes is 5.35 I really shouldn't do math when I first wake up mentally. Still isn't impossible to get a few trades to cover that with less daily or weekly swing.

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May 22, 2012, 09:52:35 PM
 #112

So his legal options are
Buy bitcoins and sell them making money on the difference. Kinda like the stock market and the larger the swings will make larger gains possible. So at 7% one would have to buy at 5$ and sell for 5.035. That doesn't sound impossible. Granted the exchange will charge something but isn't impossible and the larger the transactions the less he pays agian making it better to draw more depositors in.
Lending to people short term can be an Option. I am not a fan of payday loans but a similar idea would pay bit money a year and each person pays a lot less per contract providing they pay it off fast.
I am not saying he is doing anything illegal just somethings that although look maybe bad could be explained.
Huh 100 to 107 in a week sounds sweet.

Well not the 'Stock Market' but the ...?


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May 22, 2012, 09:53:00 PM
 #113

So at 7% one would have to buy at 5$ and sell for 5.035.

5*1.07=5.35
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May 23, 2012, 01:24:29 AM
 #114

Retail has variable costs.  Selling 1000 ipads is harder than selling 500 ipads.

You might be making a 30-50% markup on items (though probably not on ipads - I'd be surprised if retailers make more than 5-15% due to the competition online), but that is only when you don't count your fixed costs (marketing, rent, employees) and variable costs (additional advertising, employees, and rental space to scale up the operation.)

If you can buy 100 ipads from China and turn them over in a week without any additional variable costs, then you are a genius.  If you can do this and decide to use other people's money to do it instead of your own and give them most of the profit, then you aren't a genius.


Don't day trade.
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May 23, 2012, 01:39:43 AM
 #115

All this debate over whether it's legitimate business or not...

The answer is simple: such high returns are extremely rare and highly suspicious, but are not proof of wrongdoing. Rare and suspicious doesn't necessarily mean wrong. Some people figure out how to make ridiculous returns, and they are ridiculous because nobody else has figured it out yet. Simple as that.

I don't really care if what he is doing is criminal, but I hope what he is doing is moral. If moral, then I applaud his ability to generate those returns.
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Poor impulse control.


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May 23, 2012, 01:44:31 AM
 #116

I don't really care if what he is doing is criminal, but I hope what he is doing is moral. If moral, then I applaud his ability to generate those returns.

Agreed. Whether or not it is illegal only affects the risk assessment. Unfortunately though, you idea of moral, and mine, and anyone else's won't be exactly the same. Pirate could think what he is doing is moral; it doesn't mean you would.

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May 23, 2012, 01:49:54 AM
 #117

Retail has variable costs.  Selling 1000 ipads is harder than selling 500 ipads.

You might be making a 30-50% markup on items (though probably not on ipads - I'd be surprised if retailers make more than 5-15% due to the competition online), but that is only when you don't count your fixed costs (marketing, rent, employees) and variable costs (additional advertising, employees, and rental space to scale up the operation.)

If you can buy 100 ipads from China and turn them over in a week without any additional variable costs, then you are a genius.  If you can do this and decide to use other people's money to do it instead of your own and give them most of the profit, then you aren't a genius.



Yea, well IPads was an example. Apple wouldn't dare let that happen. But other products are routinely MU@300%. Instead of Ipads, think Pet Rocks. I wonder, what the MU was on them? lol

And Yes using your own money is preferable in this to maximize profits but using your own money and OPM allows for greater expansion and control of Market Share. In reality though, you could just use OPM, suck out profits and mitigate risks.

Now combine with ForEx and ComEx and 'all' that happens in those markets, 7%/wk isn't unfeasible. BTW: I believe the rate is actually 10.5% or so overall. And remember, this is getting paid in BTC not USD so the Spot Market is in BTC rates.


But alas, I dunno. I just don't appreciate how fast and furious everyone goes negative. But considering what has happened in the community in the past, it is to be expected. It still doesn't make it right though.




Corporations have been enthroned, An era of corruption in high places will follow and the money power will endeavor to prolong its reign by working on the prejudices of the people until wealth is aggregated in a few hands and the Republic is destroyed. ~Abe Lincoln 1ApJdWUdSWYw8n8HEATYhHXA9EYoRTy7c4
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June 25, 2012, 10:43:03 PM
 #118

I dont think that Pirate is doing anything illegal ! There is no wonder how he is paying 7% a week when anyone can make 100% "if not more" in a couple of hours by simply buying shares @ GPUMAX and direct it to a score pool such as slush!
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Wat


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June 25, 2012, 10:50:51 PM
 #119

Maybe Pirate is a successful pawnbroker. Those guys charge 20% or more per month  Cheesy



You should see what payday lenders and others charge for loans.....



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August 21, 2012, 11:14:02 AM
 #120


i fear if this isn't unwound soon, its going to be like a mini-2008 US financial crisis for Bitcoin. 


Can't wait for that to happen: I'll be buying massively.

Well, there you go.

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