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Author Topic: A day in the life of a pirate.  (Read 28251 times)
Sukrim
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May 25, 2012, 07:19:54 AM
 #241

What is so difficult to understand here?

Your borrowers whatever they say to you could simply funnel borrowed money to a ponzi scheme. You do not need to know about it, and your borrowers would not tell you. Once the master ponzi implodes they default on your loans. Do defaults concern you?

BTC rises, your borrowers who converted BTC into USD are unable to pay off your loans they default. This does not concerns you too apparently.

And note that I am not really talking about specifically your borrowers and your business, more about the whole BTC lending marketplace.




With all this Ponzi talk, you make me want to start one.  Who's up for a pirate style Ponzi?

Honestly I thought about doing one on GLBSE. I would make it very clear it was a ponzi and give the terms. I wonder how much success it would have. Honestly I think there would be some interest but I think Iwould have to pay out 50% or so returns to get interest.

I already talked to Nefario about this (an open Ponzi on GLBSE) and he declined and said it would be taken down. My conclusion: If you want to Ponzi on GLBSE, claim some "proprietory business idea that noone should know about, not even investors!" and do it this way. Out in the open is a no-go, even for penny stock (as I intended).

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coblee
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May 25, 2012, 07:31:31 AM
 #242

OK so you dared me to throw down. Here's an easy idea I was personally aware of due to my friendship with my boss. He ran an outbound call center for a few years. One of his really good money makers was political campaign polling.

Problem was he couldn't predict how much calling he was going to do in time to go live before the evening news. He couldn't hire employees to match demand either because he tended to overshoot. This required him to hire temps. The pay always seemed to be out of sync with the pollster companies.

He had to pay his temps when he let them go so it left him short changed. In comes the bailout. You cover the payroll and take a cut. I was privy to several double digit percentage gains. The time frames for these deals ranged between 1 to 2 weeks. Do the math.

Are you talking about >$100,000 capital and you can make ~$10,000 for each deal? And could you do this week in and week out for the whole year? If you answer yes to both questions, then why are you not doing that as a full time job? (You'd make half a mil a year) If either of your answers is no, then this is not close to the same as what pirate claims to have.

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May 25, 2012, 02:24:30 PM
 #243

Are you talking about >$100,000 capital and you can make ~$10,000 for each deal? And could you do this week in and week out for the whole year? If you answer yes to both questions, then why are you not doing that as a full time job? (You'd make half a mil a year) If either of your answers is no, then this is not close to the same as what pirate claims to have.

Pirate didn't start out that big either, and yes, it does scale quite nicely. Political campaign polling was one of many types of calling campaigns that functioned in the way I described (predictable, short-term and asynchronous). As you may already know, the outbound and inbound calling business is a billion dollar industry, and while not all campaigns are as profitable, most are quite predictable (nice multiples) if you set them up properly, or can semi-automate your agents. Bidding magazine subscriptions contracts was another one since it needed quick bridge financing to demonstrate operational status to potential clientele.

The industry may in fact be quite a bit larger than what Pirate does (short-term loan floating). I was a script programmer and sysadmin (among other various and sundry things) for the guy until he got a bigger deal somewhere else. He moved, then I moved, and we fell out of contact for awhile. At the time I didn't consider the idea as a viable one because I didn't think that way. You might say I didn't have much of a financial imagination.

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bulanula
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May 25, 2012, 03:35:47 PM
 #244

Do defaults concern you?

I do not think default would be a concern if one had already earn their investment back in interest payments.

Anyone wonders why bitcoin is a scammers paradise?
Right there is the answer my friends...

Scammers paradise ?

Where is that !?

 Cheesy
malaimult
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May 25, 2012, 05:34:52 PM
 #245

it's right here  Grin  yupieeee

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May 25, 2012, 06:14:30 PM
 #246

Do defaults concern you?

I do not think default would be a concern if one had already earn their investment back in interest payments.

Anyone wonders why bitcoin is a scammers paradise?
Right there is the answer my friends...

Scammers paradise ?

Where is that !?

 Cheesy

Planet earth?
PatrickHarnett
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May 25, 2012, 10:00:15 PM
 #247


Are you talking about >$100,000 capital and you can make ~$10,000 for each deal? And could you do this week in and week out for the whole year? If you answer yes to both questions, then why are you not doing that as a full time job? (You'd make half a mil a year) If either of your answers is no, then this is not close to the same as what pirate claims to have.

You need more than that to make your 1/2 mill per year.  You also people that can do that kind of business - hunter/gathers.  Most people are farmers, doing something easy and lower risk.
unclescrooge
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May 26, 2012, 10:37:22 AM
 #248

What is so difficult to understand here?

Your borrowers whatever they say to you could simply funnel borrowed money to a ponzi scheme. You do not need to know about it, and your borrowers would not tell you. Once the master ponzi implodes they default on your loans. Do defaults concern you?

BTC rises, your borrowers who converted BTC into USD are unable to pay off your loans they default. This does not concerns you too apparently.

And note that I am not really talking about specifically your borrowers and your business, more about the whole BTC lending marketplace.




With all this Ponzi talk, you make me want to start one.  Who's up for a pirate style Ponzi?

Honestly I thought about doing one on GLBSE. I would make it very clear it was a ponzi and give the terms. I wonder how much success it would have. Honestly I think there would be some interest but I think Iwould have to pay out 50% or so returns to get interest.

I already talked to Nefario about this (an open Ponzi on GLBSE) and he declined and said it would be taken down. My conclusion: If you want to Ponzi on GLBSE, claim some "proprietory business idea that noone should know about, not even investors!" and do it this way. Out in the open is a no-go, even for penny stock (as I intended).

oh no, i would only do it if i could be 100% open about it. im said he said no:(

Of course he said no. Please tell me the value for bitcoin economy of a ponzi?

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May 26, 2012, 11:10:09 AM
 #249

That would make it no more scamming than options markets since both are zero-sum games with a clearly defined rules.

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May 27, 2012, 12:22:04 PM
 #250

Pirate, please excuse me If this question has been asked. Do you run a currency exchange operation?

Regards,
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May 27, 2012, 12:33:02 PM
 #251

I also have an additional question:

Do you have an idea or estimate how long you think it is likely your business moat will be sufficient to continue to achieve the returns you are making right now? Will this be in the order of magnitude of months or years for instance?

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May 27, 2012, 09:28:13 PM
 #252

Pirate, please excuse me If this question has been asked. Do you run a currency exchange operation?

Regards,


Please read the entire thread before asking questions that have already been answered.

Right, read 275+ comments and scroll through 14 pages to find the answer to a question. I am going outside now.
Bitcoin Oz
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May 27, 2012, 11:37:46 PM
 #253

Maybe he has access to suppliers of GPU's at factory prices and simply sells them to gamers and miners for profit which he uses to source bitcoins to lend out. Like NIKE getting shoes for $5 and selling them for $200 in the US.

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May 28, 2012, 12:17:56 AM
 #254

Pirate, please excuse me If this question has been asked. Do you run a currency exchange operation?

Regards,


Please read the entire thread before asking questions that have already been answered.

Right, read 275+ comments and scroll through 14 pages to find the answer to a question. I am going outside now.

Well, you can always click "all" next to all the page numbers you see and then you only have to read 275+ comments on one page!   Grin
imsaguy
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May 28, 2012, 05:38:59 AM
 #255

Pirate, please excuse me If this question has been asked. Do you run a currency exchange operation?

Regards,


Please read the entire thread before asking questions that have already been answered.

Right, read 275+ comments and scroll through 14 pages to find the answer to a question. I am going outside now.

You can't click on "All" and search the page in your browser?  Do you realize what a pretentious waste of time that makes you?

The all link eventually disappears on longer threads, although it is still visible on this one.

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May 28, 2012, 06:20:15 AM
 #256

You can't click on "All" and search the page in your browser?  Do you realize what a pretentious waste of time that makes you?

I wasn't aware and nor was anyone else. Thank you for the observation. Have a cupcake, and a tampon.


Well, you can always click "all" next to all the page numbers you see and then you only have to read 275+ comments on one page!   Grin

Hehe thanks. Pirate, return please!
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May 29, 2012, 03:15:03 PM
 #257

Why isn't there more concern about the Pirate investment bonds being offered on GLBSE? I'm certainly not accusing anyone, especially since the Pirate bonds being offered on GLBSE are from regular community members. But the latest fad on GLBSE are these Pirate bonds, and I'm sure it's tempting for someone who has a BS&T account to raise several thousand BTC on GLBSE, get some reputation for paying interest one time, and eventually run off with the principal. As an example of the popularity - the PPT bonds managed to raise over 10K BTC in about a month, but I'm sure none of those guys would risk their reputation on a scheme like that though.

On the same note, since Pirate just admitted that he's helped two other people start up similar businesses, how long before people start asking for loans for mysterious "Pirate-like" investments??

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May 29, 2012, 03:37:34 PM
 #258

gigavps or pirateat40 (since they are avatars of the same "person").
Same? Don't make me laugh.

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Rygon
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May 29, 2012, 04:15:38 PM
 #259

Why isn't there more concern about the Pirate investment bonds being offered on GLBSE? I'm certainly not accusing anyone, especially since the Pirate bonds being offered on GLBSE are from regular community members. But the latest fad on GLBSE are these Pirate bonds, and I'm sure it's tempting for someone who has a BS&T account to raise several thousand BTC on GLBSE, get some reputation for paying interest one time, and eventually run off with the principal. As an example of the popularity - the PPT bonds managed to raise over 10K BTC in about a month, but I'm sure none of those guys would risk their reputation on a scheme like that though.

On the same note, since Pirate just admitted that he's helped two other people start up similar businesses, how long before people start asking for loans for mysterious "Pirate-like" investments??



Just go with people you trust, and never risk more than you can lose.

Absolutely. IMO, that's the fun part about bitcoin - you can invest a relatively small amount (willing to lose) and still reap high ROIs. That usually doesn't happen in most markets because of government intervention and market manipulations by the big players.
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May 29, 2012, 04:26:26 PM
 #260

Glad to see so much speculation in the bitcoin discussion sub forum.
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