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unclescrooge
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May 26, 2012, 10:37:22 AM |
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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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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, but full nodes are more resource-heavy, and they must do a lengthy initial syncing process. As a result, lightweight clients with somewhat less security are commonly used.
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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wachtwoord
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May 26, 2012, 11:10:09 AM |
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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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R-
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Pasta
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May 27, 2012, 12:22:04 PM |
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Pirate, please excuse me If this question has been asked. Do you run a currency exchange operation?
Regards,
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wachtwoord
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May 27, 2012, 12:33:02 PM |
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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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R-
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Pasta
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May 27, 2012, 09:28:13 PM |
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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. |
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Bitcoin Oz
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May 27, 2012, 11:37:46 PM |
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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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proudhon
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May 28, 2012, 12:17:56 AM |
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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!  |
Bitcoin Fact: the price of bitcoin will not be greater than $70k for more than 25 consecutive days at any point in the rest of recorded human history.
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imsaguy
General failure and former
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Don't send me a pm unless you gpg encrypt it.
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May 28, 2012, 05:38:59 AM |
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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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R-
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Pasta
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May 28, 2012, 06:20:15 AM
Last edit: May 28, 2012, 04:35:31 PM by R- |
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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! Hehe thanks. Pirate, return please! |
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Rygon
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May 29, 2012, 03:15:03 PM |
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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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rjk
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1ngldh
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May 29, 2012, 03:37:34 PM |
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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 |
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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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jamesg
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AKA: gigavps
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May 29, 2012, 04:26:26 PM |
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Glad to see so much speculation in the bitcoin discussion sub forum.
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Raoul Duke
aka psy
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May 29, 2012, 05:15:39 PM |
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Glad to see so much speculation in the bitcoin discussion sub forum.
Apparently, pirateat14 and you, ARE Bitcoin.  |
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jamesg
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AKA: gigavps
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May 29, 2012, 05:47:54 PM |
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Apparently, pirateat14 and you, ARE Bitcoin. Now that's just silly. |
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bitfoo
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May 30, 2012, 04:29:15 AM |
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Does anyone suspect that Clipse and pirateat40 might have the same business model? They both sell bitcoins locally, and they both pay extra for people to mine for them. Neither of them give away much more information than that (understandably). Hmm....  |
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bulanula
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May 30, 2012, 01:10:16 PM |
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Does anyone suspect that Clipse and pirateat40 might have the same business model? They both sell bitcoins locally, and they both pay extra for people to mine for them. Neither of them give away much more information than that (understandably). Hmm.... Ever considered that Clipse's so-called "pool" ( not a pool 100% because all normal pools publish found blocks - it is a proxy like ABCPool ) is just diverting to GPUMAX and he is taking a big fat 30% cut from everybody ? No wonder you cannot use GPUMAX through his pool ... The myth of selling BTC to fools locally is laughable. Nobody is stupid to pay more for BTC than market rate I would believe. |
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rjk
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1ngldh
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May 30, 2012, 01:12:05 PM |
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Does anyone suspect that Clipse and pirateat40 might have the same business model? They both sell bitcoins locally, and they both pay extra for people to mine for them. Neither of them give away much more information than that (understandably). Hmm.... I'm pretty sure it is, although I wasn't going to call it. He's in South Africa, and Pirateat40 is in Texas, so their markets don't really overlap when selling to local people on the ground. As to why the buyers will pay such a premium - well I still haven't figured that out. |
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Raoul Duke
aka psy
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May 30, 2012, 01:25:25 PM |
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well I still haven't figured that out.
When you can't get privacy for free and yet you value it that much, why not pay a premium for it? |
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rjk
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1ngldh
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May 30, 2012, 01:27:30 PM |
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well I still haven't figured that out.
When you can't get privacy for free and yet you value it that much, why not pay a premium for it? I get that, but I can't figure out the massive market density around these people. Unless folks travel far and wide to meet them. |
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