A day in the life of a pirate.

[miscreanity]

Given the track record of the exchanges, online wallets, Bitcoinica, etc, it seems an inevitability that where a lot of people deposit a lot of coin it will eventually fuck up. So far pirate has had less hitches than pretty much every "legit" Bitcoin service out there, which I find rather amusing given how much people like to acuse him of being the scammer.

I'd rather value a business that builds its own credibility than one that strives for an expedient route to legitimacy, or approval from a direction that isn't valid in the first place. Trust is only good if it isn't abused.

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

Why not?

Plus, how can it compound if you keep your interest payments?

• Deposit 2000BTC
• Earn 2000BTC from interest
• Withdraw 2000 of total 4000BTC

Your initial investment is doubled and returned, and everything from there on out with the remaining 2000BTC is pure pirate profit

In late 2010, one of my silver trades did very well. So well, in fact, that it gained almost 5,000% (yes, 50x initial capital). Regrettably, on that particular trade, I tripped myself up and lost most of it (still kicking myself - I really wanted that island). What I didn't lose was my initial investment, having pulled that out shortly after doubling. The rest was play money.

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[jamesg]

STOP talking with yourselves.

One sec let me switch to my other identity to respond.

ok, is this better?

Or how about this?

[rjk]

STOP talking with yourselves.

One sec let me switch to my other identity to respond.

ok, is this better?

Or how about this?

Me too?

[imsaguy]

STOP talking with yourselves.

One sec let me switch to my other identity to respond.

ok, is this better?

Or how about this?

And you other bumb ditches think I make this shit up.

urmom.

[Bitcoin Oz]

 If the pirate's view is to bring everyone along for the ride then that would include glbse dont you think ?

 The pie gets bigger for everyone

Due to the Mann Act, he can't take Nefario across state lines.

I dunno. He might fit in a suitcase.

[PatrickHarnett]

The myth of selling BTC to fools locally is laughable. Nobody is stupid to pay more for BTC than market rate I would believe.

I've done just that, might only have been a few thousand dollars worth, but a 10-20% premium was still worth having.

Did you find a fool, or someone using the coins for illicit means?

For many people actually buying BTC is a huge pain in the ass. If you were only buying a couple hundred dollars worth of BTC it might be worth your time to just pay someone $40 extra to get you the BTC, especially if it also saves you a few bucks in exchange fees.

Actually, I don't think they were a fool, and I tried to get them to use an exchange, pay real prices and basically stop bugging me.  It was just easier for them to send me funds and for me to send them coins.

[imsaguy]

The myth of selling BTC to fools locally is laughable. Nobody is stupid to pay more for BTC than market rate I would believe.

I've done just that, might only have been a few thousand dollars worth, but a 10-20% premium was still worth having.

Did you find a fool, or someone using the coins for illicit means?

For many people actually buying BTC is a huge pain in the ass. If you were only buying a couple hundred dollars worth of BTC it might be worth your time to just pay someone $40 extra to get you the BTC, especially if it also saves you a few bucks in exchange fees.

Actually, I don't think they were a fool, and I tried to get them to use an exchange, pay real prices and basically stop bugging me.  It was just easier for them to send me funds and for me to send them coins.

Clearly you missed the part of this thread where we went off topic.  Catch up already!

[pirateat40]

The myth of selling BTC to fools locally is laughable. Nobody is stupid to pay more for BTC than market rate I would believe.

I've done just that, might only have been a few thousand dollars worth, but a 10-20% premium was still worth having.

Did you find a fool, or someone using the coins for illicit means?

For many people actually buying BTC is a huge pain in the ass. If you were only buying a couple hundred dollars worth of BTC it might be worth your time to just pay someone $40 extra to get you the BTC, especially if it also saves you a few bucks in exchange fees.

Actually, I don't think they were a fool, and I tried to get them to use an exchange, pay real prices and basically stop bugging me.  It was just easier for them to send me funds and for me to send them coins.

Clearly you missed the part of this thread where we went off topic.  Catch up already!

Shhhhh, me... That's all part of my plan to make the rest think my sock puppets are real people. blah blah

[PatrickHarnett]

blah blah blah

Clearly you missed the part of this thread where we went off topic.  Catch up already!

I was actually doing some day-job work stuff. 

(and some bitcoin business)

[coblee]

When you sell trade Bitcoins do you always ask every buyer trader what they are going to use them for?

I don't like those words.

Pirate, here's a serious question. Even though you are not a corporation like BitInstant or MtGox, doesn't what you do still fall under AML laws? As far as I know, AML laws state that you are not allowed to facilitate the laundering of money. Strictly speaking, converting cash to bitcoins can be a form of money laundering since your clients are converting cash (possibly gained from illegal transactions) to clean bitcoins. As an individual and not a corporation, can you really just say that you are not aware of any illegal activity and that you are just trading bitcoins for profit?

[JusticeForYou]

When you sell trade Bitcoins do you always ask every buyer trader what they are going to use them for?

I don't like those words.

Pirate, here's a serious question. Even though you are not a corporation like BitInstant or MtGox, doesn't what you do still fall under AML laws? As far as I know, AML laws state that you are not allowed to facilitate the laundering of money. Strictly speaking, converting cash to bitcoins can be a form of money laundering since your clients are converting cash (possibly gained from illegal transactions) to clean bitcoins. As an individual and not a corporation, can you really just say that you are not aware of any illegal activity and that you are just trading bitcoins for profit?

BitInstant, as far as I know, doesn't exchange BTC for USD but USD for BTC. MTGOX does both. There is a difference and it's big.

[coblee]

When you sell trade Bitcoins do you always ask every buyer trader what they are going to use them for?

I don't like those words.

Pirate, here's a serious question. Even though you are not a corporation like BitInstant or MtGox, doesn't what you do still fall under AML laws? As far as I know, AML laws state that you are not allowed to facilitate the laundering of money. Strictly speaking, converting cash to bitcoins can be a form of money laundering since your clients are converting cash (possibly gained from illegal transactions) to clean bitcoins. As an individual and not a corporation, can you really just say that you are not aware of any illegal activity and that you are just trading bitcoins for profit?

BitInstant, as far as I know, doesn't exchange BTC for USD but USD for BTC. MTGOX does both. There is a difference and it's big.

Does BitInstant require you to show ID or can you stop by WalMart (?) with a ton of cash and anonymously convert them to bitcoins with a fee?

[pirateat40]

When you sell trade Bitcoins do you always ask every buyer trader what they are going to use them for?

I don't like those words.

Pirate, here's a serious question. Even though you are not a corporation like BitInstant or MtGox, doesn't what you do still fall under AML laws? As far as I know, AML laws state that you are not allowed to facilitate the laundering of money. Strictly speaking, converting cash to bitcoins can be a form of money laundering since your clients are converting cash (possibly gained from illegal transactions) to clean bitcoins. As an individual and not a corporation, can you really just say that you are not aware of any illegal activity and that you are just trading bitcoins for profit?

Good question, I deal with very few people unlike the others and everything from the ground up is covered by people paid to make sure of it.  Now, paying interest in USD would change that but right now it's not something I have to worry about since I don't.

[rdponticelli]

When you sell trade Bitcoins do you always ask every buyer trader what they are going to use them for?

I don't like those words.

Pirate, here's a serious question. Even though you are not a corporation like BitInstant or MtGox, doesn't what you do still fall under AML laws? As far as I know, AML laws state that you are not allowed to facilitate the laundering of money. Strictly speaking, converting cash to bitcoins can be a form of money laundering since your clients are converting cash (possibly gained from illegal transactions) to clean bitcoins. As an individual and not a corporation, can you really just say that you are not aware of any illegal activity and that you are just trading bitcoins for profit?

BitInstant, as far as I know, doesn't exchange BTC for USD but USD for BTC. MTGOX does both. There is a difference and it's big.

BitInstant doesn't exchange anything at all. They just move USD into the exchanges.

[Bitcoin Oz]

When you sell trade Bitcoins do you always ask every buyer trader what they are going to use them for?

I don't like those words.

Pirate, here's a serious question. Even though you are not a corporation like BitInstant or MtGox, doesn't what you do still fall under AML laws? As far as I know, AML laws state that you are not allowed to facilitate the laundering of money. Strictly speaking, converting cash to bitcoins can be a form of money laundering since your clients are converting cash (possibly gained from illegal transactions) to clean bitcoins. As an individual and not a corporation, can you really just say that you are not aware of any illegal activity and that you are just trading bitcoins for profit?

BitInstant, as far as I know, doesn't exchange BTC for USD but USD for BTC. MTGOX does both. There is a difference and it's big.

Does BitInstant require you to show ID or can you stop by WalMart (?) with a ton of cash and anonymously convert them to bitcoins with a fee?

http://www.mrbitcoins.com/  this one doesnt.

[JusticeForYou]

When you sell trade Bitcoins do you always ask every buyer trader what they are going to use them for?

I don't like those words.

Pirate, here's a serious question. Even though you are not a corporation like BitInstant or MtGox, doesn't what you do still fall under AML laws? As far as I know, AML laws state that you are not allowed to facilitate the laundering of money. Strictly speaking, converting cash to bitcoins can be a form of money laundering since your clients are converting cash (possibly gained from illegal transactions) to clean bitcoins. As an individual and not a corporation, can you really just say that you are not aware of any illegal activity and that you are just trading bitcoins for profit?

BitInstant, as far as I know, doesn't exchange BTC for USD but USD for BTC. MTGOX does both. There is a difference and it's big.

Does BitInstant require you to show ID or can you stop by WalMart (?) with a ton of cash and anonymously convert them to bitcoins with a fee?

Does Wal-Mart require you to show ID when you buy tons of Game Credits on those cards?  That would be the question.

[cunicula]

Good question, I deal with very few people unlike the others and everything from the ground up is covered by people paid to make sure of it.  Now, paying interest in USD would change that but right now it's not something I have to worry about since I don't.

Anyone who believes this guy is a complete idiot. End of Story.

[cunicula]

Good question, I deal with very few people unlike the others and everything from the ground up is covered by people paid to make sure of it.  Now, paying interest in USD would change that but right now it's not something I have to worry about since I don't.

Anyone who believes this guy is a complete idiot. End of Story.

I Sir, am a complete idiot! 

We knew that already.

[jamesg]

some more crazy bullshit

I guess it's still good most of the forums has you on ignore...

[cunicula]

some more crazy bullshit

I guess it's still good most of the forums has you on ignore...

You are also either a scammer or an idiot.