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Author Topic: A day in the life of a pirate.  (Read 28274 times)
rdponticelli
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May 31, 2012, 12:08:19 AM
 #301

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. Smiley

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.
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May 31, 2012, 12:09:02 AM
 #302

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. Smiley

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.

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May 31, 2012, 12:10:58 AM
 #303

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. Smiley

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.

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May 31, 2012, 05:54:07 AM
 #304


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.

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May 31, 2012, 06:44:58 AM
 #305


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.

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May 31, 2012, 10:12:13 AM
 #306

some more crazy bullshit

I guess it's still good most of the forums has you on ignore...
cunicula
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May 31, 2012, 10:57:18 AM
 #307

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.

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Raoul Duke
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May 31, 2012, 11:22:32 AM
 #308

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.

How can you tell?

Haven't you heard that it takes one to recognize one?

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May 31, 2012, 11:46:36 AM
 #309

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.

How can you tell?

Haven't you heard that it takes one to recognize one?

Awww damn! Now you quoted cunicula so i can see what he posted.

I guess he must be right. I'm a scammer AND an idiot! Quick, run and hide.
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May 31, 2012, 01:48:38 PM
 #310

cuntnicula still posting even though he is an idiot? Sorry to those that don't have his ass ignored.

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May 31, 2012, 02:49:41 PM
 #311

Who needs to worry about the job pirate is who entrusted money to the pirate or himself, right?!  Cool
So ...?! Huh blablabla ... blablabla ....  Tongue
BAH!  Shocked

Deus abençoe o Bitcoin... em nome do Pai, do Filho e... do gajo-que-inventou-os-bitcoins! Vocês...abençoem-me a mim: 17m4gYKN8eNJdd1xtZYNP4wk1syx7ETybj | POKER BTC: http://bit.ly/JDnTaP |
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May 31, 2012, 03:57:04 PM
 #312

The second layer of the pyramid defends the integrity of the first layer. Surprise, surprise. As fellow scammers you are quite concerned with protecting your bosses' rep. After all, keeping a steady stream of fish flowing in is how you make money. I see that some of you have reduced your cut over time. Not surprising, since you will need more and more inflows over time to support the pyramid. Can't wait till this blows up.

How much bitcoin is tied up with the scam, anyways? The blow up will negatively affect bitcoin prices if the scam is large scale and some of the fish have taken on bank debt in order to participate. Bitcoin debt crisis causes bitcoin price collapse. Fun times!

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May 31, 2012, 06:28:56 PM
 #313

I tried to quote you, but all that came up was:

BLAH BLAH BLAH

Coming Soon!™ © imsaguy 2011-2013, All rights reserved.

EIEIO:
https://bitcointalk.org/index.php?topic=60117.0

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May 31, 2012, 06:31:35 PM
 #314

Congrats, you're my first!
This user is currently ignored.

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May 31, 2012, 07:36:45 PM
 #315

Congrats, you're my first!
This user is currently ignored.

Cunicula popped BTCurious' ignore cherry!
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May 31, 2012, 07:42:14 PM
 #316

Congrats, you're my first!
This user is currently ignored.

Cunicula popped BTCurious' ignore cherry!
Some one night stand that was. We never spoke again afterwards.

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May 31, 2012, 09:04:04 PM
 #317

edited out some unnecessary stuff
The second layer of the pyramid defends the integrity of the first layer. Surprise, surprise.  Can't wait till this blows up.


I'm interested in your motivation - is it just to stir shit, you want to see those that can't afford to lose their bitcoin suffer, or do you want to gloat when it fails.  Your posts do not appear to be genuine in warning (and has the impression of some religious crusade against evil).

(and while starfish are often idiots, this one expects some sort of disruption to the economy when BS&T finally closes it's doors)
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May 31, 2012, 09:10:32 PM
 #318

(and while starfish are often idiots, this one expects some sort of disruption to the economy when BS&T finally closes it's doors)
Is that actually in the cards, or do you not think it can last long either?

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May 31, 2012, 09:27:28 PM
 #319

i learned a very simple thing: if something guarantees more than 7% per year it is likely not worth looking into it. they all blow up.

that said, i am incredibly eager to learn what your business really is, pirate. i bet it makes a great story..

When I can't make money doing it or just get tired of it, i'll let everyone know.  I promise you there will be a lot of people going "WTF, Damn, why didn't I think of that."

You can't tell me you haven't thought... If I had a Satoshi for every toothpick sold...

You sell toothpicks???

Believe it or not, but I buy and sell toothpicks, albeit in the form of century old musty smelling barn wood, and my profit margin is a hell of lot better than 7%. I pass daily on only a 20% margin. I've even invested in a couple of my pickers where they now have pickers picking for them to sell more to me. Yes, they could even do the same exact thing as I do, but unfortunately their regular treks to the local pub, among other drama in their lives, gets in the way for many of them. I could easily lay out my exact strategy on this board and still not worry about losing buying or selling volume. I've even toyed with paying out 20% bonus if my pickers accept Bitcoin, but less than half have smartphones, let alone the ones that do know its full potential. Hell, I myself just recently purchased, again, a smartphone, but my learning curve isn't/won't be as steep as for those who pick for me.

But I digress, for I need to read the rest of this thread to get up to speed.

~Bruno~

Example: One 10' board (12" wide) off this barn fiches $20 USD for me, but I rarely pay $3.00 USD for it, and it comes in by the trailer load daily.

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May 31, 2012, 09:30:28 PM
 #320

(and while starfish are often idiots, this one expects some sort of disruption to the economy when BS&T finally closes it's doors)
Is that actually in the cards, or do you not think it can last long either?

I don't know.

My approach for a long time has been to diversify my portfolio (a point Colbee seems to think is a stupid approach in another thread), so I have lots of different investments (active and passive) around bitcoin-land.  Current BS&T exposure is 20%.

One of the things I do look at what is going on, and trying to sift the envy-crap out of different threads, track the evolution of the economy and how it relates to real world processes.  What has been great (from an economics point of view) is how the bitcoin-land economy has developed so rapidly, and you can watch the whole thing unfold in fast-forward.  An incorrect (that's my disclaimer) assessment is:

pre-2011 - early adopters do some cool stuff
early 2011 - trading starts to gain traction
June 2011 - trading bubble (and yes some sold a lot at $30+
2nd half 2011 - time of trading - great arbitrage opportunities, high volatility, good pickings on exchanges.
Q1 2012 - rise of lending/lending scams - decent returns but high risks, exchange rates become more stable
Q2 2012 - rise of the stock/bond exchange.  Lending calms down, price flat, speculative GLBSE bubbles.

2nd half 2012 - my personal expectation is for a few less well funded people to default of various projects, interest rates will come down, stock/bond issues will be more stable.  Price might drift along as people work out how to use BTC properly and speculative trading will be for the hard core.

Note that the money is at the higher risk, leading edge, and more stable returns in the wake.

and the 64000BTC question - will Pirate default and we find out he has been running a ponzi?  On the balance of probabilities, I'd say "no".  I bet my BS&T account on it (and I do every day).  I do, however, think it will evolve over the next six months, and that it will ultimately wind up.
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