Bitcoin Forum
December 10, 2016, 03:03:26 PM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: « 1 2 3 [4] 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 »  All
  Print  
Author Topic: A day in the life of a pirate.  (Read 28328 times)
Garr255
Legendary
*
Offline Offline

Activity: 952


What's a GPU?


View Profile
May 22, 2012, 04:32:25 AM
 #61

I want to fully believe in this so bad. After reading this thread I am one step closer. I am so torn. So torn.

It's easier just to watch.  Never trust a ...

fish

“First they ignore you, then they laugh at you, then they fight you, then you win.”  -- Mahatma Gandhi

Average time between signing on to bitcointalk: Two weeks. Please don't expect responses any faster than that!
1481382206
Hero Member
*
Offline Offline

Posts: 1481382206

View Profile Personal Message (Offline)

Ignore
1481382206
Reply with quote  #2

1481382206
Report to moderator
1481382206
Hero Member
*
Offline Offline

Posts: 1481382206

View Profile Personal Message (Offline)

Ignore
1481382206
Reply with quote  #2

1481382206
Report to moderator
1481382206
Hero Member
*
Offline Offline

Posts: 1481382206

View Profile Personal Message (Offline)

Ignore
1481382206
Reply with quote  #2

1481382206
Report to moderator
If you see garbage posts (off-topic, trolling, spam, no point, etc.), use the "report to moderator" links. All reports are investigated, though you will rarely be contacted about your reports.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481382206
Hero Member
*
Offline Offline

Posts: 1481382206

View Profile Personal Message (Offline)

Ignore
1481382206
Reply with quote  #2

1481382206
Report to moderator
1481382206
Hero Member
*
Offline Offline

Posts: 1481382206

View Profile Personal Message (Offline)

Ignore
1481382206
Reply with quote  #2

1481382206
Report to moderator
1481382206
Hero Member
*
Offline Offline

Posts: 1481382206

View Profile Personal Message (Offline)

Ignore
1481382206
Reply with quote  #2

1481382206
Report to moderator
Matthew N. Wright
Untrustworthy
Hero Member
*****
Offline Offline

Activity: 588


Hero VIP ultra official trusted super staff puppet


View Profile
May 22, 2012, 04:37:04 AM
 #62

I want to fully believe in this so bad. After reading this thread I am one step closer. I am so torn. So torn.

It's easier just to watch.  Never trust a ...

fish

farmer

PatrickHarnett
Hero Member
*****
Offline Offline

Activity: 518



View Profile
May 22, 2012, 04:49:36 AM
 #63

I want to fully believe in this so bad. After reading this thread I am one step closer. I am so torn. So torn.

It's easier just to watch.  Never trust a ...

fish

Starfish waves at the "Farmer"
finkleshnorts
Sr. Member
****
Offline Offline

Activity: 336



View Profile
May 22, 2012, 04:50:02 AM
 #64

Unfortunately I can't to do much more than just watch, so my thoughts on this are insignificant and do not need to be answered or acknowledged.

But what absolutely blows my mind is that the rate of return is so much higher than any other investment opportunity, since all those extra %s could just go straight into pirate's pocket. I have yet to make any sense of this.

Reading the threads and speculation about BTCST has been absolutely a blast.
symbols
Newbie
*
Offline Offline

Activity: 29


View Profile
May 22, 2012, 05:46:48 AM
 #65

Pirate, I'm trying to figure out what your game is... after some more research and consideration (and your statement to the contrary) I'm less convinced of drug-related activities.

Various previous comments imply comex experience, which is interesting... But your public record points more to business consulting...

Thanks for clarifying a little bit, and sorry if any of my past conjecture has raised the stress level of doing whatever it is you do. I'm really just curious =)

(sub)

-s

edit: I like the rum idea... maybe even a 'bitcoin, the early days' commemorative treasure chest with casascius coins and pirate rum bottles... Wink
Garr255
Legendary
*
Offline Offline

Activity: 952


What's a GPU?


View Profile
May 22, 2012, 06:04:36 AM
 #66



edit: I like the rum idea... maybe even a 'bitcoin, the early days' commemorative treasure chest with casascius coins and pirate rum bottles... Wink

Sign me up for 2!

Nice of you to think of getting me one Smiley

Do the goat hop!

“First they ignore you, then they laugh at you, then they fight you, then you win.”  -- Mahatma Gandhi

Average time between signing on to bitcointalk: Two weeks. Please don't expect responses any faster than that!
deego
Donator
Sr. Member
*
Offline Offline

Activity: 317


1MCoX64q6ks2Fvx8wybGYonfvEoTPpMhhR


View Profile WWW
May 22, 2012, 06:29:49 AM
 #67

Increased transparency would presumably lead to greater investment as a lot of people are fence-sitters? (I take it that what you do is not possible at an individual level unless scaled massively as you do.) 

Would increased investment possibly outweigh the adverse effects of any competition that more transparency would lead to?



1MCoX64q6ks2Fvx8wybGYonfvEoTPpMhhR
dave3
Full Member
***
Offline Offline

Activity: 227


View Profile
May 22, 2012, 09:13:50 AM
 #68

Maybe he found a way to game the system, somehow.

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...

Could it have something to do with transaction fees?  Hmmm...
herzmeister
Legendary
*
Offline Offline

Activity: 1764



View Profile WWW
May 22, 2012, 09:48:20 AM
 #69

Does it have something to do with the price stability around 5$ what he's doing?  Shocked

https://localbitcoins.com/?ch=80k | BTC: 1LJvmd1iLi199eY7EVKtNQRW3LqZi8ZmmB
Mageant
Legendary
*
Offline Offline

Activity: 1082



View Profile WWW
May 22, 2012, 09:58:57 AM
 #70

>> Don't tie up your cash unless you have to.

What are you doing with your cash/profits that is earning a greater than 7% return each week?

Do you have another project has an even greater return?  Or do you just like to spend money on consumer items?

I cannot think why you would put more into cash than enough to pay the minimum life essentials, if the alternative was to invest money at 7%/week.  I'd not solicit new funds, pay off the original investors, and use my own money.  

Not putting all your money into Bitcoins spreads the risk.

  ►  NEW ECONOMY MOVEMENT  ◄ 
  100% built from scratch • revolutionary forging mechanism • fairly distributed

BIETCOIN.DE - Kleinanzeigenmarkt für Bitcoin
CIYAM
Legendary
*
Offline Offline

Activity: 1820


Ian Knowles - CIYAM Lead Developer


View Profile WWW
May 22, 2012, 10:10:22 AM
 #71

Does it have something to do with the price stability around 5$ what he's doing?  Shocked

I think that could actually be a very real posiblity (and is a rather simpler and less sinister explanation than most others). Anyone who has done options trading knows that volatility == great profits (and of course great risk).

I have watched the price move up and down > 10% in a single day on Mt. Gox - so if one was was careful (and it was mentioned about how much effort needed to be put in) to be buying and selling even only once per week it is still quite possible that a 10% return could in fact be made just doing this.

It would also make sense why the returns would only be in BTC and the preference would be for people to keep their main investment locked in as the basic idea would be to sell BTC at a high point (in USD most likely) then buy it back again at low point each day (or week I guess) removing the gains in BTC as they are made. It would also explain the desire to get more on board at a controlled rate as this could not scale up too dramatically without undoing itself (due to being the main buyer/seller in the market).

Although Bitcoinica has been credited much for the recent stability it could make just as much sense that a scheme doing exactly this would be keeping the price fairly stable (but not quite as stable as interestingly enough has actually occurred since Bitcoinica has ceased operations).

I had actually thought of doing the exact same thing but have so far been too lazy (and do think there would be a fairly big risk in leaving a large amount of funds on Mt. Gox although perhaps this could be minimised by keeping BTC offline in between the sell and buy cycle).

With CIYAM anyone can create 100% generated C++ web applications in literally minutes.

GPG Public Key | 1ciyam3htJit1feGa26p2wQ4aw6KFTejU
Clipse
Hero Member
*****
Offline Offline

Activity: 504


View Profile
May 22, 2012, 10:21:41 AM
 #72

Does it have something to do with the price stability around 5$ what he's doing?  Shocked

I think that could actually be a very real posiblity (and is a rather simpler and less sinister explanation than most others). Anyone who has done options trading knows that volatility == great profits (and of course great risk).

I have watched the price move up and down > 10% in a single day on Mt. Gox - so if one was was careful (and it was mentioned about how much effort needed to be put in) to be buying and selling even only once per week it is still quite possible that a 10% return could in fact be made just doing this.

It would also make sense why the returns would only be in BTC and the preference would be for people to keep their main investment locked in as the basic idea would be to sell BTC at a high point (in USD most likely) then buy it back again at low point each day (or week I guess) removing the gains in BTC as they are made. It would also explain the desire to get more on board at a controlled rate as this could not scale up too dramatically without undoing itself (due to being the main buyer/seller in the market).

Although Bitcoinica has been credited much for the recent stability it could make just as much sense that a scheme doing exactly this would be keeping the price fairly stable (but not quite as stable as interestingly enough has actually occurred since Bitcoinica has ceased operations).

I had actually thought of doing the exact same thing but have so far been too lazy (and do think there would be a fairly big risk in leaving a large amount of funds on Mt. Gox although perhaps this could be minimised by keeping BTC offline in between the sell and buy cycle).


There is one problem in your thinking, if he used the coins invested to keep a 10c margin spread on the exchange and then profit of that(basicly controlling a single point of price control) he would have to trade the same volume(and profit on it at whatever he pays+profit).

By the looks of things he has more than 20K BTC invested with him, that means a minimum of 20K of sell and 20K of buy need to occur profitably everyday to cover the profit margins he offers. We rarely see days on mtgox totally >40k recently, the odd day here and there you would see 50-100k volume over the last month+ and all trading cant happen with himself since clearly he wont be making a profit then Smiley

...In the land of the stale, the man with one share is king... >> Clipse

We pay miners at 130% PPS | Signup here : Bonus PPS Pool (Please read OP to understand the current process)
P4man
Hero Member
*****
Offline Offline

Activity: 504



View Profile
May 22, 2012, 10:25:40 AM
 #73

Does it have something to do with the price stability around 5$ what he's doing?  Shocked

I think that could actually be a very real posiblity (and rather simpler and less sinister explanation than most others).

I have watched the price move up and down > 10% in a single day on Mt. Gox - so if one was was careful (and it was mentioned about how much effort needed to be put in) to be buying and selling even only once per week it is still quite possible that a 10% return could in fact be made just doing this.

There is no surefire way to make money buying "low" and selling "high" on an open market, anyone who claims otherwise is either a scammer or misguided.

Thats not to say he may not be trying, I have also wondered if there isnt a relationship and Pirate may have enough funds to manipulate the price, to a degree. Im not quite sure how one can profit from price stability, but even if one can, that doesnt make it guaranteed profitable, there are always limits. And if indeed Pirate is speculating on btc price somehow, then he is gambling with a lot of money that isnt his.

Which brings up the single most important issue Pirate hasnt addressed yet: what kind of risk is involved?

CIYAM
Legendary
*
Offline Offline

Activity: 1820


Ian Knowles - CIYAM Lead Developer


View Profile WWW
May 22, 2012, 10:30:07 AM
 #74

There is one problem in your thinking, if he used the coins invested to keep a 10c margin spread on the exchange and then profit of that(basicly controlling a single point of price control) he would have to trade the same volume(and profit on it at whatever he pays+profit).

By the looks of things he has more than 20K BTC invested with him, that means a minimum of 20K of sell and 20K of buy need to occur profitably everyday to cover the profit margins he offers. We rarely see days on mtgox totally >40k recently, the odd day here and there you would see 50-100k volume over the last month+ and all trading cant happen with himself since clearly he wont be making a profit then Smiley

My understanding (which may be wrong as I haven't studied this that closely) was that profits were paid out per week rather than per day - so in that case one would not need to do that everyday.

With CIYAM anyone can create 100% generated C++ web applications in literally minutes.

GPG Public Key | 1ciyam3htJit1feGa26p2wQ4aw6KFTejU
Clipse
Hero Member
*****
Offline Offline

Activity: 504


View Profile
May 22, 2012, 10:33:27 AM
 #75

There is one problem in your thinking, if he used the coins invested to keep a 10c margin spread on the exchange and then profit of that(basicly controlling a single point of price control) he would have to trade the same volume(and profit on it at whatever he pays+profit).

By the looks of things he has more than 20K BTC invested with him, that means a minimum of 20K of sell and 20K of buy need to occur profitably everyday to cover the profit margins he offers. We rarely see days on mtgox totally >40k recently, the odd day here and there you would see 50-100k volume over the last month+ and all trading cant happen with himself since clearly he wont be making a profit then Smiley

My understanding (which may be wrong as I haven't studied this that closely) was that profits were paid out per week rather than per day - so in that case one would not need to do that everyday.


The 7day sum volume in/out still needs to be invested funds * 2 , there simply isnt that volume on the market atm unless his sum volume is very low <10K BTC which I doubt by looking at all his investment/loans activity.

...In the land of the stale, the man with one share is king... >> Clipse

We pay miners at 130% PPS | Signup here : Bonus PPS Pool (Please read OP to understand the current process)
CIYAM
Legendary
*
Offline Offline

Activity: 1820


Ian Knowles - CIYAM Lead Developer


View Profile WWW
May 22, 2012, 10:34:22 AM
 #76

There is no surefire way to make money buying "low" and selling "high" on an open market, anyone who claims otherwise is either a scammer or misguided.

Sure - would have to agree with that (has zero risk been stated in regards to this scheme/system?).

Im not quite sure how one can profit from price stability, but even if one can, that doesnt make it guaranteed profitable, there are always limits. And if indeed Pirate is speculating on btc price somehow, then he is gambling with a lot of money that isnt his.

Stability is of course *not* what you make the profit on - but compared to forex I think the fluctuations in the price of BTC are quite large.

Also to a fair extent any sort of investment that is not just putting money in the bank to get a fixed return is gambling isn't it?

With CIYAM anyone can create 100% generated C++ web applications in literally minutes.

GPG Public Key | 1ciyam3htJit1feGa26p2wQ4aw6KFTejU
CIYAM
Legendary
*
Offline Offline

Activity: 1820


Ian Knowles - CIYAM Lead Developer


View Profile WWW
May 22, 2012, 10:35:40 AM
 #77

The 7day sum volume in/out still needs to be invested funds * 2 , there simply isnt that volume on the market atm unless his sum volume is very low <10K BTC which I doubt by looking at all his investment/loans activity.

You may be quite correct (I admit I have not done the math here) - this is simply my guess at how this could be working without involving any sort of illegal activity (or being any sort of ponzi scheme).

With CIYAM anyone can create 100% generated C++ web applications in literally minutes.

GPG Public Key | 1ciyam3htJit1feGa26p2wQ4aw6KFTejU
P4man
Hero Member
*****
Offline Offline

Activity: 504



View Profile
May 22, 2012, 10:57:43 AM
 #78

Also to a fair extent any sort of investment that is not just putting money in the bank to get a fixed return is gambling isn't it?

Perhaps, but if you invest in to something that you understand, at least you can gage risk/reward. Kinda hard to do here.

CIYAM
Legendary
*
Offline Offline

Activity: 1820


Ian Knowles - CIYAM Lead Developer


View Profile WWW
May 22, 2012, 11:05:42 AM
 #79

Also to a fair extent any sort of investment that is not just putting money in the bank to get a fixed return is gambling isn't it?

Perhaps, but if you invest in to something that you understand, at least you can gage risk/reward. Kinda hard to do here.

Agreed 100% (and note that I am not currently involved with this or any other schemes on this forum).

I think if I get some more free time I will have a play at what I'm suggesting (with much smaller amounts) to see how I can go (have already actually been doing something along the same lines but with vastly smaller sums successfully for a while now).

Of course in all likelihood the system being used would be more complicated than what I outlined (just saying even such a simple idea can at least in favorable circumstances meet the criteria of what is going on). I would assume such a more complex system would also have standing "positions" for both buying and selling to reduce the overall risk (i.e. hedging).

With CIYAM anyone can create 100% generated C++ web applications in literally minutes.

GPG Public Key | 1ciyam3htJit1feGa26p2wQ4aw6KFTejU
tucenaber
Sr. Member
****
Offline Offline

Activity: 336


View Profile
May 22, 2012, 11:11:23 AM
 #80

Which brings up the single most important issue Pirate hasnt addressed yet: what kind of risk is involved?

Yes I would like this question addressed too.

Pages: « 1 2 3 [4] 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!