A day in the life of a pirate.

[sgravina]

I don't believe any of this.  There is no evidence that pirate even exists yet alone runs a business.

I personally am on the waiting list for a GPUMAX invite and it has both cost me nothing and returned nothing.  It is completely risk free.

My guess is that pirate is an imaginary entity that does nothing and pays out nothing.

I am considering doing this myself.  It is completely risk free, takes a minimal amount of time, and as far as I know is devoid of any legal consequences.  Plus if my wife finds out I don't think she will care in the least.

Sam

[1714020878]

1714020878

[1714020878]

1714020878

[1714020878]

1714020878

[1714020878]

1714020878

[bitcoinBull]

Sure, I net gross 10.65% per week and payout 5.98% on average and it really depends on how much I want to work.  The process has become pretty automated lately which is nice because I can spend more time on my other projects and with the family.

So which is it? Is your "business" automated and scalable or does it really depend on "how much [you] want to work"?

pirateat40 is so full of shit and getting away with it (so far), I can actually respect it. Even the irony of his username, as another forum member mentioned in a previous thread.

But, a workable business model for a bitcoin-bank scheme actually occurred to me belatedly, when suckers were daring us nay-sayers in a previous thread, to put our money where our mouth is and bet on a default at betsofbitco.in.

Assume that pirateat40 were to bet his reserves on the bank NOT defaulting, and assume the bank didn't default. If he put enough reserves on there to push the odds to 10:1, or 20:1, with bets week-by-week, then the counter-bets would become the interest gains for depositors. The depositors themselves could place the counter-bets as insurance on their deposits (but that insurance paid would offset their interest gains, obviously). This would be a workable model for a ponzi-bank.

But unfortunately, with only about 40 BTC total in the betsofbitco.in pot and 3:1 odds against default, his claimed reserves are not in the pot so its not a bet worth making.

[CIYAM]

 So to make it clear, nothing I'm associated with is illegal.

Thus, no market manipulation either? 

If you buy and sell anything with enough volume you are of course going to "manipulate" the market. There is nothing illegal about that.

[Realpra]

Bitcoin is completely revolutionary and super needed yet its value is only climbing with some 30% a YEAR, that should give you a hint.

What on earth are you talking about? It's been way more than 30% in my world. it's even more than 1000%

As I said that is possible for a short time, but even BTC has slowed its growth now. Its been 30% a few months now.

If pirate is paying 7% a week, saw some article, that's ~44.000%/year.

In short it would have to be way bigger than bitcoin itself, yet no one knows what it even is and its all managed by one dude. Suure totally not a ponzi.

[tgmarks]

How in the world did you get ~44% annually out of 7% a week? 7% a week is 364% annually if it is not compounded or reinvested.

[notme]

How in the world did you get ~44% annually out of 7% a week? 7% a week is 364% annually if it is not compounded or reinvested.

>>> 1.07**52
33.725347994710454

or 3300% if it is compounded

[Realpra]

How in the world did you get ~44% annually out of 7% a week? 7% a week is 364% annually if it is not compounded or reinvested.

>>> 1.07**52
33.725347994710454

or 3300% if it is compounded

Yes, you're right, I was sloppy.

My point remains that it is crazy.

It would be compounded if someone where to reinvest their returns.

[Raoul Duke]

While you guys spend your time commenting on how crazy it is and impossible and blah blah blah, we're banking.

Thank you Pirate, for quadruplicating my initial deposit in the last 6 months!

[phelix]

hmm what about all investors on the forum remove their coins for one day. with a ponzi this would be impossible.

[Raoul Duke]

hmm what about all investors on the forum remove their coins for one day. with a ponzi this would be impossible.

Are you going to pay that day interest at 1%?
And how much will you pay Pirate for all the withdrawals he'll have to process?
How will you deal with those GLBSE bonds?
It's up to you to make it happen.

[finkleshnorts]

for an investor, its a ponzi as long as it doesnt break while youre in it

[P4man]

hmm what about all investors on the forum remove their coins for one day. with a ponzi this would be impossible.

Ive been thinking the same. Organize a Pirate withdrawal day. Anyone convinced Pirate is running a legitimate business would have nothing to fear; give pirate a headsup so he can plan a few days of holiday.  Time it to match a betsofbitcoin bet .

Of course this would only work if you could get a majority to participate, which seems unlikely, and therefore it might end up legitimizing his business regardless of merit.

Perhaps more doable is Pirate posting his wallet addresses; it wouldnt tell us all that much without knowing how much he owns his investors, but at least it might give some reassurance.

[phelix]

hmm what about all investors on the forum remove their coins for one day. with a ponzi this would be impossible.

Are you going to pay that day interest at 1%?
And how much will you pay Pirate for all the withdrawals he'll have to process?
How will you deal with those GLBSE bonds?
It's up to you to make it happen.

me? yo mad? 

though tempting I am not invested with pirate. I keep it with buffet: "Invest in what you understand"

Also as I have pointed out before I could not stand the irony of being scammed by someone called pirate.

1000!

[Vladimir]

I do not follow this "pirate" thing, nor do I know much about any GLBSE listed "assets".

However, please consider the following hypothetical GLBSE listed company.

Someone places BMMM IPO on GLBSE. The company does not disclose what they do, however they pay rather good dividends. Everyone is happy (for now).

What they do is the following, they convert BTC's into USD's and "invest" it into a piramide scheme http://en.wikipedia.org/wiki/MMM-2011 run by http://en.wikipedia.org/wiki/Sergei_Mavrodi that reportedly currently pays up to 50% per month of "dividends". BMMM pockets 30%, pays out 20% to their "investors". They also hope that with such "profitability" they will be able to accumulate enough money to buy out the shares once the "master ponzi" breaks down.

see also (google translate if needed) https://bitcointalk.org/index.php?topic=77316.0
and read up on to http://en.wikipedia.org/wiki/Stockholm_syndrome it might get applicable.

The above is a ponzi scheme by proxy which BTW is pretty close to what all the investment banks out there are doing with the central banks and ultimately the fed being the "master ponzi".

[JusticeForYou]

hmm what about all investors on the forum remove their coins for one day. with a ponzi this would be impossible.

Are you going to pay that day interest at 1%?
And how much will you pay Pirate for all the withdrawals he'll have to process?
How will you deal with those GLBSE bonds?
It's up to you to make it happen.

me? yo mad? 

though tempting I am not invested with pirate. I keep it with buffet: "Invest in what you understand"

Also as I have pointed out before I could not stand the irony of being scammed by someone called pirate.

1000!

LOL, Irony...

Indecision may or may not be my problem. ~ Buffett

People who think too much before they act don't act too much. ~ Buffett

And I try to give the best bang for the buck. I love performing more than anything else. ~ Buffett

Indecision may or may not be my problem. ~ Buffett

It takes no more time to see the good side of life than it takes to see the bad. ~ Buffett

Older and wiser voices can help you find the right path, if you are only willing to listen. ~ Buffett

Quitting doesn't enter my mind. ~ Buffet

I sell escapism. ~ Buffet

Jimmy that is.

[SkRRJyTC]

Now, on with the show.

Would you consider producing a Bitcoin Savings & Trust branded rum? I think the two would complement each other quite nicely and plenty on these forums would buy it for the novelty value.

Not sure if this was a joke or not... and I haven't read the whole thread yet...

BUT DO THIS!

[rdponticelli]

Can you tell us if your business venture is converting the bitcoin you borrow to fiat or not? I'd like to invest in a PPT type thing but I wouldn't like to invest in a business that uses btc only as a transport mechanism for fiat. I'll understand if you think this would give away to much about your business model.

Well, the only reason Bitcoin is worth anything is due to it's value against fiat currencies.  At this point Bitcoin is a commodity and those that say otherwise have much more to learn.  I hope to be a part of what changes that and look to see Bitcoin as the currency others are based upon.  So to answer your question, I would say Yes, but it really depends on what you think Bitcoin is.

Let's try to bring it back on track a little. What bitcoin variables do you think can affect your operation, and in which way? Inflation, growth index? And how do you believe that your operation will be affected by the halving of subsidy in December?

[dinker]

I do not follow this "pirate" thing, nor do I know much about any GLBSE listed "assets".

However, please consider the following hypothetical GLBSE listed company.

Someone places BMMM IPO on GLBSE. The company does not disclose what they do, however they pay rather good dividends. Everyone is happy (for now).

What they do is the following, they convert BTC's into USD's and "invest" it into a piramide scheme http://en.wikipedia.org/wiki/MMM-2011 run by http://en.wikipedia.org/wiki/Sergei_Mavrodi that reportedly currently pays up to 50% per month of "dividends". BMMM pockets 30%, pays out 20% to their "investors". They also hope that with such "profitability" they will be able to accumulate enough money to buy out the shares once the "master ponzi" breaks down.

see also (google translate if needed) https://bitcointalk.org/index.php?topic=77316.0
and read up on to http://en.wikipedia.org/wiki/Stockholm_syndrome it might get applicable.

The above is a ponzi scheme by proxy which BTW is pretty close to what all the investment banks out there are doing with the central banks and ultimately the fed being the "master ponzi".

Wow, a pawn ponzi inside of a master ponzi? This post opens my eye

[grubles]

Now, on with the show.

Would you consider producing a Bitcoin Savings & Trust branded rum? I think the two would complement each other quite nicely and plenty on these forums would buy it for the novelty value.

Not sure if this was a joke or not... and I haven't read the whole thread yet...

BUT DO THIS!

There's already Pirate beer:
Taken at the local booze store 

[rjk]

Now, on with the show.

Would you consider producing a Bitcoin Savings & Trust branded rum? I think the two would complement each other quite nicely and plenty on these forums would buy it for the novelty value.

Not sure if this was a joke or not... and I haven't read the whole thread yet...

BUT DO THIS!

There's already Pirate beer:
Sorry for the gigantic image

Use width= inside the img tag.