A day in the life of a pirate.

[cypherdoc]

Thank you all and sorry for annoying you guys. It was fun. 

I now will be leaving this thread until "I told you so" moment arrives. Take care.

it is bound to happen.

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[jamesg]

Do defaults concern you?

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

[PatrickHarnett]

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?

More importantly, the higher your interest rates the less chances that they funnel it to anything else but a ponzi scheme.

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.

lol - I don't expect you to understand my business, and I don't need you to.  It's not too different to the other main lenders either.  What's most entertaining is the assumption that I indirectly fund ponzis when the evidence is to the contrary.  As an example:

1: I send coins to member B.
2: Member B sends GPUs to member G.
3: Member G pays me.
4: Despite this transaction, someone assumes member G is using coins they never touch to invest in a ponzi.

I have had loans where the BTC has doubled during the course of the loan.  The borrower was repaying in BTC from income generated in bitcoin.  The sooner people start working in one currency, the easier it is to understand.  If you keep worrying about BTC/GBP or BTC/USD prices, you'll inhibit your own activity and bitcoin in general.

If people can't understand something this simple and transparent, there is no way they are going to follow what Pirate is doing.  As for the "told you so" moment, at that stage I'll wipe a few thousand coins off my balance (currently 20% of my holdings are in BS&T).

Arrrrgh - the lazy Starfish

[wachtwoord]

Do defaults concern you?

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?

[malaimult]

ok so the debate gone a little off topic i suggest someone will make a vote poll and people should vote if pirateat40 sells drugs, launders money ponzy schemes etc or its just a clever dude.

lets see what the voters opinion

[wachtwoord]

ok so the debate gone a little off topic i suggest someone will make a vote poll and people should vote if pirateat40 sells drugs, launders money ponzy schemes etc or its just a clever dude.

lets see what the voters opinion

Who cares? The majority of the people aren't very bright so voting will never lead to an optimal solution. That's why our retarded implementation o the democracy doesn't work as well

[malaimult]

  nice1  well we cut 10% from all voters

[HorseRider]

Do defaults concern you?

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

You do concerns, right? Don't you want to be a 100% winner?

[HorseRider]

gigavps, hmm, interesting, thanks.

You are quite welcome. These facts are well known to bitcoin lenders. I will even save you the scolding for banishing yourself from the bitcointalk forums. 

Lending bitcoins is quite a profitable business. There are a number of big lenders who have distinguished themselves and are doing quite well.

Yes, as profitable as LB and BS were before the financial crisis started in the summer of 2007.

[finkleshnorts]

Do defaults concern you?

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

+1

[FredericBastiat]

OK so you dared me to throw down. Here's an easy idea I was personally aware of due to my friendship with my boss. He ran an outbound call center for a few years. One of his really good money makers was political campaign polling.

Problem was he couldn't predict how much calling he was going to do in time to go live before the evening news. He couldn't hire employees to match demand either because he tended to overshoot. This required him to hire temps. The pay always seemed to be out of sync with the pollster companies.

He had to pay his temps when he let them go so it left him short changed. In comes the bailout. You cover the payroll and take a cut. I was privy to several double digit percentage gains. The time frames for these deals ranged between 1 to 2 weeks. Do the math.

[ineededausername]

https://bitcointalk.org/index.php?topic=83566.0

[Bitsinmyhead]

Do defaults concern you?

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

Anyone wonders why bitcoin is a scammers paradise?
Right there is the answer my friends...

[Sukrim]

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).

[coblee]

OK so you dared me to throw down. Here's an easy idea I was personally aware of due to my friendship with my boss. He ran an outbound call center for a few years. One of his really good money makers was political campaign polling.

Problem was he couldn't predict how much calling he was going to do in time to go live before the evening news. He couldn't hire employees to match demand either because he tended to overshoot. This required him to hire temps. The pay always seemed to be out of sync with the pollster companies.

He had to pay his temps when he let them go so it left him short changed. In comes the bailout. You cover the payroll and take a cut. I was privy to several double digit percentage gains. The time frames for these deals ranged between 1 to 2 weeks. Do the math.

Are you talking about >$100,000 capital and you can make ~$10,000 for each deal? And could you do this week in and week out for the whole year? If you answer yes to both questions, then why are you not doing that as a full time job? (You'd make half a mil a year) If either of your answers is no, then this is not close to the same as what pirate claims to have.

[FredericBastiat]

Are you talking about >$100,000 capital and you can make ~$10,000 for each deal? And could you do this week in and week out for the whole year? If you answer yes to both questions, then why are you not doing that as a full time job? (You'd make half a mil a year) If either of your answers is no, then this is not close to the same as what pirate claims to have.

Pirate didn't start out that big either, and yes, it does scale quite nicely. Political campaign polling was one of many types of calling campaigns that functioned in the way I described (predictable, short-term and asynchronous). As you may already know, the outbound and inbound calling business is a billion dollar industry, and while not all campaigns are as profitable, most are quite predictable (nice multiples) if you set them up properly, or can semi-automate your agents. Bidding magazine subscriptions contracts was another one since it needed quick bridge financing to demonstrate operational status to potential clientele.

The industry may in fact be quite a bit larger than what Pirate does (short-term loan floating). I was a script programmer and sysadmin (among other various and sundry things) for the guy until he got a bigger deal somewhere else. He moved, then I moved, and we fell out of contact for awhile. At the time I didn't consider the idea as a viable one because I didn't think that way. You might say I didn't have much of a financial imagination.

[bulanula]

Do defaults concern you?

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

Anyone wonders why bitcoin is a scammers paradise?
Right there is the answer my friends...

Scammers paradise ?

Where is that !?

 

[malaimult]

it's right here    yupieeee

[foggyb]

Do defaults concern you?

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

Anyone wonders why bitcoin is a scammers paradise?
Right there is the answer my friends...

Scammers paradise ?

Where is that !?

 

Planet earth?

[PatrickHarnett]

Are you talking about >$100,000 capital and you can make ~$10,000 for each deal? And could you do this week in and week out for the whole year? If you answer yes to both questions, then why are you not doing that as a full time job? (You'd make half a mil a year) If either of your answers is no, then this is not close to the same as what pirate claims to have.

You need more than that to make your 1/2 mill per year.  You also people that can do that kind of business - hunter/gathers.  Most people are farmers, doing something easy and lower risk.