A day in the life of a pirate.

[Raoul Duke]

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?

[jamesg]

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.

[rjk]

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

[75RTUGA]

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

[cunicula]

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!

[imsaguy]

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

BLAH BLAH BLAH

[BTCurious]

Congrats, you're my first!

This user is currently ignored.

[jamesg]

Congrats, you're my first!

This user is currently ignored.

Cunicula popped BTCurious' ignore cherry!

[BTCurious]

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.

[PatrickHarnett]

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)

[rjk]

(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?

[Phinnaeus Gage]

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.

[PatrickHarnett]

(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.

[CecilNiosaki]

(and while starfish are often idiots, this one expects some sort of disruption to the economy when BS&T finally closes it's doors)

Anyone who doesn't believe so is blinded. Looking just at the financial sector of Bitcoin, BS&T has worked its way into almost all of the items which pay interest. As the current market stands, there could be other interest-bearing investments in the financial section; however, they have a hard time competing for customer dollars with the payout that BS&T has. Once BS&T ceases operation, whenever that may be, there's a giant void to fill there.

[rjk]

My personal estimation is that it may wind down, perhaps in the distant future, but I have faith in Pirate never defaulting against his creditors.

[coblee]

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%.

You misunderstood me. I don't think diversifying is stupid. I actually fully diversify mine also.

I was just saying that your exposure to PPT is the same as your exposure to BS&T, because the risk scenario is the same. If pirate defaults, you lose both your BS&T deposits and your PPT insurance fund. So if for example your exposure to PPT is also 20%, effectively 40% of your portfolio is at risk of pirate defaulting.

[imsaguy]

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%.

You misunderstood me. I don't think diversifying is stupid. I actually fully diversify mine also.

I was just saying that your exposure to PPT is the same as your exposure to BS&T, because the risk scenario is the same. If pirate defaults, you lose both your BS&T deposits and your PPT insurance fund. So if for example your exposure to PPT is also 20%, effectively 40% of your portfolio is at risk of pirate defaulting.

Assuming, of course, that PPT is equal in size to his other investments.

[coblee]

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%.

You misunderstood me. I don't think diversifying is stupid. I actually fully diversify mine also.

I was just saying that your exposure to PPT is the same as your exposure to BS&T, because the risk scenario is the same. If pirate defaults, you lose both your BS&T deposits and your PPT insurance fund. So if for example your exposure to PPT is also 20%, effectively 40% of your portfolio is at risk of pirate defaulting.

Assuming, of course, that PPT is equal in size to his other investments.

I did say for example. I don't know what his exposure to PPT is. From what I remember, he said that he wouldn't take the money he has in PPT insurance fund and put it in BS&T because he likes to diversify his portfolio. And my reply just stated that it's not really diversifying.

[coblee]

Here's the actual quote:

For a start, I have other demands on funds that have longer term uses other than BS&T.  I reached a point with my deposit some time ago (around 1 March) where I considered 4000 was a sufficient exposure to a single point of failure.
Second, I have a portfolio to manage.  If you were investing and choose to put 100% into one asset, that is simply poor risk management and you need to consider expected returns.
Third, I have several strategies in play, and one is maintaining an overall level of funds in BTC.  Lately I have been retaining additional coins to meet business needs (such as long term finance and other asset purchases), and checking my position I am currently 2715.78 BTC above my preferred position  and partly because I extended a loan to a good friend rather than converting into funds for some of my other hobbies.

What I'm trying to say is that the 960 insurance fund has the same risk exposure as your 4000 btc with Pirate directly. And without as much benefit at least for this round. Of course that is assuming you guys will pay up if Pirate defaults. So your 960 btc are lost the same way your 4000 btc are lost if Pirate defaults.

[PatrickHarnett]

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%.

You misunderstood me. I don't think diversifying is stupid. I actually fully diversify mine also.

I was just saying that your exposure to PPT is the same as your exposure to BS&T, because the risk scenario is the same. If pirate defaults, you lose both your BS&T deposits and your PPT insurance fund. So if for example your exposure to PPT is also 20%, effectively 40% of your portfolio is at risk of pirate defaulting.

I apologise for mis-representing your comment.  I also know that you diversify your own funds.

My exposure to PPT is probably just 640 coins that I have lodged in the insurance fund, so that would take me to maybe 25% if I wanted to count it up.
What I was saying is that my decision would be to not invest that additional block of coins directly in Pirate's BS&T, because even thought it might return the same percentage, it needs to have some other elements factored into it.

I suppose the other issue is if you believe all of BS&T deposits are equal.