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Author Topic: "Pirate" ponzi simulation  (Read 2582 times)
ineededausername
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May 25, 2012, 04:25:51 AM
 #1

Pirate is in quotes; I don't think he is running a ponzi.  This is an experiment.

0. Wallet starts at 0 BTC.
1. You can open an account by PMing me.  Deposits grow my ponzi wallet balance.
2. I will be crediting 10% a week, on Mondays.  You get partial interest if you deposited after Monday.  You may only deposit/withdraw on Mondays.
3. I will not actually be making any money to pay this "interest."  When I run out of money in my ponzi wallet (and only then), I will post publicly that the experiment has ended and I am bankrupt.
4. Last withdrawal request is filled by however much money is left in my ponzi wallet at the time.


Due to an obvious demand, I have increased the interest rate to 10%!

(BFL)^2 < 0
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bitfoo
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May 25, 2012, 05:09:24 AM
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2. I will be crediting 7% a week, on Mondays.  You get partial interest if you deposited after Monday.  You may only deposit/withdraw on Mondays.

Why would anyone use this if they could instead get the same interest rate with pirate, with the added benefit that he might not actually be running a ponzi?

Maybe you should up the interest rates? Like a "Super-Pirate" or a "Double-Pirate" ponzi...

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May 25, 2012, 05:36:00 AM
 #3

Doing it Cheesy

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

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May 25, 2012, 10:42:03 AM
 #4

The winning strategy (for everyone) is: don't withdraw, but make sure you withdraw before everyone else.
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May 25, 2012, 01:04:28 PM
 #5

Is this suppose to be a less -visible- bitcoinduit? 
pirateat40
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May 25, 2012, 01:14:18 PM
 #6

Oh yummy yummy I wanna play.

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May 25, 2012, 01:16:21 PM
 #7

Are you yourself allowed to participate?

Nekrobios
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May 25, 2012, 01:21:22 PM
 #8

inau, your rates suck! Cheesy

Make it way higher.
imsaguy
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May 25, 2012, 01:22:11 PM
 #9

inau, your rates suck! Cheesy

Make it way higher.

At LEAST 10%.

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organofcorti
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May 25, 2012, 01:25:26 PM
 #10

I don't think this should be called '"Pirate" ponzi simulation'. Try instead '"Playing chicken in my father's Ferrari, blindfold" simulation'.

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May 25, 2012, 01:46:08 PM
 #11

Why not to do it that way. You take money and deposit it to pirate. You write down every single BTC you get and every Withdrawal/interest payment.
When your withdrawal+interest gets bigger, you report that and give everyone their money back, and interest you keep to your self)

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ineededausername
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May 25, 2012, 02:38:10 PM
 #12

lol, increased to 10%

(BFL)^2 < 0
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May 25, 2012, 02:44:40 PM
 #13

why not do this on testnet?

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imsaguy
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May 25, 2012, 02:45:45 PM
 #14

why not do this on testnet?

Because with testnet, you can generate 50 bitcoins in about 30 seconds.  People would start mining on it and drive up difficulty, making it more difficult for people legitimately trying to use testnet for client transactions, pool software, etc

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LoupGaroux
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May 25, 2012, 03:18:32 PM
 #15

This could so easily be gamed... have a group of "investors" all deposit huge amounts at exactly the same time hack. Wait for exactly the same period of time, say 15 weekly cycles... bank the 150% return on investment, and then all call for withdrawal at the same moment. Some would get paid, some would not, but everyone would be ahead, at least 50%, and if it was organized right, they could pool the payout which would be the original investment at least, so that nobody would be hurt, and all would gain.

Bingo, instant magic bitcoins! Yay!


 
 
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organofcorti
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May 25, 2012, 03:20:50 PM
 #16

You just want to suggest this so you can get a crew together ... and then pull out after 14 weeks. It's the only sensible move.

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ribuck
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May 25, 2012, 03:22:24 PM
 #17

Doing it!
ineededausername
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May 25, 2012, 03:42:13 PM
 #18

Looks like Bitcoinduit needs to be updated to include Pirate-style ponzis Smiley

(BFL)^2 < 0
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May 25, 2012, 03:48:40 PM
 #19

Wait for [...] 15 weekly cycles...
Bingo, instant magic bitcoins!
emphasis mine
LoupGaroux
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May 25, 2012, 03:53:50 PM
 #20

Well, crew seemed apropos given the Pirate theme, arrr!

And sorry about that whole 15 weeks being instant thing. I had my geologic time Rolex on, and that kind of thing keeps happening to me.


 
 
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