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Question: BS&T -- Are you staying or leaving?
I'm using a passthrough(s) and will continue to do so
I will make or already have an account which I will keep
I will have a Trust account
I am currently using a passthrough and will be withdrawing all funds from it
I currently have an account and will be withdrawing all funds from it
I am currently using a passthrough and will be withdrawing some funds from it
I currently have an account and will be withdrawing some funds from it
What kind of idiot would trust their money with that guy?
Idk show me what others said.

Warning: Moderators do not remove likely scams. You must use your own brain: caveat emptor. Watch out for Ponzi schemes. Do not invest more than you can afford to lose.

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Author Topic: BS&T -- Are you staying or leaving?  (Read 22721 times)
pirateat40
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July 04, 2012, 11:09:35 PM
 #121

None of this explains how bitcoins are repurchased to pay back lenders without driving up the price anyway.

This is huge.

If you don't understand that part, I can't help you.  RUN AWAY!

Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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July 04, 2012, 11:09:52 PM
 #122

Vandroiy has made a post all in bold!   He has convinced himself he's right yet again and he clearly knows much better than all of us!



Look, all you wannabee crusaders.  We're all adults here.  What I choose to do with my own money is my own business.  I don't have anything invested I can't afford to lose.   It's lovely of you to be so concerned, but please, give it a rest.    I'll make up my own mind thanks very much.


Could we potentially lose all our coins?  Yes.

Could Bitcoin randomly drop to almost nothing tomorrow due to [insert reason here]?  Yes.

Could I get hit by a bus tomorrow and all this would have been pointless?  Yes.


Just..... relax.   If you don't have money invested, lovely.  Good for you.    If you do have money invested, lovey.  Good for you.

Just stop thinking you know better than everyone else and let people make their own decisions.

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July 04, 2012, 11:11:30 PM
 #123

Pirateat40 has made a post that implies he works on currency trading.

His post demonstrates he is completely clueless about currency trading.

One: You can do that easily in the active order book.
Two: Any trader doing BTCUSD knows the order book only shows a fraction of short-time volume.
Three: The 2% limit cannot yield 7% for his customers.

This is it. This is not just faint evidence. This is an absolutely enormous undeniable fuckup. Pirateat40 implies to be currency trading, but there is no way in hell a currency trader would make that post.


I'm doing a writeup. Game over, don't even try. Yes, I do currency trading, and you should see the other traders' faces when they read this.
Sorry, I'm kinda a noob with trading shit.  But:
OH NO!  PIRATE WAS TIRED IN THE MORNING AND MADE A STUPID POST!

HE IS OBVIOUSLY A SCAMMER AND PONZI!

/troll off.

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July 04, 2012, 11:12:03 PM
 #124

None of this explains how bitcoins are repurchased to pay back lenders without driving up the price anyway.

This is huge.

If you don't understand that part, I can't help you.  RUN AWAY!

Pirate, see my last post? GPUMAX? Is that it?
pirateat40
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July 04, 2012, 11:14:09 PM
 #125

Why would I want to call bitpay for ya? You can not be serious.

And chances are that right now you call in with 135k$ deal and they will sell you BTC (if they think you could be trusted counter party) at the spot price. Moving mtgox by exactly 0%.

As simple as that.



Trading your tiny amounts of BTC has created a false perception of how you think this market works.  Just another reason why I don't enjoy swimming in this pool. Sad

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July 04, 2012, 11:14:27 PM
 #126

danieldaniel: Seriously, ask a trader.

You could wake me at 4am and play Rick roll for 10 hours nonstop and then hang me upside down to post, there's no way in hell I'd make that mistake.

It's the ESSENCE of his business. It's supposed to be what he is doing, the source of all the funds! This post is a killer.
pirateat40
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July 04, 2012, 11:15:38 PM
 #127

Oh, shit. GPUMAX??

Sorry, GPUMAX is not any part of BS&T's model.

pirateat40
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July 04, 2012, 11:17:11 PM
 #128

@Vandroiy

Let's say you have 135K USD right now.  I need you to buy Bitcoins without changing the Mt.Gox rate by 2%.  You have 3 days to do it, nah I'll give you 7 days.  GO!!!

Let me know how that works out for you.

$135k right now all at once moves the price to $6.75, which is only 3%. A far cry from a compounding 7% every 7 days. See you at defcon! lol  Roll Eyes

Do it in 7 days.  Not with funds already in the system.  GO

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July 04, 2012, 11:18:47 PM
 #129

Damnit, then I'm lost. I just don't see how it works...

I'll run away for now Sad

(but I will keep listening)
Otoh
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July 04, 2012, 11:20:32 PM
 #130

It seems that some mod/s removed my innocuous post on the last page of the Bitcoin Savings and Trust thread, WTF it was mildly pro pirate & mildly humorous & totally non offensive, could whoever did this kindly own up to it & explain why as that thread is now locked - I doubt that I will participate in this forum going on otherwise, thanks

The post was that I would now have to master IRC & a disclaimer that I was a fully invested with pirate both directly & via pass-throughs



I would rather listen to the organ grinder than the monkeys in any case

....

Wow, this really needed censuring  Shocked  maybe I get banned now for daring to repeat it  Sad

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July 04, 2012, 11:21:04 PM
 #131

@Vandroiy

Let's say you have 135K USD right now.  I need you to buy Bitcoins without changing the Mt.Gox rate by 2%.  You have 3 days to do it, nah I'll give you 7 days.  GO!!!

Let me know how that works out for you.

Buying $135k of coins right now in one trade would only increase the exchange rate by +3%, from $6.54 to $6.76 like others said: http://bitcoincharts.com/markets/mtgoxUSD_depth.html Therefore, it is easily doable in 7 days while keeping it way below 3%. But, even if you did that one trade costing you 3%, wouldn't it be more cost effective than borrowing coins from your "investors" at an insane 7%/week interest? Roll Eyes

You just let me prove so easily that what you are doing makes zero business sense.

Please, Todd T******, I implore you to stop your Ponzi scheme. You will make tons of people very angry when you default, putting yourself and your family under stress and danger. You will also devastate people who were irresponsible enough to invest their life savings into it. You will create another round of bad publicity for Bitcoin. I understand financial success, greed, etc makes it hard to stop, but you have to stop. Now.
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July 04, 2012, 11:22:00 PM
 #132

danieldaniel: Seriously, ask a trader.

You could wake me at 4am and play Rick roll for 10 hours nonstop and then hang me upside down to post, there's no way in hell I'd make that mistake.

It's the ESSENCE of his business. It's supposed to be what he is doing, the source of all the funds! This post is a killer.
Rickrolling does change people, so I don't know about that one.
/troll off
As I said as a disclaimer, I'm a noob at trading.  So, forgive me.

pirateat40
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July 04, 2012, 11:24:44 PM
 #133

I've answered your question, Pirate.

Now you answer mine please.

Is there any hard evidence of any value producing economic activity of your operation except taking deposits, paying "dividends" and converting BTC into USD?

i.e. marketing, PR and damage control do not count.


I think it is a simple and fair question that any legitimate business, even anonymous one, should be able to answer quickly and easily.



If I pulled all my influence on the market things would be much different.  Everyone assumes I'm always applying the brakes (ask walls) in the market but the door swings both ways.  I've been present in the market since day one.

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July 04, 2012, 11:28:29 PM
 #134

Do it in 7 days.  Not with funds already in the system.  GO

You are insane. Did you not know I trade in my free time, for years, effectively, Bitcoin since the moment I registered?

Dude, you are so clueless what you are talking about, the Bitcoinica flash crash sheep would have beaten you. There's no way in hell you can keep your profit safe moving it anywhere, or have done much of that in the first place, apart from maybe blindly selling other peoples' money.

The whole calculation is crap from the start. I couldn't use it as an attack vector because you yourself never directly admitted to the theory, only made "lol close" troll posts.

But this one? Post as much as you want, I'll not shut up on it until more traders come up. How can you possibly talk your way out? One can say a lot of stupid things about me, but trying to tell me I don't understand trading is the worst card you can ever play.

Good luck talking yourself out of this one. To me, this is not another 99.9% hint. This is proof. Fuck it, not once in a thousand would I talk this bullshit, and you basically claim to be A LOT better than me.
pirateat40
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July 04, 2012, 11:31:12 PM
 #135

@Vandroiy

Let's say you have 135K USD right now.  I need you to buy Bitcoins without changing the Mt.Gox rate by 2%.  You have 3 days to do it, nah I'll give you 7 days.  GO!!!

Let me know how that works out for you.

$135k right now all at once moves the price to $6.75, which is only 3%. A far cry from a compounding 7% every 7 days. See you at defcon! lol  Roll Eyes

LOL

That was priceless. Uhm, using average, yup. Pirateat, this is trivial.

Guys. This was a major screwup. A MAJOR SCREWEUP. He's fucked. Game over. There is ABSOLUTELY NO WAY PIRATEAT CAN EXPLAIN THIS FUCKUP!

Spread this post, we won!


A trader doing business at this profit would never ever make such a large mistake in guessing trade volumes. He's off by FAR. Actual volumes ALWAYS and MASSIVELY overdo the order book volume.

I'm convinced you just like to hear yourself talk.

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July 04, 2012, 11:31:49 PM
 #136

I've answered your question, Pirate.

Now you answer mine please.

Is there any hard evidence of any value producing economic activity of your operation except taking deposits, paying "dividends" and converting BTC into USD?

i.e. marketing, PR and damage control do not count.


I think it is a simple and fair question that any legitimate business, even anonymous one, should be able to answer quickly and easily.



If I pulled all my influence on the market things would be much different.  Everyone assumes I'm always applying the brakes (ask walls) in the market but the door swings both ways.  I've been present in the market since day one.


Not a shred of hard evidence, just some cheap rhetoric, unfortunately. I've been absent in the market since day two, so what?



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July 04, 2012, 11:32:43 PM
 #137

@Vandroiy

Let's say you have 135K USD right now.  I need you to buy Bitcoins without changing the Mt.Gox rate by 2%.  You have 3 days to do it, nah I'll give you 7 days.  GO!!!

Let me know how that works out for you.

Ok I'll bite. What difference does it make if I buy bitcoins directly OTC or on various exchanges vs your selling me what you borrowed and then being forced to buy back what you sold me and then some to pay your "investors", please explain how the price isn't going to move almost exactly the same?

Also explain how come no one had any loses when you sold bitcoins before the recent exchange rate increase and had to buy them back and still meet your obligations. Did you foot the loses or did your "investors" and they are keeping quiet?

Ok, so you're not buying them back from miners:

Oh, shit. GPUMAX??

Sorry, GPUMAX is not any part of BS&T's model.

Where then do you get the coins + interest coins to pay back your "investors" so that you don't move the price you still haven't answered.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
pirateat40
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July 04, 2012, 11:32:47 PM
 #138

@Vandroiy

Let's say you have 135K USD right now.  I need you to buy Bitcoins without changing the Mt.Gox rate by 2%.  You have 3 days to do it, nah I'll give you 7 days.  GO!!!

Let me know how that works out for you.

Buying $135k of coins right now in one trade would only increase the exchange rate by +3%, from $6.54 to $6.76: http://bitcoincharts.com/markets/mtgoxUSD_depth.html Therefore, it is easily doable in 7 days while keeping it way below 3%. But, even if you did that one trade costing you 3%, wouldn't it be more cost effective than borrowing coins from your "investors" at an insane 7%/week interest? Roll Eyes

You just let me prove so easily that what you are doing makes zero business sense.

Please, Todd T******, I implore you to stop your Ponzi scheme. You will make tons of people very angry when you default, putting yourself and your family under stress and danger. You will also devastate people who were irresponsible enough to invest their life savings into it. You will create another round of bad publicity for Bitcoin. I understand financial success, greed, etc makes it hard to stop, but you have to stop. Now.

Who's Todd T******?

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July 04, 2012, 11:37:34 PM
 #139

I still think being silk road's mixer would be pretty lucrative  Cheesy

pirateat40
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July 04, 2012, 11:38:00 PM
 #140

Pirateat40 has made a post that implies he works on currency trading.

His post demonstrates he is completely clueless about currency trading.

One: You can do that easily in the active order book.
Two: Any trader doing BTCUSD knows the order book only shows a fraction of short-time volume.
Three: The 2% limit cannot yield 7% for his customers.

This is it. This is not just faint evidence. This is an absolutely enormous undeniable fuckup. Pirateat40 implies to be currency trading, but there is no way in hell a currency trader would make that post.


I'm doing a writeup. Game over, don't even try. Yes, I do currency trading, and you should see the other traders' faces when they read this.

keep it up, you're winning you're WINNING!!!

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