BS&T -- Are you staying or leaving?

[bitcoiners]

You don't have a shred of evidence or even an idea of what I do.

Um, I think this is the problem.

So stay away, don't trust me.  There is nothing else I can tell you.

Exactly.  All you whingers who don't want to invest.  Don't.

It's really as simple as that.

Yes, don't ask questions.  Just take your cut!  Hurry now, time is limited.

lol.  wow.

[bitcoinBull]

So shut the hell up and stop bothering people who do.

Stop promoting HYIP scams on the bicoin forums. Go back to LR HYIP forums, or do it on bitcoinhyipforum dot com.

If they do it here, I will exercise my equivalent right (granted by the mods) to "bother" such promoters.

[RoloTonyBrownTown]

You don't have a shred of evidence or even an idea of what I do.

Um, I think this is the problem.

So stay away, don't trust me.  There is nothing else I can tell you.

Exactly.  All you whingers who don't want to invest.  Don't.

It's really as simple as that.

Yes, don't ask questions.  Just take your cut!  Hurry now, time is limited.

lol.  wow.

Crying Ponzi over and over and over and over really helps though. 

[pirateat40]

So shut the hell up and stop bothering people who do.

Stop promoting HYIP scams on the bicoin forums. Go back to LR HYIP forums, or do it on bitcoinhyipforum dot com.

If they do it here, I will exercise my equivalent right (granted by the mods) to "bother" such promoters.

You're doing a great job.  Where did all my coins go?

[jamesg]

I would ask anyone with an opinion one what or the other to place you bets here:

http://betsofbitco.in/item?id=433

Put your money where your mouth is. Talk is cheap.

[ineededausername]

I would ask anyone with an opinion one what or the other to place you bets here:

http://betsofbitco.in/item?id=433

Put your money where your mouth is. Talk is cheap.

someone appears to have placed a very large bet on the agree side...

[SimBesh]

wouldn't anyone betting on the "no" side be way, WAY better off investing with pirate?

[Haplo]

I'm wondering anyway why one needs Occam's razor to understand that 7% per week, or 3,300% per year, or anything above 10% a year means Ponzi? You don't need Occam's razor to state the obvious.

10% per year is the low average for fiat money in actually solvent banks (singapore, georgia (the country), mongolia, etc). 15% is not unheard of.

That's beside the point, however, since most bitcoin lending businesses work on a rate similar to "payday loans" and still make yearly interest in the 100s of %s. Given an average of 3.5% per week (not an unusual rate), compounded weekly, that's

Code:

(1.035^52) - 1 = 4.983

498.3% APR. So, by your definition, all bitcoin lenders are ponzis, yes?

Also, from actually reading pirate's original thread, I can clearly see a period after he went invite only and before any of the pirate pass programs popped up, wherein the bitcoin price soared over $6 and people were withdrawing like crazy to trade for fiat while the price was good. Even after having paid 7% to many accounts, some of which are particularly huge, I don't see anyone complaining that they weren't able to get all their money. I note small delays at times, but never anyone who wasn't paid in full, and never any actual customers who complained.

Recently, one whole person decided to cash out their account because "they had a bad feeling" with no facts or justification, and now everyone is back to foaming at the mouth of how it's a ponzi. If it is a ponzi, I have to give mr.pirate good credit for keeping it going this long even against adverse conditions.

I don't know what pirate does, but I've never once seen any instance of an issue that would cause me to question his solvency. Nothing but rumors and foaming about how it has to be a ponzi because his rate is high.

[Vandroiy]

someone appears to have placed a very large bet on the agree side...

Well guess who.

That's nothing. I'm serious, when will you people finally get it? Place more and I'll double, want more and I'll double again with a better third party. Increase the time limit and I will double yet again.

But! The Ponzi is so damn unrealistic that THIS:

wouldn't anyone betting on the "no" side be way, WAY better off investing with pirate?

happens! REALITY CHECK, PEOPLE!

This is actually the core of the problem. It's such a nonsensical game bond that financial instruments stop working. The speculation forum cannot put this nonsense into place, because the unrealistic yields break our tools!

[organofcorti]

How about this as a way to put your money where pirate's mouth is?

[bitcoinBull]

I'm wondering anyway why one needs Occam's razor to understand that 7% per week, or 3,300% per year, or anything above 10% a year means Ponzi? You don't need Occam's razor to state the obvious.

10% per year is the low average for fiat money in actually solvent banks (singapore, georgia (the country), mongolia, etc). 15% is not unheard of.

That's beside the point, however, since most bitcoin lending businesses work on a rate similar to "payday loans" and still make yearly interest in the 100s of %s. Given an average of 3.5% per week (not an unusual rate), compounded weekly, that's

Code:

(1.035^52) - 1 = 4.983

498.3% APR. So, by your definition, all bitcoin lenders are ponzis, yes?

3.5% per week is extremely unusual (except among ponzis). Most bitcoin lending businesses? Tell me where the bitcoin borrowers are. There are no borrowers, just a bunch of lenders soon-to-be bag-holders.

[imsaguy]

3.5% per week is extremely unusual (except among ponzis). Most bitcoin lending businesses? Tell me where the bitcoin borrowers are. There are no borrowers, just a bunch of lenders soon-to-be bag-holders.

I have a bunch of lenders that I pay 3% a week to. Are you calling me a ponzi?

[bitcoinBull]

So shut the hell up and stop bothering people who do.

Stop promoting HYIP scams on the bicoin forums. Go back to LR HYIP forums, or do it on bitcoinhyipforum dot com.

If they do it here, I will exercise my equivalent right (granted by the mods) to "bother" such promoters.

You're doing a great job.  Where did all my coins go?

So they're your coins now? Have fun spending them in vegas at defcon. Take lots of pictures and post them! sleep well and see you there.

[bitcoinBull]

3.5% per week is extremely unusual (except among ponzis). Most bitcoin lending businesses? Tell me where the bitcoin borrowers are. There are no borrowers, just a bunch of lenders soon-to-be bag-holders.

I have a bunch of lenders that I pay 3% a week to. Are you calling me a ponzi?

Obviously, you're just a passthrough. You don't generate returns, so yes its ponzi. Good luck with that after the 27th!

I am one of the few with a Trust Account.  As a result, I'm going to do what no other passthrough is doing:

I'll give you the full 7% beginning 8/1/2012.

That's right.. you can earn a full 7%/week on your coins.  Minimum investment is 1k coins for a period of 1 month.  If you're interested, send me a pm so we can coordinate the transition.

[imsaguy]

3.5% per week is extremely unusual (except among ponzis). Most bitcoin lending businesses? Tell me where the bitcoin borrowers are. There are no borrowers, just a bunch of lenders soon-to-be bag-holders.

I have a bunch of lenders that I pay 3% a week to. Are you calling me a ponzi?

Obviously, you're just a passthrough. You don't generate returns, so yes its ponzi. Good luck with that after the 27th!

I am one of the few with a Trust Account.  As a result, I'm going to do what no other passthrough is doing:

I'll give you the full 7% beginning 8/1/2012.

That's right.. you can earn a full 7%/week on your coins.  Minimum investment is 1k coins for a period of 1 month.  If you're interested, send me a pm so we can coordinate the transition.

Lulz, so those pictures of the shitton of gpus I have running are photoshopped.

EIEIO is completely separate of pirate holdings. I only started the passthrough after the announcing of trust accounts.  Mining, if done correctly, is extremely profitable, even now.

[Haplo]

3.5% per week is extremely unusual (except among ponzis). Most bitcoin lending businesses? Tell me where the bitcoin borrowers are. There are no borrowers, just a bunch of lenders soon-to-be bag-holders.

Hashking used to pay 3.5%, however he's changed his terms considerably lately. He pays up to 1.5% weekly now, which is still considerable.

Also, this guy pays 2% weekly just on normal lending.

It varies over time, but the rates in the lending forum (that aren't pirate related) are generally between 1% and 4% per week with varying terms. Even at the low end rate of 1% that's potentially 67.8% per year if you don't touch it. Also, BTC lenders are reporting a very low default rate (in monetary terms) and besides BurtW (who lent his money and only his, and lost it due to his own poor due diligence) there haven't been any big failures. I haven't seen any big scams either in spite of the increase in the number of savings services.

[pirateat40]

Obviously, you're just a passthrough. You don't generate returns, so yes its ponzi. Good luck with that after the 27th!

What happens after the 27th?

[imsaguy]

Obviously, you're just a passthrough. You don't generate returns, so yes its ponzi. Good luck with that after the 27th!

What happens after the 27th?

Evidently my ponzi fails because all I am is a passthrough and my reduced rate prevents me from paying 3% a week.  or something...

[pirateat40]

Obviously, you're just a passthrough. You don't generate returns, so yes its ponzi. Good luck with that after the 27th!

What happens after the 27th?

Evidently my ponzi fails because all I am is a passthrough and my reduced rate prevents me from paying 3% a week.  or something...

Oh, I see.  Interesting, we should buy some RUM!

[bitcoinBull]

Lulz, so those pictures of the shitton of gpus I have running are photoshopped.

I just went through all 68 pages of your history and didn't see a single picture of your "farm" (saw a lot of GPUmax, pirate and shakaru stuff). Since there are no pictures, I guess nothing was photoshopped.

EIEIO is completely separate of pirate holdings. I only started the passthrough after the announcing of trust accounts.  Mining, if done correctly, is extremely profitable, even now.

Taking GLBT ponzi-loans isn't mining.