A Theory on what pirateat40 is doing

[Vladimir]

Compound interest is very simple guys.

Finally my endless posts today may be of value to some:

Rule of 72

If you have interest of N over some fixed period of time, divide 72 by N. This will give you amount of those fixed periods needed to double your money with compounding the interest.

For example, say, Pirate is paying 7.2% per week. 72/7.2 = 10. This means you should double your money every 10 weeks.

week 1  -  1000 BTC
week 10 -  2000 BTC
week 20 -  4000 BTC
week 30 -  8000 BTC
week 40 - 16000 BTC
week 50 - 32000 BTC

and more

week  60  -    64 000 BTC
week  70  -   128 000 BTC
week  80  -   256 000 BTC
week  90  -   512 000 BTC
week 100 - 1 024 000 BTC

week 110 -  2 048 000 BTC
week 120 -  4 096 000 BTC
week 130 -  8 192 000 BTC
week 140 - 16 384 000 BTC
week 150 - 32 768 000 BTC

Enjoy!

It takes only 3 years and you are the winner!

 

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[Francesco]

If you really

Bitcoin Savings and Trust will default before the end of 2012
 - http://betsofbitco.in/item?id=433

Oh, what happened? Someone placed money against it?

Curious. Earlier today it was something like 10:1 for BTCST defaulting in 2012.

I followed it a bit and after 10:1, someone bet ~50 against and now some bet ~20 for..

I considered betting when it was 10:50 but I'd have to lock up my funds for who knows how long so I decided against it.

Why bet when Pirate can multiply your money much faster? I really wonder if Pirate from time to time searchs for BTCST related bets and bets against to simulate trust. But again, if people were rational we wouldn't be even discussing here, so maybe the bets are genuine!

[organofcorti]

For example, say, Pirate is paying 7.2% per week. 72/7.2 = 10. This means you should approximately double your money every 10 weeks.

week 1  -  1000 BTC
week 10 -  2000  2004.3 BTC 
week 20 -  4000 4016.9 BTC
week 30 -  8000 8051 BTC
week 40 - 16000 16136 BTC
week 50 - 32000 32340 BTC

Enjoy!

FTFY - that approximation leads to errors which due to the wonderful nature of compound interest get out of hand very quickly. Not a bad rule for short term interest though.

[Vladimir]

what a pedant, lol, but yes

try to calculate those in under 10 seconds without any computer aid, now.

[hazek]

Fking unnatural exponential function, rapes so many people in the ass just because it's so intuitive and most listen to their intuition instead of reason and evidence.

[organofcorti]

what a pedant, lol, but yes

try to calculate those in under 10 seconds without any computer aid, now.

Hey! I still have my slide rule! I'm ready to lend bitcoin during the computer apocalypse! Oh, wait ...

[drakahn]

I still don't see anywhere where it says it will be 7%/week for a year with unlimited deposits, so no, it isn't 3300%/year

[humanitee]

There's no post to the contrary either (as far as I know). He's still offering 7% to the pass throughs and whatnot.

[hazek]

I still don't see anywhere where it says it will be 7%/week for a year with unlimited deposits, so no, it isn't 3300%/year

Definition of 'Annualize'
1. To convert a rate of any length into a rate that reflects the rate on an annual (yearly) basis. This is most often done on rates of less than one year, and usually does not take into account the effects of compounding. The annualized rate is not a guarantee but only an estimate, and its accuracy depends on the variance of the rate. This rate is also known as "annualized return" and is similar to "run rate".

2. To convert a taxation period of less than one year to an annual (yearly) basis. This helps income earners to set out an effective tax plan and manage any tax implications.

Read more: http://www.investopedia.com/terms/a/annualize.asp#ixzz1zhUplMwv

[drakahn]

I still don't see anywhere where it says it will be 7%/week for a year with unlimited deposits, so no, it isn't 3300%/year

Definition of 'Annualize'
1. To convert a rate of any length into a rate that reflects the rate on an annual (yearly) basis. This is most often done on rates of less than one year, and usually does not take into account the effects of compounding. The annualized rate is not a guarantee but only an estimate, and its accuracy depends on the variance of the rate. This rate is also known as "annualized return" and is similar to "run rate".

2. To convert a taxation period of less than one year to an annual (yearly) basis. This helps income earners to set out an effective tax plan and manage any tax implications.

Read more: http://www.investopedia.com/terms/a/annualize.asp#ixzz1zhUplMwv

So then it should be 365% per year you're saying?

[hazek]

I'm not sure if you are really asking or just trolling.

[drakahn]

specifically, your quote says "and usually does not take into account the effects of compounding. "

[hazek]

specifically, your quote says "and usually does not take into account the effects of compounding. "

Last I checked usually != always. Clearly the above is not true in our case.

[drakahn]

specifically, your quote says "and usually does not take into account the effects of compounding. "

Last I checked usually != always. Clearly the above is not true in our case.

And yet, Clearly it should be... as 3300% is not going to happen and nowhere has it been claimed that it will be 7%/week with unlimited deposits for a year... compounding is not how it is meant to be (although reinvesting is allowed, that is not the same thing as it being compounding interest, just the same effect)

[hazek]

specifically, your quote says "and usually does not take into account the effects of compounding. "

Last I checked usually != always. Clearly the above is not true in our case.

And yet, Clearly it should be... as 3300% is not going to happen and nowhere has it been claimed that it will be 7%/week with unlimited deposits for a year... compounding is not how it is meant to be (although reinvesting is allowed, that is not the same thing as it being compounding interest, just the same effect)

Ok fair enough, point to a week when the rate he paid wasn't 7% and when "reinvesting" wasn't allowed and you will prove I made a mistake.

[zyk]

 June 27, 2012, 10:51:06 PM
Quote from: zyk on June 27, 2012, 10:46:44 PM

Dear pirate,

Sorry, i ment 1.5 trillion missing from the pentagon and of course good storys got be enjoyed not critisised

Impeccable services got to be advertised the whole world over, instead of kept secret in blocked threads..no?

Especially Europe now needs an alternative currency , secure and safe banks.....exactly which is written in the subject :


 BTCBitcoin Savings and Trust | HomeBTC


Its only there, where german savings are not to be confiscated by profiligate GS alumni like Draghi, Monti or the hell what other mafiosi

yeah lets get the new reserve bank rock !!!.....coming from 24% monthly thats lasts another 2000 years before reaching 0,15 % yearly

this time no lip quivering asshole at the helm but a pirate

D´accord ?

Zyk





Uh.... I gotta stop drinking.  I didn't follow any of that.




Being a drunken european newbee to the bitcoin scenery am a bit concerned about the agressive FUDS thrown around in the " community ".

Haven´t you all recognized that the world lives in a huge american dollar ponzi scheme since the Fed in 1913 was given the right to loan your aircraft carriers into existence??

This FUD broke 2008, its barely growing now and of course only the deptenslavery of our unborn children and studentloans are enforced, cause they are the last members which

haven´t been used up in this chain letter. The TBTF and the responsible criminals are still at the helm, trying to get out of dodge.


Right along comes the Bitcoin, supposedly immun to inflation at will, trying to be the new worldwide accepted and decentralised medium of exchange, leaving out the fraudsters.

Hammering away on pirate doesn´t serve the common purpose, which is, as i ve been coming to experience since now, the trustworthy and honorful conduct of the users

of bitcoin. Really ashamed that Burt W is able to sell bad loans:-)


Bitcoin in and of itself is the new ponzi in town and pirate happens to be somebody who has become with GPUmax and BST a centralising force in the scene.

As far as i can judge him by the things he wrote, its rather unlikely, that he just wants to be a thief but he is, and thats apparently not just my concern, not able

or willing to extrapolate or projecting a coherent story about his dealings ......the bitcoin world is still small, but international and of course could be growing by 10 per cent

weekly....did you see the different prices in the countries and those arbitrage opportunities?.....

Problem in my view is, that  the pirate by not percieving his buiseness  a ponzi scheme, involuntarily delivers the community to the old world and their machinations because

he declines to speak about the motives of his clients.....if they are just served...alright.....but if he takes sides with them rather then comforting himself in the position as our

unelected leader, lets get him knee holed :-)


P.S dear pirate.... don´t start drinking, not just yet:-)


When perpetrating a ponzi and dependent on exponentiell growing client participation, he should not close the BCST thread and run to IRC.......the thread was the main international

advertising site.   Yes bitcoin in and of itself is a ponzi which priate safed last autumn  singlefootedly and could have found a conduct that wants to funnel money into bitcoin universe...

its growing all over the world and the early adaptors reaping gains......seven percent weekly won´t be possible in all eternaty but much longer then the critics here believe ...its just

dependent of bitcoin reputation and conduct.......so just invent a coherent story for all the little investors that the operation can last a lifetime!!!....instead of fighting against ponzi

accusations......if not ,your clients or may it be yourself have yourself by your balls rather soon......and you will need to default (crashing Bitcoinquote) before  buying  back all coins you

owe your lenders!   or is the pot already big enough to collude with your passthroughs, take the money and run ?


Hoping on the clever- and faithfulness of the captain.....but seeing him secretly silent is a doubtful strategy to spark more interest and curioisity in bitcoin.....

Come on pirate even only 40.. you took on the ship..now stear it!!


Zyk

[drakahn]

specifically, your quote says "and usually does not take into account the effects of compounding. "

Last I checked usually != always. Clearly the above is not true in our case.

And yet, Clearly it should be... as 3300% is not going to happen and nowhere has it been claimed that it will be 7%/week with unlimited deposits for a year... compounding is not how it is meant to be (although reinvesting is allowed, that is not the same thing as it being compounding interest, just the same effect)

Ok fair enough, point to a week when the rate he paid wasn't 7% and when "reinvesting" wasn't allowed and you will prove I made a mistake.

IIRC it started out as 10%, I wish I had the coins back then, and the lower payments for lower accounts is also new I think, and then there are the changes to come in a few weeks...

And newer accounts have been (reportedly) deleted to make room for older accounts reinvesting.

We both have the same amount of evidence here (none) so... its kind of getting pointless

[hazek]

We both have the same amount of evidence here (none) so... its kind of getting pointless

I'm sorry, how is the last 7 or 8 months of him running his business a lack of evidence on my part as to what I should annualize his rate to?

[drakahn]

We both have the same amount of evidence here (none) so... its kind of getting pointless

I'm sorry, how is the last 7 or 8 months of him running his business a lack of evidence on my part as to what I should annualize his rate to?

well, as far as 'annualise' the deleted accounts and changed rules are there, but i was talking bigger picture, the ponzi/legit side of it

[hazek]

We both have the same amount of evidence here (none) so... its kind of getting pointless

I'm sorry, how is the last 7 or 8 months of him running his business a lack of evidence on my part as to what I should annualize his rate to?

well, as far as 'annualise' the deleted accounts and changed rules are there, but i was talking bigger picture, the ponzi/legit side of it

yeah me too, the annualized rate as per the evidence of the last 7 or 8 months suggests an abnormally high rate of return which is a serious red flag. I wouldn't call that nothing.