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Author Topic: Putting your money where Pirate's mouth is.  (Read 68275 times)
copumpkin
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July 11, 2012, 01:20:56 PM
 #301

Why is it so hard for people to believe that loans can be made for 1% per day or even much higher ?

www.wonga.com

They say they 'only' charge 1% a day so 'only' 365% per year but the govt makes them display the APR (compounded interest); a whopping 4214% per year

A company offering loans is totally different than someone asking for loans. Obviously, their profit is limited by the number of borrowers they can find (it doesn't scale with the amount of capital they have). Which is another sign that pirates a ponzi: there are lots of lenders but no borrowers. If there are no borrowers, nobody is paying the interest..

Oh man, who knew that all those companies issuing corporate bonds with no borrowers of their own were Ponzis?? This will be the next major financial scandal of the century! The entire fixed income market (way larger than the equity market!) is the largest Ponzi in history. Madoff should hang his head in shame.
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July 11, 2012, 04:06:50 PM
 #302

nanotube the 100 BTC fee you are getting is pretty good but you know you can put that 10000 BTC to WORK for you!!! 

I hear someone's offering 7% a week on deposits; guy's name is pira-teat or something --  what DOES that mean anyway, "burning nipples" maybe? 

Over the course of the bet you'd make 1.3 million BTC.  Its a SURE thing!!!

>>> btc = 10000
>>> for i in range(0,18*4): btc=btc*1.07
>>> print btc
1305064.551270706
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July 11, 2012, 04:09:59 PM
 #303

guy's name is pira-teat or something --  what DOES that mean anyway, "burning nipples" maybe?  
LOL

http://en.wikipedia.org/wiki/A_Pirate_Looks_at_Forty

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July 11, 2012, 04:52:47 PM
 #304

I haven't read the whole thread, so forgive me if it's already been brought up... but has anyone considered he's invested in one of the most epic Ponzi's of all time, MMM?  If so, that could explain how he's able to pay what's he paying.

If you're searching these lines for a point, you've probably missed it.  There was never anything there in the first place.
Raoul Duke
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July 11, 2012, 04:57:19 PM
 #305

I haven't read the whole thread, so forgive me if it's already been brought up... but has anyone considered he's invested in one of the most epic Ponzi's of all time, MMM?  If so, that could explain how he's able to pay what's he paying.


Didn't that one colapsed already? I remember reading something about it going bust.

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July 11, 2012, 05:17:19 PM
 #306

I haven't read the whole thread, so forgive me if it's already been brought up... but has anyone considered he's invested in one of the most epic Ponzi's of all time, MMM?  If so, that could explain how he's able to pay what's he paying.


Didn't that one colapsed already? I remember reading something about it going bust.

MMM? Collapsed a long time ago. I have a share of MMM that my father gifted to me as a memory.

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July 11, 2012, 05:33:03 PM
 #307

MMM? Collapsed a long time ago. I have a share of MMM that my father gifted to me as a memory.

There was a 2011 one. It shut down not too long ago. And guess what: http://mmm2012.com/

It never gets old. Grin
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July 11, 2012, 11:00:50 PM
 #308

Oh man, who knew that all those companies issuing corporate bonds with no borrowers of their own were Ponzis?? This will be the next major financial scandal of the century! The entire fixed income market (way larger than the equity market!) is the largest Ponzi in history. Madoff should hang his head in shame.

With a corporate bond, the company itself is the borrower. And all the lenders (bond buyers) know the business of the company selling the bond. Apple might not release schematics and construction details of the iPad, but all their devices being sold in stores is evidence of actual profit generation. That's the extraordinary evidence which everyone can see.

Of course, even with AAA ratings it turned out that all the mortgage-backed-securities was a just a network of ponzi paper (the largest in history). And companies selling shares on stock exchanges much more reputable than GLBSE turn out to be fraudulent. Look at the report on Huabao, China's largest flavor and fagrance company by Anon Analytics.

Watch some episodes of American Greed, my favorite one is The Rise and Fall of CyberNet. The guy created fake invoices of big orders from Boeing, IBM, etc. to convince banks that he had their business. When the bankers came for a visit, he gave them a tour of his datacenter of server racks and blinking LEDs. It turned out the boxes were empty! No actual servers, just blinking LEDs. And with that the banks became his lenders.

Most of the other episodes are much more mundane ponzi schemes ripping off far less sophisticated "investors". Fraud is so commonplace among people offering returns that its the rule. Not the exception.

Butterfly Labs took pre-orders and everyone was rightly skeptical. Then they shipped (extraordinary evidence). Same for Bitcoin Magazine. Does BitInstant or Bit-Pay, or MtGox or Bitcoinica or Bitstamp offer returns to investors? [edit: i mean crazy returns to most any investor]. Hell, does Silk Road? No, because those are all businesses actually generating profit.

College of Bucking Bulls Knowledge
imsaguy
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July 11, 2012, 11:36:13 PM
 #309


Butterfly Labs took pre-orders and everyone was rightly skeptical. Then they shipped (extraordinary evidence). Same for Bitcoin Magazine. Does BitInstant or Bit-Pay, or MtGox or Bitcoinica or Bitstamp offer returns to investors? [edit: i mean crazy returns to most any investor]. Hell, does Silk Road? No, because those are all businesses actually generating profit.

So when pirate returns everyone's principle and interest, we'll have our extra ordinary evidence. 

Coming Soon!™ © imsaguy 2011-2013, All rights reserved.

EIEIO:
https://bitcointalk.org/index.php?topic=60117.0

Shades Minoco Collection Thread: https://bitcointalk.org/index.php?topic=65989
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bitcoinBull
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July 11, 2012, 11:38:30 PM
 #310


Butterfly Labs took pre-orders and everyone was rightly skeptical. Then they shipped (extraordinary evidence). Same for Bitcoin Magazine. Does BitInstant or Bit-Pay, or MtGox or Bitcoinica or Bitstamp offer returns to investors? [edit: i mean crazy returns to most any investor]. Hell, does Silk Road? No, because those are all businesses actually generating profit.

So when pirate returns everyone's principle and interest, we'll have our extra ordinary evidence. 

If then yes, you would.

College of Bucking Bulls Knowledge
imsaguy
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July 11, 2012, 11:41:53 PM
 #311


Butterfly Labs took pre-orders and everyone was rightly skeptical. Then they shipped (extraordinary evidence). Same for Bitcoin Magazine. Does BitInstant or Bit-Pay, or MtGox or Bitcoinica or Bitstamp offer returns to investors? [edit: i mean crazy returns to most any investor]. Hell, does Silk Road? No, because those are all businesses actually generating profit.

So when pirate returns everyone's principle and interest, we'll have our extra ordinary evidence.  

If then yes, you would.

Well, If BFL ships ASIC, we can say they are legit.  Until then we get to call them scammers?

Coming Soon!™ © imsaguy 2011-2013, All rights reserved.

EIEIO:
https://bitcointalk.org/index.php?topic=60117.0

Shades Minoco Collection Thread: https://bitcointalk.org/index.php?topic=65989
Payment Address: http://btc.to/5r6
bitcoinBull
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July 11, 2012, 11:47:10 PM
 #312

Well, If BFL ships ASIC, we can say they are legit.  Until then we get to call them scammers?

No, you should claim that pirate is BFL's backer and that pirate's lenders' profits are from BFL's profits.

College of Bucking Bulls Knowledge
SimBesh
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July 11, 2012, 11:48:48 PM
 #313

if pirate is running a ponzi, and takes off, wouldn't that torpedo GPUmax, which looks like it could generate serious revenue once he opens it up to the public (exits beta) ?
imsaguy
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July 11, 2012, 11:50:11 PM
 #314

if pirate is running a ponzi, and takes off, wouldn't that torpedo GPUmax, which looks like it could generate serious revenue once he opens it up to the public (exits beta) ?

Ponzi.

Coming Soon!™ © imsaguy 2011-2013, All rights reserved.

EIEIO:
https://bitcointalk.org/index.php?topic=60117.0

Shades Minoco Collection Thread: https://bitcointalk.org/index.php?topic=65989
Payment Address: http://btc.to/5r6
SimBesh
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July 11, 2012, 11:55:12 PM
 #315

if pirate is running a ponzi, and takes off, wouldn't that torpedo GPUmax, which looks like it could generate serious revenue once he opens it up to the public (exits beta) ?

Ponzi.

Ah, yes GPUmax is also a ponzi, the 'ol ponzi double down, the 'ol ponzi2
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July 12, 2012, 12:02:12 AM
 #316

if pirate is running a ponzi, and takes off, wouldn't that torpedo GPUmax, which looks like it could generate serious revenue once he opens it up to the public (exits beta) ?

Ponzi.

Ah, yes GPUmax is also a ponzi, the 'ol ponzi double down, the 'ol ponzi2

Ponzi. Ponzi.

Coming Soon!™ © imsaguy 2011-2013, All rights reserved.

EIEIO:
https://bitcointalk.org/index.php?topic=60117.0

Shades Minoco Collection Thread: https://bitcointalk.org/index.php?topic=65989
Payment Address: http://btc.to/5r6
notme
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July 12, 2012, 12:06:48 AM
 #317

Ponzi. Ponzi. Ponzi.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
SimBesh
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July 12, 2012, 12:13:54 AM
 #318

Ponzi. Ponzi. Ponzi.

bitcoinBull
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rippleFanatic


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July 12, 2012, 12:54:41 AM
 #319

if pirate is running a ponzi, and takes off, wouldn't that torpedo GPUmax, which looks like it could generate serious revenue once he opens it up to the public (exits beta) ?

Okay, this is an honest question: How could GPUmax generate serious revenue?


"shares", or hashes to solve the next block, already have a price, denominated as a fraction of a block of 50BTC. That fraction of a bitcoin already has a price set on MtGox. Who would pay more for your shares than you would get by submitting them to a pool?


Ah, yes GPUmax is also a ponzi, the 'ol ponzi double down, the 'ol ponzi2

blinking LEDs.

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SimBesh
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July 12, 2012, 01:09:02 AM
 #320


Okay, this is an honest question: How could GPUmax generate serious revenue?


"shares", or hashes to solve the next block, already have a price, denominated as a fraction of a block of 50BTC. That fraction of a bitcoin already has a price set on MtGox. Who would pay more for your shares than you would get by submitting them to a pool?


Good, question and i don't know the answer,.
but since its beta everything is still free.. what about a monthly subscription fee for the service? or a small % cut from all earnings/transactions?
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