Putting your money where Pirate's mouth is.

[Vandroiy]

Well, Maged an Pirate both confirmed it, what's there to say? Bet or no bet, there's really no more room for interpretation.

I don't see what we should do now though. The scheme is probably saturated, and there's no way we can orderly re-pay the funds. Just letting it unfold allocates the available rest of the hot wallet to whomever manages to "get it" first. Pirate would probably rather lock dirty funds than pay them back, so there's little to gain by going on a rampage now.

One of my bets has a relevant time-out though. Given that gpumax update post, I guess this won't be a problem.



PS: Pirate, I still think it's cool, and I'll surely tell the story. Enjoy as well.

[finkleshnorts]

I think everyone should keep in mind that mass withdrawals will be troublesome whether or not it is a P****.

[Vandroiy]

(...) whether or not it is a P****.

 



I'm serious, I wouldn't mind closing the thread now. It's the right moment, more posts don't add to it. Keep it as a little and crazy part of the forum's history. Edit: sorry for that, I guess it's not my decision really.

[finkleshnorts]

(...) whether or not it is a P****.

 



I'm serious, I wouldn't mind closing the thread now. It's the right moment, more posts don't add to it. Keep it as a little and crazy part of the forum's history.

What I'm saying is, people will still be in denial for a long time.

[RoloTonyBrownTown]

Van, you're an idiot

[finkleshnorts]

With this I can probably finish it whenever I want by just making another ruckus and then posting a full explanation.

I'm serious, I wouldn't mind closing the thread now. It's the right moment, more posts don't add to it.

I generally agree with your opinions on BTCST. But really, can you get any more arrogant than this?

[RoloTonyBrownTown]

All he has is vague speculation and assumption (and yes, a large dose of arrogance).  Trying to scare people into withdrawing is a pretty schoolyard tactic.  A lot of it doesnt even make sense, but I guess its only himself he's embarrassing so where's the harm.

There's a term over here that fits this situation well;  Tall Poppy Syndrome.

[Vandroiy]

With this I can probably finish it whenever I want by just making another ruckus and then posting a full explanation.

I'm serious, I wouldn't mind closing the thread now. It's the right moment, more posts don't add to it.

I generally agree with your opinions on BTCST. But really, can you get any more arrogant than this?

Okay, what formulation do you want? I'll just remove that line.

Maged and Pirate said it. Gpumax is outputting BS&T coins, with a fat profit margin on top. What purpose can that possibly serve, burning coins? Laundering money by inserting it into BS&T?

What do you propose we do? Feel free to go on a rampage, the amount of coins we can save will not change. And if we decide that in here, Pirate knows and takes counter-measures, such as just locking everything.

I'm sorry I was arrogant, feel free to propose a better course of action now.

Edit: The idea is really to see whether some investors notice and can still withdraw, without us forcing Pirate to lock down immediately. That way, everyone gets a fair chance -- though admittedly, also Pirate gets more laundering time. I don't know what to do, and I don't see why it's my call to make.

[SimBesh]

I find it impressive, that van who bet $35k against pirate who already knows the outcome of the bet, can still be this cocky. At the start of the events leading to the bet, i was becoming more and more convinced it was a ponzi and was going to pull out all my BTC, but as time went on listening to van drone on, I've decided to ride it out.

I think it has to do with how you seem to think you know what's going on, when you do not. makes me tend to disbelieve everything you say.

[finkleshnorts]

With this I can probably finish it whenever I want by just making another ruckus and then posting a full explanation.

I'm serious, I wouldn't mind closing the thread now. It's the right moment, more posts don't add to it.

I generally agree with your opinions on BTCST. But really, can you get any more arrogant than this?

Okay, what formulation do you want? I'll just remove that line.

Maged and Pirate said it. Gpumax is outputting BS&T coins, with a fat profit margin on top. What purpose can that possibly serve, burning coins? Laundering money by inserting it into BS&T?

What do you propose we do? Feel free to go on a rampage, the amount of coins we can save will not change. And if we decide that in here, Pirate knows and takes counter-measures, such as just locking everything.

I'm sorry I was arrogant, feel free to propose a better course of action now.

That works.

Also, "P****" was a joke. Might want to check your sarcasm dectector again.

[Vandroiy]

That works.

Also, "P****" was a joke. Might want to check your sarcasm dectector again.

Rolleyes isn't an insult. It's just rolling eyes at things!

I wasn't really focusing on form, because the game theoretical problem is kind of confusing me right now. I'm not supposed to be too convincing, because that's a worse outcome for everyone!

My belief is that if I manage to convince everyone this second, the lock goes down, so nobody can withdraw and Pirate can't launder, leaving a whole lot of coins in limbo: too dirty for Pirate, not accessible by the former owners. It's really an absurd situation that I needed a moment to grasp... I don't know what to do now other than just go to sleep. I guess that's what I'll do.

I see I haven't been convincing just now, and feel very confused to believe this is a good thing. This is too crazy for me now, if you guys can think of something, please do.

[RoloTonyBrownTown]

I'm not sure he knows exactly what he wants people to do.   This whole thing just reeks of desperation on Vandroiy's part.  It's clear he's regretting making this (very daft) bet, and who can blame him.

Whatever, let him keep going, it's not going to change anything.  Like I said, Tall Poppy.

[bitcoinBull]

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,.
[..]

My question still stands. Can anyone shed some light on the GPUmax "marketplace" for me?

[finkleshnorts]

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,.
[..]

My question still stands. Can anyone shed some light on the GPUmax "marketplace" for me?

Some people (Who? Pirate himself? SR? Jimmy Hoffa?) pay a premium for vanilla coins. That's the theory.

[dooglus]

Some people (Who? Pirate himself? SR? Jimmy Hoffa?) pay a premium for vanilla coins. That's the theory.

It seems that freshly mined coins are often used to pay the interest payments.  For instance this interest payment uses 4 different freshly mined 47.5 BTC inputs at address 1PSf86KnLuzM7Ris5kDhTEZwooR3p2iyfV.  I don't see why fresh coins would be paid out as interest to lenders if this is indeed a laundering operation.

Are these coins mined by GPUMAX?  Can anyone tell?

[nrd525]

Estimated cost of laundering money is 4% to 15%.

http://www.piie.com/publications/chapters_preview/381/3iie3705.pdf

[rjk]

Some people (Who? Pirate himself? SR? Jimmy Hoffa?) pay a premium for vanilla coins. That's the theory.

It seems that freshly mined coins are often used to pay the interest payments.  For instance this interest payment uses 4 different freshly mined 47.5 BTC inputs at address 1PSf86KnLuzM7Ris5kDhTEZwooR3p2iyfV.  I don't see why fresh coins would be paid out as interest to lenders if this is indeed a laundering operation.

Are these coins mined by GPUMAX?  Can anyone tell?

Well apparently GPUMAX has an internal pool of its own to handle load balancing, and since Pirateat40 has said that all the funds go into and come out of the same wallet, that seems to be the explanation as far as I can tell.

[phantitox]

Estimated cost of laundering money is 4% to 15%.

http://www.piie.com/publications/chapters_preview/381/3iie3705.pdf

if is a ML ops, then it should be lower rates, even lower that 4% the methods on the .pdf are the classics all with high - mid risk, bitcoin is like a paradise for ML, i mean almost 0 fee for transfer, totally anon.. if i want to make some laundry and a guy come to me and tell me that is gonna charge me 1 - 4% ....
 



Edit: Im not saying that is the exact % but probably is lower than the classics methods

[imsaguy]

My question still stands. Can anyone shed some light on the GPUmax "marketplace" for me?

I have offered to explain this for 100BTC.  While the exchange rates for BTC have risen, the in/out is still BTC-denominated.

Without shenanigans or otherwise ethically dubious activity, GPUMax can be an effective tool for producing more BTC than it costs to purchase the shares.  It depends on a number of factors, all of which should be obvious considering GPUMax's capabilities and working out from there.  If you have a GPUMax account, look at the purchase options and think creatively.

There is a small matter of luck involved (I have had my approach not work profitably three times), but proper analysis will inform activity that will always lead to a return on expenses.  I believe most people employ faulty analysis and arrive at an unworkable model for its use.  The rest of us keep our mouths shut because the wait on purchases is long enough already.

Ponzi.

[bitcoinBull]

Some people (Who? Pirate himself? SR? Jimmy Hoffa?) pay a premium for vanilla coins. That's the theory.

Thanks, I was missing this. Though I think some pools do their payouts as generated/virgin/vanilla coins, eligius pool for one.

My question still stands. Can anyone shed some light on the GPUmax "marketplace" for me?

I have offered to explain this for 100BTC.  While the exchange rates for BTC have risen, the in/out is still BTC-denominated.

Without shenanigans or otherwise ethically dubious activity, GPUMax can be an effective tool for producing more BTC than it costs to purchase the shares.  It depends on a number of factors, all of which should be obvious considering GPUMax's capabilities and working out from there.  If you have a GPUMax account, look at the purchase options and think creatively.

There is a small matter of luck involved (I have had my approach not work profitably three times), but proper analysis will inform activity that will always lead to a return on expenses.  I believe most people employ faulty analysis and arrive at an unworkable model for its use.  The rest of us keep our mouths shut because the wait on purchases is long enough already.

I'm not surprised nobody has taken up your offer. To produce more BTC than it costs to purchase shares, somebody must be selling shares for less than they're worth (or there's some strategy analogous to pool-hopping).