Putting your money where Pirate's mouth is.

[rjk]

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

[Inaba]

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.

[Raoul Duke]

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.

[vampire]

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.

[Vandroiy]

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.

[bitcoinBull]

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.

[imsaguy]

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. 

[bitcoinBull]

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.

[imsaguy]

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?

[bitcoinBull]

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.

[SimBesh]

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]

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.

[SimBesh]

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

[imsaguy]

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.

[notme]

Ponzi. Ponzi. Ponzi.

[SimBesh]

Ponzi. Ponzi. Ponzi.

[bitcoinBull]

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.

[SimBesh]

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?

[imsaguy]

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.

Ponzi.

[organofcorti]

Huh. There's a rate of only 0.596 mentions of "ponzi" per post so far (including this one).

Come on guys! Ponzi up a little! (0.602 ponzis per post now).