Hexadecibel
Human Intranet Liason
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Activity: 571
Merit: 504
I still <3 u Satoshi
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July 12, 2012, 04:09:04 AM |
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That thing pirate does is most likely a ponzi. But on the other hand, if he owns gpumax.com and that too was a ponzi, you would think that they would have gone through the minimal effort to obfuscate the whois lookup for the domain name. The name and address is probably fake, or just one of his lackey's... though I think falsifying domain registry credintials is against the law, but so is running a ponzi scheme right?... Or do we already know who pirate is? Honestly I've only been paying half attention. Whenever I see pirate come up in a thread I do think of this though:   |
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myrkul
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July 12, 2012, 04:40:21 AM |
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Honestly I've only been paying half attention.
But you're fully baked. Perfect qualifications for posting to this thread forum. Fixed. |
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organofcorti (OP)
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Activity: 2058
Merit: 1007
Poor impulse control.
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July 12, 2012, 04:51:16 AM |
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That thing pirate does is most likely a ponzi. But on the other hand, if he owns gpumax.com and that too was a ponzi, you would think that they would have gone through the minimal effort to obfuscate the whois lookup for the domain name. The name and address is probably fake, or just one of his lackey's... though I think falsifying domain registry credintials is against the law, but so is running a ponzi scheme right?... Or do we already know who pirate is? Honestly I've only been paying half attention. Whenever I see pirate come up in a thread I do think of this though: I think usagi might be a little pissed if he reads that: https://bitcointalk.org/index.php?topic=85444.0 |
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mp420
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July 12, 2012, 04:54:52 AM |
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I liked the original Bitcoin Ponzi Scheme (the one that advertised itself as such) far more. No one was even trying to imply it would work in the long term.
I'm not exactly sure Vandroiy will win this bet. It depends a lot on the structure of Pirate's ponzi. If his victims are confident enough he can lower the interest rates gradually so that eventually the scam can go on for a few years. For example 2% weekly interest would only require the size of the aggregate investment multiplying (roughly) by the factor of eight annually to keep Pirate's funds growing. 1% weekly would need less than 300% yearly growth.
Nothing other than ponzi could generate these kinds of returns, of course. So I'm quite rationally assuming BS&T is not a legit business.
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SimBesh
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Merit: 10
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July 12, 2012, 05:17:01 AM |
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I liked the original Bitcoin Ponzi Scheme (the one that advertised itself as such) far more. No one was even trying to imply it would work in the long term.
I'm not exactly sure Vandroiy will win this bet. It depends a lot on the structure of Pirate's ponzi. If his victims are confident enough he can lower the interest rates gradually so that eventually the scam can go on for a few years. For example 2% weekly interest would only require the size of the aggregate investment multiplying (roughly) by the factor of eight annually to keep Pirate's funds growing. 1% weekly would need less than 300% yearly growth.
Nothing other than ponzi could generate these kinds of returns, of course. So I'm quite rationally assuming BS&T is not a legit business.
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phantitox
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July 12, 2012, 05:29:02 AM |
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 what level are we?  |
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Hexadecibel
Human Intranet Liason
VIP
Hero Member
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Activity: 571
Merit: 504
I still <3 u Satoshi
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July 12, 2012, 05:29:13 AM |
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That thing pirate does is most likely a ponzi. But on the other hand, if he owns gpumax.com and that too was a ponzi, you would think that they would have gone through the minimal effort to obfuscate the whois lookup for the domain name. The name and address is probably fake, or just one of his lackey's... though I think falsifying domain registry credintials is against the law, but so is running a ponzi scheme right?... Or do we already know who pirate is? Honestly I've only been paying half attention. Whenever I see pirate come up in a thread I do think of this though: I think usagi might be a little pissed if he reads that: https://bitcointalk.org/index.php?topic=85444.0haha oh nice... |
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phantitox
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July 12, 2012, 06:17:17 AM |
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what level are we? Level 3? That thing shows it growing by a factor of 6. How long does it take to get 6 times your money at 7% a week? Months.... edit: assuming that this is a ponzi... not that i think it is... nah i dont think is a ponzi neither, i'm just curious to know, at what level are we |
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organofcorti (OP)
Donator
Legendary
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Activity: 2058
Merit: 1007
Poor impulse control.
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July 12, 2012, 06:18:54 AM |
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what level are we? Level 3? That thing shows it growing by a factor of 6. How long does it take to get 6 times your money at 7% a week? Months.... edit: assuming that this is a ponzi... not that i think it is... Nah. Not applicable here, Goat. That there's a Pyramid Ponzi. Now, what we got over here is a Bitcoin Ponzi. Completely different. One is pointy, the other isn't. |
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phantitox
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July 12, 2012, 06:24:07 AM |
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what level are we? Level 3? That thing shows it growing by a factor of 6. How long does it take to get 6 times your money at 7% a week? Months.... edit: assuming that this is a ponzi... not that i think it is... Nah. Not applicable here, Goat. That there's a Pyramid Ponzi. Now, what we got over here is a Bitcoin Ponzi. Completely different. One is pointy, the other isn't. so, what would be the shape of the Bitcoin Ponzi ?  |
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myrkul
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July 12, 2012, 06:25:41 AM |
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what level are we? Level 3? That thing shows it growing by a factor of 6. How long does it take to get 6 times your money at 7% a week? Months.... edit: assuming that this is a ponzi... not that i think it is... Nah. Not applicable here, Goat. That there's a Pyramid Ponzi. Now, what we got over here is a Bitcoin Ponzi. Completely different. One is pointy, the other isn't. so, what would be the shape of the Bitcoin Ponzi ? The one we've created.... a pyramid within a pyramid. |
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pirateat40
Avast Ye!
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"Yes I am a pirate, 200 years too late."
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July 12, 2012, 06:27:09 AM |
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fatigue
Full Member
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Activity: 196
Merit: 100
Bitcoin is a food group.
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July 12, 2012, 06:27:50 AM |
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+1 |
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phantitox
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July 12, 2012, 06:34:46 AM |
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what level are we? Level 3? That thing shows it growing by a factor of 6. How long does it take to get 6 times your money at 7% a week? Months.... edit: assuming that this is a ponzi... not that i think it is... Nah. Not applicable here, Goat. That there's a Pyramid Ponzi. Now, what we got over here is a Bitcoin Ponzi. Completely different. One is pointy, the other isn't. so, what would be the shape of the Bitcoin Ponzi ? The one we've created.... a pyramid within a pyramid. pyramidception?  |
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phantitox
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July 12, 2012, 06:35:58 AM |
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HAHAHA Hell yeah im making one of those tomorrow |
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mp420
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July 12, 2012, 09:22:35 AM |
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I can't for my life think of why anyone would think ANYTHING borrowing money en masse and paying 7% (or 5%, or 1%) weekly interest would be anything but a scam. Unless there's hyperinflation that eats away the interest. But we're talking about bitcoins, not Zimbabwean dollars.
It is a mathematical certainty that Pirate is a scammer.
Also, if you really don't understand numbers, and you want an EMOTIONAL reason to be afraid of Pirate, I'd say, to me, he has the AURA of someone who's pulled off scams before.
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SimBesh
Member
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Activity: 89
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July 12, 2012, 09:49:26 AM |
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I can't for my life think of why anyone would think ANYTHING borrowing money en masse and paying 7% (or 5%, or 1%) weekly interest would be anything but a scam. Unless there's hyperinflation that eats away the interest. But we're talking about bitcoins, not Zimbabwean dollars.
Well then you'd better get off this forum, because it's full of scammers -> https://bitcointalk.org/index.php?topic=81542.0
Also, if you really don't understand numbers, and you want an EMOTIONAL reason to be afraid of Pirate, I'd say, to me, he has the AURA of someone who's pulled off scams before.
well, now i've heard everything |
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mp420
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July 12, 2012, 09:55:25 AM |
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Yes, I believe, if these schemes (other than those that openly piggyback on Pirate) have no upper limit on deposits they're scams alright. |
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SimBesh
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Activity: 89
Merit: 10
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July 12, 2012, 10:34:06 AM |
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Yes, I believe, if these schemes (other than those that openly piggyback on Pirate) have no upper limit on deposits they're scams alright. Then ill sure pirate will take you up on a wager, like he did with Vandroiy, BTC5k |
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BlackBison
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July 12, 2012, 10:51:51 AM |
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I can't for my life think of why anyone would think ANYTHING borrowing money en masse and paying 7% (or 5%, or 1%) weekly interest would be anything but a scam. Unless there's hyperinflation that eats away the interest. But we're talking about bitcoins, not Zimbabwean dollars.
Well then you'd better get off this forum, because it's full of scammers -> https://bitcointalk.org/index.php?topic=81542.0FYI that link you posted actually weakens your argument as it clearly shows how abnormal pirate's rates are compared to everyone elses, which are in the 1-2% range. |
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