Putting your money where Pirate's mouth is.

[finkleshnorts]

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.

Right, but to take advantage of this, you have to actually mine. Pirate doesn't mine, or at least not as many coins as he needs, so he just pays people to mine coins for him.

[hgmichna]

What's the going estimate of how much Pirate has taken in, not counting any interest? BTC100,000? BTC200,000? No clue? Have some of his clients revealed their payments?

[BTCurious]

What's the going estimate of how much Pirate has taken in, not counting any interest? BTC100,000? BTC200,000? No clue? Have some of his clients revealed their payments?

[Maged]

What's the going estimate of how much Pirate has taken in, not counting any interest? BTC100,000? BTC200,000? No clue? Have some of his clients revealed their payments?

Between 100k and 300k btc, and that's just with the information that we have. He could easily have more.

[imsaguy]

What's the going estimate of how much Pirate has taken in, not counting any interest? BTC100,000? BTC200,000? No clue? Have some of his clients revealed their payments?

Between 100k and 300k btc, and that's just with the information that we have. He could easily have more.

So he took in 300k... how much has he paid out?  Without a reference point, coins flowing in means nothing.

[dooglus]

What's the going estimate of how much Pirate has taken in, not counting any interest? BTC100,000? BTC200,000? No clue? Have some of his clients revealed their payments?

Between 100k and 300k btc, and that's just with the information that we have. He could easily have more.

So he took in 300k... how much has he paid out?  Without a reference point, coins flowing in means nothing.

I think the 300k is a rough estimate of current holdings based on last week's interest payment.

It appears that at least 22k BTC was paid out in interest last week.  Assuming nobody automatically re-invested, and that everyone gets 7% per week, that means total holding are 22k/0.07 = 314k BTC.  Of course some people do re-invest, and some get lower interest rates, so the real figure will be higher than this.

[imsaguy]

What's the going estimate of how much Pirate has taken in, not counting any interest? BTC100,000? BTC200,000? No clue? Have some of his clients revealed their payments?

Between 100k and 300k btc, and that's just with the information that we have. He could easily have more.

So he took in 300k... how much has he paid out?  Without a reference point, coins flowing in means nothing.

I think the 300k is a rough estimate of current holdings based on last week's interest payment.

It appears that at least 22k BTC was paid out in interest last week.  Assuming nobody automatically re-invested, and that everyone gets 7% per week, that means total holding are 22k/0.07 = 314k BTC.  Of course some people do re-invest, and some get lower interest rates, so the real figure will be higher than this.

How do you account for the people that ask for withdrawals timed with the interest payments?  That will artificially inflate their interest payment by a factor of 7.

[dooglus]

What's the going estimate of how much Pirate has taken in, not counting any interest? BTC100,000? BTC200,000? No clue? Have some of his clients revealed their payments?

Between 100k and 300k btc, and that's just with the information that we have. He could easily have more.

So he took in 300k... how much has he paid out?  Without a reference point, coins flowing in means nothing.

I think the 300k is a rough estimate of current holdings based on last week's interest payment.

It appears that at least 22k BTC was paid out in interest last week.  Assuming nobody automatically re-invested, and that everyone gets 7% per week, that means total holding are 22k/0.07 = 314k BTC.  Of course some people do re-invest, and some get lower interest rates, so the real figure will be higher than this.

How do you account for the people that ask for withdrawals timed with the interest payments?  That will artificially inflate their interest payment by a factor of 7.

Do regular withdrawals appear in the same transaction as interest payments?

[imsaguy]

What's the going estimate of how much Pirate has taken in, not counting any interest? BTC100,000? BTC200,000? No clue? Have some of his clients revealed their payments?

Between 100k and 300k btc, and that's just with the information that we have. He could easily have more.

So he took in 300k... how much has he paid out?  Without a reference point, coins flowing in means nothing.

I think the 300k is a rough estimate of current holdings based on last week's interest payment.

It appears that at least 22k BTC was paid out in interest last week.  Assuming nobody automatically re-invested, and that everyone gets 7% per week, that means total holding are 22k/0.07 = 314k BTC.  Of course some people do re-invest, and some get lower interest rates, so the real figure will be higher than this.

How do you account for the people that ask for withdrawals timed with the interest payments?  That will artificially inflate their interest payment by a factor of 7.

Do regular withdrawals appear in the same transaction as interest payments?

People have a singular withdrawal address.  If you request a withdrawal, it appears just like an interest payment.

[Vandroiy]

People have a singular withdrawal address.  If you request a withdrawal, it appears just like an interest payment.

Looking at the target address history and the timing of withdrawals makes it possible to distinguish between the two with reasonable accuracy.

Edit: also
<pirateat40> zerokwel, i wish i only paid out 22k a week.

[bitcoinBull]

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).

Define "worth".

What you would in BTC get by submitting the share to any mining pool.

[dooglus]

Do regular withdrawals appear in the same transaction as interest payments?

People have a singular withdrawal address.  If you request a withdrawal, it appears just like an interest payment.

That makes sense, but what I asked is whether withdrawals and interest appear in the same transaction.

[imsaguy]

Do regular withdrawals appear in the same transaction as interest payments?

People have a singular withdrawal address.  If you request a withdrawal, it appears just like an interest payment.

That makes sense, but what I asked is whether withdrawals and interest appear in the same transaction.

Ask pirate?

[hgmichna]

I think the 300k is a rough estimate of current holdings based on last week's interest payment.

It appears that at least 22k BTC was paid out in interest last week.  Assuming nobody automatically re-invested, and that everyone gets 7% per week, that means total holding are 22k/0.07 = 314k BTC.  Of course some people do re-invest, and some get lower interest rates, so the real figure will be higher than this.

My guess is that many of his clients, probably a majority, work with compound interest. My reasoning is that people who pay in a relatively small amount base their investment on the hope to turn their insignificant initial investment into a significant amount.

If you only pay in a three-digit amount, what you earn by having your 7% paid out weekly is and remains peanuts. But if you could compound your interest over a year or two or three, you'd be rich.

I therefore guess that those who compound their interest tend to be three-digit investors, while those who collect their interest weekly tend to be those with larger investments. This is admittedly only a wild guess. It would mean that he has considerably more than 300k BTC, but not two or three times as much. My rough guess (based on your guess) would be 500k, quite a tidy amount of untidy money, enough to live a moderate life of leisure. It remains mere guesswork, but I wouldn't be surprised if we hit near home.

This makes me more confident that the scheme will end soon, probably this month, next month at the latest. If he kept having to pay out 22k BTC every week, without a steady stream of new investors his stockpile would be empty after a relatively low number of weeks, much less than a year. But he does not want to get anywhere near empty, so he has to end it very soon.

If he wanted to launder most of his gains, his laundromat would have to be running full bore now. Is that what we actually observe?

[imsaguy]

If he wanted to launder most of his gains, his laundromat would have to be running full bore now. Is that what we actually observe?

Is this a reference to gpumax?  If so, its wrong.  GPUMax leasing hasn't been running much at all.

[pirateat40]

If he wanted to launder most of his gains, his laundromat would have to be running full bore now. Is that what we actually observe?

Is this a reference to gpumax?  If so, its wrong.  GPUMax leasing hasn't been running much at all.

Shhhhh, let them run with it.

[Vandroiy]

If he wanted to launder most of his gains, his laundromat would have to be running full bore now. Is that what we actually observe?

Is this a reference to gpumax?  If so, its wrong.  GPUMax leasing hasn't been running much at all.

Don't you guys call it "public work"?

It's pretty simple to talk about an invite-only black-box and act like others are wrong. But this doesn't match the terminology used in the gpumax thread, so I'm not convinced.

I'll just ask people there.

[jamesg]

If he wanted to launder most of his gains, his laundromat would have to be running full bore now. Is that what we actually observe?

Is this a reference to gpumax?  If so, its wrong.  GPUMax leasing hasn't been running much at all.

Don't you guys call it "public work"?

It's pretty simple to talk about an invite-only black-box and act like others are wrong. But this doesn't match the terminology used in the gpumax thread, so I'm not convinced.

I'll just ask people there.

I run all of my hashing power through gpumax and imsaguy is correct. There has not been much public work. Us "in the know" call it leasing.

[Vandroiy]

I run all of my hashing power through gpumax and imsaguy is correct. There has not been much public work. Us "in the know" call it leasing.

Okay... does this mean you are getting fresh coins?

That's the main point actually. Is there a lot of hashpower used on work that is paid with coins that have history? How big is the fraction of clean or relatively new coins?

Edit: "I run all of my hashing power through gpumax" is the important part here -- so they control which coins you get, no?

[Vandroiy]

No, dumbshit.

Any answers by people that haven't been blacklisted for ages?