the joint
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Activity: 1834
Merit: 1020
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July 11, 2012, 01:51:40 AM |
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@ Vandroiy,
Look dude, certainty does not equate to knowledge.
I started a thread claiming I was 99.9% sure that what Pirate is doing is legitimate. I also made sure to point out that 99.9% certainty is not 100% certainty, and I also made sure to point out that my belief should not be treated as investment advice.
Your ego is getting the better of you. Does the information available suggest that Pirate's operation could be a ponzi? Yes. Does the information available also suggest that Pirate's operation could be a legitimate business? YES.
Also think of a scenario in which it could be both. In other words, think of a model that mimics characteristics of a ponzi scheme but in reality is a completely legitimate business operation. For example, a scenario in which lenders provide deposits that can be used to make a profit for both Pirate and the lenders (interest), leaving a greater sum of deposits which can then be used to make more profit and pay more interest, leaving an even greater sum of deposits which can then be used to make even greater profit and pay even more interest, etc.
Now, what would the inevitable conclusion of such an operation be? After a while, the BTC supply in the market begins to decrease and the interest payment rate needs to be lowered, which is what is happening on August 1st.
If you give me $100, I promise you I can turn that into $107 in 1 week.
I also promise you I can turn $107 into $115 in another week.
I also promise you that I can turn $115 into $124 in another week.
But, if there are only $10.5 million in existence (representative of BTC), there will eventually come a point at which making 7% becomes impractical if not impossible, so the interest rate will need to drop. Now, I couldn'tve made those profits without your money (characteristic of a ponzi), but the profits were completely legitimate.
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The Bitcoin network protocol was designed to be extremely flexible. It can be used to create timed transactions, escrow transactions, multi-signature transactions, etc. The current features of the client only hint at what will be possible in the future.
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Maged
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July 11, 2012, 07:54:54 AM |
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You should be banned. You're lucky theymos turned me down for moderator or I would ban you for SPAM.
Only theymos can ban people  *Mod hat on* Anyway, since he only bothered one person, and it was because of a post that person made instead of being completely unsolicited, I don't see the problem with this. *Mod hat off* |
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Raize
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July 12, 2012, 03:37:59 AM
Last edit: July 12, 2012, 03:49:40 AM by Raize |
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You guys do realize Ponzi's are funded by whales, right? Those poor suckers that always keep reinvesting the largest investments of money and never taking payment, even for just one interest period if only to make sure they're not dealing with a Ponzi.
If Vandroiy is correct in his assumption, and legitimately is concerned for the investors in a Ponzi, he'd be doing exactly the action he chose to take, get the whales to agree to not fund for just one week to make sure everything checks out.
You only miss out on what, one payout? If the top ten whales all agreed not to fund him for just one payout they'd all have the piece of mind of knowing for sure it wasn't a Ponzi. Plus, if just a handful of the top ten don't do it, and extract their money and it *does* turn out to be a Ponzi, it'd be a bad idea as a fellow whale to not to join in. Seems like a safe gamble to me, forgo participation for just one interest period to know for sure.
But hey, I guess I'm just one of those suckers that's losing money by not participating, right? I couldn't possibly provide any insightful comments, right?
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PatrickHarnett
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July 12, 2012, 04:23:55 AM |
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I sent Vandroiy a pm first, but I don't consider that I spammed him.
We swapped some ideas and discussed a few things. No problem.
Edit: As an afterthought - I have previously had people pm me telling me not to use Deepbit.
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organofcorti
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Poor impulse control.
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July 12, 2012, 05:49:06 AM |
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I sent Vandroiy a pm first, but I don't consider that I spammed him.
We swapped some ideas and discussed a few things. No problem.
Edit: As an afterthought - I have previously had people pm me telling me not to use Deepbit.
Deepbit is a ponzi!!! Bitcoin is a Ponzi! |
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drakahn
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July 12, 2012, 05:52:33 AM |
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I sent Vandroiy a pm first, but I don't consider that I spammed him.
We swapped some ideas and discussed a few things. No problem.
Edit: As an afterthought - I have previously had people pm me telling me not to use Deepbit.
Deepbit is a ponzi!!! Bitcoin is a Ponzi! lol, i was going to post "inb4 bitcoin is a ponzi" but thought better of the community, i was sorely mistaken :p |
14ga8dJ6NGpiwQkNTXg7KzwozasfaXNfEU
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Mageant (OP)
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September 17, 2012, 10:20:21 PM |
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I hereby apologize to Vandroiy.
I see now that he only had good intentions in trying to protect me and others from a scam.
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cjgames.com
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Vandroiy
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September 17, 2012, 10:32:10 PM |
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I hereby apologize to Vandroiy.
I see now that he only had good intentions in trying to protect me and others from a scam.
Apology accepted. I can take a little heat.  Though, please, all of you guys be more careful about promoting things to newbies in the future. We all know some got hit a little too hard. |
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