Philj
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August 14, 2012, 05:26:12 PM |
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Clearly a ponzi because no legitimate business has ever had to change their rates. /sarcasm
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drakahn
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August 14, 2012, 05:31:35 PM |
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How much would you pay people to not be competition while giving you time to become "the" bitcoin savings account/go to guy(or anything else you want to call it really)?
The door to the world is open, and pirate is building a giant shoe.
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14ga8dJ6NGpiwQkNTXg7KzwozasfaXNfEU
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Clipse
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August 14, 2012, 06:12:11 PM |
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It only counts when Lord Micon reports it. I am thrillfully awaiting his presence.
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...In the land of the stale, the man with one share is king... >> ClipseWe pay miners at 130% PPS | Signup here : Bonus PPS Pool (Please read OP to understand the current process)
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makomk
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August 14, 2012, 06:48:43 PM |
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5% weekly, that's something like 1164% annualized I think? Still well into classical-ponzi territory.
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Quad XC6SLX150 Board: 860 MHash/s or so. SIGS ABOUT BUTTERFLY LABS ARE PAID ADS
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wachtwoord
Legendary
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Activity: 2338
Merit: 1136
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August 14, 2012, 07:06:00 PM |
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Does Pirate clarify this decision anywhere on the forums? It comes very fast after the restructuring of the accounts. Curious what triggered this sudden change.
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wachtwoord
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Activity: 2338
Merit: 1136
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August 14, 2012, 07:16:17 PM |
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So he should introduce the same system as Hashking for predictability and be done with it. Lowering the rates will lead to more withdrawals I think.
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labestiol
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August 14, 2012, 07:17:13 PM |
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Does Pirate clarify this decision anywhere on the forums? It comes very fast after the restructuring of the accounts. Curious what triggered this sudden change.
<pirateat40> hashking, I tried to hold off thinking the operating wallets would balance out but they haven't fast enough so Im having to hold more reserves which is eating into my profit margin. <hashking> ok. <Chaaaang-Noi> you need more coin or less? <riX2000> probably less withdrawals/deposits <teek> sounds like he needs less in / out <pirateat40> Its a stability thing, its getting harder and harder to predict when coins will come in and go out. <Chaaaang-Noi> i see <pirateat40> So I'll have times when im holding too many coins in op wallets and move some over and then get a flood of withdraws. <Chaaaang-Noi> could you just lock it so we can only take out on mondays or someting? <pirateat40> Yea, but i hate limiting people moving funds. Here, for those curious about the reason. How does a rate decrease help stability ? Discuss that...
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1BestioLC7YBVh8Q5LfH6RYURD6MrpP8y6
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Serge
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Activity: 1050
Merit: 1000
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August 14, 2012, 07:24:03 PM |
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^^ it helps maintain healthy bottom line. stability can't be predicted with no hardcoded limits on withdraw/deposits
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Clipse
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August 14, 2012, 07:26:56 PM |
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Does Pirate clarify this decision anywhere on the forums? It comes very fast after the restructuring of the accounts. Curious what triggered this sudden change.
<pirateat40> hashking, I tried to hold off thinking the operating wallets would balance out but they haven't fast enough so Im having to hold more reserves which is eating into my profit margin. <hashking> ok. <Chaaaang-Noi> you need more coin or less? <riX2000> probably less withdrawals/deposits <teek> sounds like he needs less in / out <pirateat40> Its a stability thing, its getting harder and harder to predict when coins will come in and go out. <Chaaaang-Noi> i see <pirateat40> So I'll have times when im holding too many coins in op wallets and move some over and then get a flood of withdraws. <Chaaaang-Noi> could you just lock it so we can only take out on mondays or someting? <pirateat40> Yea, but i hate limiting people moving funds. Here, for those curious about the reason. How does a rate decrease help stability ? Discuss that... A.) Everyone get 7% and deposit/withdraw habbits is all over the place, assume due to these situations pirate effectively can only generate 10% returns on whatever he is doing. B.) Everyone get 5% and deposit/withdraw habbits is all over the place, assume due to these situations pirate effectively can only generate 10% returns on whatever he is doing. Pretty clear that from a profitable margin option B is helping alot more than option A.
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...In the land of the stale, the man with one share is king... >> ClipseWe pay miners at 130% PPS | Signup here : Bonus PPS Pool (Please read OP to understand the current process)
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unclescrooge
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August 14, 2012, 07:28:36 PM |
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Does Pirate clarify this decision anywhere on the forums? It comes very fast after the restructuring of the accounts. Curious what triggered this sudden change.
<pirateat40> hashking, I tried to hold off thinking the operating wallets would balance out but they haven't fast enough so Im having to hold more reserves which is eating into my profit margin. <hashking> ok. <Chaaaang-Noi> you need more coin or less? <riX2000> probably less withdrawals/deposits <teek> sounds like he needs less in / out <pirateat40> Its a stability thing, its getting harder and harder to predict when coins will come in and go out. <Chaaaang-Noi> i see <pirateat40> So I'll have times when im holding too many coins in op wallets and move some over and then get a flood of withdraws. <Chaaaang-Noi> could you just lock it so we can only take out on mondays or someting? <pirateat40> Yea, but i hate limiting people moving funds. Here, for those curious about the reason. How does a rate decrease help stability ? Discuss that... It doesn't help stability, it helps him staying profitable because instability eats his margin. And we can thank ponzis boys for increasing instability I think...
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wachtwoord
Legendary
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Activity: 2338
Merit: 1136
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August 14, 2012, 07:29:33 PM |
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So deposit funds for longer periods such as with Hashking ...
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labestiol
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August 14, 2012, 07:40:18 PM |
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If he really wanted stability he would have put a bonus on stable deposits, while reducing the interest. Basically stable deposits would get the same interests rate, and unstable would get less.
But as far as I know, he's not doing that. So imo either his business model is less profitable (and it's not related to funds stability) , either he just doesn't want to give you that much money anymore because the ponzi is collapsing too fast (depending on your opinion on what pirate is doing)
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1BestioLC7YBVh8Q5LfH6RYURD6MrpP8y6
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koin
Legendary
Offline
Activity: 873
Merit: 1000
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August 14, 2012, 07:45:32 PM |
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5% weekly, that's something like 1164% annualized I think? Still well into classical-ponzi territory.
same level of risk (unable to withdraw principal plus any reinvested interest). there's now a much longer period before new investment or reinvestment will break even. i wonder what time it is on the ponzi doomsday clock. it must be getting close to 11:59.
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Shadow383
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August 14, 2012, 08:10:10 PM |
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There's no legal framework for doing "claw-back" of bitcoins. If stability is the issue then wouldn't it make sense to incentivise based on the stability of accounts (such as the 0.5% bonus for account balance staying within a certain range) rather than on the overall size of accounts?
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unclescrooge
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August 14, 2012, 08:26:07 PM |
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Oh shut up fascist. I have no problem with ponzi talks and whinnings, but don't drag the parasites that be into this, thanks.
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gene
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August 14, 2012, 08:44:08 PM |
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Interesting turn of events. Even so, the core ponzi scam can probably continue for some time, along with the various leeching schemes.
Clawbacks can't happen unless operators and other participants are positively identified. However, if someone slips up, it is possible that a dedicated set of doxers could trace things back quite a ways. Most people do not have the combined skill and discipline to maintain perfect anonymity. With any luck, the trail will permit for some to be identified.
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*processing payment* *error 404 : funds not found* Do you want to complain on the forum just to fall for another scam a few days later? | YES | YES |
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Clipse
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August 14, 2012, 08:57:20 PM |
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Interesting turn of events. Even so, the core ponzi scam can probably continue for some time, along with the various leeching schemes.
Clawbacks can't happen unless operators and other participants are positively identified. However, if someone slips up, it is possible that a dedicated set of doxers could trace things back quite a ways. Most people do not have the combined skill and discipline to maintain perfect anonymity. With any luck, the trail will permit for some to be identified.
We know what pirate looks like and also his name, unless he gets plastic surgery and lives in the form of Michael Jackson its even more unlikely he would be able to just vanish.
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...In the land of the stale, the man with one share is king... >> ClipseWe pay miners at 130% PPS | Signup here : Bonus PPS Pool (Please read OP to understand the current process)
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drakahn
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August 14, 2012, 08:58:13 PM |
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14ga8dJ6NGpiwQkNTXg7KzwozasfaXNfEU
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gene
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August 14, 2012, 09:01:40 PM |
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Interesting turn of events. Even so, the core ponzi scam can probably continue for some time, along with the various leeching schemes.
Clawbacks can't happen unless operators and other participants are positively identified. However, if someone slips up, it is possible that a dedicated set of doxers could trace things back quite a ways. Most people do not have the combined skill and discipline to maintain perfect anonymity. With any luck, the trail will permit for some to be identified.
We know what pirate looks like and also his name, unless he gets plastic surgery and lives in the form of Michael Jackson its even more unlikely he would be able to just vanish. Really? What is his name? Source?
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*processing payment* *error 404 : funds not found* Do you want to complain on the forum just to fall for another scam a few days later? | YES | YES |
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