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Author Topic: Bryan Micon's List of BTC Ponzi Schemes that should not be listed as "Lending"  (Read 117109 times)
unclescrooge
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August 14, 2012, 05:13:53 PM
 #741

OMG ponziiiiiiii

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Philj
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August 14, 2012, 05:26:12 PM
 #742


Clearly a ponzi because no legitimate business has ever had to change their rates.

/sarcasm
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August 14, 2012, 05:31:35 PM
 #743

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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August 14, 2012, 06:12:11 PM
 #744


It only counts when Lord Micon reports it.

I am thrillfully awaiting his presence.

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August 14, 2012, 06:48:43 PM
 #745

5% weekly, that's something like 1164% annualized I think? Still well into classical-ponzi territory.

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August 14, 2012, 07:06:00 PM
 #746

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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August 14, 2012, 07:16:17 PM
 #747

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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August 14, 2012, 07:17:13 PM
 #748

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.

Code:
<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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August 14, 2012, 07:24:03 PM
 #749

^^ it helps maintain healthy bottom line. stability can't be predicted with no hardcoded limits on withdraw/deposits
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August 14, 2012, 07:26:56 PM
 #750

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.

Code:
<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.

...In the land of the stale, the man with one share is king... >> Clipse

We pay miners at 130% PPS | Signup here : Bonus PPS Pool (Please read OP to understand the current process)
unclescrooge
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August 14, 2012, 07:28:36 PM
 #751

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.

Code:
<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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August 14, 2012, 07:29:33 PM
 #752

So deposit funds for longer periods such as with Hashking ...

labestiol
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August 14, 2012, 07:40:18 PM
 #753

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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koin
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August 14, 2012, 07:45:32 PM
 #754

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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August 14, 2012, 07:51:37 PM
 #755

those who have already withdrawn their original principal might be thinking they can't lose.  they might want to read this:

Quote
If the games were unlicensed and illegal, any transactions from the games were void. Investors’ money handed to winning players like Maguire could be clawed back through civil suits.

http://www.celebuzz.com/2012-08-13/ponzi-mastermind-who-lost-clients-millions-in-hollywood-poker-breaks-silence-new-details-inside-games-played-by-tobey-maguire-ben-affleck-and-matt-damon
Shadow383
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August 14, 2012, 08:10:10 PM
 #756

those who have already withdrawn their original principal might be thinking they can't lose.  they might want to read this:

Quote
If the games were unlicensed and illegal, any transactions from the games were void. Investors’ money handed to winning players like Maguire could be clawed back through civil suits.

http://www.celebuzz.com/2012-08-13/ponzi-mastermind-who-lost-clients-millions-in-hollywood-poker-breaks-silence-new-details-inside-games-played-by-tobey-maguire-ben-affleck-and-matt-damon

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?
unclescrooge
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August 14, 2012, 08:26:07 PM
 #757

those who have already withdrawn their original principal might be thinking they can't lose.  they might want to read this:

Quote
If the games were unlicensed and illegal, any transactions from the games were void. Investors’ money handed to winning players like Maguire could be clawed back through civil suits.

http://www.celebuzz.com/2012-08-13/ponzi-mastermind-who-lost-clients-millions-in-hollywood-poker-breaks-silence-new-details-inside-games-played-by-tobey-maguire-ben-affleck-and-matt-damon


Oh shut up fascist. I have no problem with ponzi talks and whinnings, but don't drag the parasites that be into this, thanks.

gene
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August 14, 2012, 08:44:08 PM
 #758

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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August 14, 2012, 08:57:20 PM
 #759

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.


...In the land of the stale, the man with one share is king... >> Clipse

We pay miners at 130% PPS | Signup here : Bonus PPS Pool (Please read OP to understand the current process)
drakahn
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August 14, 2012, 08:58:13 PM
 #760

http://consc.net/misc/proofs.html lol, same proof?

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