Bryan Micon's List of BTC Ponzi Schemes that should not be listed as "Lending"

[RDegas]

I have placed my bet:  https://bitcointalk.org/index.php?topic=97094.0

I'm not taking sides, here as I think Micon has over reached and has failed to back up his claims other than speculation, although he may well be correct that the risk is nowhere near sustainable.  Other than having some coin invested with pay.bc, I'm pretty agnostic about the issue (other than some points I made upstream).

That being said, what's the timeline on your bet?  As far as I can tell, it's just a bet that says it won't fail.  Are you saying it won't fail in X amount of time, or that it won't ever fail?  If it doesn't ever fail, will you be keeping your money in until it closes down for other reasons?  Otherwise, it seems like your money will be stuck forever.

Or, is this more of a rhetorical point?

what do you mean when you say things like "If it doesnt ever fail "

it absolutely has  to fail if you look at the numbers

if it keeps going on like this in less than 2 years all the bitcoins in existence will have been paid out in interest alone  INCLUDING the ones that havent been mined yet  

double any number every 3 months and see how fast you get to 22 million and you will soon understand why its impossible

   350,000 now
   700,000 in 3 months
 1,400,000 in 6 months
 2,800,000 in 9 months
 5,200,000 in 12 months
10,400,000 in 15 months
20,800,000 in 18 months
41,600,000 in 21 months
83,200,000 in 24 months .....

Maybe you're missing my point?  I said I was agnostic about the issue.  I was asking him in a rhetorical way.  If he believes it will never fail, then the bet as it is currently made reads as though he will never take the money out.  That's why I asked for a timeline.

[memvola]

what do you mean when you say things like "If it doesnt ever fail "

it absolutely has  to fail if you look at the numbers

if it keeps going on like this in less than 2 years all the bitcoins in existence will have been paid out in interest alone  INCLUDING the ones that havent been mined yet  

double any number every 3 months and see how fast you get to 22 million and you will soon understand why its impossible

You guys are only pushing people to invest in pirate each time you show your hand.

[Serge]

I have placed my bet:  https://bitcointalk.org/index.php?topic=97094.0

I'm not taking sides, here as I think Micon has over reached and has failed to back up his claims other than speculation, although he may well be correct that the risk is nowhere near sustainable.  Other than having some coin invested with pay.bc, I'm pretty agnostic about the issue (other than some points I made upstream).

That being said, what's the timeline on your bet?  As far as I can tell, it's just a bet that says it won't fail.  Are you saying it won't fail in X amount of time, or that it won't ever fail?  If it doesn't ever fail, will you be keeping your money in until it closes down for other reasons?  Otherwise, it seems like your money will be stuck forever.

Or, is this more of a rhetorical point?

what do you mean when you say things like "If it doesnt ever fail "

it absolutely has  to fail if you look at the numbers

if it keeps going on like this in less than 2 years all the bitcoins in existence will have been paid out in interest alone  INCLUDING the ones that havent been mined yet  

double any number every 3 months and see how fast you get to 22 million and you will soon understand why its impossible

   350,000 now
   700,000 in 3 months
 1,400,000 in 6 months
 2,800,000 in 9 months
 5,200,000 in 12 months
10,400,000 in 15 months
20,800,000 in 18 months
41,600,000 in 21 months
83,200,000 in 24 months .....

There is a limited amount of H2O on Earth, but it ALWAYS going to rain without drastic environmental changes. Imagine that, limited supply of water can provide almost unlimited amount of precipitation with the right conditions.

In regards to bitcoins, they cannot and won't compound indefinitely, someone putting in 10k at some point will take out profits to enjoy them or put into something else, these bitcoins at some point will end up on exchanges, someone else will buy them and some of em' will again end up in BTCST, same with other coins. Assuming pirate's operation legit - this can go on indefinitely while he meets demand and causing short supply on exchanges which increases bitcoin price.

[Micon]

What has been claimed is that we will all get our coins back when he is done playing with them.

you are playing great today.  $80k into a ponzi (lulz at that claim / locked thread.  You know what says honesty and not a ponzi to me?  a locked thread)

just give him the coins and let him play then a random anon guy named pirate will just give them back after his coin playdate is over

k I'm in too plz PM me a hash

[miscreanity]

Interested in the picture.  When Pirate defaults will u tell me which one?

this is in it's final week or 2.

the mess will be fun to watch, it's like a train wreck in slow motion / can't look away but at same time feel bad for those in the wreck.  

Duality of man sir.

Witnessed. Now keep this idiocy in your own thread.

[koin]

looks like pirate and all the others are a bunch of punters: https://www.globaloilfund.com  tens of millions, higher payouts no more payouts, and accepts bitcoin [please don't send them any]

is there no end to the greed and stupidity?

[CoinCidental]

is there no end to the greed and stupidity?

Correct ,there is no end to peoples greed and certainly not to stupidity 

[Sukrim]

I have placed my bet:  https://bitcointalk.org/index.php?topic=97094.0

Where's the blockchain evidence? Please post the transaction, a screenshot of your BTCS&T account with balance and your logged in forum account open in another window, a picture of your screen when you took the screenshot and sign a statement with the sending address' private key that it's really you.

Anyone can claim a random amount of BTC with pirate... I have 3 million BTC with him!

[hgmichna]

I agree with him completely that it shouldn't be in lending. There should be a section called "DEEP DARK HIGH RISK NO TRANSPARENCY THREATS TO YOUR MONEY". That said, unless you -know- what it is, you can't go around saying it's a ponzi. It's incorrect.

Not if it is obvious.

But there is another point here. Pirate is a criminal who should be punished according to the law. I think it is an obligation for all of us to work towards that and clean up our environment.

[Clipse]

I agree with him completely that it shouldn't be in lending. There should be a section called "DEEP DARK HIGH RISK NO TRANSPARENCY THREATS TO YOUR MONEY". That said, unless you -know- what it is, you can't go around saying it's a ponzi. It's incorrect.

Not if it is obvious.

But there is another point here. Pirate is a criminal who should be punished according to the law. I think it is an obligation for all of us to work towards that and clean up our environment.

Wait, What ? Now pirate _IS_ a criminal ? Please for the love of justice show me your compiled evidence so we can bring this criminal to justice.

This is likely the same problem the USA have with conviction rates, Fuck evidence, just hang the guy.

Until then, please dig a hole and bury yourself.

[Bitcoin Oz]

I agree with him completely that it shouldn't be in lending. There should be a section called "DEEP DARK HIGH RISK NO TRANSPARENCY THREATS TO YOUR MONEY". That said, unless you -know- what it is, you can't go around saying it's a ponzi. It's incorrect.

Not if it is obvious.

But there is another point here. Pirate is a criminal who should be punished according to the law. I think it is an obligation for all of us to work towards that and clean up our environment.

Best be trolling ,son.

[hgmichna]

You guys are only pushing people to invest in pirate each time you show your hand.

But only math-challenged people. 

[hgmichna]

Wait, What ? Now pirate _IS_ a criminal ? Please for the love of justice show me your compiled evidence so we can bring this criminal to justice.

This is likely the same problem the USA have with conviction rates, Fuck evidence, just hang the guy.

Until then, please dig a hole and bury yourself.

I don't mind waiting till game over. It won't take long.

It would be nice though to know who he is. Currently only his closest collaborators seem to know him, if at all.

[Clipse]

Wait, What ? Now pirate _IS_ a criminal ? Please for the love of justice show me your compiled evidence so we can bring this criminal to justice.

This is likely the same problem the USA have with conviction rates, Fuck evidence, just hang the guy.

Until then, please dig a hole and bury yourself.

I don't mind waiting till game over. It won't take long.

It would be nice though to know who he is. Currently only his closest collaborators seem to know him, if at all.

Well thats settled then, "It wont take long" noted down and got my emergency travel bag packed for 7 December 2012, to heaven and beyond.

[imsaguy]

Hey assmunch, if you had bothered to actually do more than about 2 seconds of research, you would have found the posts about my mining farm, pictures and all.  You aren't the first troll to attempt to call me a ponzi. I've bought tons of gpus, bfl and other gear.  I hadn't replied until now, because mainly, you're a waste of my time.

[Raoul Duke]

Don't you guys love it when one guy admits he fell for scams and tries to convince everyone he can spot a scam? LOL, just LOL "I can see a scam because I fall for them" <--- Doesn't compute.

Micon is hilarious. Been following this thread closely trying to see some evidence of scam or ponzi but all I got was wikipedia links...

FFS, Micon, do yourself a favour and go play some poker or something.

[mp420]

I love this topic so much. Micon, you are one of the few people here who have any sense.

[JoelKatz]

Micon is hilarious. Been following this thread closely trying to see some evidence of scam or ponzi but all I got was wikipedia links...

Do you really not understand the simple fact that there has never, in the history of humanity, been anything remotely resembling a low risk investment that can promise to return 3000%? However, the list of things that have claimed to be such and have actually been Ponzi schemes is quite long. Even his supporters admit that the scheme cannot last (this is simple mathematical fact). The only question is whether it ends with Pirate paying people back or with Pirate not paying people back. And Pirate basically has no incentive to pay anyone back.

This isn't rocket science.

[CoinCidental]

Micon is hilarious. Been following this thread closely trying to see some evidence of scam or ponzi but all I got was wikipedia links...

Do you really not understand the simple fact that there has never, in the history of humanity, been anything remotely resembling a low risk investment that can promise to return 3000%? However, the list of things that have claimed to be such and have actually been Ponzi schemes is quite long. Even his supporters admit that the scheme cannot last (this is simple mathematical fact). The only question is whether it ends with Pirate paying people back or with Pirate not paying people back. And Pirate basically has no incentive to pay anyone back.

This isn't rocket science.

have you not seen this yet ?
https://www.globaloilfund.com/

[Frankie]

Don't you guys love it when one guy admits he fell for scams

I lost half my coins to this scam/hack.

Why are you more worried about OP's alleged proclivity to be scammed than the person who supposedly holds $1 million in coins. Good luck getting them back after he's "hacked" by "hackers."