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Author Topic: This rally is a pirate bubble  (Read 8415 times)
cbeast
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August 09, 2012, 02:16:13 AM
 #81

I don't get it. People invest Bitcoin with Pirate. If he sells the Bitcoin it drives the price down, how does he drive the price up without using his own money? Is there a new leveraged short-selling exchange?

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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August 09, 2012, 02:32:55 AM
 #82

I don't get it. People invest Bitcoin with Pirate. If he sells the Bitcoin it drives the price down, how does he drive the price up without using his own money? Is there a new leveraged short-selling exchange?

There are several, but none as big as bitcoinica was and certainly not enough to take a volume pirate would need.

There isn't as much to get about it, people buy BTC in order to give them to pirate. He accumulates them and pays out interest. If it is a straight Ponzi it makes sense the price is going up before the default.
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August 09, 2012, 02:33:40 AM
 #83

I don't get it. People invest Bitcoin with Pirate. If he sells the Bitcoin it drives the price down, how does he drive the price up without using his own money? Is there a new leveraged short-selling exchange?

We all know that if it isn't already being done it will be done in the future (pirate buying bitcoins on the open exchange).

So the price rising isn't a good thing if he needs to buy them on the open market. Then again he could be mining them through GPUMAX etc.

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August 09, 2012, 02:34:58 AM
 #84

I don't get it. People invest Bitcoin with Pirate. If he sells the Bitcoin it drives the price down, how does he drive the price up without using his own money? Is there a new leveraged short-selling exchange?

There are several, but none as big as bitcoinica was and certainly not enough to take a volume pirate would need.

There isn't as much to get about it, people buy BTC in order to give them to pirate. He accumulates them and pays out interest. If it is a straight Ponzi it makes sense the price is going up before the default.

Agreed. If everyone bought bitcoin and invested with pirate (which I believe is true on a larger scale than people realize) the price has to rise. Pirate can only get bitcoins from three different places:

1. new investors

2. mining them

3. buying them

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thebaron
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August 09, 2012, 04:17:46 PM
 #85

1) Discover way to get a shitload of cash
2) Make a run of your own FPGA boards in China to mine on a massive scale and then pay some hackers to DDoS the major mining pools.
3) ...
4) Profit.
kentrolla
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August 19, 2012, 10:26:48 PM
 #86

this

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August 19, 2012, 10:45:23 PM
 #87

1) Discover way to get a shitload of cash
2) Retire
There, fixed that for you...
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