Pirate's last chance?

[adamstgBit]

ok so many people were saying that Pirate's bank would have to default if the price kept rising, 10$ seem like a sure bet he was done for it.

so is that what we are seeing on the market lately?

first he admits to selling from 9 to 7.4, he must of thought 9 was the top and he could easily pressure people into selling. he must of saw that selling at 9$ wasn't a gr8 idea, so he pushed the price ( or let it rise ) to 12 dollars. now once again he trying to sell high and then try to push it down.

if this doesn't work, do you think he will try again higher?

if prices continue to rise, when will he default?

[1715651405]

1715651405

[ElectricMucus]

No, I think the conjecture that pirate is buying BTC at market prices in order to pay for interest is even more ridiculous than the SR mixer or mafia laundering hypotheses, the alien technology hypothesis comes almost close.

If pirate had to buy BTC at market prices he would disappear with everyone's BTC.
Again for the supporters of this theory: Tell me how it would work out, and please none of those "you only want to copy the awesome idea then - crap"

[aq]

LOL, Adam are you now really hoping that pirate will crash the price for you, so that you can buy back below your low selling price?

[adamstgBit]

LOL, Adam are you now really hoping that pirate will crash the price for you, so that you can buy back below your low selling price?

yes i thought he could do it at 9 so i sold!

then i saw he was trying again at 11 so i sold!


     I WANT MY BITCOIN BACK

[URSAY]

first he admits to selling from 9 to 7.4

Link?

[adamstgBit]

first he admits to selling from 9 to 7.4

Link?

i dont want to find it,

but he did say it publicly, he said it was the first time he "played crashed the market" ... something like that

[dopamine]

what about margin trading on bitdaytrade that allow some users to trade BTC/US on Aug 04/12, one interesting aspect of this is only payment is in bitcoins

[ElectricMucus]

Yeah he spammed irc with some comments about people continue buying/stop buying and pulling his walls him "taking full responsibility", etc...


all are particularly vague and could be interpreted in any such way, it's all free advertisement for his ponzi.

[ElectricMucus]

what about margin trading on bitdaytrade that allow some users to trade BTC/US on Aug 04/12, one interesting aspect of this is only payment is in bitcoins

bitdaytrade is a disaster waiting to happen, about at the same level as the "bitscalper" scam.

[ArticMine]

LOL, Adam are you now really hoping that pirate will crash the price for you, so that you can buy back below your low selling price?

I hope he is not as a pirate default in this market is far more likely to trigger a buying panic than an crash.

[adamstgBit]

LOL, Adam are you now really hoping that pirate will crash the price for you, so that you can buy back below your low selling price?

I hope he is not as a pirate default in this market is far more likely to trigger a buying panic than an crash.

if pirate is successful the price will drop below 9$

this is what i'm counting on

[ElectricMucus]

LOL, Adam are you now really hoping that pirate will crash the price for you, so that you can buy back below your low selling price?

I hope he is not as a pirate default in this market is far more likely to trigger a buying panic than an crash.

if pirate is successful the price will drop below 9$

this is what i'm counting on

I don't get it. What would he be successful in?

[Raoul Duke]

first he admits to selling from 9 to 7.4

Link?

i dont want to find it,

but he did say it publicly, he said it was the first time he "played crashed the market" ... something like that

Are you sure it wasn't someone else using the pirateat40 nickname?

[jwzguy]

first he admits to selling from 9 to 7.4

Link?

i dont want to find it,

but he did say it publicly, he said it was the first time he "played crashed the market" ... something like that

Are you sure it wasn't someone else using the pirateat40 nickname?

Even if it was really pirate, it's hilarious what some people take seriously amongst a ton of obviously facetious posts.

[ArticMine]

LOL, Adam are you now really hoping that pirate will crash the price for you, so that you can buy back below your low selling price?

I hope he is not as a pirate default in this market is far more likely to trigger a buying panic than an crash.

if pirate is successful the price will drop below 9$

this is what i'm counting on

I don't get it. What would he be successful in?

A bear raid. http://en.wikipedia.org/wiki/Bear_raid

[ElectricMucus]

How so? How would a price of 10, 9 ,8, 7, 6,.. dollars would make any significant difference? When pirate started the prices were something like 3.5 or lower.
Furthermore his own investors would be preventing this, if they buy BTC in order to give them to him.

There are other reasons for market resistance a current levels, nothing to do with pirate.

[BrightAnarchist]

if prices continue to rise, when will he default?

I don't think rising prices has any affect on pirate, except for a giant super-short-term move which is unlikely. He is just having fun by talking this way with you guys. I do, however, believe that he'll be able to pay out higher rates for longer if BTC price stays down, since lower prices force him to move less USD around and thus he needs more BTC to keep his volume high.

Personally, I feel that BTC may be getting close to a topping point, but I've been wrong before. I'm just watching the SPX and all the hindenburg omens, and although everyone tells me I'm nutz, I cannot help but notice the correlation between BTC prices and general asset prices (stocks, junk bonds, metals). We've been in a rally since June in all this stuff, and so if the correlation holds I'm hoping BTC will fall along with these other assets as we near the late fall/early winter timeframe.

Either way, it will be interesting to find out!

[URSAY]

first he admits to selling from 9 to 7.4

Link?

i dont want to find it,

but he did say it publicly, he said it was the first time he "played crashed the market" ... something like that

Really?   

[jwzguy]

This thread should be titled "adam's last chance."

You shorted. It's ok. We all make mistakes. There is still time to get back in before we get to $20... 

[ElectricMucus]

There is still time to get back in before we get to $20...  

And if we don't?

[BadBear]

There is still time to get back in before we get to $20...  

And if we don't?

If you don't get in before 20? Well I suppose there's always time to get in before we get to $30. 

[ElectricMucus]

There is still time to get back in before we get to $20...  

And if we don't?

If you don't get in before 20? Well I suppose there's always time to get in before we get to $30.  

Damn you,  how are you even a bear


seriously we might see a 50% decrease before the next 100% increase.

[jwzguy]

There is still time to get back in before we get to $20...  

And if we don't?

If you don't get in before 20? Well I suppose there's always time to get in before we get to $30.  

Damn you,  how are you even a bear


seriously we might see a 50% decrease before the next 100% increase.

Seriously, we might see a 100% increase before the next 50% decrease.

[Raize]

Pirate didn't "short" BTC, he moved the exchange price to where he wanted and loaded up more. Anyone could tell that, aside from his walls, the support levels in the $9 range were thin on the day this occurred, hell I even made ~$2,000 playing the volatility and I am small potatoes. He sold only about 5k BTC and moved the price down to the $7.50 range where he saw the support return (outside of his own). His only mistake was continuing to sell into someone's bot-like support there of about 15k BTC. Once he realized he was selling into a support level he spent the next couple days buying his 20k BTC back. It really wasn't that huge of a loss and I'm sure he's made that back and then some. It'll be interesting to see if he actually tries the "get on IRC and sell" tactic again.

A lot of people seem to be stuck on this impression that he shorts Bitcoin, what he's doing is more arbitrage and risk mitigation, not your typical "shorting". The loaned coin (to my knowledge) isn't being sold on MtGox, instead it appears to be going to miners on GPUMax.