Silk Road forums
Discussion => Off topic => Topic started by: defcon80 on July 19, 2012, 10:12 am
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I am a vendor of some products on the road and other places ,so i naturally have accumulated some coins
I notive crazy interest rates being offered on bitcoin deposits on the btc now on various investment deals like
https://bitcointalk.org/index.php?topic=83904 and many others
is anyone here investing with any of these guys ? anyone been rippped off ?
i have put 1000 coins in as a test and currently earning 69 coins free per week or in 10 weeks i will have 2000 coins if you want to
combine the interest every week and earn on that also ......
am i the only one doing anything this risky ? i would put in more coins if i trusted it 100% etc
like to hear from others opinions ......
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You wouldn't happen to be the owner of that site would you? Just asking.
>am i the only one doing anything this risky ? i would put in more coins if i trusted it 100% etc
Nice touch, showing a little skepticism.
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If only I stuck with my idea to invest in some coins 2 months ago.. ::)
Always the if only. Blegh :)
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You wouldn't happen to be the owner of that site would you? Just asking.
>am i the only one doing anything this risky ? i would put in more coins if i trusted it 100% etc
Nice touch, showing a little skepticism.
Good catch. I wouldn't trust it unless a respected member can vouch for this.
No offense OP, but we've gotten scammed way too much on here.
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I am a vendor of some products on the road and other places ,so i naturally have accumulated some coins
I notive crazy interest rates being offered on bitcoin deposits on the btc now on various investment deals like
https://bitcointalk.org/index.php?topic=83904 and many others
is anyone here investing with any of these guys ? anyone been rippped off ?
i have put 1000 coins in as a test and currently earning 69 coins free per week or in 10 weeks i will have 2000 coins if you want to
combine the interest every week and earn on that also ......
am i the only one doing anything this risky ? i would put in more coins if i trusted it 100% etc
like to hear from others opinions ......
Hi folks,
At the risk of sounding like a plug I do offer a Bitcoin Investment program at a rate of 6% per month. This isn't as heady as the rates currently being bandied around but firstly it's sustainable and second your original investment is guaranteed!
More info : http://silkroadvb5piz3r.onion/silkroad/item/23cd2cd838
I make my money to some extent from investing in Bitcoin mining based on renewable energy but mainly from the precious metals market plus securities in "blue chip" companies. There's no risk to you as the investor.
If you want to trust the "Pirate" bonds being offered on the Bitcointalk forum and GLBSE I would recommend you invest no more than 5% of your Portfolio in it as the whole thing smacks of a pyramid scheme for me. I could explain why I feel this articulately but luckily the BitcoinTrader's blog has done this for me:
http://www.thebitcointrader.com/2012/05/bitcoin-stock-market-miners-and-pirates.html
V.
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If only I stuck with my idea to invest in some coins 2 months ago.. ::)
Always the if only. Blegh :)
I'm owed a fair bit of cash from work which will be paid eventually. My boss buys here and I could have had half this wage in BTC.
I'm still going for it - but wish I had done that two months ago almost 3.
But, BTC can go down!!
Funny market - looks like prices here are down for some returning after a few months away.
I wish I had 20 computers with top graphic cards mining me 50 BTC a month (if you extracted electricity.)
;)
Actually could be well worth getting some second hand or stolen cards as the computer itself can be cheap.
Mining BTC you got totally untraceable coin. Wow, would I love to be a miner of BTC!!!
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You wouldn't happen to be the owner of that site would you? Just asking.
>am i the only one doing anything this risky ? i would put in more coins if i trusted it 100% etc
Nice touch, showing a little skepticism.
I dont own it ,i could sign in here with my silkroad vendor name but that wouldnt be too smart considering we are discussing
investing BTC generated from SR drug sales in the real world
the main owner/ investor is a guy called pirateat40 ,google him if you think im making thhis up (hes pretty famous over at the bitcoin forum )
he is paying shitloads of interest but obviously he must be taking some pretty massive gambles with everyones ELSES money ,the only question is how long for ?
if nobody else is dealing with him or any of his sub-investors id like to hear about it ,if not ,let the thread die
thx all !
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You wouldn't happen to be the owner of that site would you? Just asking.
>am i the only one doing anything this risky ? i would put in more coins if i trusted it 100% etc
Nice touch, showing a little skepticism.
I dont own it ,i could sign in here with my silkroad vendor name but that wouldnt be too smart considering we are discussing
investing BTC generated from SR drug sales in the real world
the main owner/ investor is a guy called pirateat40 ,google him if you think im making thhis up (hes pretty famous over at the bitcoin forum )
he is paying shitloads of interest but obviously he must be taking some pretty massive gambles with everyones ELSES money ,the only question is how long for ?
if nobody else is dealing with him or any of his sub-investors id like to hear about it ,if not ,let the thread die
thx all !
As you'll see from the article I mentioned (http://www.thebitcointrader.com/2012/05/bitcoin-stock-market-miners-and-pirates.html) - there's no way he could be making money in the way as it claimed on the Bitcoin Talk Forums as far as I can see. The interest rates on loans from the Pirate Bank don't marry up with the promised rate of returns to Investors. Similarly making money from trading off the Bitcoin against various exchanges begs the question how he can avoid driving the Bitcoin price down through his very efforts.
I personally don't use the bonds and never would - there are some mining pools listed on GLBSE which I've dabbled in and certainly the Asset Backed Securities look promising but anything else is your ass! I'm going to create a thread about my own investment program later which guarantees your principal (i.e your original investment), watch this space.
V.
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It sounds like a bitcoin Ponzi scheme, good luck with that.
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You wouldn't happen to be the owner of that site would you? Just asking.
>am i the only one doing anything this risky ? i would put in more coins if i trusted it 100% etc
Nice touch, showing a little skepticism.
I dont own it ,i could sign in here with my silkroad vendor name but that wouldnt be too smart considering we are discussing
investing BTC generated from SR drug sales in the real world
the main owner/ investor is a guy called pirateat40 ,google him if you think im making thhis up (hes pretty famous over at the bitcoin forum )
he is paying shitloads of interest but obviously he must be taking some pretty massive gambles with everyones ELSES money ,the only question is how long for ?
if nobody else is dealing with him or any of his sub-investors id like to hear about it ,if not ,let the thread die
thx all !
As you'll see from the article I mentioned (http://www.thebitcointrader.com/2012/05/bitcoin-stock-market-miners-and-pirates.html) - there's no way he could be making money in the way as it claimed on the Bitcoin Talk Forums as far as I can see. The interest rates on loans from the Pirate Bank don't marry up with the promised rate of returns to Investors. Similarly making money from trading off the Bitcoin against various exchanges begs the question how he can avoid driving the Bitcoin price down through his very efforts.
I personally don't use the bonds and never would - there are some mining pools listed on GLBSE which I've dabbled in and certainly the Asset Backed Securities look promising but anything else is your ass! I'm going to create a thread about my own investment program later which guarantees your principal (i.e your original investment), watch this space.
V.
However or wherever the money is coming from ,the interest is being payed out every week (yes ,i have withdrawn all the the coins to check if the pirate had plundered the loot or not )
i was able to withhdraw about 1070 coins after the first week ,so whose 70 extra coins did i withdraw ? how many more times could i get 70+ free coins before it comes crashing down ?
basically a free 700+ dollars a week per every 1000 BTC deposited ,how did i get 700 free dollars ?
this puzzles me a lot because mathematically its impossible to pay 3400% interest a year ,many people have pulled out early ,nobody has lost anything yet that i know off and the interst is
still being paid out at staggering rates
if its a pyramid ,anyone care to guess what level is at at now ?
-
You wouldn't happen to be the owner of that site would you? Just asking.
>am i the only one doing anything this risky ? i would put in more coins if i trusted it 100% etc
Nice touch, showing a little skepticism.
I dont own it ,i could sign in here with my silkroad vendor name but that wouldnt be too smart considering we are discussing
investing BTC generated from SR drug sales in the real world
the main owner/ investor is a guy called pirateat40 ,google him if you think im making thhis up (hes pretty famous over at the bitcoin forum )
he is paying shitloads of interest but obviously he must be taking some pretty massive gambles with everyones ELSES money ,the only question is how long for ?
if nobody else is dealing with him or any of his sub-investors id like to hear about it ,if not ,let the thread die
thx all !
As you'll see from the article I mentioned (http://www.thebitcointrader.com/2012/05/bitcoin-stock-market-miners-and-pirates.html) - there's no way he could be making money in the way as it claimed on the Bitcoin Talk Forums as far as I can see. The interest rates on loans from the Pirate Bank don't marry up with the promised rate of returns to Investors. Similarly making money from trading off the Bitcoin against various exchanges begs the question how he can avoid driving the Bitcoin price down through his very efforts.
I personally don't use the bonds and never would - there are some mining pools listed on GLBSE which I've dabbled in and certainly the Asset Backed Securities look promising but anything else is your ass! I'm going to create a thread about my own investment program later which guarantees your principal (i.e your original investment), watch this space.
V.
However or wherever the money is coming from ,the interest is being payed out every week (yes ,i have withdrawn all the the coins to check if the pirate had plundered the loot or not )
i was able to withhdraw about 1070 coins after the first week ,so whose 70 extra coins did i withdraw ? how many more times could i get 70+ free coins before it comes crashing down ?
basically a free 700+ dollars a week per every 1000 BTC deposited ,how did i get 700 free dollars ?
this puzzles me a lot because mathematically its impossible to pay 3400% interest a year ,many people have pulled out early ,nobody has lost anything yet that i know off and the interst is
still being paid out at staggering rates
if its a pyramid ,anyone care to guess what level is at at now ?
Hi Defcon,
Did you read the article I posted above from TheBitcoinTrader? As you say so far (I say so far!) the Pirate has paid up like clockwork. You would usually expect a pyramid scheme to teeter after a few months however some have existed for much longer. Midland Euro for instance ran for about four years - and of course Petters Group Worldwide ran for nearly fifteen.
Several possibilities are listed in the article in question including that the Pirate may not be aware himself that he's investing cash in a Russian pyramid scheme outside the Bitcoin network. There's also the possibility that he's making use of several such schemes and is simply reinvesting clients money in newer ones as older ones start to go bad.
My (limited) experience of such firms is that they are not usually entirely reliant on Ponzi schemes to make money but will also bolster their funds through legitimate trading, if only so they can justify the huge returns promised.
You're absolutely right in thinking of the scheme in these terms though i.e whose 70 Bitcoins are you getting. If this is a Ponzi, then the answer is that you're getting them from earlier investors in the scheme.
The question for me is when the whole house of cards comes crashing down. I have talked about this with my Mentor who has worked in my department (Hedge Funds) for nearly thirty years and he says that this kind of scheme is unsustainable - does anyone really believe that if they invested USD 1000 they'd be a millionaire within two years?
I don't promise this but I can promise to keep your original investment safe! :-)
V.
-
You wouldn't happen to be the owner of that site would you? Just asking.
>am i the only one doing anything this risky ? i would put in more coins if i trusted it 100% etc
Nice touch, showing a little skepticism.
I dont own it ,i could sign in here with my silkroad vendor name but that wouldnt be too smart considering we are discussing
investing BTC generated from SR drug sales in the real world
the main owner/ investor is a guy called pirateat40 ,google him if you think im making thhis up (hes pretty famous over at the bitcoin forum )
he is paying shitloads of interest but obviously he must be taking some pretty massive gambles with everyones ELSES money ,the only question is how long for ?
if nobody else is dealing with him or any of his sub-investors id like to hear about it ,if not ,let the thread die
thx all !
As you'll see from the article I mentioned (http://www.thebitcointrader.com/2012/05/bitcoin-stock-market-miners-and-pirates.html) - there's no way he could be making money in the way as it claimed on the Bitcoin Talk Forums as far as I can see. The interest rates on loans from the Pirate Bank don't marry up with the promised rate of returns to Investors. Similarly making money from trading off the Bitcoin against various exchanges begs the question how he can avoid driving the Bitcoin price down through his very efforts.
I personally don't use the bonds and never would - there are some mining pools listed on GLBSE which I've dabbled in and certainly the Asset Backed Securities look promising but anything else is your ass! I'm going to create a thread about my own investment program later which guarantees your principal (i.e your original investment), watch this space.
V.
However or wherever the money is coming from ,the interest is being payed out every week (yes ,i have withdrawn all the the coins to check if the pirate had plundered the loot or not )
i was able to withhdraw about 1070 coins after the first week ,so whose 70 extra coins did i withdraw ? how many more times could i get 70+ free coins before it comes crashing down ?
basically a free 700+ dollars a week per every 1000 BTC deposited ,how did i get 700 free dollars ?
this puzzles me a lot because mathematically its impossible to pay 3400% interest a year ,many people have pulled out early ,nobody has lost anything yet that i know off and the interst is
still being paid out at staggering rates
if its a pyramid ,anyone care to guess what level is at at now ?
Hi Defcon,
Did you read the article I posted above from TheBitcoinTrader? As you say so far (I say so far!) the Pirate has paid up like clockwork. You would usually expect a pyramid scheme to teeter after a few months however some have existed for much longer. Midland Euro for instance ran for about four years - and of course Petters Group Worldwide ran for nearly fifteen.
Several possibilities are listed in the article in question including that the Pirate may not be aware himself that he's investing cash in a Russian pyramid scheme outside the Bitcoin network. There's also the possibility that he's making use of several such schemes and is simply reinvesting clients money in newer ones as older ones start to go bad.
My (limited) experience of such firms is that they are not usually entirely reliant on Ponzi schemes to make money but will also bolster their funds through legitimate trading, if only so they can justify the huge returns promised.
You're absolutely right in thinking of the scheme in these terms though i.e whose 70 Bitcoins are you getting. If this is a Ponzi, then the answer is that you're getting them from earlier investors in the scheme.
The question for me is when the whole house of cards comes crashing down. I have talked about this with my Mentor who has worked in my department (Hedge Funds) for nearly thirty years and he says that this kind of scheme is unsustainable - does anyone really believe that if they invested USD 1000 they'd be a millionaire within two years?
I don't promise this but I can promise to keep your original investment safe! :-)
V.
its unsustainable for many reasons and it relys on people being stupid or greedy or both (textbook ponzi material )
someone worked it out that if you invested 1000 coins with pirate at 7.2% (compounding the interest every week with the principal )
in 3 years you would more than all 22 million bitcoins (including the ones that havent been mined yet ) :D
by this very logic ,its only a matter of time before the system defaults on itself
this is where it gets more complicated ,its rumoured he has upwards of 300,000 btc,some say more than 500k+ ,eventually hes going to be paying interest in BTC at a faster rate
than the coins themselves are being mined ,since most people are hoarding coins as the price goes up and the block difficulty increases coins will only become more expensive
Im still trying to figure if i take $700 out every monday ,has that $700 come from someone on a lower level than me ? or has it come from someone on a higher level who is compound
saving their interest or is it someones principal or is it pirates own cash to keep the scheme going until its prime time to cash out with a few million dollars worth of everyones coins ?
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Hey Vlad, a couple of questions if you don't mind.
1. Do you have anyone on this forum who can support your zero-risk claim and will they post so?
2. What is your minimum required investment amount?
3. What is your maximum accepted investment amount?
4. Can investments be allowed to compound?
5. Can we get higher return rate on longer investment periods?
Thank you,
-Mana
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I can vouch 100% for vlad, ManaFromHeaven. If you wish to ask any questions i am a client of his and he does offer various 'packages' and they are all zero risk but some involve higher returns but a chance of only 100% return.
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Hey Vlad, a couple of questions if you don't mind.
1. Do you have anyone on this forum who can support your zero-risk claim and will they post so?
2. What is your minimum required investment amount?
3. What is your maximum accepted investment amount?
4. Can investments be allowed to compound?
5. Can we get higher return rate on longer investment periods?
Thank you,
-Mana
Hi Mana,
Thanks for your post, answers to your questions are as follows:
1. Cozmo has very kindly vouched for my program in the post below as he has been a client of mine for a while. Thanks Cozmo!
2. One Bitcoin.
3. My scheme works in such a way that for every Bitcoin you invest I have another kept safely so there's no risk to you. At the moment I have 300 Bitcoins but this will change over time as both our investments grow. For now though the maximum is BTC 300.
4. By all means!
5. Yes, and in fact I'm sure Cozmo won't mind me saying this is what I am doing for him. Feel free to message me for more details.
All the best,
V.
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Without reading the 35 pages on Bitcoinmax, Im curious if anyone has brought up the points there that you guys have here, and if so how he addresses them.
Also, is this a scheme or a scam? I agree with the logic that has been said here and I dont see how it could sustain itself, but the question is what happens to those with investments when it does fall apart? Will they be screwed out of their investment? Unfortunately I dont understand money well enough. The greedy side of me wants to invest in this and at least make some scratch before it goes south, but not if the risk is losing everything.
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i have read all the pages and it does look like a scheme where people get paid from the people joining after them ,such schemes are not permanently sustainable and if everyone were to withdraw at the same time it would it would collapse although sometimes this doesnt happen for years
bernie madoff ran a bigger version of this and he made it last around 39 years investigators believe ,he paid interest regularly every month (even in financial crisis bernie reported monthly profits ;)
great story
http://en.wikipedia.org/wiki/Bernard_Madoff