OtherGround Forums Bitcoin "investing" experiment AMA/TME!

Edited: 12/5/13 12:07 AM
Posts: 578
6/27/12 11:25 PM
Posts: 14844
Interesting read. How much actual fiat currency are you investing in the fake btc currency? Phone Post
6/27/12 11:33 PM
Posts: 579
$500. I'm treating it more as gambling than a proper investment at the moment. With time I may move more money in if it works out.

So far I am down a few percent due to currency exchange costs converting to BTC from cash though this week's interest payment will take care of that.
6/27/12 11:33 PM
Posts: 154
Deepweb? Phone Post
6/27/12 11:34 PM
Posts: 21661
6/27/12 11:46 PM
Posts: 541
anyone promising > 8-10% annually is a ponzi scheme.

He is give 7% per week? ... something fucked up, Def something shady going good luck to you.

let us know how it goes.
6/27/12 11:55 PM
Posts: 580
Shabooze - Deepweb? <img src="/images/phone/droid.png" alt="Phone Post" border="0" style="vertical-align:middle;"/>

No. Clearnet. There's nothing illegal about this.

The "deepweb" is all scams (silk road a notable exception). While bitcoin is kind of anonymous, reputation is everything in bitcoin land. You can't build rep if you're anonymous.
6/28/12 12:02 AM
Posts: 581
AG_bull - anyone promising > 8-10% annually is a ponzi scheme.

He is give 7% per week? ... something fucked up, Def something shady going good luck to you.

let us know how it goes.

Could certainly be a Ponzi scheme. As long as it doesn't come crashing down within 12 weeks I'm happy. Once it doubles I'll move the initial investment to something safer and start borrowing short term, pocketing the difference between interest paid and received. That way if Pirate disappears with everyone's cash my exposure is limited. Letting the interest compound long term seems a recipe for disaster.

There are a lot of safer investments available with far more realistic returns.
6/28/12 12:16 AM
Posts: 582
The nature of the scam is the Million BTC question, along with when (if) he'll default.

I'm not so sure it's a Ponzi scheme, a few things don't make sense (deposit and account limits for example). I'm guessing drug money laundering, probably moving significant amounts of one currency/country, to bitcoin, then to another currency in another country (at significant expense to whoever is washing their money).

Nobody except "Pirate" knows though.

Edited: 6/28/12 12:31 AM
Posts: 19089
  Please update us every so often. This is obviously too good to be true, but if you're profitiing,  awesome. You have the right attitude about this so I hope it works out. 12 weeks for a 100% return OS great. 
6/28/12 12:48 AM
Posts: 18350
 in for the eventual reveal, I'm betting on Ponzi, there is almost no other way.
6/28/12 1:03 AM
Posts: 583
Next interest payment is Tuesday so I'll have an update then.

In the meantime I'm scouting other ways to profit from bitcoin with less risk. Market arbitrage looks very profitable with far lower risks, though I will be competing with automated bots and it will require more liquidity. Since I've limited my initial exposure to $500 it will be a while before I'll be getting into market arbitrage with any regularity.

I'd be very interested to hear from the OG bankers/investors on strategy. Have a read of the bitcoin.org forums. Some very interesting reading. Oh, and find a coder who knows how to make an arbitrage bot. We can start a bank (as many others have already done quite successfully, though we're talking far smaller amounts than real world banks obviously).

Fun stuff.
6/28/12 1:13 AM
Posts: 109
In for edumacation. Phone Post
6/28/12 1:16 AM
Posts: 6250
6/28/12 1:24 AM
Posts: 6319
6/28/12 1:26 AM
Posts: 1025
Subd Phone Post
6/28/12 1:38 AM
Posts: 4313
6/28/12 1:54 AM
Posts: 15858
Should have invested in Cosbycoins instead.
6/28/12 2:05 AM
Posts: 584
AlexanderTheGOAT - Willing to try this for fun <img src="/images/phone/apple.png" alt="Phone Post" border="0" style="vertical-align:middle;"/>

Give it a go! Let us know how it works out for you.

Only use money you are prepared to lose!
6/28/12 2:34 AM
Posts: 15860
Art Corvelay - I will give you all of my Stanleynickels for your Cosbycoins.

I didn't put several hundreds of dollars onto my parents' electricity bill just for some Stanleynickels. How about WWF pogs?
6/28/12 4:02 AM
Posts: 585
I have dropbear skins going cheap! The arse fell out of that market quicker than you can say "Look out! Dropb...."

Last time I take investment advice from Alby Mangels that's for sure!
6/28/12 6:03 AM
Posts: 14
Sub. Phone Post
6/28/12 6:52 AM
Posts: 14846
What is the value of a bitcoin based on?

You also take a big risk in a drop of value. Phone Post
6/28/12 7:35 AM
Posts: 1507
This should be good Phone Post
6/28/12 8:11 AM
Posts: 5449
Sub. Phone Post