because of one or many of the following assumptions/premises
Have I missed something?
- No business can earn 7%+ a week over the course of a long term.
Have I missed something?
Sure you have missed something. The above point is not an assumption, but a trivial truth (except for the mathematically challenged) in a non-inflating currency like bitcoin.
This discussion needs people with some minimal mathematical ability. It would be better for the few others to shut up and stop advertising their stupidity.
Here is a little mathematical exercise for you. At 7% per week, how long does it take for one bitcoin to collect a compound interest of 10 million bitcoins? The first to answer this question correctly gets BTC0.1 from me (raising the question how long it would take for that tiny amount).
I'll simplify the question to make it easier for you, imsaguy, so you have at least a 50-50 chance of getting it right. Does it take more or less than five years?
So while you were all busy getting condescending assuming I don't know math, you were too busy assuming and missed a key fact: how long has pirate been doing this?
I won't wait for your answer and instead tell you: less than 1 year. Now tell me if less than 1 year is considered long term in most businesses.
(waits)
Great, now that we know pirate isn't considered long term business yet, tell me how likely it is that a business can earn 7% a week in the short term.
You see, the ponzi tinfoil has blinded you. Pirate never claimed he was going to sustain this for years and years. As he's slowly reduced the rates, instead of you guys saying "oh, he's bringing his rates in line with a maturing business" you guys are claiming "its the end of the ponzi". Quite literally, you guys take anything you see and twist it to fit your theory, even if there's a reasonable explanation otherwise. Go watch X-Files or something, you'll feel better.