I'm more convinced that Pirate is running a legitimate outfit than I am that it's a scam.
"It is difficult to get a man to understand something, when his salary depends on his not understanding it." - Upton Sinclair
Good quote. I wouldn't be invested if I didn't see a way for it to be viable without being a scam.
This is a good point that I did not think about late last night when asking to bet. I agree that if some1 thought the 7% would continue for 1.5 yrs, why would they flat-bet me $100 as opposed to investing? One-Eyed made the similar point.
Funny how emotion clouds judgment for those on both sides of the argument, isn't it?
In the interest of continuing the real discussion that these Ponzis shouldn't be listed as Lending + all should be exposed, I will refrain from offering any more bets. Just saw a sure thing, i.e. there is no way this scam operation lasts until end 2013.
It probably can't at current rates of return. That still doesn't mean it will implode and result in a loss of assets. What would've happened if Madoff had returned all deposited funds before his operation failed? Would it have still been considered a Ponzi? Would anyone have known?