21 Jul '12, 6pm

A Bitcoin Savings and Trust exit plan, incentivizing the destruction of Bitcoin: Lets suppose the speculation is...

Lets suppose the speculation is true, and the Pirate has in fact been selling large amounts of coin. Ostensibly this is to stop bubbles, but another possibility is he's gradually converting a large amount of his bitcoin holdings into fiat. One he's done that he then has the incentive to crash the bitcoin market as his Bitcoin Savings and Trust obligations are denominated in Bitcoins. For instance, suppose he's a FinCEN insider and known's that repressive anti-bitcoin measures are about to be introduced. After the crash he simply has to buy back the coins at much-reduced rates, and he gets to keep the fiat left over as his profits. tl;dr - The Pirate has a big incentive to destroy Bitcoin itself.

Full article: https://bitcointalk.org/index.php?topic=94516.0

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