Bitcoin Forum

Let's be clear about 1 thing first of all:

I have been a strong Pirate Savings & Trust proponent for the last 210 Days.
As with many of you, I have put up with my fair share of FUD being spewed by the masses and added a rebuttal or 2 whenever I saw fit.
I have never invested much, as in, never more than I was willing to lose.... although I felt it was enough to warrant some sort of service.

I have successfully withdrawn a grand total of 2165 BTC over 4 separate transactions, each of those 4 requests being filled within minutes.
(1 of them being a 1900 BTC request)

Today, however....seems to be another story.

As of posting this, we are officially at the 3 hour mark for what is still, an absent withdrawal request of only 114 BTC.

I am not about to jump to any conclusions too quickly, but in my opinion, there are a few things that made First Pirate Savings & Trust great:
- Fast Support.
- Easy Access to Funds.
- Communication.

With the above in mind, BITCOIN SAVINGS & TRUST has much to live up to.

Too Big To Fail - Not just for the USD Markets anymore.

I can only imagine that this post will lead to the forceful closure of my BTCST Account....but I have paid higher prices in the past, for the opportunity to be honest.

With Love,
bitlane

He has 24 hours to process withdrawals, does he not?

To make a thread after only three hours is a bit extreme.

I don't know, does he ?


As I said, BITCOIN SAVINGS & TRUST has huge shoes to fill, left by FIRST PIRATE SAVINGS & TRUST......

+1

The man has a life after all.

The fifth rule of running a ponzi. "You need to continue paying your shills, or they will turn on ya".

His life IS the Millions of Dollars in Bitcoins that he manages.

That's uncalled for.

The point being made was THEN vs. NOW...and nothing more.

Try telling that to his family.

I'm sure you'll get paid, but pirate can't sit at his computer all day if you want him to stay healthy.

is it?


I've changed emphasis.

And let me break it to you, no it is not too big to fail. There is no too big to fail in Bitcoin. Actually the sooner it fails the better it is for Bitcoin.

Why aren't withdrawals automated then?

Because he processes all transactions manually for security reasons.  I would not be invested if he did it otherwise.

Whatever... I'm done.

In the grand scheme of things, I honestly never thought that $1500 could ruin my day so easily or PISS ME OFF so badly...

3 hours is a REALLY LONG TIME!!!  You should probably get angry, start yelling, break your computer, you know...things like that.   :'(

Well, smooth sailing had to end sometime....

lol ::)

Were you using a PPT ? If so who with? Your withdrawal is only as fast as your middle man.

You do realize the amount of withdrawals he is facing is rather quite large at the moment.
Any business faced with that amount of withdrawal requests would take some time to unravel.

I'm not saying his legitimate or not, i imagine if he survives the next few weeks its a good indication he was legitimate.

Making a thread after 3 hrs appears to be rather extreme.


( Fwiw, i withdrew cash from bitcoinmax and it was actioned within a couple of hrs )

I deal with Pirate directly and always have.

When you get accustomed to a certain level of service that you experience, when Pirate actually WANTS your money......you come to expect the same UNLESS TOLD OTHERWISE.

Your 4 requests. Over what time period did you request them ?
What % yield were you enjoying?

Do you think your alarm may have been early considering his withdrawals are manual and he may be sleeping or gone out shopping ?

Place your bets people...

http://betsofbitco.in/item?id=537

I have made 20ish withdrawals, and while most were very quick, several were more than 3 hours...

How the fuck would I know what he was doing ? ......THAT GUY HIDES BETTER THAN WALDO and seems to answer and ignore what/when he chooses.
Perhaps he was working on the Dead Man's Switch......LMAO

Frankly, I am done defending a guy that couldn't give 2 fucking shits about me. EVERYONE IS FREE TO SAY WHAT THEY WANT.

I will end with this....now that I don't give a fuck.

Do you morons realize what a TRUST ACCOUNT is ?

IT'S SPLIT FUCKING LIABILITY.

I was going to close my account on August 20th anyways.....BRING IT ON.

have another drink

Sure. Post with another puppet account.

what does your avatar mean? I don't get it.

Your big text is really big and serious.  You must mean business.

Best I can figure it's "I love nevadacat"  or maybe "I love albertacat"

You are a very angry man. I hope you find peace for whatever is troubling you.

Let's join forces as Christians and start a Jesus Christ revival!

Just another troll thread.  Ignore these idiots.  I only see half the posts in this thread anyway, the ignore user feature is awesome :)

After 210 documented days of Investing with Pirate@40 DIRECTLY and NOT USING A 3rd PARTY, I would hardly say that I AM A TROLL.

He has 24 hours. Dont rush, with new rates there is going to be very big float of funds out.

Please show me WHERE this is documented.

It said that it could take time, and he stated some time for this operations in his bet. Any way 24 hours for withdrawing deposits is normal, when money are used for business...

Jesus Christ.
Get the tit out of your mouth already....

He has NEVER stated 24 hours TO HIS LENDERS. You might be referring to his 'Bet' but that has absolutely NOTHING to do with me or the terms under which I lend to him under.

He is busy spending your deposit on S R blow and some local hookers. Ur cash is gone man, crying here wont help.  :'(

He has, several times. Of course I don't blame you for not keeping up with the daily activities of Pirate with all of the posts about him.

Well, I check 2 places for Pirate Info..... his 2 infamous LOCKED THREADS, neither of which made ANY reference in the OP to 24 Hours per Withdrawal.

While I have your attention Maged, any reason why service operators are able to get away with locking their Service Threads, when they use this forum for active recruitment ?

I don't know, I just work here.

I would guess otherwise, based on the, erm, usual poignancy of character Bitlane shows. Somehow I doubt the third symbol represents a state or province...

Bitlane, I see two possibilities here:

• BS&T is finally collapsing as so many have feared. You have somehow been the first to discover it.
• Pirate is asleep, not at his computer, or otherwise occupied. (What, people have lives apart from Bitcoin?)

I'm not going to judge as to the probability of either of those possibilities, but one thing is true in either case - bitching about it isn't going to do anything whatsoever.

And in regards to service thread locking, there is this magical, mystical, mysterious button labeled "New Topic". Confusing, I know, but you seem to have figured it out. It's revolutionary - you can fume all you want and those of us who want to keep track of happenings without reading twenty pages of utter crap can read the service thread.

And notme made it so obvious


------

Also, if pirate is using the coins to turn a profit, isn't it to be expected that sometimes he doesn't have "instant" bitcoins?

He has said it repeatedly in his channel on IRC.


He locked the thread because people like you troll it with stupid crap like "He's not available 24x7 and I need my bottle of milk now!"

Which is to say that he didn't mention this when advertising on the forum for people's money.

Pirate made no guarantee as to timeliness but always has had a personal goal of processing things within 24 hours (which he has reinforced when talking with people) and people still deposited.  If a person really was concerned about turnaround, it should have been put in writing before depositing. 

He never reinforced shit with me...and perhaps if all of his so-called info was to be found on IRC, then he should have used IRC to recruit accounts and NOT Bitcointalk.org ?

When's the last time he's actively recruited accounts?  Please, quote it.

You are completely correct. He has 'Trust Accounts' to assume Liability now.

He is now the untouchable MOB BOSS and all of his CAPOs will go to jail when this falls apart.

ARE YOU FUCKING SERIOUS ?

I haven't done business with Pirate in ages (bitcoin time) but I remember clearly 24hrs being the time frame he's "promised" on withdrawals.

Dude I liked the stuff you did with BitcoinExpress but seriously you're getting pretty close to the same level of attention/glory seeking whoredom by getting your panties in a twist over a 3 hour wait on a withdrawal, when if you'd bothered to ask people who've been doing business with him for a while or even popped into the IRC channel, you'd have known an up to 24hour wait is normal.

Should I have asked what level of BTC investment warranted decent service from him ? MY SAVINGS ACCOUNT WAS 7 MONTHS OLD.

This little thing started a couple days ago, between him and I.....so this was not the first straw.

I PM'd him to ask for CLARIFICATION in regards to the RATE CHANGE (considering everyone one of his TRUST ACCOUNTS were reporting something DIFFERENT) and he dismissed me like I was a child.

Both BEFORE and AFTER THIS, be was famous for picking and choosing WHAT he replied to and most times simply chose to IGNORE me.

With all things considered, I am happy with the end result, although it's a LONG WAY TO MONDAY and this isn't quite over yet.

The best part about being ME is that all of my PMs can be verified by an Admin.
I have NOTHING to hide, nor have I ever.......

why do you need coins so quickly anyway? its not like the price is dropping

If you don't trust him because your payment was hours late then why the hell would you be angry about him closing your account?  If you freak out this much over a minor delay, perhaps you don't have the risk tolerance needed for HYIP. 

Hookers, Blow......and Piano Lessons. Oh, how I am looking forward to those Piano Lessons.

Someone needs to do a bit more reading me thinks.....

I am not in the least MAD about my account being closed. Perhaps you should get your facts straight and READ.

I thought you said you never invested more than you can loose. Has that changed.

I hold passthroughs and I consider the principal lost until proven otherwise......

It looks like this thread has started a bank run from Pirate. There are 23+ withdrawal requests from Bitcoinmax right now. The list only shows the first 23, it could be 1000 requests, or it could just be 24.

The big withdrawal queue could also be completely unrelated. The upcoming rate change for Bitcoinmax users might also be the cause.

LOL
Does that mean I am a Charity-feeder and not an Investor ?

Considering you are trying to help Pirate, you are doing more harm than good with comments like that.

Well, part of that queue was there before I made a stink......so it's not all my fault.

I just didn't give a fuck about 'future' interest and had the balls to put honesty before my own personal greed.

As with most things, this could have been avoided with a bit of communication....COMMUNICATION TO ME.

I cant help but bite....

In your words,

Pirate has paid you dutifully for 7 months. Up to 7% a week. Perhaps enough interest to buy yourself a nice car.
For you to then turn on this person for a lack of communication or perhaps a unintended slight says much about your character.

and very noble of you to throw care to the wind and reveal the ponzi after you have withdrawn over 95% of your funds.

 Edit - Removed quotations around the word ponzi.

You are clearly misquoting me......

I have not stated anything in regards to a PONZI.

My frustration with Pirate stems from, or leads back much further than this last 'slight'.....

I simply had to overcome my own GREED so that I could speak my mind freely.

My problem IS and always has been TERRIBLE COMMUNICATION from Pirate.

If part of that queue at BitcoinMax was already there before you made your withdrawal then obviously other people have been waiting longer than you to get their money

Do you expect Pirate to give you a preferential treatment ? Hey it's Bitlane, let's push his withdrawal to the front of the queue !

Seems to me a lot of people want their money and has hasn't got it readily available or is doing something else....

Anyway, Just saying...

I hope you get your BTC soon !

Best of luck

What's this? Got a link to the appropriate discussion?

Was a post made earlier about the withdrawal queue at BitcoinMax and if Bitlane's thread had set this off

Bitlane replied that part of that withdrawal queue already existed so that it had nothing to do with him posting

https://bitcointalk.org/index.php?topic=101152.msg1106760#msg1106760 (https://bitcointalk.org/index.php?topic=101152.msg1106760#msg1106760)

Anyway, apparently all is solved or at least postponed till Monday

Let's hope Bitlane gets his coin then !

If you are a user of Bitcoinmax you can log in and click on "withdraw" to see the queue. Please note that Bitlane has deposited his BTC directly with Pirate. I'm the one that brought up Bitcoinmax and it's queue.

I was wrong about the length of Bitcoinmax's withdrawal queue. It currently has 28 withdrawals pending, no more, no less.

3 hours of waiting and you scream ponzi. What a fucking joke.

So you're pissed because Pirate ignore you, and you want to hurt him by starting a panick withdrawal. That's so ridiculous and childish. How old are you again?

This will end with pirate closing his operations, everyone getting his coins back, and everyone feeling sorry for the lost opportunity.

Great, thanks everyone.

What a fucking joke.

Well, if everyone gets his money back then at least it wasn't a ponzi  ;D

or he could prove he is not running a ponzi and everyone would stop with the  panick withdraws after every weekend or fud post.

Yes but it will be a great opportunity lost, and you can be sure the volatility of bitcoin price will increase, which is the last thing we want.

Plus all this FUD is really tearing this community apart.

I mean team ponzi, you've been fuding for what, 2 months intensively. You didn't manage to make this "ponzi" collapse because it isn't one. So what about stop fuding, and just letting everyone make their own choice?

How would he do that exactely?

Unfortunately you are a bit late, getting to the party.
Take a few minutes, catch up on some reading, then rattle off another 4 useless posts and see if you are caught up on things by then.

Maybe the guy had gone to bed or was in a long meeting?  Anyways, you made a lot of money and dodged a bullet, congrats.

Umm, that's exactly the situation. I love Indiana cats too.

bitlane: Why would you want to bite the hand that feed you? (http://www.goenglish.com/NeverBiteTheHandThatFeedsYou.asp)

Someone forgot to take his bipolar meds today.  :-*

My teeth are bigger. My main character flaw is also my best weapon. I AM PETTY.

Thanks for that vote of confidence there...... 'One of the biggest names in Bitcoin'

You got a free dinner shoved down your throat and sunshine blown up your ass while in Vegas. Does that make you better than me ?

A Star-Struck Man who's loyalty can be bought for the price of a Vegas Dinner.
You are Super Trustworthy......obviously.

LIGHTS...CAMERA....ACTION !

If this is what recent withdrawals look like (with someone BEHIND the wheel), did you happen to get anymore info on the infamous Dead Man's Switch ? (in the Captain's ABSENCE ?)

I figured I should add this, since my edit was late on the previous page......

If this is what recent withdrawals look like (with someone BEHIND the wheel), did you happen to get anymore info on the infamous Dead Man's Switch ? (in the Captain's ABSENCE ?)

Did you kill pirate expecting to get instant coins?

With kindness maybe...... I kissed his ass for 7 long months, just like everyone else.

I am however starting to feel better about the situation though.

If Payb.tc can't even get his withdrawal queue cleared (AND HE IS THE LARGEST PASS-THROUGH), that could only mean that I am pretty much fucked.

I think you are panicking.

What if Pirate has been offline for 12 hours?

Last I checked, he has been offline for approx 14 hours now. He disappeared 5.5 hours after I asked for a withdrawal, yet he also informed me that he has a BOT that checks his PMs, so no one can be too sure about WHEN he is actually online.

All he had to do was tell me that I couldn't get a withdrawal until the next day and I would have been happy with THAT.

He decided to avoid my request and get annoyed when I sent a second PM to him, after witnessing him on/offline a half a dozen more times after my first contact, all the while being ignored.
When I DID finally get a response, he said that I was in a QUEUE.....and NOTHING MORE.

He chose to avoid the situation and this is the result. I WOULD NOT HAVE EXPECTED A FAST WITHDRAWAL IF I HAD BEEN INFORMED OTHERWISE, USING PREVIOUS PERFORMANCE AS THE BENCHMARK FOR CONTINUED SERVICE.

THIS IS 100% HIS FAULT.

He was finally able to take the time to tell me WHEN my account would be CLOSED, but he couldn't have informed me when a withdrawal could or could not be processed ?

No, unfortunately.

Back when I first had $10,000 USD worth of BTC 'Invested' with him, I asked him for contact info and he REFUSED.

So, back in the days of 3% every 3 days Interest, I shut my mouth and let my greed take over....keeping me quiet.

The Admins can go back through my PM history and confirm everything that I am saying here. It makes no difference to me.

eek, look what you've done!

https://bitcointalk.org/index.php?topic=50822.0

Let's all pray that it wasn't a ponzi after all and he can cover all deposits next week.

Thank you. Thank you team ponzi.

Fuck you. Sorry but now I'm pissed.

I feel a libel lawsuit coming up. Actually I'm kinda hoping it will.

Good job numbskull.  I will now be paying back my passthrough customers with my personal funds since I have no doubt pirateat40 will come through.

Libel for what exactly Einstein ?

People are welcome to sue me for Libel....once they understand what exactly that means, of course.

It's kinda funny.....

With all of this COMMUNICATION WITH LENDERS happening, WHERE WAS MINE ?

I NEVER CRIED PONZI AND I SAID MULTIPLE TIMES (SEE MY POSTS) THAT I BLAMED PIRATE'S LACK OF COMMUNICATION FOR MY FRUSTRATION.

/btcst

I NEVER meant for this to happen. This end result was NOT my goal.

This is NOT my fault. I only wanted 114 BTC out of over 2000 available. I NEVER PANICKED.

get laid if frustration is the problem

Do you understand anything about investing? 

Has it never occurred to you that money 'tied up' in investments is not perfectly liquid, and that fact is part of why you get paid for the use of your cash?

Throwing a public tantrum because you were not instantly gratified is ridiculous.  And thus, you are being ridiculed.

You aren't the leader of Team Ponzi, but amplifying their FUD makes you a fellow traveler.

After a tiny 3 hour delay, you made yet another Pirate FUD thread about how awful it was that your ass wasn't being kissed fast enough.

OK fine, you didn't panic.  Fear, Uncertainty, and Doubt was is full effect however.

Congratulations, you will be forever known to have a reputation = asshat in this community.  Better get a new account and start posting in the noob ghetto.   ;D

Is that how you got those last 169+ posts ?

http://betsofbitco.in/item?id=521

You didn't make this happen. It's not your fault.

http://www.youtube.com/watch?v=92D15qtI_Gk

Bitlate
[Asshat member]
 ??? ??? ???
Date Registered:  July 18, 2011

iCEBREAKER
[Full Member]
 8) 8) 8)
Date Registered:    June 02, 2011

Sorry I have a life, and can't waste as much time on here as you spent stalking the people on your little sig.
Please note however, that I joined 1.5 months earlier than you.  So respect your elders, young asshat.  ;)

If you shape up and start making progress on learning about the concept of delayed gratification, maybe I'll tell you a story about the good old days.
The good old days being, of course, the golden age when you were not yet a member spreading FUD via redundant, panicky vanity threads.   ;D

Ignore them. Seriously.

The people who care the most about BS&T create terms like "Team Ponzi" and insult other members for withdrawing or blame the end of BS&T on single members.

The entire forum, however, is made up members that, quite frankly, don't care about BS&T.

Given the fact that it's ending, however, it would seem the cat is out of the bag now. Pirate was doing heavy arbitrage, he's lost control due to irrational demand, and we're definitely going to see the side effect of this. He had to purchase a bunch of Bitcoins here recently to get everyone their money back I suppose.

Price is probably going to fall now though, buying pressure is gone.

No way is he going to pay everyone back, principal and accumulated interest. Maths say he's under water.

Had his business been legit he would not have borrowed bitcoins at exorbitant rates but gotten a fiat loan from a bank.

I always thought it was "I love black pussy".

I'm probably wrong though.

I Love Alberta Pussy

(Alberta = Northern Montana for all you 'Miss Teen America' types)
http://www.youtube.com/watch?v=lj3iNxZ8Dww

So I was close.

Did they legalize narcotics in South Carolina?

why an early duplicate...
http://betsofbitco.in/item?id=521

I think, scarily enough, you may be underestimating how many people invested in BS&T. I reckon that before Pirate closed it down it had pretty much reached saturation - that is to say, pretty much everyone that was willing to consider investing money in BS&T had put money in, and greed being what it is lots of people were willing.

i thought twas nevada girls darn :(


i like to convolute the threads

I think it's safe to say it's been a bit longer than 3 hours now....and I still haven't gotten my withdrawal request of 114 BTC.

I wonder what the problem could be ?

It's monday in your part of the world?

Its monday afternoon here, but that is unrelated to Pirate's monday

As of posting this, my coins (Final Payout Total) are due in approx 13-14 hours.

This came BEFORE the announcement.......

Monday is almost over in some parts of the world (a few hours left).

Central Standard Time Payouts.....Noon-ish.

There is actually a pretty simple relation between your Monday and pirate's.

where's he, europe or US?

This time of year, pirate is UTC -5, in winter, UTC -6.  Central Time, US.

are most bitcoiners east coast US?

Central Time isn't east coast US, it's central US, so the East Coast shouldn't make up most bitcoiners. Assuming that most bitcoiners are in the American continent is also probably not correct, because many members of the lead development team are European. However, most bitcoiners are probably behind UTC time.

Only the pretty ones. ;p

Has anybody started getting their coins back yet?

Not that I know...

Bitlane ?

Supposedly payments are starting to show up...in the bs&t payment thread, at least one person claims to have received his/her 4k owed bitcoins from pirate.

Actually he was just trolling.

Where is the repayment thread? I looked and couldnt find anything.

https://bitcointalk.org/index.php?topic=101942.0;topicseen

Bitlane: Let me guess......


NO PAYOUT TODAY FOR YOU ??


Oh dear...

Bitlane, I have a buyer that is interested in you Pirate account.  PM Me if you are interested in selling it.

let us assume the 500k btc are not asset of pirateat40 anymore but the equivalent fiat money which he is still lending to someone. this will not have any effect on the bitcoin economy because the 500k btc are still in circulation (or more like hoarding). if this is true then we cannot expect a price drop in bitcoin because the coins are not stolen like as it happens at other scam situations in the past.

pirateat40 needs time to get back the fiat money plus interest. and the big question ist how he will earn these large interest rates he promised? with speculation in a bullish market without the opportunity of short selling?  ::)

EDIT: if this scenario is true then he did a reallocation of bitcoin in the past months moving bitcoins from early adaptors to bitcoin newbies wich is not so bad for the bitcoin economy...

1. He doesnt have the coins otherwise 24 hours would be enough time to get them back to investors.

2. He has two options to get bitcoins back to investors, buy them, or mine them.

3. Looks like he is shit out of luck... :D

i'm 100% with you...  ;D

That was a troll......keep reading the thread.

No payments yet. 

As much as I appreciate the offer, rather than use PM, I must publicly DECLINE......for 3 reasons:

1) I would be a complete douche to leverage a 3rd party and expose my risk to them.

2) I have EVERY intention of seeing this through to the bitter, agonizing end....AS I SEE FIT.....because frankly, what else would I do with my time ?


<EDIT>

I forgot to add the 3rd reason....LMAO.

cont....

3) He made this PERSONAL with his threat that 'I would be last to see my money if I kept it up' ......

Man, love you or hate you.....

You provide endless entertainment.

Reminds me of the old saying, "sure he is an idiot, but he is our idiot dammit!"

I forgot to add the 3rd reason....LMAO.

cont....

3) He made this PERSONAL with his threat that 'I would be last to see my money if I kept it up' ......

There's two types of people I can't tolerate: People who can't count.

Oh yeah...two types? lol

Clever...

Looking at this post I'm not entirely convinced Bitlane didn't have an ulterior motive here. I wouldn't rule out perhaps even his being a Pirate shill.  To suggest someone could become this disgruntled after just 3 hours seems a bit far fetched. It's possible the post is sincere, it just seems very unlikely.

I wasn't being insincere when I wrote that post.

When the scale was a bit more manageable (Before all of the PPTs began throwing in 10s of thousands of BTC at a time) First Pirate Savings & Trust was awesome.

Back then, he communicated.

Once the fund grew (exponentially as it seems), the service and overall communication seemed to fall off at a proportional rate.

THAT was my original point.

Bitcoin Savings & Trust failed because it got too big.

You should have seen the bitlane V bitcoinexpress epic battle  :D

I have a feeling even if pirate pays him back we wont hear the end of it.

NOT TRUE.

When BitcoinEXpress said 'mercy' ....... I LEFT HIM ALONE.

It's funny that you bring that up though, as I never stood to lose or gain a single cent over that battle.

This, on the other hand, is quite a different story with the stakes in question.

I dont think pirate will make the mistake of getting in a public battle on the forum.

If he wants to save face, let him honor the agreement he made to send my funds with interest, on Monday (30 hours ago)....to give others a bit of hope that he is not completely full of shit.

Don't you wish someone had warned people that something like this would happen?