Bitcoin Forum

BullShit Trust: It is the beginning of the end.

https://bitcointalk.org/index.php?topic=101152.msg1105660#msg1105660

How innocent bystanders will be affected by this? How Bitcoin economy would react on "vaporation" of ~ 300 000 BTC or nearly 3% of all bitcoins out there?

I would guess that most damage has already been done and besides lots of stink, economic effects will be rather mild. Plus we will get lots of "bad" publicity. How exactly it will all unravel remains to be seen, however.

Um  so 3 hours delay is unacceptable... But 3 months delay for your magazine is just fine?

With ponzis it is not about delays, it is about exodus of marks. And it is exactly where I have pointed the link to, not to the original post.

And with magazines is about cross posting everywhere with silly sensational titles? Yellow press at best.

Agreed. There will be lot of loud wound licking and howls of pain from angry marks.

However, the economic damage will be minor.

On this forum I represent myself only, unless I say specifically otherwise in some given post. Your stupid ad hominem attacks are transparent and clear.

unforeseen delays are way different than ponzi's.

With the signature as twice as big as your post you sound silly.

Sleep, food, sex...some things take time. But of course 7% interest has to end...specifically, if pirate had 2.6 million BTC outstanding 10 weeks ago, he's got 10 weeks or so until his debts are higher than the number of bitcoins in existence.

I thought it was 400k. Not sure if that's paper or real. Either way, that is quite a slice.

Well that's good to hear. That should add 20 weeks or so to my initial estimates.

Cypherdoc...my friend and compadre...please tell me you are not going to be one of the ones victimized in this scam.  Not when things are starting to get interesting after such a long dry spell!

Oh my dear - it looks like pirate is not the only one with this kind of offers: https://bitcointalk.org/index.php?board=88.0

no way.  i'm just here to support Vladimir.  :)

I'll just leave this here:

If anyone is certain pirate is running a ponzi and wants to bet BTC100,000+ against him, PM me.  I have an idea.  You must be willing to risk large amounts of BTC.

Glad to hear it.  No bull...although I have no idea why after you've been so mean to poor little me over the years :)

Those bitcoins won't disappear. I imagine that they will all eventually be spent (or traded for $).

Coins gone for three hours - THE PONZI IS COLLAPSING! THE END IS NIGH!

Perfectly logical.

Did you by chance notice a follow-up post, where I confirmed the receipt of my coins ?

I even asked VIA PM if it would be easier if I simply cancelled my withdrawal request, due to the time..... YET STILL NEVER RECEIVED ANYTHING FROM PIRATE BY WAY OF COMMUNICATION IN REGARDS TO ANY KIND OF TIME LINE OR DELAY THAT I MAY FACE....until I received this approx 5.5 hours after my initial request:


Wouldn't it have been JUST AS EASY to tell me where I stood on his so-called queue ? ...... HE'S NOT THE ONLY ONE WITH A LIFE.

He just bought himself 3-4 days.

Thank you Captain Obvious.

Or maybe most of them already were traded for USD.

However, in greedy naive minds of many "depositors" these BTC still belong to them and counted against their "net worth" probably as well as anticipated "dividends". The default will be an event crystallising losses for those punters.

Well, watching BTC climb in price well past the 'Pirate 10%' threshold against USD over the last week, combined with withdrawal queues.... I am really not sure what to think about the upcoming Monday 'Pirate Payday'......
Let's hope alot of people re-invest so that I can get paid.

So wait, he still hasn't sent you're withdrawal? And now he's closing your account? What a Madoff!

Well, BitcoinEXpress called me a terrible Internet Detective.....and I BURIED HIM.

All Pirate did was ignore me and put a couple thousand BTC of mine in limbo. I am currently CAREFULLY measuring my FINAL response to the situation.

Vlad, you're a dick.    That is all, continue with your nonsense.

And Bitlane, good I was hoping he'd close your account.  Now perhaps you'll shut up for five minutes (Yeah I know, what am I thinking!).

Don't bother replying with a scathing but unoriginal retort, I won't see it.

It's only $28,000.  Opps....that was an hour ago...closer to $30,000 now.  Oh well...the price of counter-party risk I guess.

When heard from you, shill, this is a great compliment.

https://bitcointalk.org/index.php?action=profile;u=50329;sa=showPosts if anyone has any doubts.


@vbcof: indeed, if it not in your wallet you do not own it. Get used to it folks. It is the Bitcoin way.

If you really are an authentic account and not simply a sock puppet or shill.....would you mind sharing HOW OLD YOUR PIRATE DIRECT ACCOUNT IS ?

Mine is was 210 Days old.

What a Madǝoff! Hopefully, I improved upon your idea.

~Bruno~

Is this normal operating procedure or something entirely new?

If so, uh oh, looks like you probably didn't get out in time.

(Were you at least given the option to forfeit interest, and receive your funds immediately?)

He is probably closing it out on Monday because he doesn't want to do a partial interest payment. Just a guess though.

Yes, this is one of the expected gimmicks, see for example the story of the Currin Trading EVE Online ponzi (http://web.archive.org/web/20091026234156/http://geocities.com/currintrading/) Vandroiy kindly posted.

What I'm wondering is if this is a new mode of operation for BTCST. Bitlane stated he had previously always been able to withdraw several thousand coins "immediately".

BTW: Calculating partial interest can be done on a pocket calculator in about ten seconds. (It's something only a ponzi could have trouble accomodating.)

Could be, but then again there could have been a million reasons why his withdrawal was taking longer this time. In any event, it will be interesting to see what happens on Monday. The recent price spike definitely can't be good for Pirate.

As I have always maintained, I have NOTHING to hide.

Over the course of 7 months, I made a total of 4 withdrawals, totaling 2165 BTC....with the largest being 1900 BTC (1900 + 140+ 100 + 25).
All 4 withdrawals were received at break-neck speeds after requesting them.

After 3+ hours of waiting and ZERO Communication to tell me otherwise, I had simply had enough.

I was then informed that My account was forcibly closed 5.5 hours after my initial withdrawal request and THIS is what it took to get what up to this point was THE STRAIGHTEST ANSWER THAT I HAVE EVER GOTTEN FROM PIRATE OVER THE PAST 7 MONTHS.

Did the price spike have me worried ? DAMN RIGHTS IT DID.

It's not terribly interesting if pirate doesn't reply to email for a few hours, and then replies.

But it's very interesting if BTCST withdrawals and account closures are suddenly "paydays only please", if they weren't before.

Thanks for your candidness, Bitlane. :)

Bitlane:

Imagine you ran a bitcoin business. To have control of everything, you did it all yourself, and did all transactions manually. You always did your best to respond to messages and to process payout requests as quickly as possible.

However, as you were a one man business, you needed to sleep every night, and you needed to go to the mall to buy groceries, heck you might as well have a family that needed your attention from time to time. You may have other interests that take some time as well (chess-playing, soccer practise, going to the gym etc.)

Let's assume there's only 24 hours available for you pr. day. It's the same for everybody.  ;D Now, picture you sleep for 8 hours a day, then on average you spend 3 hours a day on non-bitcoin related activities. This leaves you with 13 hours remaining.

Now, picture you have customers from all over the world, all of them do business with you. Some love in Asia, some in Europe, and some in America. So you get messages and withdrawal requests every hour of the day, around the clock. Most of the time, you are able to process withdrawal requests immediately, but at other times, the request comes in when you go to sleep, and the customer has to wait till you wake up before you can process the request. Or you just left for your kids soccer match in another state, and won't be home until 5 hours later.

So, if you were running the business, and you had an angry customer yelling at you on e-mail and in the forums, after 3 hours of non-action on your side, while you were sleeping or away on a soccer match, would you be pleased ?

While we all want to look after our own issues, and want them solved, we must realize there are humans on the other side, and sometimes things do take some time. The bitcoin world is more faced paced than other businesses, and a reasonable expected response time should be 24 hours on weekdays.

So, when after 3 hours nothing has happened, do you think it's reasonable to complain already, and do you think it's unreasonable to have your account closed ?

But, consider yourself lucky, you will probably have all your funds returned. Time will show is others are similarily lucky.

You are correct on a few points and to that I concede.

Luckily, in my own defense, this forum has User Stats that clearly show MOST ACTIVE/HISTORICAL TIMES ;)

Pirate and I seem to be in the SAME time zone as well and since I try not to bother him during regular business hours too much as he could very well maintain a 9-5 job, WHEN IS A GOOD TIME ?

As I have said previously, I am not at all saddened by the forcible closure of my account and can only thank my lucky stars that I was NOT A TRUST account, as I would have stood to lose an additional 500 BTC 'Security' Deposit for 'Rocking the boat'.....

Let this be a lesson to all TRUST ACCOUNTS:

I don't have a 500 BTC Security Deposit to lose, but you surely may. Keep your mouths shut and keep the deposits rolling in ;)

He's simply closing the account because bitlane is being a prick.   Simple as that.

If you think it is a ponzi/some other risky venture, why are you screaming/whining now that you may have lost?  If it is true that it is a ponzi then you are only stealing others' money by withdrawing anyways

Sorry....Who's screaming/whining Ponzi ?

No, I don't have 0.5K BTC to lose. :) Therefore I won't invest such an amount anywhere I think I might lose it.

It looks like you are exercising self reflection here, which is good.

You stated you are in the same time zone as Pirate, which means, the chance of getting swift replies are bigger.

However, sometimes unexpected things just happens. While anyone running a business would love to be available through all business days, year round, sometimes there are accidents, emergencies, celebrations etc. Things happens.

You stated you already had several prompt withdrawals. Which is good, and led you to expect that this service would be just as swift in the future.

Now, let's picture this: Let's say that you are usually available 19:00 in the afternoon. At this time, you're always around the computer, ready to answer any message or request that pops up. Then suddenly one day, while you sit down to spend some time on your pc, you get a call from a close friend, or a family member, requesting your assistance for an emergency of a larger or smaller degree, and you reluctantly needs to leave your beloved PC to attend to this meat space disruption.

Or picture you're on the way home from your office and there's been a traffic accident, or there's road construction work, or a flood, an oil spill, or whatever slows the traffic down.

Point is that there are hundreds of things that can happen in an ordinary day that can make something become delayed.

Of course there's always cell phone internet plans, so it's possible to process requests even when stuck in traffic, but the point is that if your grandmother had a seizure, your daughter stepped on a piece of glass, or you have stomach issues and is spraying the toilett, you will be unavailable.

Most likely you will be available at your computer at 19:00 92% of the days in a year, while on the remaining 8% you will be unavailable for whatever reason, sometimes life just happens and a day or more go by when we can't do the stuff we intended to do.

This is not a defense of pirate, but just trying to add some common sense into the matter.

I think that after a day, if no response is received, and then a follow up response also doesnt receive a response, then it's time to complain on the forum. I understand you get upset when money is 'locked' up. I wasn't too easy myself this week when I had requested a withdrawal from a non bitcoin-related business, and I thought it took forever to get it. I explicitly asked that the business in question notified me once the transaction was initiated. There was not a notification whatsoever, and naturally yesterday, after 4 business days without a confirmation of the withdrawal, I started to be uneasy. Today the money came, and it was sent on wednesday this week, but they didn't bother telling me they had initiated the transaction as they promised to do.

A case of lack of communication. Some would probably call me impatient, but when you don't receive any messages, you have no idea what's going on on the other side.

So, a little patience should be exercised at least, and personally I would give a bitcoin business a couple of days to respond before I start crying foul.

I was and still am crying SHIT COMMUNICATION.

Telling me that I am 'In a queue' with nothing else to accompany it, might as well be telling me the asshole is a body part, when I ask where it's located.

So you discount the possibility that he was just unavailable for a few hours ? Heck, for all we know, perhaps he was on a date, and busy with trying to get a posh babe to spread here legs. ;)

You're ridiculous. I mean, how fucking old are you? You're a joke, and everyone taking this to prove bst is a ponzi is a joke as well.

Glad Pirate closed your account. I just hope all this FUD doesn't lead him to close for good, because you will feel sorry aout the lost opportunity, and the stability that pirate brought to bitcoin price (yes, regular increase is also stability as opposed to volatility).

bitlane's avatar says it all...

10+ ignores and proud of it

Will pirate lose the 5000 BTC bet if he doesn't meet the withdrawal request within 24 hours?

No. He has no time limit in his TOS.

Pirate's shutting down, I figured something would happen this weekend with the sharp increase in price lately, then the announced rate cut. Guess he loses the bet now.

https://bitcointalk.org/index.php?topic=50822.msg605957#msg605957

Pirate hasn't defaulted as long as he can pay back all deposits by next week as he stated.

Fuck everyone that spreads FUD. You could have made great profits while helping stabilising bitcoin price. Now back to scammers at 2% a week and great volatility that make bitcoin look like a laughing stocks.

Fuck you. At least now you'll look ridiculous, that's my only pleasure.

Just looking at the format of his posts (font size, font thickness, excessive capitalization) is actually enough to judge he's a joke isn't it?

AGAIN...FOR THOSE WHO NEED IT SPELLED OUT.

IT WAS NEVER ABOUT THE DELAY. ONLY THE LACK OF COMMUNICATION DURING SAID DELAY.

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

He looks to have been planning this for a while, nobody actually thinks you have anything to do with it.

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.

Your ruined Bitcoin.  How could you?!   :P

I ruined Bitcoin....

bitlane, did you get all your coins yet ?

Monday....with Interest Payment as scheduled, which is what I was told when my account was closed forcibly yesterday.
I have no reason to believe otherwise at this point.

I hope you get all of your coins mate....

Well, as I was booted out yesterday and have already been given my withdrawal date, if Pirate is as good as his word, I will be on the first wave off the Island on Monday at Noon CST.

nah, a little friendly jousting never hurt anyone.  besides, back @$2, you and i were the only ones still bullish.  :D

Ouch! That's going to leave a mark.  Good catch. LOL.


THE DUDE WAITED ALMOST 13% (3/24) OF THE MAX BEFORE THROWING A CONNIPTION FIT!!!  THAT'S TOTALLY REASONABLE!!!11!

NOTHING SAYS "I AM NOT PANICKING" BETTER THAN RANTING IN UNDERLINED BOLD ALLCAPS, RIGHT?!?!?!?!?!?!

/ ::)

Timetravel

+1

hue hue hue