Bitcoin Forum

The timing of this closure is TOO convenient.

Two days ago an article posted on bitcoinwatch.com entailing all of the PPTs and named pirateat40 himself as possible ponzi schemes.

Bitlane requests withdrawal and no response....

Interest rates dropped significantly.

Then pirate closes up shop.

When there is more depositors and there aren't enough funds (which I suspect to be true) this will cause a bank run. Hope that you are able to get your money out first as pirate claims on Monday all funds will be returned (well the start of that process......who knows how long that will take.)

All of the PPTs that exist will evaporate.

As I said before....someone will get burned in all of this...mark my words.

Not quite fair. I have to add in (ehemmmm) DEFENSE of Pirate.....the timeline might be a bit skewed, especially the relationship between my withdrawal request and other incidents.

It's fair to call certain things coincidental, but it's not as simple as drawing a straight line through and connecting all of the events on a level plane.

Everyone who invested in my passthrough has already been paid out from my personal funds.  Total profits: 85.9%.

I have faith pirate won't bail.

To be honest, I was never worried about him running off either.
....although if given the choice to get LEFT IN THE DARK, or TOLD TO FUCK OFF..... I would gladly take my lumps and say 'Touche'.

Unfortunately I have zero patience and even less tolerance for being ignored or not provided with ENOUGH information.

I suspect that your eyes would hurt with your signature saying:

"If you would like to open a sub-account at BS&T please contact me for details.  No, it is not a ponzi."


The game is up.

Him saying that he's spoken to his clients suggests that he'd placed the BTC elsewhere and has now called those funds back from his clients - it might take a few days for them to be returned.  There's not really any way to tell whether he's bull-shitting or not until Monday rolls around and pepople do or do not get paid.  If he has to buy Bitcoins on the open market, then it would certainly be to his advantage if the price crashed over the weekend but transaction limits might make it hard to withdraw the needed BTC before Monday.

Since when does that make any sense. He gives his other investors BTC...and on a whim he can "call" the btc back? I would think he would need to pay a premium in USD to make it worth his "other" investors' time to sell back to him, which I don't believe is true.

I picked the wrong year to give up popcorn.  :D

You need to cut back on your meds.

First, there can't be a bank run. A bank run is when all the depositors demand their money. Pirate is closing down and returning depositors money whether then want it back or not. So, no bank run here.

Second, of course all the PPTs will evaporate. There are a few (PPT.DIV, for example) whose investors will lose money, but the rest will just buy back the shares (for much more than they are selling for right now, I should add).

ok mr. 55 posts...and account created on July 27th.....lol

 ;D ;D

You're missing the forest for the trees.   From Pirate's perspective the threat or start of a bank run is just as bad as a bank run in motion.  Both can force him into controlling withdrawals or closing like he is now.

Your definition of bank run is also off - it's not "all [of] the depositors" demanding their money, it's just enough lenders withdrawing just enough cash to keep the bank from being able to fulfill further withdrawals.  This point of no return occurs before the 100% of all customers mark.

Im going to start sell bacon flavoured popcorn called baconica.

You should probably use short cut bacon.

WTH! Popcornica ain't good enough for you?  ;)

http://images.businessweek.com/ss/08/06/0609_big_brands/image/10_pirate_booty.jpg