Bitcoin Forum

Given Pirate will likely have to purchase the coins on the open market to pay back his investors the price will have to go up.....if indeed he is going to pay all of his investors back in the time frame he laid out.

Price rebounded strongly as I suspected.....all the weak hands get shaken out now....

If he pays back his investors, many will sell to take profits. It could go both ways.

mtgox sell order book is 60k btc max?

he owes multiples of 100k btc to his investors. Where is he going to buy them all?

I say dont sell right now to force him to buy higher...

Wouldn't that be awesome for the exchanges and traders.  But somehow I suspect that IF pirate was not in BTC then he has already contacted his biggest investors and asked how much they want in BTC vs USD...

What pirate said is pretty much what every other ponzi says when it collapses: funds tied up, you'll get them as money comes in. I seriously doubt people will be getting their money back. Expect more excuses about having trouble getting it back out of assets later this week.

Did I get that right?

Cash settlements?

Is this fucking bullion bank that takes investors money to buy precious metals to be stored and doesn't but when caught with their pants down they can pay in PAPER. LOL

I ate a whole pack of smoothies today.

For once I like your post Mucus.

Let's not start rumors here... its a total guess.  But its what I would do... 

I have no investment in BST so no real interest one way or the other other then hope that it does not reflect poorly on Bitcoin itself.

Can't tell if you're joking or serious. ("Shaking out the weak hands" is pretty much a meme from the primary Bitcoin bubble)

I cut out the first part because ::)

I'm serious.

And I understand why you left out my initial statement.  ::) ::) ::)

If this were true, and it was a Ponzi, what reason would he have for no longer accepting deposits?  

I'm not invested with him or trying to defend him, but what incentive would he have?  To delay suspicion?  Why would he need to do that?

Also, is anyone else wondering if the dump at $15 was him, and then he just bought back in at $11?  He could have made himself a hefty bitcoin profit doing that.

1. He did that to instill good faith with his investors.

2. If he did he will not buy 500k coins at those low prices.

Well, it is kind of hard to make Bitcoins by leaving your investors money in Bitcoins. Of course he doesn't have them.

If he's arbitraging, which recent price moves seem to indicate, he's trying to take advantage of every other exchange basing or postulating their prices based on MtGox, which *could* backfire on him, but it is likely he's got enough in reserves that he could pay them outright and then pocket Vandroiy's bet and be at least 5000 BTC richer, on top of whatever profits he made minus the 3% interest he was paying.

I guess the question is, is he going to want his profits of BS&T in cash or Bitcoin? Recent price moves (despite what you may think) suggest BTC. He seems to be manipulating Gox while accumulating elsewhere, perhaps some via GPUMax, some via other exchanges.


It is probably more likely he sold till he found his buy-side counterpart on MtGox, and is now purchasing on other exchanges if he's actually arbitraging.