Bitcoin Forum

if pirate had 500k btc to pay back as of say August 1st of this month at 7% per week that is 14% for the past two weeks paid out which comes to:

500,000 BTC * 0.14 = 70,000BTC

Let's go back two weeks previous. So the total interest would be 70,000btc x 2 = 140,000 BTC for 4 weeks.

That's 28% of the principal investment not including any new investors that have sent pirate BTC since he lifted the referral requirement (which was a good indicator that things were going to end soon).

These astronomical returns just in the last 4 weeks (not including the current week's interest) is why I believe that pirate will not be able to pay the bitcoins back in full to his investors in the timeline he has given us (1 week or so).

He has paid out 28% (at least) of the overall 500k BTC in four weeks.

My guess is that the majority of the BTC that has been paid out in the past 12 weeks is the majority of the bitcoins that pirate had.

Then again he could have been selling the entire time in this current rally we are in which means he sold bitcoins at $7, $8, $9.... ::)


I suspect in the next week or two we will hear from pirate (if we hear from him again) that return of investor bitcoins will be delayed for numerous reasons and this will drag on for possibly months and then he will disappear possibly.

Why yet another thread with accusations based on assumptions.  Don't we have enough already.  Can't you just wait a week, or do you have nothing better to do?

Why are you crying still? ::) ::) ::)

Stop reading the forum for a week then.

Don't like what truth's I have to say?

Yes my thoughts on him not having all the bitcoins is still speculation, but all of the FACTS (interest paid, referral req. lifted, etc.) point to the conclusion that people will not get their money back in the short period pirate has claimed.

I might have to leave for a while... pirate's already the topic of every fucking thread, yet you insist on making more.

This is my question to you and many others:

What's so fucking irritating about me making another thread on this forum? Seems like people only complain about threads that point people in the direction of them possibly losing their money due to a scam. You are one of them complaining. It's a fucking thread for crying out loud. If you see a title with pirate in it don't read it or if you do don't cry. Just like if you lost money with pirate, don't cry.

It's annoying because there is no longer any other content.  Pirate has consumed these forums.  Other than seeing if Vladimir has anything else to say, I think I will walk away for at least a few days.  Nothing to see here but more pirate speculation.  I miss the other content.

What you call "truths" are not truths. They are just speculation. There is a speculation forum here: https://bitcointalk.org/index.php?board=57.0 (https://bitcointalk.org/index.php?board=57.0). Why not post there? Why are you cluttering up these forums with this trash?

It is not an accusation. It is a prognosis. Quite reasonable one BTW.

So what's happening with Pirate pass throughs? For those who think Pirate will pay everyone back, they should be worth close to face value. For those who think Pirate is a Ponzi, they are worthless. So what does the market think?

They are going for very slightly below face value.  For those who invested through me, they have already been repaid in full from my personal funds.

The only thing that I said was speculation was if he would return the funds or not.

All of my other comments which is 90% of what I said is fact:

Fact #1 - Pirate had at least 500k btc of investors' funds

Fact #2 - Pirate lifted referral requirement 4 weeks ago

Fact #3- He has paid 28% in interest in the past 4 weeks. Close to 140k BTC.

Fact #4 - He said we will pay all investors plus this weekly interest within a week.

Absolutly ok. I enjoy your quality trolling. Posts: 2562 and counting, omg.

I haven't seen proof for fact 1.  It might be true, but your figure seems a bit high to me.  Can you point me to some evidence for this claim since it is the lynchpin of your thesis?

Wow new account created on August 18th....good job creating new accounts lol

Bitcoin-otc:
[2012-08-17 16:17:57] <pirateat40> Azelphur, personally. BST is over 500k BTC
Pirate was identified with both Nickserv and gribble.

Even Team Ponzi just thought that it was around 450k, but you cannot dispute Pirate's own words.

Thanks maged. I didn't have a copy of that but I knew I read it.

My estimates are then in OP is quite reasonable because I used 500k figure and pirate says its over 500k ::) ::) ::)

A slight issue is that if Pirate is a scammer and is running a scam, he almost certainly would not be above fudging a bit.

In fact a lot of the types of people who would be prone to being scammed in this way would likely have considerable awe in someone wielding the power of {a large number} of coins and it would tend to install CONfidence in them.  They also might feel a strong sense of loyalty since Pirate was using his vast accumulation of power to the collective benefit of the group.

But...if he is fudging his numbers high (and has a fewer number to buy back thus weakening the OP's point) then he is a scammer and there would be very little reason to give anything back at the end of the Ponzi.

Market discounts 20% off passthrough, but it did went to less than 30% of face-value.

Fuck, could have made a killing if I wasn't away from the computer at that time :/

Think he is getting out all bitcoins till friday 24.

Pirate is going to be crucified by his investors if he doesn't pay back, just by the sheer quantity of coins stolen, and the quantity of people who know exactly who he is IRL.

Does anyone you know IRL know who he is IRL?

Omg..

Maged..   who are you refering to as "Team Ponzi" ?     that made me laugh...

Are you refering to the Dinner table photo ? with goat with the finger ?  :D  lol

I think team ponzi is all the "Ponzi!" screamers.

Yes, like that.

You know I said that I hope I'm wrong and that Pirate isn't a Ponzi and can, by some miracle, pay everyone back. Well, I take that back. I now really hope that Pirate is a Ponzi scheme and defaults on a significant fraction of existing obligations.

No, it's not because I love a good, "I told you so!". I do, of course. Who doesn't? But that's not the reason.

The reason is that if Pirate somehow pays everyone back, a dozen new Ponzi schemes will pop up. And whenever sane, rational people point out that has every single conceivable sign of a Ponzi scheme and only an idiot would invest, someone will point out that that's what people said about Pirate.

The only way I can see to get Bitcoin away from being a haven for HYIP scams is for there to be a very public, very painful collapse. So I now officially hope everyone with Pirate exposure gets screwed as hard as possible -- for the good of Bitcoin.

+100

this ^+1

All of this.

I would be happy to met you in Miami, show you where I sleep. Show you 2 forms of ID. You can come into my home. Meet my pets. I can link you any number of social networks with a few hundred connections.

And you'd have no idea who I am. Fake IDs are cheap, a good scannable holographic for my state around $300. Student ID or health card around $50. I have power and water bill as well :) Apartment is subleased with hand written lease. Sub letter has never seen my ID (fake or real) All my mail goes to a different apartment number. There's no way for you to ever figure out who I was. If you did I always carry a gun. People need to realize how meaningless all this stuff is.

That sounds like an extremely paranoid way to live (unless you're a fugitive)

Does the IRC server log ip addresses? What other information may be logged?

Don't take this personally but gold-plated pensions for prison guards don't grow on trees and neither do the contracts to build the prisons nor opportunity for bored cops to play soldier with fancy military toys. It's all for the greater good, you see.

Besides if those substances were legal competition would drive down your profit margins into the single digit percentages, just like regular retailers.

Glad you snipped some of that post because after about two min of consideration I decided I don't need to post that kind of stuff here. What remains is fine though. And I know exactly what you mean, my state is (I think?) leading in privatized prisons, another assualt on human rights. Don't get me started on police. Alcohol and tobacco lobbying have a lot to do with it as well.

IP address really? What is VPN, TOR, Public wifi, https://www.wpacracker.com/, ect...

IP address is useless.

If the information was made public I'm sure we could find out quickly how much of it is fake.

Not so. LulzSec hacker used VPN and it was just a simple matter of going to the VPN provider and have them hand over all details. Now he is in jail.

Surely, pirateat might have used more protection than just a vpn, but then again he might not.

Quote:

I give pirate more credit than some young dumbass that trusts a public proxy. If he setup gpumax I can comfortably say he's way smarter than I am when comes to technology and even I have the ability to never be found via IP. Maybe I'm spoiled by city wide free wifi and about 50 open networks in range on my wireless card. But the main point is witchhunt based on IP is dangerous if he was using some open network or that cracker site I mentioned, as some innocent will end up dead.

Doesn't mean one shouldn't try. It's another data point.

You might want to learn to spell Tor right before you try doing something stupid with the belief you won't be found. That said, I agree that IP by itself shouldn't be enough proof of anything. As for giving a ponzi sheme operator credit, I don't know, perhaps some credit for proving human stupidity?

I'd say >80% of your post are pointless. You're always posting brainfarts as fast as you can to new threads.

Good job quoting and then editing...

Size = 20 is also irritating.

I quoted the only part that I wanted to reply too. Didn't read OP either...
Good that you seems to agree with me.

Quite an incentive to secure your wifi ha? These days it basically means wpa2 with a very strong password.

Being the biggest faggot you ever met doesn't invalidate my argument.

Well I shouldn't have called you names regardless. I was drinking a bit last night, I need to learn to stay away from forums in that mood.

What was your argument anyway, correcting capitalization when you knew exactly what I was talking about. You added nothing to the topic but some nitpick. No one cares.

Making a claim that your IP cannot be traced with such conviction, yet unable to spell Tor right just made wonder if you perhaps was a little too confident in your technical abilities to stay anonymous. There are many with such confidence that are now in jail, the LulzSec guy is one of them. Thought he had it all figured out. Pirateat is also only human and one slip up is enough to bring him down. You cannot assume that he is simply untraceable, that was my point.

SEC says he was arrested:

http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370539730583#.Uf3iXZL2Z8H