Bitcoin Forum

Hey guys it's Jason and this time I did some investigative reporting on the scamer that created Bitcoin Savings and Trust. In my video I give you all the details you need to know, go check it out :)
Video Link: http://youtu.be/4QLUM4K52CM (http://youtu.be/4QLUM4K52CM)

pirate/(realname: trendon shavers)

got caught because the SEC was watching th forums and seen the BS&T saga. they contacted people involved and these people doxxed trendon..

he was not caught due to bank flags..

also he was not paying people in tiers.

he simply took money in and told people "your balance has increased" knowing only 10% of people withdrew their funds meaning he kept 90% and with new investors entering then compared to the number leaving he was not out of pocket.

it was a ponzi, not a pyramid

This is all old news. Pirate was charged with running a Ponzi scheme almost a year ago.

https://www.sec.gov/News/PressRelease/Detail/PressRelease/1370539730583#.U7bsvqitamH

Why are you presenting this information as if it were new?

because recent court stuff is happening and i think i prompted jason into researching it, when i mentioned it in a different topic about winkles being a legit bitcoin financial firm, fully insured, versus the scam of BS&T that was not insured,

but hey we need to get used to people that were not in-the-scene at the time who will keep repeating old news. as it saves us teaching the noobs that enter this year, all we have to do is correct their errors

Yes, you did prompt me to do a video ;) and your right I think its good for new bitcoiners to understand the scams that bitcoin has had to see how far we have come :)

I'm not against you talking about it. I like your videos. They are generally informative. I was just pointing out that you are mischaracterizing the video.

The title is "Bitcoin Savings and Trust Scamer Found", implying that pirate was "found" recently, as if he was hiding or remaining anonymous. The truth is that his name and address have been known for almost two years now. It should more like "Bitcoin Savings and Trust Scammer Charged One Year Ago".

In your video, you say "Today I have really interesting news to bring to you guys. It's recent news ...", when nothing in your video is recent.

It's interesting how everyone on this board is all about overturning the banking system and removing all regulation, that is- until they get robbed.

-bm

quick, give this kid a sandwich...

"He who fears the wolf, should not go to the forest."

banks tell us we can only withdraw £300($500) a day (without paperwork ID, hassle)
banks and regulation tell us we can only move $10k a year (without paperwork ID, hassle)
regulations allow banks to freeze accounts even without a court order or explaining.
regulations allow many other things that stop us from just using our money how we want.

when it comes to bitcoin businesses scamming us. its not regulations that we should fall back on.. its law!!

what we want is not regulations limiting our use of our money. its business ethics (consumer protection) rights which we already have that should be enforced by law.

EG consumer rights and best business practices. which are different the regulations. we dont want rules about how we can play with our funds, just rules on how businesses CANT play with our funds (the other end of the spectrum(from the consumer side)

protecting the consumer from bad businesses, not protecting the business from bad consumers

There is clearly a demand for more controls on money transfers and payments.  It is possible to do this through 3rd party service, and it is also possible to do this p2p - although the existing proposals(and they are only that at this time) I don't think have it exactly right.

-bm

We're not calling for regulation. In truth (though the legal system has not yet seen fit to characterize it as such), we were robbed through fraud. We were calling for his quick incarceration and seizure of his dwindling assets.

We could have applied rubber hose cryptography to the problem. This would have allowed us to at least retrieve satoshis on the bit. But the insane legal system would have seen this as -us- being in the wrong. With substantial penalties - likely significant time held in cages.

Couldn't Agree more :)

This guy makes bad videos and every time I see his thumbnail I click back

 ;) ;D :o sorry you don't like them