Hey guys I've been away from bitcoin for approx 1 year (was a GPU miner before that). Is there a thread explaining all this pirate stuff? I have no idea what's going on.
The details are scattered everywhere, but the basic run down is that Pirateat40 created this thing, that he calls Bitcoin Savings and Trust. He accepts deposits, and was originally offering up to 7%
weekly interest. He now has control of a significant percentage of the world's Bitcoin supply, and has announced that starting Monday, he will be shutting down business and returning the investments, along with any owed interest. It is speculated that:
He is (was) running a Ponzi.
He is (was) running a money laundering scheme.
He is (was) running a legit investment scheme to allow big players to enter the market without drastically distorting it.
He will be returning all the money come monday, and everyone will end up happy.
He will be (and indeed may already have started) running off with all the money, and nobody ends up happy.
Among other things. Basically, Grab some popcorn, you've come back at the right time.
HAHAHAHA oh WOW. This is indeed funny. Caveat emptor indeed in the wild west of a new economy. Thanks for taking the time to explain things.
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