Bitcoinmax paid out interest but only accountingwise as nothing went in the blockchain ?
Mine at least has gone but never actually entered any block.
Whats about you guys?
payb.tc paid interest on paper, but not on the blockchain. pirate paid all his lenders except payb.tc. payb.tc can't and won't pay his lenders until pirate pays payb.tc. payb.tc has a lot of coins with pirate, and so gets a lot of interest each week. Pirate probably needs new investment before he can pay the interest. 10K BTC should cover it. the first wave of late payments is not a good sign if i had funds invested i would bail out now its pretty obvious that the people on the last couple of levels are not going to get their principal back never mind any interest If you dont have funds invested why are you posting here? I am waiting on a withdrawl ,not thats its any of your business I may have put more cash in but after the vegas bullshit it pretty confirmed that this is a scam people are not even willing to confirm a posted picture is or is not pirate ? pirate has not identified himself some people on lower levels went to vegas but pirate only met a handful of the top people the top tier of this investment have already been paid ,god help everyone else when the ship sinks and trust me it will sink |
|
|
|
What if pirate and vandroiy were the same person ?
he could silence his loudest and most vocal critic for free while winning the confidence of hundreds of new investors with a 5000/5000 win/win bet for himself
Except that Vandroiy didn't shut up after the bet... Yes,but when Vandroiy is shouting the loudest ,oters may feel its all alreahy been said before it creates confusion and other people who might have have also shouted cant be bothered Even if vandroiy is a real critic ,its nothing to pirate to lose 5000 btc if his intentions are to scam 300-400,000 btc the bet probably helped the investment scheme more than hindered it......  |
|
|
|
Bitcoinmax paid out interest but only accountingwise as nothing went in the blockchain ?
Mine at least has gone but never actually entered any block.
Whats about you guys?
payb.tc paid interest on paper, but not on the blockchain. pirate paid all his lenders except payb.tc. payb.tc can't and won't pay his lenders until pirate pays payb.tc. payb.tc has a lot of coins with pirate, and so gets a lot of interest each week. Pirate probably needs new investment before he can pay the interest. 10K BTC should cover it. the first wave of late payments is not a good sign if i had funds invested i would bail out now its pretty obvious that the people on the last couple of levels are not going to get their principal back never mind any interest |
|
|
|
Micon - if you are so sure put a bet on it like vandroiy or on betsofbitcoin... talk is cheap.
I tried to snap-bet a guy 100 BTC back there, and was then called out for trying to run possible freeroll so I decided to forgo any free money I could make by betting on this obvious ponzi obviously failing soon. In the interest of full disclosure I do have I think a .5 BTC bet at betsofbitcoin that BCST fails before 2012. very jealous of Vandroiy's bet - seems like a +EV move by Pirate as once it was escrowed he prolly solicited more than 5000 btc in deposits after that stunt. This 10k BTC is escrowed by a trusted community member? not a pirate friendly? What if pirate and vandroiy were the same person ? he could silence his loudest and most vocal critic for free while winning the confidence of hundreds of new investors with a 5000/5000 win/win bet for himself |
|
|
|
and then  |
|
|
|
Can any users confirm GBP withdrawals are clearing?
I can confirm GBP deposits are not even clearing ,never mind withdrawls ive had near 3 weeks of continually changing lies from Intersango Scammers |
|
|
|
I'm more convinced that Pirate is running a legitimate outfit than I am that it's a scam.
"It is difficult to get a man to understand something, when his salary depends on his not understanding it." - Upton Sinclair Good quote. I wouldn't be invested if I didn't see a way for it to be viable without being a scam. This is a good point that I did not think about late last night when asking to bet. I agree that if some1 thought the 7% would continue for 1.5 yrs, why would they flat-bet me $100 as opposed to investing? One-Eyed made the similar point.
It probably can't at current rates of return. That still doesn't mean it will implode and result in a loss of assets. What would've happened if Madoff had returned all deposited funds before his operation failed? Would it have still been considered a Ponzi? Would anyone have known? Yes ,if madoff had decided to repay everyone before his arrest ,he would have been about 750 million dollars short so im thinking YES ,someone would have noticed  te problem with a ponzi is the money isnt real and paying interest from the deposits is only going to work for so long before it bites you in the ass and madoff only paid 12% a year ..........now look at pirate paying 3400% and its simple to see hes not going to run as long as madoff did |
|
|
|
Ok, so here some points based partially on ArticMine's theory.
- It is known that pirate is asking for more bitcoins for his fund. Normally when things are going good you don't have to ask for more bitcoins. So I will be assuming pirate did something wrong and needs more bitcoins to be profitable.
- ArticMine says pirate is going short. So if pirate went short recently it means pirate sold some bitcoins and has mostly USD in reserve. pirate wants the price of bitcoins to drop so he can rebuy more bitcoins (and repay his investors the weekly 7%).
- Since the price of bitcoin is stable, and did not drop as pirate expected it put pirate in a very uncomfortable position. he may have to buy back the bitcoins at a loss resulting in a short squeeze.
- sunnakar chimed in and mentioned HNWIs. If pirate has access to a lot of USD from HNWI then it is possible pirate could be slowly accumulating bitcoins. If this is the case it is possible that pirate could still continue to be successful if bitcoin prices go up, and he would not be short squeezed.
theres no way any sensible business person would leave himself open to a "short squeeze" while paying 3400% interest on investments |
|
|
|
wait you think because Pirateat40 has a $1M+ USD ponzi scheme it's not bad for bitcoin because it's only ~ 1% of total BTC? you should say it like this:
"HOLY SHIT HE HAS 1% OF ALL BTC "INVESTED" IN HIS SCAM! Over $1M USD! HE MUST BE STOPPED"
you don't care at all that a guy is scamming anyone stupid enough to send him BTC right here on these forums, and he has already acquired $1M USD+ ? this seems alarming, extremely wrong, horrible for bitcoin, and something should be done about it.
We have the same opinion. I just have a few minor reservations. - Bitcoin is in its early stage. It seems that the bitcoin community is bound to repeat all mistakes that happened in the history of all pre-existing financial markets.
- I do care, but I don't see what more we could do. Publishing clear and explicit explanations and warnings apparently has to suffice. But if you have any better idea, let's try it.
What I would like to do is find out who the perpetrator is and who his henchmen are. We know their forum nicknames, but that may not be good enough to bring them behind bars. I particularly dislike that they may get away with the money they stole. I could imagine though that those who lose the most money might track him down. Eventually everyone running a bitcoin "bank " ,exchange ,investment or wallet service should be mandatory to provide Identification ,authenticated by a local police department ,law firm or notary BEFORE they take in the first deposit ,thats just common sense Its unfortunate that there will be a few major scams before this happens but its going to have to happen sooner or later Giving anonymous money **a few million dollars worth** to anonymous guys on the internet to anonymously "invest" has got to be a bad idea |
|
|
|
|
i read pirate has over 300k btc ,some think he has over 500K of them
If thats correct and he scams ,its going to be a lot bigger than 1 million $
at current prices
|
|
|
|
|
Crash the party,everyone withdraw deposits from BST on sunday and see if he can make mondays interest payments or not ........
very simple test to check if its a ponzi or not ? and get all this bullshit over once and for all
|
|
|
|
|
normally i could download a 3GB torrent or ftp file in 90 min on my connection
but it takes at least a day to download the blockchain so its probably
not being uploaded fast enough
|
|
|
|
I give pirate credit for having the balls to conduct this ponzi with so much flair.
I think we are seeing the creation of a very successful pyramid scheme like amway/a2k (whatever they currently call themselves to dodge bad PR).
They dont always fail, occasionally the people at the top get ludicrously rich and have 0 dependence on their pyramid except as an income.
I applaud his efforts and eagerly wait for the outcome whatever it is, It a shame I could not make it to vegas as this would have been a very interesting show to see.
youre right ,they dont always fail ,investigators suspect bernie madoff had been running his for about 39 years (from around 1960 to 1999 and never missed an interest payment in that period ) everyone who wanted to withdraw always got a cheque issued immediately,if the authorities didnt close in ,his operation might have lasted even longer |
|
|
|
I was expecting DEFCON pictures. Is that so much to ask for for someone who has 5-10% of the entire bitcoin economy in pocket?
You should be asking everyone else why does an anonymous person have a few million dollars worth of BTC and he hasnt even provided ID yet...... |
|
|
|
So the deadline for, uh, something passed last night at 5 PM CST.
Yup. I suppose I might as well tell you guys what that is. There's something called the "Vegas Bonus" going on this weekend. All account holders with over 5k BTC as of Wednesday at 6 PM CT qualify. Any amount you add between Wednesday at 6 PM CT and Sunday at same time will be given a 1% bonus. You can guess what my thoughts are on this, so I won't bother. I think Frankie was referring to this deadline: Vandroiy has the following (2) options to choose from: - Concede the wager to me (pirateat40) per the details below.
- Vandroiy: Signed document confirming the action to concede the wager.
- pirateat40: Signed document accepting Vandroiy’s action.
- pirateat40: Will donate the entire wager balance (10,000 BTC) to a charity of the forums choosing.
- Don’t concede the wager and chance the outcome of Aug 14th.
- pirateat40: Nothing changes and pirateat40’s winnings (5,000 BTC) go to the charity of the forums choosing.
Vandroiy has until Thursday at 5:00PM CST to make his decision. I don't see how that is connected to a 1% bonus for BS&T lenders, since Vandroiy isn't a lender. And I think he ended up selecting special secret option three (3): - Wait for BS&T to default and collect your winnings
If the Investment is returning poorly ,Can Pirate lower the interest rates to say 3-5% weekly and still win this bet ? or would that be a automatic win for vandroiy if it doesnt stay at 6.9 or 7% until october? |
|
|
|
I think its going to be hard its going to be hard to control the volatility much until the economy grow, which, is accomplished by merchants battling that volatility for a while. When the market is this small and can be so easily influenced by the actions of a few large players, there is always going to exist this uncertainty. The real answer is to grow bitcoins popularity. Greater distribution will bring greater stability.
but merchants are not yet geared up to accept them and i think bitcoin fans hoarding coins in the hope that a few years down the line they might be worth 50-100 -$500 per piece is not helping the situation of getting them spent around europe in many cities people dont know ,i tried to tell a european admin girl in work about the system and first thing she said "but nobody will trust it " obviously its a sub 100 million $ market already and its just warming up so "some people Do trust it " but getting outsiders to recognise the benefits and pick it up and run with it will something i will be giving a lot of thought towards to help get it out there on the plus side , a few friends i have introduced to it have taken to it well and we use btc to trade between each other ,and also for private loans , wagers and bets on sports etc |
|
|
|
Not really an argument in this discussion but just as a FYI: The highest price for Bitcoin has been $32, and that's where the bubble burst
yes ,it was never at $60 but even so ,if he sold a crate of tea when the bitcoin was $32 and it subsequently crashed to $2 he would be in the red because the tea suppliers and the landlord and the staff and the utility companys wont care about a BTC crash and all expect their dough on time in FIAT regardless its understandable why he has to drop the bitcoin at that time ,now we have the newer infrasture that negates that risk ,all we need is more open minded merchants like him to at least give it a fair chance i would love to fill up my car or motorbike with petrol on a btc charge card but it would need to be quick ,i couldnt stay in the gas station waiting for 6 confirmations to be added to a block before they let me drive away  in thailand ,you can already buy mobile phone/ internet credit with BTC but only on a certain website and its slower than using cash in a 7/11 or a card at an atm as it gets more user streamlined and user friendly for daily purchases , the skys the limit for BTC(fingers crossed) |
|
|
|
they have to be traded constantly and thats just not happening enough ,its been said before but if you had a 5 dollar note and a bitcoin in your pocket you would buy your lunch with the 5 dollar note
No, I'd be thrilled to buy it with bitcoin and if I was dying to keep my investment 100% in bitcoins, I'd go home and buy more. The "hoarding problem" is not really a problem as long as the exchanges are as easy to use as Bitfloor. the current exchanges are anything but "easy to use " intersango is fcked (cant get money in or out) ,gox has got too much rules and regulations and delays and i dont personally trust small exchanges with big transactions so i would prefer person to person trading ,face to face if necessary |
|
|
|
no you won't loose your initial deposit (ok you may and its not VERY unlikely) Exactly how unlikely? Are there any facts that the supposed (un)likeliness is based upon? bitcoinmax is just a pass through to pirate - which means if pirate defaults bitcoinmax will not pay out anything. Sorry if this is a redundant question, but exactly who or what is "pirate"? I found several topics on this but didn't find any clear explantion or definition? 235 posts and you dont know who is pirate or what he is doing ? |
|
|
|
Any news from Metro? It's been over a week.
its been two weeks if you check the other thread.........someone has a withdrawl marked as "sent" 2 weeks ago and hes still not got his money back out ......... |
|
|
|
|
Show Posts
