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Yes he is in default. He defaulted on Friday, August 17th when he closed down BS&T and denying withdrawals. He promised bitlane to pay by Monday the 20th. He never did, and if he wasn't already in default he would be at this point.
Doesn't mean he isn't paying back the loans, just means that he hasn't yet. It's an expensive wait though, interest so far on 500k btc is 65k, almost 3/4 of a million dollars. His time must be very valuable.
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Well, there have been a couple of forum members now who have claimed to have discovered his business model (with the inference it's not a ponzi). I couldn't find the older thread in my history, perhaps it was deleted. I
It seems to only survive as a quote from another poster: https://bitcointalk.org/index.php?topic=50822.msg607752#msg607752(I can't quote it properly since the thread is locked) ... So, it seems like...money laundering! The Business:
Over the last few months I have been selling BTC to a group of local people. Now this is a don't ask don't tell group of people so I can't tell you exactly where and to whom the coins ultimately end up with but so far its been pretty painless. During this last week I maxed out my available coins both personally and "leased" from other members and they needed a lot more. Up until now, I have dealt with my core group of friends and been able to handle the requests, but they seem to be getting larger and more frequent. So now I'm looking into other methods for keeping a consistent storage or on-demand availability of coins. I have two plans available for those sitting on coins.
On-Demand
When an order comes in that is over what I have available I'll send out a request to users in this plan requesting the total needed. The first to respond gets the deal and the transfer is made. These coins will be tide up for 1 business day to give me enough time to settle the transaction and acquire the coins to return. This plan pays a flat 3.5%.
Storage
This plan works as an ongoing commitment. You would send coins anytime to the address provided and you would earn interest on a daily basis. You can withdraw your balance at anytime, but I do request that you give me a couple hours to insure I have coverage for the next order. Interest payments are paid out ever 3 days until either you withdraw the funds or my local dealings dry up and I can no longer be profitable. This plan pays 1% per day.
Now I would hope to have enough people on the storage plan that I wouldn't have a need for the on-demand but I'll see how it goes. I ultimately want the ability to provide coins at anytime and any amount for these guys and we can all share in the profits.
I've created my own custom management software that I've built to monitor deposits, withdraws and interest payments. As this gets bigger I'll build a front end for it so users can view and manage there account and maybe putting that domain btclending.com to good use.
For more information send me a PM or just ask below. You can check out my OTC ratings in my signature.
Edit: I forgot to mention that dealing with anything less than 50BTC is more work than its worth so I've made that the minimum on both plans.
Thanks
I can, so here it is for posterity. |
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That is an interesting thought. If it was so obvious that Pirate was a ponzi, why did Theymos want in? and so late in the game besides?
Theymos ONLY wanted into an insured portion of the fund.People should not get the wrong idea and rather do their due diligence or ask him directly. Insured or not, willing participating in a 'known' ponzi is certainly immoral and most likely illegal. If nothing else, his request for the insured PPT is what blew up the PPT market. Before then, there were very few, I think 1 actually. Oh it's a 'known' ponzi now? That's a refreshing change from your usual posts. By all means though, continue to deflect the heat onto your customers if you don't like the questions being asked.  |
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He defaulted a week ago.
Wait what? He did? Surely you are joking or expressing how sure you are that he will default? If Pirate had actually defaulted the forum should be FULL of people wanting their money back and trying to re-design Bitcoin with a 6 months charge back period! Defaulting doesn't mean he isn't going to pay back the loans, it just means that he hasn't yet. 10 days ago he shut down BS&T with no prior notice, after some people had trouble withdrawing their accounts. He then promised to pay at least one of these people 3 days later, on Monday. It's now a week later, and nothing but excuses. He's also accruing interest on this debt the longer he waits to pay, by 7% a week. In 10 days his interest on the debt alone is 65,000 bitcoins (almost 3/4 of a million dollars). If he was trying to tank the market to buy back, it didn't work and he's running out of time. Another 5 days and he loses his bet with Vandroiy, but that's just 5k btc so not really a big factor there I would guess since apparently $650,000 in interest so far isn't enough to faze him. Another couple weeks and Matthew's 10k bet will be on the line, and Pirates interest has accrued another cool couple million dollars. I hope Matthew wasn't just trolled by Pirate into making that bet. If it isn't a ponzi it sure looks like one. But don't worry, I'm sure he's just gathering up his funds so he can send them all back at once. |
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it is for my start, why are new users always scammer?   Do you regularly ask people for $150+ dollars without even telling them your name? |
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I do clean up my redirects regularly. A rule of thumb I follow for redirects is if the redirect has been up longer than the thread was, it's probably safe to delete. Not much point in leaving a redirect for 12+ hours when the thread was only there for an hour or two.
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I dont see how this disqualifies anything, but ok.
It disqualifies this insinuation "id dare say the person that reported my thread is the same person who is vehemently attacking everyone for questioning these dubious bets and I do believe hiding the information is their goal" while at the same time giving you as little information as necessary because I consider reports to be private. I think you will be doing everyone a great disservice burying moving the topics when they specifically relate to concerns of the gambling sub forum
It doesn't relate to the gambling forum. It relates to one or two specific threads in the gambling forum. Linking to the discussion thread within that thread would be a more relevant to people reading that topic. It isn't relevant to people in general reading the gambling forum. Gambling and bets go in Gambling. Discussion about gambling and betting in general go in Gambling. Discussion of specific thread(s) is only relevant if it relates to a large portion of gambling enough to where it would be interesting to people who visit gambling, such as this one https://bitcointalk.org/index.php?topic=75883.0 |
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It wasn't moved it was split, it's discussion about how to recognize ponzis and the dangers, not another Pirate thread.
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You're not proving anything with this crap other than that you're a douche bag.
+1, I thought it was just the old trolling Matthew is back, but this is like a whole new level. Wtf is going on with you? I agree, the constant spamming of the bet to any remotely related thread is an annoyance to me. The amount of related thread is also annoying, i think MNW calling them out is a good thing Bingo. I am responding to the community at a faster rate then the community can respond to me. This is bad for moderators only. Not so, it's bad for the person spamming/trolling because they are the ones who get banned. Staff or not. |
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You're not proving anything with this crap other than that you're a douche bag.
+1, I thought it was just the old trolling Matthew is back, but this is like a whole new level. Wtf is going on with you? |
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with matthew probably having a backer it is not like he has "balls of steel".
i do not recall him having 10,000 BTC x 10 USD = 100,000 dollars to toss around on bets.
front man seems to be a better term for it. perhaps a puppet.
either way... tacky.
edited to add: on irc matthew said it was his money/btc. i still doubt it.
On IRC Pirate said he was backing it. I dunno if it's true, just sayin. |
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Im not suggesting that you are aiming to hide any information but id dare say the person that reported my thread is the same person who is vehemently attacking everyone for questioning these dubious bets and I do believe hiding the information is their goal.
Nah, the person who reported them has only posted in any of the Pirate related threads once, the rest are mostly speculation posts. And service discussion is there to be used, if we don't move threads cause we think they might not be seen, then nobody will ever use it. I'd imagine a lot more people are checking that subforum now that we are being more proactive and moving threads to the proper place. |
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Pirate himself said in IRC that Trendon Shavers was DBA.
Anyway a name and social networks doesn't mean anything.
The only way it would be proof of anything is if someone had the ability to run his ID though NCIC or social + ID through a credit check. Even then that stuff can be faked but much more difficult.
http://www.sba.gov/content/register-your-fictitious-or-doing-business-dba-name/For those who don't know what DBA means. |
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As per my OP, I reserve the right to lock my thread temporarily at anytime and reopen as conditions change. I will be locking the thread from additional bets within the hour.
Thank you.
I understand the absolute necessity of locking the thread from additional bets; however, it would be nice if there were some thread to officially follow the default or lack thereof by Pirate. I realize that that type of thread would likely quickly devolve into the same baseless accusations that this bet seeks to punish. That said, where should we turn for official news on this bet once this thread is locked? Check the van/pirate bet thread, the terms are a bit different though(either he repays everything due or he defaults, no % nonsense). Also the announcement board in my sig will be updated with any important information. |
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What is the end date on this wager?
When will the outcome positive or negative be considered settled?
If you're thinking about putting money on a bet, you should probably at least read the terms of the bet in the OP that answers that very question. |
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baconstrips-Ok
writer1981-Ok
contemptx-Ok
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If everyone got their coins back tomorrow, whats the incentive to 'panic sell' them?
I'm guessing the thinking is that people bought coins specifically to invest with Pirate because of the high interest rate. Once they get them back, sell them and go buy some big boy toys. |
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A goat and a pirate on a slow boat to Pattaya.
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Nah, there aren't any obvious indications that someone is banned. I also usually don't volunteer information about bans, not really anyone else's business, but I won't hide it either if it comes up. |
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