Hello everyone, in light of LTC-Global shutting down, LTC-Silver will also be down while I find another suitable exchange to restart the asset. Although it is sad to see Litecoin Global go, I'm happy to say that this is actually something LTC-Silver had very well planned for.

I will be halting trading on 9/30/2013 so current share balances will be finalized. On 10/1/2013 I will then contact all share holders with enough shares for a physical withdrawal, and see if they would like to receive their physical silver, or if they would rather that I sell the silver to the community and pay out what your shares are worth in Litecoins.

Please update your profile with a public Litecoin address, so that I may send you your Litecoins after liquidation. If you do not have a public address, then I will attempt to contact you via email. For shareholders with enough shares to withdraw, as in the contingency plan, all withdrawal fees will be waived, it will just be required that you own 500 or more shares, and pay the shipping cost.

If you have any questions, Please contact me via the Bitcointalk forums, or the Litecoin forums at SaltySpitoon. I want to thank all of the shareholders for being a part of Litecoin Silver, and I hope that you will join me again, at the next exchange we make it to.

This post is no longer needed,

Just a bump

Where are the transaction IDs for the multi thousand BTC sends?

Based on his own technicality, didn't he scam himself? Since his statement says, if I lose I'll send 20 BTC to that address in the example, doesn't he still have to send the BTC to himself?

I would advise searching the scam accusation board here. https://bitcointalk.org/index.php?board=83.0 to check and see if specific individuals have been referenced.

When dealing with someone, feel free to ask for their references, and look for written references from other members. If I write, yeah trust me, theymos vouches for me, and I can't provide documentation to back that up, its probably a good idea to walk away.

Just do a bit of background searching, check their last posts, make sure they don't have any scam accusations, and using Escrow is always a great idea if both of the members in business are new or don't have a positive or negative record. Any of the trusted members will offer an escrow service, sometimes free, sometimes at a 1% fee. Two names that come to mind are Kludge and DeathandTaxes.

Don't be constantly afraid of getting scammed, there are good people out there too, but just be constantly weary of anything that just doesn't look right. Anyone with what you perceive as odd behavior, take extra precautions or just don't deal with them at all.

*Very Special Note* Being a new member, I can guarantee someone will accuse you of scamming in the near future. My best advice here (assuming you aren't scamming) is keep a level head, provide proof or extra assurances that you can't scam, offer to use escrow or what naught. You don't know how many times I've seen a new member questioned about something, they take it personally, get all offended, and start portraying behaviors of a scammer (whether they were or weren't)

I myself have lived by these rules, and never been scammed. I started as a new member, trading with trusted members ( I think my first buy/sell was with Tecshare) and my first major trades were with Pirate40 lol, I actually bought a few hundred BTC from him with MoneyPak, until I got to the point where I had a back record to back me up with some minor trades, and now most people would be comfortable trading with me. If they aren't, I'm perfectly fine with Escrow too.

Well, whether he was fired or he actually did resign, leaving BTC magazine was the best choice.

Actually, OP mentions giving Paypal gifts, those are not reversible. If you are offering to pay first to trusted members in form of a paypal gift, you might get a few hits. That being said, if you are going to send a Paypal gift in return for BTC, make sure you are trading with a very trusted seller. There are 2 common outcomes, 1. You find a trusted seller, and everything goes through well. 2. You don't find a trusted seller and you get scammed.

Pick wisely my friend.

Is it too late for me to place a bet?

So if you win and he does pay back, you have to pay the 5 BTC shipping and handling?

Yes, I think so. It was pretty shitty of him to do it, and he defaulted on a large bet, and deserves a scammer tag. But, people, feel free to be pissed, but god dammit stop making new threads every 10 minutes about the same thing.

If I'm not a woman, can I still send in a pic? Under the specified guidelines of course.

Well, its too bad this had to happen, whether you think you are a scammer or not, you should resign / dissociate yourself from BTCMag. As you said, even if you are just acting "unethically" that still hurts the magazine, and the best thing you could do at this point would be to apologize to Vlad for dragging him into this, and just walk out.

So MNW is a pending scammer, even though the bet hasn't ended yet, and even if he loses he hasn't been given a chance to pay out? Isn't this all a bit premature? What happened to all of the MNW's secret backer threads? If he had a backer, Pirate, the government, his mom, whatever, wouldn't that give him a better chance of paying out?

Feel free to call him insane if you want, or even play in the bet countdown thread, but isn't calling him a scammer a bit extreme or at the very least premature? Either he wins, you all feel like asses, he loses and pays, and you all look like asses, or he loses and doesn't pay and you are right. I don't think this thread should have been made at least until tomorrow.

are you going to dye it green and purple? If so, I think some people might donate to the cause, as long as you take pics afterward.

Lucky you don't live in my area. You would be shot. You really need to learn how to talk to people, if you say stuff like that seriously, you will begin to rub people the wrong way if you haven't already. The guy is trying to make an honest buck, why do you feel your opinion matters? All you are doing is disturbing everyone else. Look at the BFL preorders, those things are selling for like 2x what people paid for them at least because limited supply, wait list, etc etc.

I see them, else the drool on my keyboard would be odd.

All you have been saying is that his business is not sustainable, your reasoning is pretty flawed. We are not sure what kind of "sliver" of a profit Patrick is getting, for all we know, he could be getting those 20-30% loans, and then paying back a fraction of that to his investors. Why would he want to reduce the amount of other people's BTC he is holding to zero? if he holds 500 BTC of other peoples, and 500 of his, he can lend out 1000 BTC total, and pay interest on 500 of those BTC. If he has 500 of his own BTC, and 1000 of other peoples BTC, he can lend out 1500 BTC, get more interest generated, have to pay back 2x as much interest to his investors, but he is still making 2x more in commissions, as well as he is still getting the full amount on his personal 500 BTC. The more he has, the more he can lend out, the more he can lend out, the more total $ he makes. And your point about how Patrick expects people to trust him with their money? They already do. You are the first person who I've ever seen call Patrick out, I'm quite sure all of his investors as well as many potential investors feel quite secure investing in Patrick.

I don't get how Patrick is being called into question, and Joel, your argument all seems to be centered around the fact that Pirate defaulted. Here is how Patrick is different. He's not running some unknown scheme, hes taking money from people, and using his good reputation as a major loan operator on the BTC forums, then using his own name to distribute that $, getting a good interest loan from people that are trustworthy by his standards, which are much better than most, as he knows what to look for in a person looking for a loan. If he is giving out loans at 10%, and then he pays his investors 8% and keeps 2% for himself, how is that not a sustainable business practice? Hes just paying out a little less than what he is getting in interest from other loans that he gives.

People are investing in the service of having their $ invested for them. People give their $, Patrick looks for people to loan to, he gets paid back the $ + Interest, pays his interest owed to his investors with interest he gets back from the loan, and takes a bit for himself. Provided the fact that Patrick has a great reputation, and is the standard in BTC loans, I would say more than likely, his business wont collapse, and you wont be defaulted on. Its a pretty solid business model.

That being said, I've never obtained a loan, nor given $ to Patrick, so I would consider myself to be unbiassed on this matter. I think people are just going a little bit Pirate crazy lately.

Now please, instead of calling Patrick a scammer, why not calmly ask him about his business' feasibility, how he plans to stay in business, real applicable questions?

I too would like a pm. Even if you don't need any more ad space, I just want to talk to someone 

Very cool, I just realized I don't have the correct insurance, facility, etc so I don't think I could legally do this, but thank you very much for explaining. Never the less, I'll look into it, but either way, good luck to you.