It is wonderful. All the idiots who gambled on this scheme get to eat their own losses intead of claiming "exigent circumstances" and "systemic risk" and forcing their losses on to me at gunpoint. I get to fully enjoy the benefit of choosing to not participate in a Ponzi scheme.
It is not that simple. Pirate's default affects all of us, even those who didn't fall for his scam. Should he finally shut down his operation with literally zero hope of a refund, the market will crash rapidly. So after all, we all get to pay for what happened. Seing how obvious this deal was and seing that one can pull off much more subtle tricks i'd say that the bitcoin world is not ready for self-regulation.
Don't you understand? This is exactly the way it is supposed to be. Free market not only gives freedom to individuals; it also liberates the society from weak members. We all have much to learn. We must be responsible, cautious, wise... Some of us already are, others are learning it the hard way. Some will be eliminated by their own stupidity. Only worthy will survive. Of course this pirate event saddens me, because we all suffer from it. But once the market is estabilished, people will be changed. Healthy community will grow and if bitcoin becomes more ..global, whole world will benefit from this change. |
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>2012-08-21
>May
Sure wasn't hard to trick you into a ponzi scheme when you can't even grasp the basic concept of months in a year.
I'm the one that posted that initially, you fucking toolbox. DUH...sure isn't hard to trick you into rurureeedDdDding.... Now, fuck off sockpuppet. haha, you mad? tell your kids they won't be able to go to college, because daddy lost all of his money to a bad pirate! |
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Exactly... costly in terms of reputation for all involved. Would you trust anyone who gave pirateat40 a rating > 1?
Guilt by association.
I wouldn't go THAT far. The current influx of new ratings clearly show a timeline, so I fail to see how IF he was trustworthy in May, that you could hold it against a user in August. >2012-08-21 >May Sure wasn't hard to trick you into a ponzi scheme when you can't even grasp the basic concept of months in a year. |
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Well, at least Phraust had a good transaction experience with Trendon on 2012-08-21 02:37:38 while the rest of us were getting NOTHING. He even gave a '10' rating.
Good for him...
Trust level over 9000.
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By the way, let me mention that : I TOLD YOU SO! All I want to know is: did you put your money where your mouth is? If not, then  .
>implying Matthew was ever going to give away BTC10kI simply don't send my bitcoins to anyone except when I want to exchange them for fiat or goods. It's as simple as that. Learn it before you get scammed again. |
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Those of you who invested with pirate should remove themselves from the gene pool. You are too stupid to live. Either kill yourselves or mutilate your genitalia. You've lost more money than you can afford. Now you won't be able to pay for even basic things like food. Your wives will abandon you, taking your kids with them and since you can't pay for mortgage, you will become homeless. Free market brings natural selection - stupid people die of starvation. By the way, let me mention that : I TOLD YOU SO! |
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No 7 (13%) 7 PPT operators ? Scammed 'investors' in denial. |
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He said no by lowering interest rates, like a free market business should. Too bad the FUD masters incited the herd to stampede for the exit  . Naive and stupid people got fucked by a scammer, but it's not their nor the scammer's fault. It's the fault of those who warned them. Fuck logic. Let's use emotions instead! |
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It is ironic how Bitcoin is being destroyed by idiocy of its users. I wonder what Satoshi thinks when he reads threads about guys falling for Pirate's scam.
On a side note - when is Pirate supposed to pay out? I must sell my btcs until then.
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Well, truth be told, bitcoin is not entirely anonymous...
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A lot of fiat is a much more difficult to keep secret than a lot of BTC. There weren't that many coins traded in the crash.
Transfer coins to a brain wallet and sell a couple grands worth every week. If BTC keeps rising you essentially have a lifetime annuity (in USD terms).
Hard to tell. Bitcoin is easier to keep secret, but its price is quite unstable. It might be worthless a few months later. If I was pirate, Id make an account in a country with good banking policy (say British Virgin Islands) and exchange bitcoins into fiat via different channels. Second, and more immediate is a short-term increase in demand. What does a scammer do with his ill-gained bitcoins? He tries to exchange them for fiat as soon as possible - so he can disappear without getting caught. So he offers large amounts of bitcoins on the market and price, naturally, drops. Investors would either keep them or reinvest them.
Should be "short term increase in supply" not demand. Yes, I meant supply. Thank you. |
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I am afraid it does not work like this, at least not in the short term.
There are two major effects that result from a huge Ponzi scheme like this.
First, it's a loss of confidence in the market and bitcoin as a whole (although this is not rational at all, since Ponzi scheme does not indicate that bitcoin is untrustworthy)
Second, and more immediate is a short-term increase in supply. What does a scammer do with his ill-gained bitcoins? He tries to exchange them for fiat as soon as possible - so he can disappear without getting caught. So he offers large amounts of bitcoins on the market and price, naturally, drops. Investors would either keep them or reinvest them.
In my opinion, the recent crash has been caused by pirate selling his fortune.
EDIT: corrected supply for demand.
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I'll repeat it again : those who invested with pirate are incredibly stupid and deserve to lose all their investments.
The only thing I regret is that the rest of the community suffers from a price crash because of this.
Getting my popcorn ready. This pirate thing is amusing as fuck.
Why don't you bend over and walk backwards into a wall of dicks, k? And by "k" I mean eat a bowl of dicks. Hahaha... so how much did you 'invest'? You don't cease to amuse me  |
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It is a shame that I'm not what you consider to be an estabilished member.
I'd go all-in.
Again, I can proxy your bet free-of-charge. Proxy? Like... taking my bitcoins now and giving it to Matt should he win? This is exactly the kind of behavior that got the whole community into trouble. Never give your bitcoins to anyone, except when you buy something or exchange your btcs to fiat.Damn. Get your shit together, guys. |
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It is a shame that I'm not what you consider to be an estabilished member.
I'd go all-in.
I'm 100% sure pirate is a scammer.
And what you're doing now is a desperate act of denial.
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I'll repeat it again : those who invested with pirate are incredibly stupid and deserve to lose all their investments.
The only thing I regret is that the rest of the community suffers from a price crash because of this.
Getting my popcorn ready. This pirate thing is amusing as fuck.
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Nothing wrong with blaming the victims in this case. They are the fucktards that allowed themselves to be taken advantage of. (...) Thieves and con men won't win if people aren't morons, they'll just waste their time.
THIS! Million fucking times THIS! The best way to improve Bitcoin is to eradicate stupidity among its users. |
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If it can be killed someone will do it eventually, so might as well be now, we'll be better off. If not it will just prove that it's stronger than people think. Do you really think someone would do that? Just go on the internet and tell lies?
Oh god I laughed so hard. Everybody lies, even in real life. Now I don't know if you understood the irony in my post. I meant to say that pirate saying he has 500k is not a proof that it's true. |
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I hate to spoil your joy over this, but this Bristol currency isn't really a currency. As far as I know, it's fixed to the british pound in 1:1, thus it is merely GBP in another form. The reason why they started this project is that once you exchange your money to the Bristol thing you usually spend it there. If you just had GBP you would likely spend it somewhere else. So it helps the local economy. From our point of view this turistic attraction is irrelevant.
Feel free to correct me if I'm wrong. I got my information from newspapers and it may be wrong.
Oh yeah you're spot on, but I think it's going to add legitimacy to alternative currencies in general. I hope not! If the public somehow connects bitcoins with this bristol gift cards (i refuse to call it a currency. thanks to scribe for a wonderful alternative name), everyone will think of bitcoin as a gift card. Misconception is the last thing we need. Everyone is overly exicted about a thing that only matters to the Bristol community and has nothing to do with bitcoins. |
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btw, where's the confirmation that he controls 500k BTC?
[2012-08-17 16:15:10] <boonies4u> pirateat40: will you be daytrading with your own funds after this? [2012-08-17 16:16:15] <pirateat40> boonies4u, Yes I hold personally over 30k BTC [2012-08-17 16:16:45] <Azelphur> pirateat40: is that your personal or the total funds of BS&T? [2012-08-17 16:17:57] <pirateat40> Azelphur, personally. BST is over 500k BTChttps://bitcointalk.org/index.php?topic=101339.msg1111794#msg1111794Do you really think someone would do that? Just go on the internet and tell lies? |
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