I'm not exposed to pirate in this loan. smart1985 guaranteed to pay me back even if pirate defaults. Of course, I might lose my money if say smart1985 ran away. But this is not related to pirate.
any loan of that nature "guaranteed" by a passthrough better have huge reserves, and the pain after the pirate default will be so great that we will see how good the guarantee is for each user. |
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200BTC loan to smart1985( https://bitcointalk.org/index.php?action=profile;u=25340) Mybitcointrade.com Admin Deposit address:12TTFAQKN4ntPwYLEvKMX9PMeWUYdPptZ3 Deposit amount:200BTC Payback due:Jan 31, 2013 Payback amount: 362BTC Payback address:1F4D7Je8i2Q4QYBKqz4uFkpmAUADS5EgqB Transaction ID: I'll deposit in 1 hour, update soon ur playing great today  Would have given you better odds / paid escrow fees. I would have offered ur 200 btc / payback 400 btc if Pirate is all paid up on 1/31/13 |
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But, failing that, I'm actually not sure why he hasn't called game over already. These weekly payouts certainly bite into his stash, and, as a rough, statistical guess, they are growing exponentially.
Because maybe, just maybe, he's legit? nope. simple maths. When Pirate decides new investment this week < interest payouts, it's game over. I agree that timing this ponzi tough because of the culture of Ponzi-acceptance on this board, hell Pirate might just find another 3000 BTC worth of you guys this week and has been faking the blockchain interest payments the whole time to look 2x or 5x or 10x bigger than he is & was, and for all we know it could go on another 7 or 8 weeks. Seems highly unlikely after looking at some of the interest number going parabolic, which should be about when it goes boom. |
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oh I just a love a good trainwreck!  the ignorant Ponzi defenders may be loud, but you will be wrong. What day is this week's interest payments? this should be a block-chain lulzfest. |
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I'm awaiting a withdrawal from BS&T. All payments/withdrawals will be made as soon as this transfer is completed.
a full withdraw to close this ponzi? |
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ty to Vandroiy from continuing the arguing with the naive, denial, and outright evil scammers (BurtW - on to the "million dollars is nothing" scammer speech, eh?)
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What has been claimed is that we will all get our coins back when he is done playing with them.
you are playing great today. $80k into a ponzi (lulz at that claim / locked thread. You know what says honesty and not a ponzi to me? a locked thread) just give him the coins and let him play then a random anon guy named pirate will just give them back after his coin playdate is over k I'm in too plz PM me a hash |
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While i sympathize with your mission micon i cant help but feel you have caused more harm than good in your pursuit of cleaning up this forum.
how so? IMO the worst thing is to stand by and let these scammers take advantage of the community |
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Interested in the picture. When Pirate defaults will u tell me which one?
this is in it's final week or 2.
the mess will be fun to watch, it's like a train wreck in slow motion / can't look away but at same time feel bad for those in the wreck.
Duality of man sir.
Sure, I'll tell you if it explodes. But my point is that some of us have actually done our due diligence and know his full name, where he lives, what he looks like, and I even know is birthdate. It's just annoying that the FUD is creeping into every thread. ty I can wait a week or 2 |
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Interested in the picture. When Pirate defaults will u tell me which one?
this is in it's final week or 2.
the mess will be fun to watch, it's like a train wreck in slow motion / can't look away but at same time feel bad for those in the wreck.
Duality of man sir.
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This is a ponzi scheme and I want a date-stamped post by me exposing it before it's collapse.
Please provide any kind of proof of this theory  //DeaDTerra Zero business unit of any kind, huge interest promised, and this page: https://mybitcointrade.com/en/?content=/intern/faqsif you deny this is a clear-cut, classic ponzi with the above evidence and this entire thread I can't do nothin' else for ya' You said a sentence, that's not proof my friend That's a statement. How do you know there's Zero business? There are huge interest promises but also huge risks, they never state that you will get back the full sum in fact they state that only 25% is guaranteed back. They are doing speculation trading, which is high risk high reward. I can also add that I have talked to the owner of the IPOs and received a scan image of his passport I am sure everyone can make their own decisions with the information available, there's no need for you to go and scream ponzi everywhere you think it applies. //DeaDTerra from http://en.wikipedia.org/wiki/Ponzi_schemeTypically extraordinary returns are promised on the investment,[5] and vague verbal constructions such as "hedge futures trading," "high-yield investment programs", "offshore investment" might be used. The promoter sells shares to investors by taking advantage of a lack of investor knowledge or competence, or using claims of a proprietary investment strategy which must be kept secret to ensure a competitive edge. from the OP: High Risk Fond Name of the project: 'Long Term Loaning ZiggiStar 20% / 30days guaranteed' PROJECT 17 https://mybitcointrade.com/en/?content=boerse/projekthandel&projektid=17he didn't even spell Fund correctly. Are you guys still serious? I feel like I'm in the Truman show and this entire board is fucking with me. |
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I would like to withdraw 100% of my funds.
Thanks
I take note of your choice and this Sunday I will send you the principal from your deposit plus the earned interests for the whole week. Thank you for letting me take care of your coins during this time. why not just send him BTC right now? |
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seems like a little bit of panic this week on the part of Pirate... no doubt this is very close to the tipping point.
The question facing Pirate (Bitcoinmax can't really do anything but beg some anonymous guy named pirate to plz pay him each week) each week is:
Will this week's interest payment be < this week's new investments
it's getting extremely close to when it's -EV to keep running.
next week should be fun. What time is it promised by again? I want to get my popcorn ready.
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+1 didn't think I'd nail the timing to the week. thought it could have 1 more in it. fund to watch it all collapse. Like watching a train wreck, you just can't look away. |
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this thing is in it's death throes. There comes is a point where weekly new investment + re-investment < interest actually paying out and the scammer realizes the scam is now costing, not making $. this thing is about as big as it can get in BTC land.
tick tock... tick tock...
I think that too. Were there any payouts today? He will continue at least as long as new investors pay in more than he has to pay out. However, the extreme interest rate cuts both ways---it attracts stupid "investors", but it also makes his debt grow exponentially. Even if only a fraction of his "investors" want their interest or part of their interest paid out, that part is also growing exponentially, seen from a statistical point of view. Another question is, will he continue even if his mountain of money shrinks, just to buy more time? He may need some time for money laundering, for planning his departure, for covering his tracks, etc. Even that cannot last long, but it could extend the time for another few weeks. How about his promised appearance on DefCon? Since he cannot really appear there, for fear of being identified, that should also make his "investors" weary. My prediction was that he will make up an appearance or appear only in front of his collaborators. But the fact that he announced his appearance at all, well knowing that he cannot appear in front of his "investors", indicates that he did not intend to continue for long. Of course he could try to repeat the appearance of Charles/Carlos Ponzi, who served drinks to his "investors" until he was taken away in handcuffs. But then why did pirateat40 choose to accept only bitcoins for his "investments"? 1) his thread is now locked. any BCST interest reporting threads? 2) I was at Rio for 3 days straight for defcon. I wore a BTC button in plain view in the middle of my shirt at all times. Played some poker, talked to some awesome humans there. regret not buying the badge for $200. |
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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? |
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Apparently pirateat40 has issued orders to his cronies to write long, professional-looking forum postings that make potential new "investors" stand in awe and part with their money.
Since new "investors" are necessarily stupid, it isn't very difficult to write such texts.
The best of miscreant's postings is their very last line with the quotation, which is very fitting indeed:
"I don't really do much but move my lips."
this thing is in it's death throes. There comes is a point where weekly new investment + re-investment < interest actually paying out and the scammer realizes the scam is now costing, not making $. this thing is about as big as it can get in BTC land. tick tock... tick tock... |
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Micon, I would not be so sure all pass-throughs internally get the 7% rate.
This was actually an interesting hint by someone else. Try analyzing Bitcoinmax past balances, both real and a simulated paper balance, and try to make a fit with interest payments, applying different rates. The person who gave this hint ended up at 7.7%, and it looks consistent at first glance. If anyone else wants to check this out, please tell me your opinions.
First off it is likely Pirateat40 would give preferred interest rates to his closest and largest affiliates. Seems like BurtW and Bitcoinmax are large ones. It's all BS anyway, if he gives 7.7% instead of 7% to his top guys, he knows they will aggressively market for him, getting him fresh new investment BTC in the final weeks of the scam. Like I said, good scammer. but an extra .7% to 1 passthrough / BCST derivative / isn't the issue here, it's just a scammer tactic to motivate his top scam affiliates. Vandroiy, can you plz update me (and anyone else that will follow this scam, I'm going to tweet this thread soon / the poker guys will be interested because it is so obvious and as of this post still afloat) on the following, and I'm sure this info appears elsewhere but I'll bet you have it handy: 1) Who runs this forum? who allows stickied threads in this Lending section? are they sold and if so by whom? 2) Is Bitcoinmax the largest passthrough? what about burtw and his many issues of GLBSE scam-bonds? and their operators? what do you think about them? 3) I saw some numbers back there that says ~ 26k coins were block-chain verified paid in interest this past week from BCST - are you comfortable with those numbers? has anyone taken a look at the block chain for possible shill accounts or other things that don't make sense based on claims? |
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If BurtW didn't know exactly what he's doing, he wouldn't feel the need to zealously defend Pirate as much as he does, nor the need to hype the scam in the Newbies forum. Ponzi scheme "investors" become promoters because they know it's the only way they can make a killing like the lead scam artist.
He's enabling penny ante scam victims for pennies on the dollar, as you've pointed out.
As for the mysteries of "how pirate makes the money," it's really astonishing to me how much BS is thrown up by his conspirators. If you look at the posts early from his scam, they bear no resemblance to the bitcoin selling/arbitrage schemes theorized.
+1 / shameful / plz link to BurtW hype-threads in newbie forum |
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