Jon Matonis will write the story with a headline something like this "$1M+ USD bitcoin ponzi scheme collapses"
Last week, BS&T paid out 26,000 BTC in interest. The top tier interest rate is 7%. Some people get less. If we assume everyone got 7%, then that means there is 371,428 BTC invested, but since not everyone gets 7%, the true figure is higher. Also, this doesn't include the people who automatically reinvest their interest. I've no idea what percentage of the interest is automatically reinvested, but let's assume it's none at all. Even with these assumptions, the least possible amount invested is 371,428 BTC, or $3,298,280 at the current price of $8.88/BTC. I assume that some forum users that are +1'ing the "yup Pirate sent me my interest yet again thanks!!!" are shill users in control of the Ponzi owner, which mix extremely well with real users that actually did just get their 7% again this week. Pirate is a good scammer. Those numbers are extremely alarming, and if you don't mind please link me to where that information comes from - is it simple addition of forum users that claim to have been paid? do the numbers come from the block chain? could Pirate be sending BTC from his main wallet to just some other wallet he controls and then claims the transaction as interest? |
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"you have no proof Micon! I want to believe so badly that whatever scam I'm invested in or whatever scam I'm running is really my ticket to riches, so much so that I can easily put myself into a state of denial where I believe 7% per WEEK paid interest is in any way sustainable and not an outright, blatant, and obvious scam"
I must post this again because some of you missed it the first time. I'm going bold + different color this time for max effect: This is a statement from the Wikipedia on Ponzi schemes --> 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. Here is what Pirateat40 has listed as the reason he makes money and can pay 7% weekly interest --> https://bitcointalk.org/index.php?topic=50822.0Q: What are my coins used for?
A: Coins are primarily used for large investment transactions but may also include the following:
Market Arbitrage
Private Loans To Network Members
Never Criminal/Illegal Related
Q: How do you make enough money to pay these rates?
A: If I told you then I couldn't do what I do. Any man of science can see this is a slightly updated BTC-version of a Ponzi scheme. |
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Whats the chance all the ponzis will collapse at once ?  It's possible they'll collapse like dominoes and possibly even take down some legitimate funds with them. When one collapses, people might fear that others are going to collapse too and make a large number of simultaneous withdrawals, forcing others (whether Ponzi or legitimate) into an equity or liquidity crisis. BCST is so big and there are so many pass-throughs and derivatives of this gigantic scam when this one falls everything will go boom I will be watching from the sidelines trying to warn all I can before it explodes. And the explosion will be an awesome train wreck to watch. I will be brutally "I told you so"-ing so you fucks listen to me the next time some scammer takes a $1M USD shot at this community.  |
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we're in the Wild West days of open-source currency. I expect people will get burned by scams, imitators, ponzi schemes and price bubbles..
I tend not to worry about things that are out of my control; I don't think there's a whole lot that can be done about scammers, imitators, and ponzi schemes besides warning people to be careful with their money (whether dollars, euros or bitcoins).
there are many people who hold an opinion on the matter but they aren't outspoken about it. when each of these ponzi fund house of cards falls, some people will be hurt badly, others (those who have made most or all of their money back already) will barely be nicked and most will feel no impact at all as they were smart enough to keep a healthy distance. you don't hear from them. you probably won't, even if they were asked for their opinion. this is definitely a circus but it is nowhere near to being significant in bitcoin's progression. just as few today remember or care much about the mtgox hack or mybitcoin fiasco, this too shall pass. agree on macro level but still hold true to my original points in this thread: 1) on the scale of "will BTC work" these ponzi's are minor. Andresen's used similar words when describing the currency: "wild, wild west" and in the poker parlance of our times "a no-limit currency" A poster in this thread said something to the effect of "this will help weed out the stupid" - indeed, but at the extreme benefit of a scammer who will try and scam again after being so successful and easy this time. 2) The next major headline about bitcoin will likely be about BCST & the derivatives (so shameful, but at the same time laughable - this scammer has a huge affiliate program for his scam). Think about the scale of the previous BTC thefts and sites that scammed and ran away with the coins - I think mid 6 digits is our current record - and the BTC writers that know their shit like Jon Matonis will write the story with a headline something like this "$1M+ USD bitcoin ponzi scheme collapses" and the first paragraph will be about a guy named "Pirateat40" with a fake entity called "Bitcoin Savings & Trust" posting that he pays 7% weekly interest and can do so because:
Q: What are my coins used for?
A: Coins are primarily used for large investment transactions but may also include the following:
Market Arbitrage
Private Loans To Network Members
Never Criminal/Illegal Related
Q: How do you make enough money to pay these rates?
A: If I told you then I couldn't do what I do.
and stupid internet nerds sent him $1M USD in BTC. Pirateat40? Bitcoin Savings & Trust? - now just making me laugh. He is openly mocking any of you that in any way sent him money. If you ran or do run a pass-through to make .1% for helping a scammer scam the entire community, you are shameful and I hate you. If you didn't think you were doing a bad thing when you started and now understand that you are helping an evil scammer scam, please PM me and I can help guide you on how to best dismantle your operation and return max value to your investors. The few that will listen to me will save their investors at least some of the principle. If you are running a pass-through, know it's a scam and feel the need to blindly defend Pirate because your .1% per week is at stake then you are also shameful and I also hate you. 2) these have infected and made laughable the bitcoin stock exchange. GLBSE cannot possibly allow derivatives of scams to be listed as "bonds." Again, making BTC in general appear foolish, childish, and with scams around every corner so watch out. 3) IMO, net effect extremely -EV (negative expected value as us stupid gamblers use to describe future equity) to allow these to continue as is and keep them labeled as Lending. Do we know who the top moderators are on this forum? who owns it? This forum is extremely important to spreading BTC. We must make sure it is in safe hands. |
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PONZI SCAM. Stay away from this one.
+1 / please don't give any of these scammers any more BTC. PLEASE not even for "research" purposes. here is one of my recieving hashes: 16YAwcGgbw9WYPBt8BXHKrg5KGPEupjWuZ send me all the coins, I promise to pay you back a small portion of what you send me, and steal the rest when I stop finding new investment. that is what you are signing up for here. |
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You should preach the almighty word of shame to Mongolia! Their banks offer 1.33% monthly in the traditional financial markets. That's up from about 1% last year! Normally, I wouldn't say this, but your sheer idiocy is well beyond normal... GTFO Micon, you tool. Do you realize you just made my point in spades? the whiskeyandgunpowder article is about an insanely high YEARLY interest rate of 16% - Pirate and similar ponzis services are only offering 200x more interest than that No, it doesn't make your point. The returns are coming from an economic environment that's growing several orders of magnitude faster than Mongolia's. Moving money is a lot faster than moving machinery. Same principle, different assets. The smaller an economy is, the more growth it can incur and the faster that growth can happen. If the SDR were introduced from zero, not being valued from a basket of currencies as it currently is, and adoption forced upon citizens by their respective governments in place of domestic currencies, the growth rate would be much greater than Bitcoin's current ~30% per year, and the returns from investment schemes would be far greater than a paltry 7% per week. Of course, that would burn itself out very quickly. As I've said before, what Pirate is doing can last as long as Bitcoin itself continues growing. The first year growth rate for Bitcoin was 100% - wrap your brain around that. brain wrapped around it. 1) what do you think Pirateat40 is doing? 2) This statement appears on the wikipedia for ponzi scheme: "Typically 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." and this is from Pirateat40's BCST thread: Q: What are my coins used for? A: Coins are primarily used for large investment transactions but may also include the following: Market Arbitrage Private Loans To Network Members Never Criminal/Illegal Related Q: How do you make enough money to pay these rates? A: If I told you then I couldn't do what I do. Is anyone still bold enough to defend this scam and this scammer? |
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"lending" is not what I or any reasonable man of science would call this.
You call yourself a man of science yet you provide no hard proof? Not sure if serious  Further more, who runs this board?
why can Pirateat40 lock his giant ponzi thread?
It's his thread, he can do whatever he wants with it (and so can you with yours) Furthermore this whole thread should be moved to speculation 1) does it alarm you in any way that Pirateat40 locked his thread? Why do you think he would do that when he is holding $1M USD worth of BTC? I think it's because he doesn't want the forum members that understand his scam explaining it in his thread. 2) You ask me for hard proof. A Ponzi scheme, as defined by Wikipedia: http://en.wikipedia.org/wiki/Ponzi_scheme some highlights: -- Typically 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. -- A Ponzi scheme claims to rely on some esoteric investment approach and often attracts well-to-do investors -- Ponzi schemes can survive simply by persuading most existing participants to reinvest their money -- Initially the promoter will pay out high returns to attract more investors, and to lure current investors into putting in additional money. Other investors begin to participate, leading to a cascade effect. The "return" to the initial investors is paid out of the investments of new entrants, and not out of profits. -- Promoters also try to minimize withdrawals by offering new plans to investors, often where money is frozen for a longer period of time, in exchange for higher returns. sound at all like BCST? Proof Ponzi 3) you seem to either be invested in BCST or running your own Ponzi - which is it? |
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...
3) My main goal is to get these scams out of the Marketplace > lending category - it makes us look foolish and stupid to anyone new exploring BTC
I think, trying to relabel the Lending category is currently hopeless. There are too many people around who want to believe that those are genuine businesses. I also think you are overestimating the damage these scams are actually doing. Even pirateat40 is estimated at only $1m, which is a small fraction of the total bitcoin value. On the positive side bitcoin users are learning fast. We have seen a price bubble already, which developed at over 100 times the speed of a similar bubble on the exchanges in 1929. People have learned the lesson, and a bubble as extreme as that may not repeat itself. Now people are going to learn about Ponzi schemes. After the first few shut down, people will learn that lesson as well. Another good thing is that each of these experiences cleans the bitcoin community of its stupidest members. To hand your money over to somebody you don't know, but who promises you 3,300% interest per year without explaining how he does it, and all that in the face of very explicit warnings, you have to be enormously stupid. If you don't want such people around, just let the thing run its course. I agree that most likely all of these schemes stating weekly interest rates are scams. Those who already proposed to include the entire Lending category in your list are probably right. 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. |
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You should preach the almighty word of shame to Mongolia! Their banks offer 1.33% monthly in the traditional financial markets. That's up from about 1% last year! Normally, I wouldn't say this, but your sheer idiocy is well beyond normal... GTFO Micon, you tool. Do you realize you just made my point in spades? the whiskeyandgunpowder article is about an insanely high YEARLY interest rate of 16% - Pirate and similar ponzis are only offering 200x more interest than that |
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CIUCIU.BOND pays 1.1% of face value every Friday. Percentage will remain at 1.1%/week until the bond is bought back by the bond-issuer. Bonds will be issued at .1 BTC, and each share will pay .0011 BTC weekly. There is no limit on how many bonds may be issued, nor when they may be issued. Bonds can be issued and sold without warning by the bond-issuer at any price. Bonds cannot be sold back to the bond-holder except in case of a buyback. CIUCIU.BND does not have a set date of maturity.
The buyback price is set at 0.1011 BTC per share.
The bond-issuer is not permitted to change this contract at any time under any circumstance.
Same scammer, slightly different scam. Ponzi+ oh i'll make $$ with your $$ somehow, pay an insane % Listed as a Ponzi scam in my super-thread of scams https://bitcointalk.org/index.php?topic=94900.0 |
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seriously? you are basically an affiliate for a scammer. This is a small piece of the largest ponzi scheme in BTC history. added to Micon's list of things to never, ever send your BTC to and get all you can back if you already have. |
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Either way, Ponzi schemes can be very profitable. I don't think there is anything unethical about gambling with a Ponzi scheme.
Do you find anything unethical about early adopters defending Ponzi scams so that more people buy in (so that they can get out before it disappears)? Do you find anything unethical about running Ponzi schemes, and trying to get as many people to buy in before you skip town? As long as people understand the risks, then no. There is nothing unethical about it. Just like there's nothing unethical about encouraging people to play slot machines. I fully agree that ponzi schemes should be allowed to be run. We as a BTC community should categorize them correctly. "lending" is not what I or any reasonable man of science would call this. Further more, who runs this board? why can Pirateat40 lock his giant ponzi thread? |
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I see you listened to the community and successfully added every single depositing service as one of your, "List of Ponzis". I will take this as your official decree Lord Micon, and I vow to withdraw every penny I have deposited with these scum investors, for your word is the law that dictates my every action. hi scammer. 1) it also shocks me that there are so many. just because the list of scams is long doesn't mean they all can't be scams. 2) you are running a shameful scam. please return what every of your "investor" money you have left and do not scam please 3) BDT added to list / starting on GLBSE instruments -- https://bitcointalk.org/index.php?topic=93445.0 another 3% / wk like it's easy. Please guys, list me all of these, and I mean all of these in any subforum, on any exchange, etc. We must do this for the betterment of bitcoin. If any operators of these "investment" funds can show me any proof of doing any sort of business that could sustain these yields by all means start embarrassing yourself. Any operator or proponent of these scams is welcome to call me on my podcast and debate me live. |
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tl; dr: Every BDT bond will have a face value of 1 BTC and will pay a weekly coupon of 3%. The funds raised will be used for the development of the margin trading platform Bitdaytrade. The IPO will be on July 19 2012, and initially a total of 10,000 bonds will be offered.https://glbse.com/asset/view/BDTIntroduction. Bitdaytrade is a margin trading platform developed and owned by Alberto Armandi, where CFDs (contracts for difference) can be traded on the price of BTC and gold (BTC/USD is in closed beta), and in the future other assets. The platform is already up and running, but there is still much work to be done; to cover the cost of bringing it to the next level, Alberto is issuing bonds on GLBSE that will pay 3% weekly interest. A total of 8,950 BTC is expected to be raised with this offering. Operation. The bonds will have a face value of 1 BTC and will be sold to the public at that price. Every week on Friday, at 20:00 GMT, bondholders will receive a coupon of 0.03 BTC per bond. The bonds do not have an expiration date. If the coupon is not paid on time, a bonus of 0.001 BTC (1 mBTC) per bond will be paid for each calendar day between the scheduled date and the actual payment date. The delay will in no circumstance be longer than 2 weeks. This is a callable bond. The issuer has the right to buy back all bonds for 1.2 BTC per bond (120% of face value). The issuer, Alberto Armandi, is responsible for abiding by the terms of the contract. IPO details. 10,000 bonds will be initially issued, with a total face value of 10,000 BTC. The IPO will be at July 19 2012 at 9:00 UTC. 1,000 bonds will be given to Bitdaytrade partners. Up to 1,000 bond will be put up for pre-IPO sale. They will be sold at a 5% discount for 0.95 BTC each. This is only available to investors buying at least 100 bonds. Send me a PM to reserve your spot. ( Sold out) The scheduled coupons will be paid starting July 27. On July 20 a coupon of 0.005 BTC per bond will be paid as it is only one day after the IPO. Update: All pre-IPO bonds have been reserved. Any further requests will be placed on a waiting list to be served if any of the first comers backs out. Analysis. Unlike a deposit program, bondholders do not have the right to sell back the bonds for their face value; the capital will be used for both upfront payments and reserves, and bitdaytrade cannot commit to having the entire face value of the bonds on call. However, the issuer does not have a right to change the interest rate. The coupons will be 0.03 BTC per week for as long as the bond is held; the bondholder has a guaranteed perpetual ROI, even if the typical interest rates in the Bitcoin lending market go down. The issuer does have the right to buy back bonds (which he may do in conjunction with offering new bonds at a lower interest rate), but only by compensating bondholders with almost 7 weeks' worth of interest. Since the issuer can buy back bonds for 1.2 BTC at any time, it is not advised to bid more than that on a bond in the secondary market. Please note that the details of this IPO are significantly different from what was planned last month. Contact information.Alberto Armandi - Issuer Email: info@bitdaytrade.comGTalk: alberto.armandi@gmail.comForum: bitdaytradeLinkedin: http://www.linkedin.com/profile/view?id=41459791Meni Rosenfeld - IPO manager Email: glbse@menirosenfeld.comForum: Meni RosenfeldLinkedin: http://www.linkedin.com/profile/view?id=99439111 ah so you only need 10k BTC ($80k USD) to do what with? Mt. Gox only trades ~ $800k USD per day in BTC anyway - how do you plan on generating such an amazing amount of money that you can pay 3% interest weekly? Seems like every one of these obvious ponzi's claim they are killing it "trading" and "arbitrage" and yet they all need massive, massive investment from a wide # of ppl... obviously added to Micon's obvious list of Ponzi's added to Micon's list of ponzi's and scams you should never take part in. |
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I am so sick and tired of people calling scams with no evidence, with no proof and absolutely everything based on theories and their "all knowing" about scams. I don't get pissed off a lot but for fuck sake stop attacking Leandro, you pieces of shit. Unless you have some serious evidence against him then shut up and let people make their own decision if they want to invest with him or not. Leandro, is a really nice guy and I have invested with him from the start and he has always paid back fully.
Please stop this witch hunt!
//DeaDTerra
Leandro "is a really nice guy" and pirateat40 has a "WoT rating". Leandro (like the rest of them) is a clear copy-cat. And I am sick and tired of all these endless scams claiming to generate fantastical profits with no proof and zero evidence. No extraordinary evidence of their extraordinary profits, just a bunch of fanciful what-ifs and could-be's: money-laundering profits, coin-laundering profits, arbitrage profits, trading profits. Or interest paid by borrowers, but there are no borrowers! A duck is a duck and a spade is a spade. All these "interest" and "insurance" programs are new, inspired by pirate's success, probably people who were doing e-gold and LR HYIPs jumping on the bitcoin bandwagon because that's where the growth is. These are a bunch of counter-productive scams. They aren't useful services which contribute to bitcoin and they don't increase the fundamental value, they hurt it! Take this thread off of "Economics", start a "bitcoinhyipscam.com" forum, and go promote there! Bitcoin Rain?! Don't be fooled. I'm happy for your if you take your gains before everyone else, but when you lose all your principal it won't even make me chuckle. great to see another +1 on ppl on this forum that understand the basics of this scam |
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Why invest in me when there are dozens of others?I can provide risk-free deposits that are guaranteed to payout. What will I be doing with your money exactly?Putting out loans to trusted members on the forums, depositing to others as offers arise, investing in short term opportunities, and expanding my current mining rig to ensure stability as a form of backup to the deposit system. Why should I trust you?Yes, I realize I am not a Hero Member or even close. Many of you probably have never heard my username before. But I am here to stay. I've made some rep there and I don't plan on jeopardizing what's going for me so far. Deposit OptionsI am currently only accepting deposits greater than 100 BTC. 4 Week Deposit: 2.25 payout weekly (9% monthly) 10 Week Deposit: 2.5% payout weekly (10% monthly, or 25% for entire term) *I reserve the right to return your deposit fully back to you under any circumstance with the appropriate interest amount for the current week. PM me or Comment with any other questions or concerns. Current Deposits:Depositor: Deposit Amount: Weekly Interest Rate: Term Length: Deposit Return Date:
thirdlight 20 BTC 2.5% 16 weeks 9/14/2012
MoinCoin 70 BTC 2.5% 10 weeks 8/31/2012
lky_svn 250 BTC 2.25% 4 weeks 8/17/2012
vescudero 400.4 BTC 2.5% 20 weeks 11/9/2012
cytokine:MOVETO.FUND 2400 BTC 2.5% 20 weeks 8/31/2012
A1 100 BTC 2.5% 10 weeks 8/31/2012
A3 520 BTC 2.5% 10 weeks 9/7/2012
Gsan 200 BTC 2.5% 10 Weeks 8/31/2012
DeaDTerra 200 BTC 2.5% 4 Weeks 8/3/2012
BTC4Domains 380 BTC 2.25% 4 Weeks 8/31/2012
A4 100 BTC 2.25% 4 Weeks 8/31/2012
Onichan 350 BTC 2.25% 4 Weeks 8/10/2012
Lenny_ 120 BTC 2.5% 10 Weeks 9/21/2012
Vandordeak 100 BTC 2.5% 10 Weeks 9/21/2012
Zebedee 110 BTC 2.25% 4 Weeks 8/10/2012
--Total Deposits: 5120.4--
yet another Ponzi scheme (jeez how many are out there wow!) added to Micon's list of things you should never sent BTC to and try and get back all the BTC you can if you have already sent https://bitcointalk.org/index.php?topic=94900.0 |
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RustyRyan's 3.0% Guaranteed Weekly Deposits_______________________________________________________________________________ __________________ My name is Ryan, I provide Risk-Free Deposits Guaranteed to Payout at 3.0% Weekly Interest. No compounding. Note: I am aware several members, especially at the start, will ridicule and take up thread space to point out obvious things about my rep. I am as trustworthy as any "reputable" deposit service starting up here. If 300 posts of nonsense proves you otherwise then I guess I'm not the guy for you. If you're uneasy about me, please do not be rude/obnoxious in the thread, but rather go deposit with another service. That said, if you're ready to do business, please read the info below before contacting me. Deposit OptionsCurrent Minimum Deposit Amount: 1 BTC. (For a short time only) Current Minimum Term Length: 1 Week. Weekly Deposit Rate: 3.00%% Payout Weekly ( 12% monthly) The current 3.00% per week will be maintained until further notice.Payouts will occur on Sundays around 22:00 UTC every week. To Start1) PM me with the following: --Deposit Amount --Term Length --Withdrawal Bitcoin Address for your Deposit return + Interest payments 2) Send 1 BTC or more to the unique deposit address I give you *I reserve the right to return your deposit fully back to you under any circumstance with the appropriate interest for the current week. PM me, Comment, or Message me on ICQ with any other questions or concerns. _______________________________________________________________________________ __________ Why should I trust you?-While starting up I have set the minimum deposit at only 1 BTC. -I should be receiving a credit rating by PatrickHarnett on WPW soon. -All depositor's coins are guaranteed to payout. -As users receive weekly interest payments I ask of them to please confirm here on the forum as feedback. What are coins used for?-Short Term Investments -Market Arbitrage -Bitcoin Projects -Private Loans _______________________________________________________________________________ __________ Current DepositsDepositor: Deposit Amount: Weekly Interest Rate: Term Length: Deposit Return Date:
---------------------------------------------------------------------------------------------------------
Total Deposits: 0 BTC
Depositor: Deposit Amount: Weekly Interest Rate: Term Length: Deposit Return Date:
yet another complete and utter Ponzi scheme, added to my list of ponzi's you should never send BTC to and get back all you can if you already have: https://bitcointalk.org/index.php?topic=94900.0 |
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Pretty sure Micon is a puppet for that guy who has the huge bet on Pirate defaulting.
Sounds about right. seem to be batting 1000 with Ponzi-scam runners saying I am only doing this to help a guy with a huge bet that the Ponzi will fail. |
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tytyty / added / please link me all, and I mean all of these things. I'm extremely determined to make a complete list. I will need help with the GBLSE pass-through bonds and shit. A complete list of anything pirate-passthrough is going to be a good place to start. |
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OgNasty has contacted me and said he would start the process of dismantling his pass-through operation and only continue the mining unit.
I hope he keeps his word / kudos if he does
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