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401  Economy / Securities / Re: [GLBSE] Gamma Insured Pirate Pass Through on: August 21, 2012, 05:06:53 PM
Okay!
I am starting to feel like a bad guy over here, which I do not want!
Hence me and INAU will pay the dividend out of our pockets for now until we can do either of:
A, There's evidence or it's obvious that pirate will default or that he will not pay out within a reasonable time limit (one-two weeks)
B, Pirate pays us back.
Then we will buy back the bonds.
Is everyone happy with this deal?
//DeaDTerra
This violates the terms of your contract, but investors will probably be ok with it.  However, it does raise some doubts about the availability of the insurance money.

Please elaborate.  There hasn't been a default and everyone is getting paid as usual.  What's the issue?
402  Economy / Securities / Re: [GLBSE] Gamma Insured Pirate Pass Through on: August 21, 2012, 05:06:20 PM
So if the Wednesday payment is missed, can you guys please give us a clear timeline? You can do it Wednesday, no rush.

Thank you.

Well, if you go back to the contract that INAU and I signed, I do have some time to come up with the coins.  After all, having 3750 coins sitting in a cold storage wallet and then paying 9% interest on it is rather stupid.  I used those coins to pay off/buy out investors in EIEIO.  I've already made a post seeking potential interested investors.  Many have been asking when EIEIO would have more availability and whenever there is some, it fills stupid quick, so I don't imagine having too much difficulty coming up with the coins.
403  Economy / Securities / Re: [GLBSE] Gamma Insured Pirate Pass Through on: August 21, 2012, 05:01:22 PM
Pirate hasn't defaulted technically.  He paid interest as a reinvested payment.  If the fund chooses to fund that out of pocket, that is the right of the fund and you have no claim.

I agree with this.

Thanks.  I'm trying to be as reasonable about this as possible, to all sides involved.  If pirate really is leaving with no intentions of coming back, then by all means, the insurance money will get used.
404  Economy / Securities / Re: [GLBSE] Gamma Insured Pirate Pass Through on: August 21, 2012, 04:59:36 PM
Under what terms? Did Deadterra not pay interest last Wednesday?

The terms of the contract are based on a Pirate default not a Deadterra default.

Quote
In case of Pirate default INeedAUsername will pay 95% of the bonds face value to the bond holder, while DeaDTerra will pay the other 5%.


Pirate hasn't defaulted technically.  He paid interest as a reinvested payment.  If the fund chooses to fund that out of pocket, that is the right of the fund and you have no claim.
I guess he will never default then, he can just rack up interest forever.  Huh

I'm saying don't be an ass.  Obviously, at some point, he'd be adjudged to have defaulted if he doesn't process withdrawals but the whole "Pirate's defaulted" after only a few days of announcing a wind down is a bit much.
405  Economy / Securities / Re: [GLBSE] Gamma Insured Pirate Pass Through on: August 21, 2012, 04:56:09 PM
Under what terms? Did Deadterra not pay interest last Wednesday?

The terms of the contract are based on a Pirate default not a Deadterra default.

Quote
In case of Pirate default INeedAUsername will pay 95% of the bonds face value to the bond holder, while DeaDTerra will pay the other 5%.


Pirate hasn't defaulted technically.  He paid interest as a reinvested payment.  If the fund chooses to fund that out of pocket, that is the right of the fund and you have no claim.
406  Economy / Securities / Re: [GLBSE] Gamma Insured Pirate Pass Through on: August 21, 2012, 04:49:25 PM
Hi DeadTerra,

Can you please let us know when you will buy back the bonds? Goat is already doing it.
https://bitcointalk.org/index.php?topic=98420.80

Thank you.

Has there been a default?

Wednesday it will be a default, if we do not receive a dividend. I suggest you read the contract again.

There's a difference between "will be" and "has defaulted".  Perhaps you should read the question closer.
407  Economy / Securities / Re: [GLBSE] Gamma Insured Pirate Pass Through on: August 21, 2012, 04:47:13 PM
Hi DeadTerra,

Can you please let us know when you will buy back the bonds? Goat is already doing it.
https://bitcointalk.org/index.php?topic=98420.80

Thank you.

Has there been a default?
Yes.

Under what terms? Did Deadterra not pay interest last Wednesday?
408  Economy / Securities / Re: [GLBSE] Gamma Insured Pirate Pass Through on: August 21, 2012, 04:42:45 PM
Hi DeadTerra,

Can you please let us know when you will buy back the bonds? Goat is already doing it.
https://bitcointalk.org/index.php?topic=98420.80

Thank you.

Has there been a default?
409  Economy / Lending / Re: Bryan Micon's List of BTC Ponzi Schemes that should not be listed as "Lending" on: August 21, 2012, 04:39:01 PM
Up until Monday, he did whatever we wanted.  If we wanted payments, he did payments.  If we wanted withdrawals, he did withdrawals.  He never pushed us in either direction.  The stability bonus was never intended to be tied to interest payments and had no bearing.  Whoever says pirate encouraged reinvesting is just plain lying and spreading fud.  Now that he's unwinding, I'd expect the interest payments to change from the status quo, instead paying interest when he closes the account.

imsaguy spreading his typical foggy nonsense. Or can anybody here possibly make sense of that garbage?

You are either one of pirate's helpers or one of his accounts. Time to shut up, don't you think?

What is foggy about it?  I am my own person.  He doesn't pay me anything more or less than any other person invested in him. He doesn't tell me anything directly, I only learn it like everyone else in #btcst.
410  Economy / Lending / Re: Bryan Micon's List of BTC Ponzi Schemes that should not be listed as "Lending" on: August 21, 2012, 04:32:16 PM
From: [CLOSED] Imsaguy's PPT @ 7%

Interest payments were made electronically (redeposited) but not actually sent out.

 Shocked Roll Eyes

Was this standard operating procedure for the pass throughs?

This is another signature ponzi move. Have some context:

Quote
The regular payment of so-called dividends induces investors to bring friends, family members, or business colleagues into the scheme and to put up additional funds themselves now that they are convinced of its veracity.

The operators will also persuade you, with little effort, to "roll over" your "profits" into another investment cycle, so your actual return ends up being back on paper only.

They may decide to provide you with just "statements" showing you your profits rather than sending out cheques,
but the receipt of a cheque in the mail seems to generate more enthusiasm for participants, and it ultimately makes it back to the con at any rate.

This kind of setup relies on keeping his victims from knowing they are being cheated for as long as possible so others can be lured in.

...

Mark Fleming
Consumer Protection Lawyer

http://www.crimes-of-persuasion.com/Crimes/InPerson/MajorPerson/ponzi.htm

Squall1066, see: http://simple.wikipedia.org/wiki/Ponzi_scheme.

Up until Monday, he did whatever we wanted.  If we wanted payments, he did payments.  If we wanted withdrawals, he did withdrawals.  He never pushed us in either direction.  The stability bonus was never intended to be tied to interest payments and had no bearing.  Whoever says pirate encouraged reinvesting is just plain lying and spreading fud.  Now that he's unwinding, I'd expect the interest payments to change from the status quo, instead paying interest when he closes the account.
411  Economy / Securities / Re: [CLOSED] Imsaguy's PPT @ 7% on: August 21, 2012, 01:40:21 AM
Interest payments were made electronically (redeposited) but not actually sent out.  AFAIK, we'll continue to accrue interest until we're actually paid out.
412  Economy / Long-term offers / Re: The sorry and thank you Pirateat40 thread on: August 20, 2012, 01:10:36 PM
Not only did Pirate brought us a great opportunity for investors (once in a lifetime actually), he did help stabilise and grow steadily bitcoin price, volume exchange, and thus contributed to the success of bitcoin. For that, Pirate, I want to thank you. You've done a wonderful work, and I hope you're stay around here.

Regardless of the outcome, I dont think anyone owes an apology

There was a swing in the Bticoin "market cap" of nearly $75 million in under 48 hours.  That kind of volatility is harmful to Bitcoin.

The announcement occurred when the ability to send wire transfers to Mt. Gox had ended on Friday.  Perfect timing for maximum damage over the weekend.

Pirateat40 is not a friend of Bitcoin.  Pirate ... is a scoundrel.

I do apologize.  But not to pirate.  I apologize for not having the courage of conviction to yell at the top of my lungs that this entire deal stunk to high heaven.

And what if the stability which you so crave was explicitly caused by pirate for months on end?
413  Economy / Long-term offers / Re: [POLL] How will Pirateat40's debt repayment unfold? on: August 19, 2012, 03:00:38 PM
Gauging public opinion here.

Mods, this may belong in Speculation but I'm not sure. I think it works here.

If you wish, tell us why you voted.

Probably belongs in "service discussion"
414  Economy / Lending / Re: Will you reinvest in BS&T if pirate returns your deposit next week? on: August 19, 2012, 02:21:33 PM
Next time, if there is one, this forum would not be used at all.  He has enough friends that would gladly lend him all the BTC he wants or needs.

You mean, while he uses that same BTC against his Lenders before returning it to them ?

The best thing about being POWERLESS to move any BTC DURING THE PRICE COLLAPSING because it's tied up somewhere is....oh...wait.....NEVERMIND.

I am looking forward to getting MY $5 BTC back.

Those same people who could have been taking payments for the last year?  Those same people who weren't forced to deposit in the first place.  Oh, ok.  Since you put it that way...
415  Economy / Lending / Re: Bryan Micon's List of BTC Ponzi Schemes that should not be listed as "Lending" on: August 19, 2012, 02:19:53 PM
Micon,

I was going to just tell you how GPUMAX works but this should be a lot more fun for everyone:

You should start a whole new thread about GPUMAX, probably over in the mining forum.  

Then we can all try to explain it to you and you can ignore everyone and just scream SCAM SCAM SCAM for another 50+ pages.

However, you may have to think up something new as you will have a harder time with the old worn out Ponzi angle this time since there are no deposits involved.

However, good news!  There are a lot of similarities to BS&T.  You can use these similarities to prove it must be a scam of some sort or another, since, as we all know, similarities always prove equivalence:

They are/were both run by the same person!
Both have/had a large very satisfied customer base!
Both have/had a waiting list of people begging to get accounts!
In both cases pirate has found a way to make money and you have not!
In both cases pirate wants to keep what he is doing to himself!
Both have/had a simple, yet effective, minimalistic web interface.
Both of them actually work/worked and produce great results.
In both cases the Bitcoin community is being used.  That is, they are not the end customer, just very well paid participants in the business.
In both cases the end customer is a huge mystery!

OK, that should be enough to get you going.  I will let you know of more proof as I find it.

See you over in the mining forum.

Flame on Micon!


Your friend, BurtW

Shill.
416  Economy / Lending / Re: Bryan Micon's List of BTC Ponzi Schemes that should not be listed as "Lending" on: August 19, 2012, 03:05:27 AM
Vandroyj plz explain to me exactly what this is, how much of it Pirate controls, how much of the total hashing power is here, if he could 51% the chain, etc.


Perhaps you should learn about PM's. If you want to talk to vandroy, you should pm him. 
417  Economy / Lending / Re: Bryan Micon's List of BTC Ponzi Schemes that should not be listed as "Lending" on: August 19, 2012, 02:43:40 AM
I'd love to see any of the sides of the ponzi-vs-legit discussion swallow their own hats Cheesy
Within two weeks, either Pirate will have paid everyone back, he'll have disappeared, or he'll still be stalling for time. At that point, it should be obvious even to those who are willfully blind.
418  Economy / Lending / Re: Bryan Micon's List of BTC Ponzi Schemes that should not be listed as "Lending" on: August 19, 2012, 12:57:09 AM
Some1 plz explain to me what this Pirate-based mining software this is:  https://bitcointalk.org/index.php?topic=55819.0   what could a dishonest operator do with what appears to be many clients?

It's a coin laundry that exchanges old coins (at least some clearly coming from BS&T) for freshly minted ones from various pools, paying some extra for it.

It can be used as a smoke-screen to hide activity and as a source of untraceable coins.
oh wow, can we get an asshat or dishonest or something tag for this guy?

He already has an unofficial asshat tag from most on the forum.   He should be down about $50,000 shortly as well, so that'll be nice Smiley

1)  Simply insulting Vandroiy will not discredit his thoughts.   Further more I *love* his side of the bet right now

2)  is there anything more sinister that could be done at this desperate stage with this asset?  Can you explain to me what GPUmax does exactly?  

It's already been explained repeatedly and for you to expect someone to stop and explain it again just because you asked and were too lazy to go and look shows just how much of an ass you are.
419  Economy / Long-term offers / Re: The sorry and thank you Pirateat40 thread on: August 18, 2012, 11:45:24 PM
why should I or anyone else apologize for telling you that you're an idiot. After all, you still are - just an idiot that got lucky.

To answer your question, you should apologize because you and people like you blew up the forums with caustic comments and ceaselessly annoyed hundreds of users. You degraded the quality of support threads such as Bitcoinmax's, in defiance of fellow forum members' pleas to confine your speculations to other threads that were dedicated to being bearish on Pirate. Furthermore, several members of Team Ponzi embarked on a campaign of character assassination against well-regarded members of the community. And you were wrong. That's why you should apologize. But seeing as most members of Team Ponzi have demonstrated their lack of class and good manners, I don't expect many apologies to be forthcoming.

Claims that you were "just trying to help" people not get scammed are also disingenuous. If you were such a nice guy who cared about people's welfare, you wouldn't act like such an asshole towards them. To see how to offer criticism with grace, class and wit, read Gavin's comments on the matter. You were not trying to help people; you were trying to boost your ego and lord your smug superiority over all the "idiots," who are clearly your inferiors.

As a final gift to Team Ponzi, I've put enough money (18BTC, and there's more where that came from if I see more action headed to the opposite side) on this Bets of Bitcoin statement to offer you really good odds if you think Pirate will default on his plan to repay. After all, your opinion is only worth as much as you're willing to wager on it. If you aren't willing to back your oh so strong opinions with cash, then you're just a deflating sack of hot air.

The bet now stands at 33.4 BTC in favor of a default by the end of September and 39.8 BTC against a default. Put up or shut up. The actual conviction that Team Ponzi has to their opinions will be quantified, in public for all to see.

http://betsofbitco.in/item?id=521

Edit: BetsofBitcoin.com has apparently closed the bet and refunded my wagers. I am disappoint.
420  Other / Beginners & Help / Re: Why do you have to download the whole history since genesis? on: August 18, 2012, 07:12:37 PM
It takes hours to download the whole history! And as it gets closer to finished it starts taking longer.. why does it have to do the whole thing?

Every block includes the previous block as a reference so your computer has to verify all the way back that everything is in order.  The reason that the later blocks/history take longer is that there are more transactions now than there were a year ago.
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