|
Dwolla is soo nice there. But the liquidity is horrible. Still one of my favorite exchanges.
|
|
|
|
Also a key detail people are not talking about is gpumax...
Either it's not a key detail or Pirate was lying when he said gpumax was unrelated (I think he was lying...). It is unrelated. I think gpumax is brilliant as a standalone, legitimate business. But if BTCST is a scam, then I think it's probably involved somehow. |
|
|
|
Also a key detail people are not talking about is gpumax...
Either it's not a key detail or Pirate was lying when he said gpumax was unrelated (I think he was lying...). |
|
|
|
About growth, pirate always reserved himself the right to return coins if he didn't need them, and it occurred at certain occasions. At first too, he had limited capacity, and always advertised how much was available. There was no infinite growth, far from it, he kept the growth under tight control.
The almost exponential growth happened in the summer, when PPT were freely available and competing each other. It's possible that at that time, he couldn't supply the orders he had, even if the growth was astronomical. Also, think about the customers of pirate. They also saw the price go from 4$ to 6$, 7$, 10$. I wouldn't be surprised to see a couple of customers having orders of like 50k BTC in a moment of panic buy. It's only 500 000$ right now, it's a pretty cheap investment for something that went from 5$ to 15$ in less than 3 months.
But at the same time, the crazy growth is what killed the golden goose. The fact that pirate is closing is proof enough that this growth was not sustainable. If the type of growth the PPT gave him was sustainable, the operation would still be running.
Seriously, some of you guys need to go read the BTCST topic back from the start, and see the whole thing evolve. You're talking like Pirate had control of 500k BTC for the last 8 months, and paid 1 120 000 BTC in interests for the last 32 weeks. You're taking the end and making the whole story with it, instead of reading the story back from the start.
Deposits were increasing exponetially (roughly) from start to finish, not just in the summer. As dooglus has said, exponential growth in a finite universe is impossible to sustain. It's math that killed the golden goose, and Pirate took the eggs. When the growth of compounded interested exceeded the net growth of deposits, Pirate pulled the plug. |
|
|
|
The above + other stuff I've read here indicates money laundering
money laundering doesn't mean what you think it means. |
|
|
|
|
I do think it's a viable business idea on some level. I believed it at one point, mostly because I wanted to believe.
But it's the volume of BTCST plus the extraordinary interest rates (over such a long time) that make me unable to believe it.
Possible, maybe. I just don't think that is what is actually taking place. If it weren't for my new bet, I would like to be wrong.
It's also very easy for a legitimate investment scheme to slip over into the realm of ponzi. I do tend to think it was a scam from the start, and that this business idea is the only one Pirate could propagate to justify borrowing so many coins. It was only a matter of time before someone realized how simple a bitcoin ponzi scheme would be to pull off. Inevitable.
|
|
|
|
you see the 100k BTC xfer he just made? that's likely heading to Gox, which he will then fuck the market a little by dumping it, getting yet another ~ $1M USD for his scam.
I wouldn't assume that these 100K are headed for liquidation at Gox, (unless Pirateat40 controls 100 or so Gox accounts, which is unlikely) since this is now stolen money, and since that would be a bit transparent. I thought Gox was capable of blacklisting coins. Why don't they track the coins now? That way they would't let him cash out the stolen coins. My guess would be that most of the coins that were sent to him have been washed at GPUMAX. "The Coins" aren't "The Coins" any more - they're freshly mined coins courtesy of GPUMax Hashers. at a maximum rate of 50 btc every ten minutes? It's far less than that for GPUmax. That would take forever wouldn't it? |
|
|
|
|
Pirate has moved around so many coins from so many people so that by now nobody knows who owns what. It's unfeasible to blacklist BTCST coins.
|
|
|
|
No, thank you Bob. If you ever want to invest again, I'll keep your current rates.
Much appreciated. Right now I'm in the process of moving all of my bitcoins to a cold wallet; so I won't be investing in anything for awhile. I'll let you know in the future if I decide to reinvest. HB |
|
|
|
All of you are a part of this theft.
No! No no no. They went and gambled and had some fun. I think they really believed in his business. They're victims, not thieves. This isn't a productive path to go down anyway. |
|
|
|
|
Just received my 52 BTC principle back from Dank. I was hesitant to deposit, and I was a little bit nervous. I did as much due diligence as I could have done, and I came to think that Dank is an honest guy. Receiving my principle back, that conclusion still stands. Dealing with him has been a hassle-free, positive experience.
Dank, big +1
Thanks again.
|
|
|
|
The terms of the PPTs were very clear. The vigilante sentiment that has been floating around lately is just sickening (even considering the hyperbole).
HonestBob- if you are willing to put honest in your name, I know we don't have to worry about you, but is it really a "vigilante sentiment" when folks start talking about the consequences of stealing over $5,000,000? To me it is more cause and effect. Nothing sentimental about it. You offer a service and make good on that service, you deserve your reward, enjoy your profit and pass Go, collect $200 and have a great life. You create a multi-dimensional scam, recruit a willing army of dupes to pimp it for you, fleece five million dollars worth of value from the "investors" who contributed to your magical money making machine, and then think because you can curse at a couple of folks you get to walk away free and clear with your gains? Nope. And still not sentimental, you deserve that reward too, it just won't be as pleasant as the first. You created the scenario, you live with the results, irrespective of how horrific they may be. Lay down with dogs, expect fleas. Lay down with an anonymous money laundering operation that is generating profits at a South Sea Bubble rate and then think you can just walk away with everything? Expect consequences. Big scary, bad men with bad intention consequences. Don't play if you don't like results when you don't win. Big boy games that can make 7% gains in a day, every single day do not attract big boys that are forgiving when the balloon pops. I see what you are saying. If I were Pirate, I too would be scared for my life. I guess the line between discussing the grave reality of revenge vs. actually condoning it is a blurry one for me. |
|
|
|
|
I just want to say here that notme deserves a lot of credit for how he handled his passthrough (he paid back his subaccounts out of his own pocket). Kudos to him, man. That's not the kind of integrity you see everyday, much less on the internet.
HB
|
|
|
|
|
If pirate thinks he can still manhandle the market (as he has done more than once), then he will try it again.
One of these fridays, I expect Pirate to post a message something like this:
"Ok folks, I now have enough coins to pay back all of my lenders in full. I just have a couple more things to iron out, and I will begin repayment within 24 hours. I will have all accounts settled by Sunday night. Thank you for your patience and good faith in this ordeal."
Of course, he won't have any coins, but his plan is to cause the market to panic sell before his investors have a chance to, and pick up a lot of cheap coins.
Just a thought. Hold onto those coins!
|
|
|
|
|
The terms of the PPTs were very clear. The vigilante sentiment that has been floating around lately is just sickening (even considering the hyperbole).
|
|
|
|
|
Goat would tell you to look up "default" in the dictionary
|
|
|
|
|
received some bitcents
i dont know who they came from...
happens all the time
|
|
|
|
going to be quite a few deleted posts soon if we do not capture them now... people saying such and such if they knew something
others do not.
I don't think we should turn this into am even bigger witch hunt. Let's just count our losses as a community and move on. |
|
|
|
|
Show Posts
