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1061  Economy / Auctions / Re: Advertise on this forum - Round 47 on: August 21, 2012, 10:18:44 PM
Slots BTC Person
5 3 cablepair
2 2 TangibleCryptography
1 1 rate5
1062  Bitcoin / Important Announcements / Re: Bitcoin Savings and Trust is closing on: August 21, 2012, 10:04:03 PM
[10:44] <@pirateat40> Anduck, I really thought this initial process would happen faster than it has. Sad
[10:44] <Anduck> pirateat40: what's causing the delay?
[10:46] <@pirateat40> Anduck, the price movements.
[10:46] <Anduck> pirateat40: u been selling or buying`
[10:47] <@pirateat40> Anduck, just blocking buys and selling the coins out of the system.
1063  Economy / Service Discussion / Re: why do people trust pirate? on: August 21, 2012, 09:40:19 PM
By the looks of last weekend, I'd estimate somewhere in the region of 60 - 80 thousand, tops.
That might just be what he has left (unlikely, according to our numbers, but who knows - the rest could have been sold weeks ago). However, Team Ponzi (the people who have constantly been saying that he's a ponzi) have tracked 150k in liabilities just to BitcoinMax, as of August 7th. If he never did anything with the coins, we found that as of August 7th (which is admittedly out of date but was the best we could do thanks to measures implemented to stop us from being able to gather this information) he had 83k BTC just from BitcoinMax. So yes, I think it's quite fair to say that Pirate is liable for 500k BTC.
1064  Economy / Gambling discussion / Re: I'm giving 100% ROI away to anyone who thinks pirate is a fraud on: August 21, 2012, 09:19:29 PM
Well, since you're just giving out bitcoins, essentially, I request that my bet be raised from 20 BTC to 30 BTC.
1065  Bitcoin / Important Announcements / Re: Bitcoin Savings and Trust is closing on: August 21, 2012, 02:37:07 AM
[21:04]   <pirateat40>   Trading vs Shutting Down is a much harder than just clicking a button. There is A LOT of money moving around and I want this done as orderly as possible. The process began last night and has been happening all day but its not something that happens over night. The repayment will begin with the earliest investors first, but its tricky cause some of them now run PPT accounts which isn't fair to some. When coins being to move I'll let everyone know. BTW, No you can not buy your way to the front, so stop asking.
[21:17]   <pirateat40>   I'm handling the process as fast as possible. At no point did I say it would be fast and easy, I said it would be done. Thanks for your patience, I'm always watching. Stay tuned.
[21:19]   <pirateat40>   Trading coins from hands to hands is not the same as trading out the coins to be returned.
[21:20]   <ErebusBat>   I am assuming you ca not elaborate, yet, pirateat40. But thanks for the update
[21:21]   <pirateat40>   ErebusBat, the more I talk the more questions, emails and pm's I get.
[21:23]   <pirateat40>   I can't be everyone's best friend and I'm sorry if I step on toes, but I'm wanting things to go as fast as you guys do.
[21:25]   <pirateat40>   Now, back to your regularly scheduled trolling.
1066  Economy / Gambling discussion / Re: I'm giving 100% ROI away to anyone who thinks pirate is a fraud on: August 21, 2012, 01:26:19 AM
Matthew, you're going to get hurt here.

I'll increase my bet from 10 to 20 BTC if you still haven't realized how bad of an idea this is.

Confirmed. Still haven't realized. Bet increase accepted.
Thanks. Sorry to hear that, though.
1067  Economy / Gambling discussion / Re: I'm giving 100% ROI away to anyone who thinks pirate is a fraud on: August 21, 2012, 01:23:29 AM
Matthew, you're going to get hurt here.

I'll increase my bet from 10 to 20 BTC if you still haven't realized how bad of an idea this is.
1068  Bitcoin / Important Announcements / Re: Bitcoin Savings and Trust is closing on: August 20, 2012, 05:50:54 PM
Can someone please paste every line he posted to #btcst today?

EDIT: nvm, i'll do it. give me a sec.

Here's the raw, unedited log:

I'll snip and post pirate's comments in a moment.

[2012-08-20 17:53:37] <pirateat40> finway, it doesn't work that way.
[2012-08-20 17:55:03] <pirateat40> Inedible, whiskey
[2012-08-20 17:55:34] <pirateat40> finway, once my process is released you'll understand more of how coins move around.
[2012-08-20 18:03:20] <pirateat40> finway, which account is yours?  Ill make sure yours don't. :P
[2012-08-20 18:07:26] <pirateat40> Today is the start of a busy week guys, i'd love to answer all the 200 pm's but can't.  I'm around and you'll know when things start to move.
[2012-08-20 18:07:30] <pirateat40> pirate out

And then there's this guy:

[2012-08-20 17:35:28] <pirateat40_> ill never pay
[2012-08-20 17:35:30] <pirateat40_> hahahahahha

So, that was it for monday? No answers, no promises?
1069  Economy / Service Discussion / Re: centralized post of pirate payouts or other related news to the closing. on: August 20, 2012, 04:34:19 PM
If you see an important update and we don't have it in the Important Announcement post for Pirate's closing, please report it and a mod will add it to that post. If you're a VIP, you can add the update yourself.
1070  Economy / Gambling discussion / Re: I'm giving 100% ROI away to anyone who thinks pirate is a fraud on: August 20, 2012, 04:20:21 AM
1071  Economy / Economics / Re: Stop the Panic! on: August 19, 2012, 05:57:13 PM
There is no need for panic as Bitcoin is still the same awesome, safe and ingenious thing it was last week.
That's the problem. It's also "the same awesome, safe and ingenious thing" as it was a few months ago. Why is it a problem if the price goes back to those levels? Ask yourself, what fundamentals (since it seems that's what you believe in) were behind us going up from $5 in the first place?
1072  Economy / Speculation / Re: And now what? Long slow slide? on: August 19, 2012, 05:23:57 PM
There has been no negative news.
What if I told you that a business that was responsible for about 10% of the daily MtGox volume suddenly closed? Would that be negative news? Because that's what happened.

If we're lucky, we might start seeing a slow slide from here on out. However, it is also likely that there will be nothing slow about this at all until $6.
1073  Bitcoin / Important Announcements / Re: Bitcoin Savings and Trust is closing on: August 19, 2012, 02:23:06 AM
Sorry for the delay in posting this, but here are yesterday's highlights from IRC. I didn't want to be the one to post this, because of my bias, but since nobody else has, I'll try to be fair and post every interesting tidbit, whether I agree that it's true or not. I want this section of the forum to be as unbiased as possible, so here you are. This was recorded in IRC on Freenode in the channel #bitcoin-otc. Times are in US Central.

[2012-08-17 16:07:00] <IveBeenBit_> I was thinking earlier today that if I were Pirateat40, I'd close down shop for 2 weeks, pay everyone back, then come back and say, "I told you this was not a ponzi. Eat shit. By the way, new interest rates are now 2.2% per week. I am reopening & require a 30-day lock in for all new deposits."
[2012-08-17 16:07:57] <pirateat40> IveBeenBit_, that was the plan to start when I took the bet, but I do wish of a day when I can take a vacation and not have to check my phone ever 10 min.

[2012-08-17 16:13:15] <pirateat40> It would be fun to simply say.  "Good luck getting your coins back... Find me bitches!" but I don't think anyone know how much time I've put into this and how many close friends I've made.
[2012-08-17 16:14:17] <pirateat40> Like I said to start, I will do this until I cant make money doing it any longer.

[2012-08-17 16:15:21] <pirateat40> Interest will be paid when your account is closed up to the hour it was sent.

[2012-08-17 16:15:36] <btc123_> the brilliant part is, that he comes on here and forums to tell people that he's 'about to sell and crash btc', and then it drops cause all the idiots are scared of him and sell, then he buys back lower
[2012-08-17 16:15:56] <pirateat40> btc123_, if you only knew what you were talking about.

[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 BTC

[2012-08-17 16:16:24] <gmaxwell> pirateat40: since everyone assumes you're going to vanish with all the coin; why not do so? Smiley
[2012-08-17 16:17:26] <pirateat40> gmaxwell, lol I should right?  In reality if I was going to jump ship with my lenders money I would have jumped back when I the PPT sprouted.

[2012-08-17 16:18:55] <ErebusBat> pirateat40 does that mean we won't get the tell all we al lwant for some time ?
[2012-08-17 16:19:50] <pirateat40> ErebusBat, I've signed a contact to do a tell all with a company.  I'm sure you'll see it it soon enough.
[2012-08-17 16:19:57] <btc123_> pirateat40: so you come on here talking about how you 'control everything' and tell people you're about to sell , all the idiots on here and the forums dump in anticipation of your 'sell',....  and then you buy your BTC cheap so you can pay lenders
[2012-08-17 16:21:22] <pirateat40> btc123_, this is not the channel i tell my ALL to. Tongue
[2012-08-17 16:57:24] <bdcs> pirateat40, will the business's source of income be dramatically revealed?
[2012-08-17 16:58:17] <pirateat40> bdcs, certain things won't be revealed, like names or groups but the general concept and the process will be.

[2012-08-17 16:19:50] <Sp0tter> pirateat40: is there already a set plan for who gets paid first?  come Monday, will be in the 1st round?
[2012-08-17 16:20:28] <pirateat40> Sp0tter, I think its going to be by account age. (it's only fair)

[2012-08-17 16:23:30] <occulta> pirate, what about large accounts that transfered to trust accounts just lately ?
[2012-08-17 16:23:50] <pirateat40> occulta, tell me what you think is large.
[2012-08-17 16:24:09] <occulta> i mean the 7% bracket
[2012-08-17 16:24:19] <occulta> any amount to be honest?
[2012-08-17 16:24:27] <pirateat40> Im going to keep the old rates until everyone is paid back
[2012-08-17 16:24:34] <occulta> its an area that was never compelted
[2012-08-17 16:24:56] <occulta> i mean the transfers to trust account owners
[2012-08-17 16:25:08] <occulta> the payouts will be to their addresses?
[2012-08-17 16:25:15] <pirateat40> occulta, yes

[2012-08-17 16:24:30] <Odio> I hope this shit is all sorted out by monday
[2012-08-17 16:25:09] <pirateat40> Odio, it wont be monday for everyone, as it is now I have want it done by Friday.
[2012-08-17 16:25:34] <boonies4u> pirateat40: so you'll be releasing funds throughout the week?
[2012-08-17 16:25:42] <pirateat40> boonies4u, yes

[2012-08-17 16:28:28] <mb300sd> pirateat40, and are you planning any new ventures? Perhaps without the instant withdrawals?
[2012-08-17 16:28:42] <pirateat40> mb300sd, i can't comment on that until monday.
[2012-08-17 16:29:01] <pirateat40> mb300sd, yes there are things in the works.

[2012-08-17 16:33:10] <btc123_> is pirateat40 shutting down?
[2012-08-17 16:33:30] <pirateat40> btc123_, gpumax is just heating up
[2012-08-17 16:34:26] <Michail1> pirateat40 Does this mean you will open up gpumax for new clients?
[2012-08-17 16:36:08] <pirateat40> Michail1, we are maxed out until we open phase 2 in late Sept

[2012-08-17 16:37:25] <Smoovious> pirateat40: just one question... how confident are you at 100% repayment to the investors?
[2012-08-17 16:38:08] <pirateat40> Smoovious, im sure most of my lenders (not investors) will be more than they expected.

[2012-08-17 16:40:52] <fbastage> how long did it take until you felt burnt out, though, pirate?  seems you've been weary for a while
[2012-08-17 16:41:56] <pirateat40> fbastage, its been a month now that I stop responding on the forums and got really tired of dealing with bitlanes... i mean people

[2012-08-17 16:42:34] <exahash> @pirateat40 - you need a small number of bigger depositors
[2012-08-17 16:42:57] <pirateat40> exahash, nah, I'm done.  I need some family time.
[2012-08-17 16:43:22] <pirateat40> When I finally announced the closure you don't know how good it felt.

[2012-08-17 16:44:39] <MoneyIsDebt> pirateat40: Just find one competent person you trust, tell them your business plan, and deposit your money there, and let him do the work while you enjoy family time
[2012-08-17 16:45:05] <pirateat40> mb300sd, you cant build what I had overnight. Editors note: I believe Pirate just accidentally clicked on the wrong name here to respond to, since I can't find anything else that best matches this response
[2012-08-17 16:45:41] <pirateat40> MoneyIsDebt, gpumax will do much more than bst did and I wont need to babysit it.

[2012-08-17 16:46:38] <pirateat40> Although delayed, no one needs to worry about getting coins back.
[2012-08-17 16:47:09] <pirateat40> what you should be talking about is what charity we donate to.
[2012-08-17 16:52:05] <pirateat40> It will be the community's choice, I'll just cast my opinion.

[2012-08-17 16:53:12] <bdcs> pirateat40, is all the BTCST sub-account stuff out the window or will it be used for future projects?
[2012-08-17 16:53:32] <pirateat40> bdcs, all BST stuff is over.

[2012-08-17 17:04:49] <pirateat40> ;;voiceme
[2012-08-17 17:04:51] =-= Mode #bitcoin-otc +v pirateat40 by gribble

[2012-08-17 17:05:11] <pirateat40> ;;ident pirateat40
[2012-08-17 17:05:11] <gribble> Nick 'pirateat40', with hostmask 'pirateat40!~pirateat4@unaffiliated/pirateat40', is identified as user pirateat40, with GPG key id 614DB74CFA5B357E, key fingerprint 067508A49BBE0E8216A61A94614DB74CFA5B357E, and bitcoin address 17aacoJaduwjJd6dh9cxgsRLMc5CkB2b9n

Raw log (full day):
1074  Economy / Service Discussion / Re: Pirate paying back investors within a week OR two? on: August 19, 2012, 01:08:04 AM
Fact #1 - Pirate had at least 500k btc of investors' funds

I haven't seen proof for fact 1.  It might be true, but your figure seems a bit high to me.  Can you point me to some evidence for this claim since it is the lynchpin of your thesis?
[2012-08-17 16:17:57] <pirateat40> Azelphur, personally. BST is over 500k BTC
Pirate was identified with both Nickserv and gribble.

Even Team Ponzi just thought that it was around 450k, but you cannot dispute Pirate's own words.
1075  Economy / Trading Discussion / Re: ATTN: Anyone else see the blood in the street? on: August 18, 2012, 05:44:58 PM
Who the heck is this Pirate guy? Kinda out of the loop here.

He ran an HYIP which was returning 7% per week.  Today he announced he was shutting down.  Come Monday, people will discover whether or not he has the means to pay everyone back their investment plus interest.
Ah, I see so everyone is panic selling over the potential flooding of bitcoins come Monday?
No, we're panic selling over the fact that Pirate's investors were driving most of the Bitcoin demand. That has now ceased.

All of next week is going to be interesting as people either get their bitcoins or find out that they don't have bitcoins. If they get their bitcoins, there will be another drop in price. If they don't, there might be a short rally, but without that Pirate demand, we're still doomed to deflate to $8-$9.

This is a contingency that I've been prepared to execute for weeks, and I haven't been wrong about it yet.
1076  Economy / Lending / Re: Bryan Micon's List of BTC Ponzi Schemes that should not be listed as "Lending" on: August 18, 2012, 01:25:10 AM
Team Ponzi should all be labelled as such, (maybe a dumbass tag?) - That way we know not to believe the FUD they spout
Ok. I added it to myself voluntarily.
1077  Bitcoin / Legal / Re: Loss of Profits, Libel, Team Ponzi and a Pirate on: August 18, 2012, 12:36:26 AM
If anyone decides to sue me, I have evidence that not only did Pirate not lose anything because of Team Ponzi, but he may have actually gained more investment. This closure was entirely because of the rise in price along with the lowering of the interest rates increasing the amount of withdrawals.

Madoff was also never actually caught running a ponzi, despite the almost-irrefutable evidence against him. His ponzi collapsed entirely because of the economic downturn.

It really sucks that we warned all these people and didn't save anybody.
1078  Economy / Long-term offers / Re: The sorry and thank you Pirateat40 thread on: August 17, 2012, 07:10:56 PM
The FUD was actually getting Pirate more investments, so you're very welcome!

Anyway, I'm hesitant to go one way or another on this until Monday.
1079  Economy / Scam Accusations / Re: SCAMMER = Tom van de Moosdijk on: August 17, 2012, 06:28:50 PM
How and who marked him as a Scammer, I don't know.
We discovered that he was Aldun and marked him.

BCB, it looks like you traded with him on HiPay. Guess that's how he knew who you were. I hope HiPay isn't reversible...
1080  Bitcoin / Important Announcements / Bitcoin Savings and Trust is closing on: August 17, 2012, 06:07:43 PM
After much consideration, Iíve decided to close down Bitcoin Savings & Trust

The decision was based on the general size and overall time required to manage the transactions.  As the fund grew there were larger and larger coin movements which put strain on my reserve accounts and ultimately caused delays on withdraws and the inability to fund orders within my system.  On the 14th I made a final attempt to relieve pressure off the system by reducing the rates I offered for deposits.  In a perfect world this would allow me to hold more coins in reserve outside the system, but instead it only exponentially increased the amount of withdrawals overnight causing mass panic from many of my lenders.

So now what?
Iíve spoken with my clients over the last week and come to an agreement that would allow me to close down my operation within a week.  Currently my reserve (operating wallets) are drained from fulfilling the withdraw spree that happened after the rate drop announcement.  All withdraws at this point will be delayed until Monday when the shutdown process begins.. 

At this point I will no longer accept deposits.  Any coins sent into the system as of now will be returned immediately.

When will I get my coins?
Starting Monday Iíll begin systematically closing and withdrawing accounts as coins are transferred.  I don't expect the entire process to last longer than a week. The moment your account is closed youíll receive your coins plus any interest accrued up to the hour it was sent.

Iíd like to thank all of my lenders and PPT operators that were a key element in making Bitcoin Savings & Trust a success.  Bitcoin has grown a lot since I started this and want you to know that you were a vital part in helping it grow.

Now, I have a lot of work to do. Stay Tuned


BTW, this is all bitlaneís fault.  (j/k you nut)

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