BullShit Trust. It is the beginning of the end.

[Vladimir]

... How Bitcoin economy would react on "vaporation" of ~ 300 000 BTC or nearly 3% of all bitcoins out there?

Those bitcoins won't disappear. I imagine that they will all eventually be spent (or traded for $).

Thank you Captain Obvious.

Or maybe most of them already were traded for USD.

However, in greedy naive minds of many "depositors" these BTC still belong to them and counted against their "net worth" probably as well as anticipated "dividends". The default will be an event crystallising losses for those punters.

[1714861814]

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[bitlane]

Well, watching BTC climb in price well past the 'Pirate 10%' threshold against USD over the last week, combined with withdrawal queues.... I am really not sure what to think about the upcoming Monday 'Pirate Payday'......
Let's hope alot of people re-invest so that I can get paid.

[Maged]

Coins gone for three hours - THE PONZI IS COLLAPSING! THE END IS NIGH!

Perfectly logical.

Did you by chance notice a follow-up post, where I confirmed the receipt of my coins ?

I even asked VIA PM if it would be easier if I simply cancelled my withdrawal request, due to the time..... YET STILL NEVER RECEIVED ANYTHING FROM PIRATE BY WAY OF COMMUNICATION IN REGARDS TO ANY KIND OF TIME LINE OR DELAY THAT I MAY FACE....until I received this approx 5.5 hours after my initial request:

bitlane,
Your account has been closed.  Your funds will be sent to the withdraw address on file on Monday with the regularly scheduled interest payment.
-pirate

Wouldn't it have been JUST AS EASY to tell me where I stood on his so-called queue ? ...... HE'S NOT THE ONLY ONE WITH A LIFE.

So wait, he still hasn't sent you're withdrawal? And now he's closing your account? What a Madoff!

[bitlane]

So wait, he still hasn't sent you're withdrawal? And now he's closing your account? What a Madoff!

Well, BitcoinEXpress called me a terrible Internet Detective.....and I BURIED HIM.

All Pirate did was ignore me and put a couple thousand BTC of mine in limbo. I am currently CAREFULLY measuring my FINAL response to the situation.

[RoloTonyBrownTown]

Vlad, you're a dick.    That is all, continue with your nonsense.

And Bitlane, good I was hoping he'd close your account.  Now perhaps you'll shut up for five minutes (Yeah I know, what am I thinking!).

Don't bother replying with a scathing but unoriginal retort, I won't see it.

[tvbcof]

All Pirate did was ignore me and put a couple thousand BTC of mine in limbo. I am currently CAREFULLY measuring my FINAL response to the situation.

It's only $28,000.  Opps....that was an hour ago...closer to $30,000 now.  Oh well...the price of counter-party risk I guess.

[Vladimir]

Vlad, you're a dick.    That is all, continue with your nonsense.

When heard from you, shill, this is a great compliment.

https://bitcointalk.org/index.php?action=profile;u=50329;sa=showPosts if anyone has any doubts.


@vbcof: indeed, if it not in your wallet you do not own it. Get used to it folks. It is the Bitcoin way.

[bitlane]

Vlad, you're a dick.    That is all, continue with your nonsense.

And Bitlane, good I was hoping he'd close your account.  Now perhaps you'll shut up for five minutes (Yeah I know, what am I thinking!).

Don't bother replying with a scathing but unoriginal retort, I won't see it.

If you really are an authentic account and not simply a sock puppet or shill.....would you mind sharing HOW OLD YOUR PIRATE DIRECT ACCOUNT IS ?

Mine is was 210 Days old.

[Phinnaeus Gage]

Coins gone for three hours - THE PONZI IS COLLAPSING! THE END IS NIGH!

Perfectly logical.

Did you by chance notice a follow-up post, where I confirmed the receipt of my coins ?

I even asked VIA PM if it would be easier if I simply cancelled my withdrawal request, due to the time..... YET STILL NEVER RECEIVED ANYTHING FROM PIRATE BY WAY OF COMMUNICATION IN REGARDS TO ANY KIND OF TIME LINE OR DELAY THAT I MAY FACE....until I received this approx 5.5 hours after my initial request:

bitlane,
Your account has been closed.  Your funds will be sent to the withdraw address on file on Monday with the regularly scheduled interest payment.
-pirate

Wouldn't it have been JUST AS EASY to tell me where I stood on his so-called queue ? ...... HE'S NOT THE ONLY ONE WITH A LIFE.

So wait, he still hasn't sent you're withdrawal? And now he's closing your account? What a Madoff!

What a Madǝoff! Hopefully, I improved upon your idea.

~Bruno~

[elux]

bitlane,
Your account has been closed.  Your funds will be sent to the withdraw address on file on Monday with the regularly scheduled interest payment.
-pirate

Is this normal operating procedure or something entirely new?

If so, uh oh, looks like you probably didn't get out in time.

(Were you at least given the option to forfeit interest, and receive your funds immediately?)

[dissipate]

bitlane,
Your account has been closed.  Your funds will be sent to the withdraw address on file on Monday with the regularly scheduled interest payment.
-pirate

Is this normal operating procedure or something entirely new?

If so, uh oh, looks like you probably didn't get out in time.

He is probably closing it out on Monday because he doesn't want to do a partial interest payment. Just a guess though.

[elux]

bitlane,
Your account has been closed.  Your funds will be sent to the withdraw address on file on Monday with the regularly scheduled interest payment.
-pirate

Is this normal operating procedure or something entirely new?

If so, uh oh, looks like you probably didn't get out in time.

He is probably closing it out on Monday because he doesn't want to do a partial interest payment. Just a guess though.

Yes, this is one of the expected gimmicks, see for example the story of the Currin Trading EVE Online ponzi Vandroiy kindly posted.

What I'm wondering is if this is a new mode of operation for BTCST. Bitlane stated he had previously always been able to withdraw several thousand coins "immediately".

BTW: Calculating partial interest can be done on a pocket calculator in about ten seconds. (It's something only a ponzi could have trouble accomodating.)

[dissipate]

Yes, this is one of the expected gimmicks, see for example the Currin Trading EVE Online ponzi story Vandroiy kindly posted.

What I'm wondering is if this is a new mode of operation for BTCST. Bitlane stated he had previously been able to withdraw several thousand coins within hours.

Could be, but then again there could have been a million reasons why his withdrawal was taking longer this time. In any event, it will be interesting to see what happens on Monday. The recent price spike definitely can't be good for Pirate.

[bitlane]

As I have always maintained, I have NOTHING to hide.

Over the course of 7 months, I made a total of 4 withdrawals, totaling 2165 BTC....with the largest being 1900 BTC (1900 + 140+ 100 + 25).
All 4 withdrawals were received at break-neck speeds after requesting them.

After 3+ hours of waiting and ZERO Communication to tell me otherwise, I had simply had enough.

I was then informed that My account was forcibly closed 5.5 hours after my initial withdrawal request and THIS is what it took to get what up to this point was THE STRAIGHTEST ANSWER THAT I HAVE EVER GOTTEN FROM PIRATE OVER THE PAST 7 MONTHS.

Did the price spike have me worried ? DAMN RIGHTS IT DID.

[elux]

Could be, but then again there could have been a million reasons why his withdrawal was taking longer this time.

It's not terribly interesting if pirate doesn't reply to email for a few hours, and then replies.

But it's very interesting if BTCST withdrawals and account closures are suddenly "paydays only please", if they weren't before.

Thanks for your candidness, Bitlane.

[Herodes]

Bitlane:

Imagine you ran a bitcoin business. To have control of everything, you did it all yourself, and did all transactions manually. You always did your best to respond to messages and to process payout requests as quickly as possible.

However, as you were a one man business, you needed to sleep every night, and you needed to go to the mall to buy groceries, heck you might as well have a family that needed your attention from time to time. You may have other interests that take some time as well (chess-playing, soccer practise, going to the gym etc.)

Let's assume there's only 24 hours available for you pr. day. It's the same for everybody.  Now, picture you sleep for 8 hours a day, then on average you spend 3 hours a day on non-bitcoin related activities. This leaves you with 13 hours remaining.

Now, picture you have customers from all over the world, all of them do business with you. Some love in Asia, some in Europe, and some in America. So you get messages and withdrawal requests every hour of the day, around the clock. Most of the time, you are able to process withdrawal requests immediately, but at other times, the request comes in when you go to sleep, and the customer has to wait till you wake up before you can process the request. Or you just left for your kids soccer match in another state, and won't be home until 5 hours later.

So, if you were running the business, and you had an angry customer yelling at you on e-mail and in the forums, after 3 hours of non-action on your side, while you were sleeping or away on a soccer match, would you be pleased ?

While we all want to look after our own issues, and want them solved, we must realize there are humans on the other side, and sometimes things do take some time. The bitcoin world is more faced paced than other businesses, and a reasonable expected response time should be 24 hours on weekdays.

So, when after 3 hours nothing has happened, do you think it's reasonable to complain already, and do you think it's unreasonable to have your account closed ?

But, consider yourself lucky, you will probably have all your funds returned. Time will show is others are similarily lucky.

[bitlane]

You are correct on a few points and to that I concede.

Luckily, in my own defense, this forum has User Stats that clearly show MOST ACTIVE/HISTORICAL TIMES

Pirate and I seem to be in the SAME time zone as well and since I try not to bother him during regular business hours too much as he could very well maintain a 9-5 job, WHEN IS A GOOD TIME ?

As I have said previously, I am not at all saddened by the forcible closure of my account and can only thank my lucky stars that I was NOT A TRUST account, as I would have stood to lose an additional 500 BTC 'Security' Deposit for 'Rocking the boat'.....

Let this be a lesson to all TRUST ACCOUNTS:

I don't have a 500 BTC Security Deposit to lose, but you surely may. Keep your mouths shut and keep the deposits rolling in

[RoloTonyBrownTown]

bitlane,
Your account has been closed.  Your funds will be sent to the withdraw address on file on Monday with the regularly scheduled interest payment.
-pirate

Is this normal operating procedure or something entirely new?

If so, uh oh, looks like you probably didn't get out in time.

He is probably closing it out on Monday because he doesn't want to do a partial interest payment. Just a guess though.

He's simply closing the account because bitlane is being a prick.   Simple as that.

[Bjork]

If you think it is a ponzi/some other risky venture, why are you screaming/whining now that you may have lost?  If it is true that it is a ponzi then you are only stealing others' money by withdrawing anyways

[bitlane]

If you think it is a ponzi/some other risky venture, why are you screaming/whining now that you may have lost?  If it is true that it is a ponzi then you are only stealing others' money by withdrawing anyways

Sorry....Who's screaming/whining Ponzi ?