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Author Topic: Bitcoin Savings and Trust is closing  (Read 29550 times)
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August 17, 2012, 06:07:43 PM

After much consideration, I’ve 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?
I’ve 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 I’ll 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 you’ll receive your coins plus any interest accrued up to the hour it was sent.

I’d 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 bitlane’s fault.  (j/k you nut)

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August 19, 2012, 02:23:06 AM
Last edit: August 19, 2012, 02:36:37 AM by Maged
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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):

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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?

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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.

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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.

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August 22, 2012, 06:13:16 AM

Well, it looks like I can no longer simply sit here and do nothing. Pirate seems to think he is above the law.

Well, you've had enough time to respond, so I will begin laying things out.

Since you have officially STOLEN my Bitcoin Savings & Trust Account as well as balance by closing it, being 4 days ago now, I think it's high time to get this party started.

Tomorrow, I will have the opportunity the meet with a Notary to have an affidavit signed.

McKinney Police Department require this done, as I am out of country and presented to them on behalf of myself, by my own local Police Department before anything can proceed.

As I see that you could care less to communicate in regards to this further, would it be fair to say that I instead make **** the primary contact on the paperwork ?

As I have said previously, you COULD HAVE AVOIDED THIS.
You are the man, you have the power...right ?

I look forward to hearing back from you at your earliest convenience, as to how I should proceed.

Ready when you are tough guy.

Make sure you know what you're doing.



Is this the reply you want to see in public ? or would you perhaps like to add anything else ?

I couldn't care less what you waste your time on.

Post away.


Well, you obviously care, otherwise you wouldn't have thrown a hissy fit, closed down my account and stole my balance in the process ?

DID I SCREW YOU OVER ? or does it seem that you are just not a man of your word ?

Come to think of it (since you probably won't reply to this anyways) why are you being such a coward and taking cheep shots at me, like YOU ARE THE MAN WITH ALL THE

POWER on IRC ? ....... yet you don't seem to be capable of saying SHIT, even if your mouth was full of it, when you come onto the forum.

How about you justify why you are a compulsive liar, from what I can tell...... ?

Am I really causing you THAT much external pressure for you ?

Pay me what is owed and this all goes away, just like it would have IF YOU KEPT YOUR WORD IN THE FIRST PLACE.

Dead Man's Switch ? PM BOTS/Not really me online ? You will get it Monday ? Trendon Shavers is a DBA ?

How much more crap do you honestly expect me to listen to ?

You might want to go ahead and inform me if this is going to actually get taken care of or not.
At this point, you have nothing left to lose, right ?

I made it very clear in my post on the closing as to why you didn't get paid on Monday. You somehow think you're special just like the many other times you threw your fits that got you banned in the past.

It takes a lot to piss me off and your reckless comments and threats just put me over the limit. So not only did "You" cause this yourself, you'll end up paying for it

in the end.

First off, let's be clear, in case your memory is a bit mine is not.

1) YOU banned me from GPUMAX for a week for telling gigavps that his nose was too far up your ass. I told you I wanted to mine, you said not to start shit, I agreed. I still don't like him.

2) YOU wrote a PM to me telling me WHEN I WOULD BE PAID BEFORE YOU CLOSED UP YOUR ENTIRE OPERATION. You have also denied me access to the site. 4 days past and this is nothing more than THEFT.

3) I am not threatening you. I am simply stating what I must do to protect my interests. If seeing you charged in a Criminal Offense happens, by all means - I DID NOT STEAL FROM YOU.

4) I repeatedly asked you NOT to bring it to this, but for some reason, your 29 year old testosterone told you otherwise.

I expect 100% including INTEREST OF THE BITCOINS you are holding hostage of mine, for simply speaking THE TRUTH.

If I am not satisfied, I will see you prosecuted to the FULLEST EXTENT OF THE LAW for more offences than you don't even realize you are committing.


Like I told you when you first threatened to "go after me".

Make my day. Good Luck and enjoy the ride.


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August 22, 2012, 06:02:43 PM
Last edit: August 22, 2012, 06:31:32 PM by John (johnthedong)

Wednesday, August 22

13:52 <@pirateat40> ding ding ding
13:52 < Anduck> Mqrius: html code editing, no need for photoshop........
13:52 < nathanghart> he did say it's just a month old...N8, not talking now?
13:52 < jcpham> chrome is like the best browser ever
13:52 < ineededausername> pirateat40!
13:52 < mb300sd> ;;ticker
13:52 < zerokwel> lol
13:52 < ineededausername> what's happening right now Smiley
13:52 < ineededausername> ;;ticker
13:52 < JWU_42> winner winner chicked dinner
13:53 < Clipse> oh god is back let me break some bread Wink
13:53 < JWU_42> chicken*
13:53 < johnthedong2> omg here comes teh man
13:53 < mb300sd> wait, wheres gribble?
13:53 <@[\\\]> ping'd out
13:53 <@[\\\]> life will be fine
13:53 < ineededausername> lol
13:53 <@[\\\]> what's the price you ask?
13:53 <+Mqrius> Yes pirateat40, I'll take your order. What will it be?
13:53 < johnthedong2> probably imasaguy got that poor chap again
13:53 <@[\\\]> still lists it.
13:53 < ineededausername> maybe gribble played his own roulette game
13:53 < johnthedong2> lol
13:53 <@[\\\]> hey pirateat40, thanks for the payout!
13:53 < mb300sd> someone tried that yesterday, imsaguy2 kicked gribble haha
13:53 < jcpham> make something happen already!
13:53 <@pirateat40> Just cleaning out the smaller accounts to make things easier.
13:53 <@[\\\]> that's been corrected mb300sd
13:53 < PsychoticBoy> So Pirate what are we going to do tonight? same thing we try to do every night. TRY TO TAKE OVER THE WORLD

The supposed payment:

13:42 < BitMinerN8> So you might want to check your BTCS&T Accounts. I did this morning, no change, 5 min ago, showed a full balance withdrawal. Checked my wallet, payment
                    inbound. So Pirate is paying out!!
13:42 < moartr4dez> yah, can help with lag because then the servers don't have to 'catch up' with msg delivery to each other
13:42 < EmanuelDeOrtego> could be because pirate is tired of us watching his jet
13:42 < DutchBrat> could be because pirate landed in his hideaway
13:42 < Smoovious> BitMinerN8: txid?
13:43 < Smoovious> or it isn't happening
13:43 < moartr4dez> heh right...
13:43 < johnthedong2> BitMinerN8: you serious?
13:43 < BitMinerN8> yes
13:43 < moartr4dez> Honduras lol
13:43 < EmanuelDeOrtego> He's super cereal
13:43 < johnthedong2> TXID's
13:43 < EmanuelDeOrtego> so so cereal
13:43 < Anduck> BitMinerN8: provide txid
13:44 < johnthedong2> and someone who has a pirate direct account try withdrawing just for shits and giggles
13:44 < johnthedong2> lol
13:44 < nathanghart> forget txid you'll need to transfer the Ƀ to me to verify -.-
13:44 < moartr4dez> <_<
13:44 < Anduck> so
13:44 < dlasher> TXID and the forums will explode.. Smiley
13:44 < Anduck> confirmation from anyone else about him paying?
13:44 < Smoovious> send have to nathanghart, and half to me... we'll count up the bits, and compare, see if it is legit
13:45 < Smoovious> have=half
13:45 < Anduck> split + excess flood
13:45 < tonikt> I guess _matthew_ went o bed. Ufff... we can finally enjoy the silence Smiley
13:45 < Anduck> xD
13:45 < johnthedong2> LOL I could even sticky that if the txid's are shown
13:45 -!- ServerMode/#btcst [+v teek] by
13:45 < BitMinerN8> c2d0742df8df67c0507fd270b3c262f8a0118ba3a9b91357c83a04d952d0a32d
13:46 < Clipse> BitMinerN8 : how old is your BTCST account ?
13:46 < nathanghart> eh, it's only 2:45am there, he's prolly still up, but away
13:46 < BitMinerN8> a month
13:46 < Clipse> dude thats a 130BTC transfer
13:46 < Clipse> wtfever
13:46 < Clipse> lol
13:46 < BitMinerN8> IGM fuckers!
13:46 < BitMinerN8> hahah
13:56 < BitMinerN8> Yeah, what Pirate said. Oh and thanks Pirate!

Smaller accounts is apparently getting paid already according to Pirate himself on IRC. Proof posted by another guy on IRC:

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August 27, 2012, 01:09:37 AM

Quoted from:

Thursday, August 23rd

11:53 <@pirateat40> scottjp, as am I, ill release an update here later today when I have RealSolid info. (hehehe)
11:55 <@pirateat40> I not giving out times or dates anymore since nothing seems to be on schedule except the mention of "pirate" every 10 seconds.

17:12 <@pirateat40> Total Accounts Paid: 11
17:12 <@pirateat40> All small accounts.

18:47 <@pirateat40> clearout, I haven't seen him.
18:47 <@pirateat40> I think he's running with the coins.
18:47 <@pirateat40> Since that always seems to work out.
18:49 <@pirateat40> Who thinks pirateat40 is going to run with the coins?
19:21 <@pirateat28> hm
22:31 <@pirateat40> Vinnie_win, you'll know soon enough, stop asking.
22:32 <@pirateat40> I'm gone for 4 hours and this place goes to hell.
22:34 <@pirateat40> honestbob, thanks but no thanks.
22:36 <@pirateat40> Update: I'm serious hard pressed for time to win a side-line bet on my payout.  I'm working as fast as I possibly can and will update you "IN THIS CHANNEL" when things really start to move.
22:37 <@pirateat40> Thanks guys, have a good night.

22:31 <@pirateat40> Vinnie_win, you'll know soon enough, stop asking.
22:32 <@pirateat40> I'm gone for 4 hours and this place goes to hell.
22:34 <@pirateat40> honestbob, thanks but no thanks.
22:36 <@pirateat40> Update: I'm serious hard pressed for time to win a side-line bet on my payout.  I'm working as fast as I possibly can and will update you "IN THIS CHANNEL" when things really start to move.
22:37 <@pirateat40> Thanks guys, have a good night.
00:15 <@pirateat40> Who's next?
00:15 <@pirateat40> I want to sleep,
00:15 <@pirateat40> copumpkin, where were you?
00:15 <@pirateat40> [\\\], cleaned up your mess
00:15 <@pirateat40> thank satoshi for [\\\]
00:18 <@pirateat40> jk
00:18 <@pirateat40> lol

Sunday, 26th

20:06 <@pirateat40> At this point and in an attempt to stop the bleeding (interest) I'm going to be forced to payout everyone at once, which I'm sure will piss off enough people to counter the lack of payouts but I don't see any other way of handling this.
20:09 <@pirateat40> My concern is not "winning" the bet as much as it is "donating" the winnings.  With the events of this week causing delays, 5K worth of coins is a piece of sand compared to the amount of money I'm losing every hour.
20:13 <@pirateat40> I'm doing everything in my power within the contracts of the "Real World" to get things moving as fast as possible.  If, I end up losing the bets and spending everything I worked for to make things right I will.  I will not be giving any additional times or dates until I know exactly when things will happen.
20:17 <@pirateat40> I know you guys want updates and communication, but I'm somewhat muted by the personal attacks and legalities of whats going on. There is a lot more to this story than just "Send me back my coins."  If I had all the coins just sitting around I would've has this wrapped up a long time ago.
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August 29, 2012, 03:02:33 AM
Last edit: August 29, 2012, 04:33:13 AM by John (johnthedong)

28th of August

* Topic for #btcst-trust is: "Bitcoin Savings & Trust | Update at 8:30pm CST (-5). Invite Only
* Topic for #btcst-trust set by pirateat40!~pirateat4@unaffiliated/pirateat40 at Wed Aug 29 04:13:19 2012
<hashking> lol
<copumpkin> omg it's the hypergoat
<gigavps> goat on a rope
<gigavps> o, i meant boat
<Chaang-Noi> i will be a goat from a rope soon!
<Chaang-Noi> Smiley
<Chaang-Noi> morning all
<[\\\]> shutup goat
<Chaang-Noi> lol, what is with the morning cheer?
<[\\\]> are you not watching #btcst?
<Chaang-Noi> no
<[\\\]> [2012/08/28 19:54:58] <@pirateat40> Bitcoin Savings & Trust has hereby given notice of default to it's account holders.
<OneFixt> um what?
<[\\\]> in #btcst
<[\\\]> 4 minutes ago
<[\\\]> so pirateat40, why the gathering here then?
<Chaang-Noi> i see
<hashking> well goat I hope you sold your account
<Chaang-Noi> lol
<Chaang-Noi> no, it was a joke, i did get offers however
<pirateat40> More to come.
<Chaang-Noi> okay
<Chaang-Noi> ill be back in 5  
<[\\\]> I suppose I'll open it up now
* copumpkin isn't selling
<hashking> open what up
<copumpkin> pirateat40: so was there something specific for the PPT people? I guess the announcement time is still 24 minutes away
<hashking> It will probably  be in 21 minutes
<pirateat40> Yes, 19min
<gigavps> if this is you trolling, i'm going to fly to Texas to kick your ass and buy you some more makers 46
<copumpkin> lol
<copumpkin> been there done that
<patrickharnett> For the terms of the bet and various business dealings, having a clearly defined statement of default (given the time frame specified) is a very useful point to reach
<pirateat40> gigavps, lol we could get drunk and watch breaking bad.
<Chaang-Noi> that is an awesome show
<[\\\]> I've yet to watch it
<pirateat40> It just got much better.

<[\\\]> So can we skip up a few minutes?
<Chaang-Noi> i just got done with number 5
<[\\\]> its close enough to 830
<pirateat40> I thought they were dying on the 3rd episode.
<patrickharnett> I haven't seen the show - looks like it has some warm/fuzzy characters in it
<pirateat40> then it picked back up and rocks again.
<patrickharnett> make'em wait till 8:30
<Chaang-Noi> it is a good show Patrick, however the first few shows are a bit slow, but its very worth it
<[\\\]> so I better make sure my current documents up to date?
<[\\\]> I was lazy and didn't calculate this last week's interest distribution
<copumpkin> pirateat40: I am the one who knocks
<copumpkin> on wood
<pirateat40> Is everyone here that can be?
<[\\\]> (no homo)
<patrickharnett> hmm, I don't watch much tv
<[\\\]> pirateat40: BW is with his kid
<[\\\]> he wanted to be on his androirc
<[\\\]> but it kept pinging out
<[\\\]> we've got a line to him though
<pirateat40> k
<[\\\]> so he'll know shortly after
<patrickharnett> We're going to relay stuff for Burt
<[\\\]> all the told you so's already
<[\\\]> and regardless of anything that's happen, bitlane is frakking nuts
<gigavps> let's get started then
<hashking> Im ready.
<[\\\]> I'm pretty certain this channel can keep a secret for 11 minutes
<gigavps> o wait, i'm supposed to say that with my other acct
* [\\\] is now known as notpirateat40
<notpirateat40> seeekrets
* notpirateat40 is now known as [\\\]
<Chaang-Noi> i saw the photo, you are all pirate!
<pirateat40> It's not about what it said, i just wanted the most of people here see it.
<reeses> did I wake up just in time?
<gigavps> yes, now shut up
<Chaang-Noi> yes reeses, hows india?
<gigavps> let the man speak
<hashking> we are ready again.
<pirateat40> Bitcoin Savings & Trust has hereby given notice of default to it's account holders.
<pirateat40> At his time, all Pirate Pass-Thru operators are required to submit a list of their sub-accounts including; balance, forum / IRC name (or any other way of linking and confirming the account) and Bitcoin withdraw address. Payments will be processed directly by Bitcoin Savings & Trust to Pirate Pass-Thru sub-accounts upon verification and cleared of any outstanding conditions.
<pirateat40> Payments will be processed directly by Bitcoin Savings & Trust to Pirate Pass-Thru sub-accounts upon verification and cleared of any outstanding conditions.Payments will be processed directly by Bitcoin Savings & Trust to Pirate Pass-Thru sub-accounts upon verification and cleared of any outstanding conditions.
<pirateat40> Principal and interest payments are subject to review.
<pirateat40> No timeline or further information is available at this time.
<patrickharnett> would you like emailed lists?
<patrickharnett> you said pm's were a pain
<Chaang-Noi> we never got the sub accounts set up, i dont understand
<pirateat40> Emailed to encrypted with your private key if available.
<copumpkin> your public key, you mean
<pirateat40> Chaang-Noi, bonds are going to be tricky.
<hashking> Why is it being done this way.
<[\\\]> pirateat40: balances as of when?
<gigavps> Chaang-Noi ask nefario to lock the bond and give you a list of holders

<copumpkin> we need your public key to encrypt
<Chaang-Noi> can you please explain why this needs to be done this way?
<pirateat40> [\\\], current balances
<[\\\]> copumpkin: gpg info pirateat40
<Chaang-Noi> gigavps nefario wont do that, that is public knowledge
<reeses> copumpkin: look for the one I signed
<hashking> Not sure how to use that.
<[\\\]> pirateat40: well, does that include last monday's interest?
<hashking> I have to many small accounts to try and put this together.
<pirateat40> Chaang-Noi, it's a legal thing.  That's really all I can say.
<Chaang-Noi> matthew will lose his bet then
<Chaang-Noi> there is no way you will every pay us
<hashking> It would take me forever to compile my list.
<pirateat40> [\\\], the balance should include the total balance up to today at 8:30 PM CST
<[\\\]> ok
<Chaang-Noi> pirateat40 you know you are asking me to do something i cant.
<hashking> When is the deadline to send this to you.
<pirateat40> Chaang-Noi, I know it's not something you can do with bonds and have relayed that information but I don't have an answer for you yet.
<patrickharnett> I can have mine compiled quite quickly as the bonds can simply be repurchased and I only have three sub accounts - when would payment be?
<[\\\]> I have mine ready already
<[\\\]> its a google doc
<pirateat40> hashking, Friday by midnight.
<pirateat40> [\\\] perfect
<gigavps> pirateat40 what are the next steps beyond this?
<hashking> I can't have it done by then.
<[\\\]> seriously, a basic timeline
<[\\\]> we've been very patient, you need to give us a little something.
<pirateat40> gigavps, I don't have a timeline other than Friday at midnight at this point.
<hashking> What are you intentions.  What if I can't get you the information by friday.
<Chaang-Noi> im going to have to run this stuff by my lawyer.
<Chaang-Noi> this seems off...
<hashking> For once I will agree with goat
<reeses> it's pretty standard for a default
<hashking> So then there will be no payment.
<reeses> assets have to be divided fairly
<Chaang-Noi> pirate, do you have any assets to be divided?
<patrickharnett> a list of creditors yes, but the passing on of additional information is unusual
<[\\\]> gigavps, we're over here, wrong channel
<gigavps> oops
<gigavps> pirateat40 can you please explain how you are using the term default?
<gigavps> pirateat40 is there a liquidation preference or priority?
<pirateat40> No timeline or further information is available at this time.
<Chaang-Noi> pirate, can you make your lawyers phone number public? i want to have somethings confirmed.
<reeses> that might be the smart move, because you can say things now that fuck you into piercing your corp. shield
<pirateat40> Chaang-Noi, those details will be available on Friday and all communication will be by certified mail.
<Chaang-Noi> good
<[\\\]> awesome, we're being served.
<hashking> served for what.
<copumpkin> we can get served by pirateat40 and by the lynch mob Smiley
<reeses> dibs on the m5
<Chaang-Noi> i wonder if pirateat40 is working with the feds...
<hashking> imsa need you in btcfgpa.
<Chaang-Noi> i would like to talk with your lawyer before anything else happens.
<hashking> I think that is fair.
<Chaang-Noi> you have all the information you need to know
<Chaang-Noi> if you need more info you need to tell us why
<hashking> I will need a lawyers number also before I give out any information as you are the one that has messed this up.
<pirateat40> Thanks guys, have a good night.
<Chaang-Noi> giving us 48 hours to make a list or not get btc is fail...
* pirateat40 sets mode +m #btcst-trust
<Chaang-Noi> .
* #btcst-trust :Cannot send to channel
<Chaang-Noi> .
* #btcst-trust :Cannot send to channel
* gigavps (~gigavps@ has left #btcst-trust
<[\\\]> pirateat40, how much of this is for public dissemination
* [\\\] has changed the topic to: "Bitcoin Savings & Trust |  Invite Only
<pirateat40> Anything said on IRC can be made public.
<[\\\]> ok
* copumpkin is now known as irregardless
* patrickharnett has quit (Quit: Page closed)

Chatlog from #GPUMAX (note that the time is in UTC +8)

[10:23] <@pirateat40> gpumax isn't going anywhere, sorry to dissapoint you.
[10:28] <+lkthomas> what happen here ?
[10:29] <@pirateat40> business as normal Smiley
[10:29] <+lkthomas> pirateat40: may I pm you ?
[10:30] <+JWU42> pm is free - answers you pay for Wink
[10:30] <@pirateat40> I don't accept pm's right now due to all the spam.
[10:30] <+lkthomas> Sad
06[10:30] * +lkthomas still waiting for gpumax account
[10:31] <@pirateat40> btcst and gpumax have always been separate and only shared wallets/coins for security.
[10:31] <+hashking_> but who will mine after you don't pay out any coins
[10:31] <+hashking_> They won't trust you anymore.
[10:31] <@pirateat40> hashking_, don't... no one is asking you to.
[10:32] <+hashking_> I'm just trying to figure out what you logic is here.
[10:32] <+hashking_> You are the operator of both.
[10:32] <@pirateat40> hashking_, you're going about it the wrong way.
[10:32] <+hashking_> Please help me understand.
[10:32] <@pirateat40> Im the full operator in btcst and a partner in gpumax
[10:32] <+hashking_> I don't want to go about it the wrong way.
[10:32] <@[\\\]> zux0r is the day to day guy
[10:33] <@pirateat40> they have nothing to do with each other.
[10:33] <+KIDC> pirateat40: i may have missed my invite due to spam filter. is there any way for me to get it back?
[10:33] <+JWU42> I suspect that is not widely know or understood
[10:34] <@pirateat40> KIDC, if you were invited and missed the email you can do a forgot password request on the site.
[10:34] <@pirateat40> If it doesn't come you didn't get invited yet.
[10:34] <+KIDC> pirateat40: ok great, thanks man i really appreciate that.
[10:34] <@pirateat40> KIDC, np
[10:35] <@pirateat40> JWU42, 95% of the info about what is going on with btcst and gpumax is false and ridiculous.
[10:35] <+JWU42> I am trying to keep the faith P - but it is HARD
[10:35] <+KIDC> i think ppl just need to be patient with btcst
[10:35] <+KIDC> its probably quite ridiculous for me to say that since i had no coins at stake
[10:36] <+KIDC> so if money was at stake i can understand ppl being impatient
[10:36] <@pirateat40> Responding to it just feeds them to talk about it more.
[10:36] <+KIDC> pirateat40: yeah i agree
[10:36] <+KIDC> more answers generate more questions, ad nauseum
[10:36] <+irregardless> people should just follow my lead: sit back and wait!
06[10:36] * +irregardless sits back and waits
[10:37] <@pirateat40> Smiley
[10:37] <+irregardless> but I can understand why some people are more impatient than me
03[10:37] * irregardless is now known as copumpkin
[10:38] <+JWU42> P - I appreciate this is getting more cumbersome than you imagined but no timelines or information creates panic (as you have seen)
[10:38] <+copumpkin> so I'm not judgmental at all of the people who are freaking out
[10:38] <+JWU42> so as I said - trying to keep the faith but it is hard
03[10:38] * BitcoinBaltar (~BitcoinBa@gateway/tor-sasl/bitcoinbaltar) has joined #gpumax
02[10:40] * runlinux ( Quit (Quit: Leaving)
[10:41] <@pirateat40> JWU42, i'm not going anywhere.  I'll be here to finish what I said I'd do and move on.  Timelines mean nothing when I can't be sure of the information within them.
[10:42] <+JWU42> P - I appreciate the response - but some sort of good faith gesture would go a long way to restoring confidence - not sure what that is and it certainly wouldn't appease everyone (that is impossible)
03[10:43] * goatsebot_____ (~pr0xycha1@ has joined #gpumax
14[10:43] * goatsebot_____ (~pr0xycha1@ has left #gpumax
[10:43] <+JWU42> the irony of all this - you can sleep now and I can't Wink
[10:43] <+JWU42> heh
[10:43] <+JWU42> night all
[10:43] <@pirateat40> JWU42, if I can't please most of them, there is no point in saying anything.  Sad
[10:44] <+JWU42> pirateat40: I think you can appease 9maybe not pelase) most - just not all
[10:45] <@pirateat40> If I was planning on running with coins, I wouldn't have paid out the tiny accounts.
[10:45] <@pirateat40> Just sit tight and relax.
06[10:47] * +abracadabra hopes that one day he can sit back and chuckle about the good ole btcst days
[10:47] <+abracadabra> Smiley
John (John K.)
Global Troll-buster and
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September 02, 2012, 01:51:35 AM

1st Of September

[2012/09/01 16:25:22] <@pirateat40> Total Accounts Repaid: 23/459 (subject to required information)
[2012/09/01 16:27:28] <@pirateat40> HOWDY!
[2012/09/01 16:29:05] <@pirateat40> The PPT that didn't' comply will have a long road ahead.  Those that contacted me ahead of time "Friday" are clear.
[2012/09/01 16:30:02] <@pirateat40> I'm wanted to speak for awhile now, but I someone stole my ship.
[2012/09/01 16:30:35] <@pirateat40> Finally things are progressing and I've returned to my boat.
[2012/09/01 16:30:54] <@pirateat40> It's going to get better to some, I promise.
[2012/09/01 16:31:26] <@pirateat40> That's all for now, back to your regularly scheduled trolling.
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September 17, 2012, 09:31:41 PM

Q: What's going on?
A: In short, one of my largest clients decided they would make things difficult for me.  In the heat of the moment I made a move to secure the USD backing the coins when they were not returned and has made things much more difficult.

Q: Where have you been?
A: I realize not having information is annoying and somewhat concerning. I’ve stopped responding publicly until hard information was available due to some legal concerns that developed.  Once the attorneys (both mine and my clients) got involved, everything slowed down while everything was sorted out.

Q: When will we get our coins?
A: As of today the earliest estimated time that coins can begin moving is Friday, Oct 12th.  I can only keep you updated on this date as I have more information.

Q: Why did you require PPT operators to submit their account holders information?
A: There’re a few reasons for doing this.  The largest of which was to remove the PPT operators from the added risk of their users claiming they were not paid once the main account was paid. The other reasons can not be disclosed.

Q: What is going to happen with bond issuers?
A: Since bonds can be traded and have taken a large hit due to the closure of BTCST, I’ll be working with the bond issuers to find a solution that best suits their investors.


Those looking to file a suit against me or BTCST will not be eligible for repayment.

GPUMAX has never been associated with BTCST nor have any of it’s partners.  GPUMAX shared a wallet with one of the BTCST operating wallets for security and is now running it’s own secured wallet which is no longer associated with BTCST.

Threats are taken seriously by myself and my attorney.  A few of you will find out how serious I mean.

That’s all for now, I’ll be providing updates here when more information is available.


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October 25, 2012, 02:09:42 AM

The guy who spoke with Trendon's former employer has been online briefly this evening. I'll assume he's now working on drafting an epic post (not meant as humor, for there's a lot of info), although I'm not sure where he'll post it. I just emailed him letting him know of this thread. It'll be up to him, but either way make sure he's thanked for his efforts. He's a good guy.

~Bruno K~

Sorry this isn't up to my usual prose and totally lacking details/info, but I'm rushed tonight and need sleep... yes, I made the call. BTW thank you Bruno and BCB for talking with me today, it was a great help. I will write up a more detailed update on the trendon/pirate situation sometime this week so that everyone knows what's going on. There's no longer any reason for me to hide what I'm doing, which means the information I've gathered will go back into the public sphere soon. It will be very useful to re-establish a central repository and official information update thread to keep track of everything.

The information I've gathered recently on Trendon is very, very bad. In short: btcst was definitely a scam from day one, and everything that Trendon has ever said has been a lie. Not only that, but btcst is just one of many scams and thefts that Trendon has been involved with in his lifetime. Amazingly he got away from his last major theft (prior to btcst) without prosecution, for many of the same reasons that everyone is now sitting on their hands (he made himself judgement proof while "stringing along" his victims for many months).

He's not a normal guy either: everything that I've learned about his past (and present) fits perfectly into psychopathic personality disorder, especially with the way he put his real identity right on the face of his ponzi, including the Las Vegas dinner (hint: it's all an ego thing).

The last I heard from the SEC lawyer looking into the case is that they wanted to get a warrant on Trendon, but do not yet have enough information to get one, so we should figure out exactly what information they need to get a warrant and work with the bitcoin community to provide that information to them ASAP. BCB and I already talked and he'll probably be the go-between here between the community, myself, and the SEC.

I also know with near certainty that Trendon has at least 10% of the outstanding coins at his disposal (probably more), but don't hold your breath on getting any coins back at all. Civil court is a total waste of time, so stop even thinking about it: these types of people usually hold out until the bitter end. From what the SEC has said, their intentions are to use coin repayment as a means to bargain against a criminal sentence, which I'm certain is the only possible way any coins can be retrieved. So it's very important that we gather up accurate information about who is owed what to provide to the SEC so that whatever % is recovered can go out equitably.

Let me know if you have any questions. You can expect a stickied thread from me later in the week as well as the re-emergence of a defined plan of action, all involved parties and info, real communication to and from the SEC, a central repository for everything, and more.


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October 27, 2012, 01:46:53 AM

Philip Moustakis
Senior Attorney
Division of Enforcement
United States Securities & Exchange Commission
3 World Financial Center, Suite 400, New York, NY 10281-1022
(212) 336-0542

The there is a lot of FUD in "Got off the phone with the Guy from the S.E.C"  thread:
DO NOT READ IT.  It is full of misinformation.  

This should be the thread to discuss how you can participate in the SEC investigation. Maybe Phil will even sign up and answer your questions (but that may be a conflict of interest for him).  Theymos, if he does please let him out of the newbee sections.

The links above and below contain a pdf from the SEC on google docs that contain the full text of your right to voluntarily supply information to an SEC civil investigation.  It a little long and daunting and can freak people out but I'll pull out the highlights below.

I also just got off the phone with Philip Moustakis.  Nice guy.  We chatted for about an hour. Unfortunately any info others have given me is not relevant to him as he needs to speak with defrauded investors.  Without witness willing to come forward to explain to the SEC the nature of their investments with Trendon Shavers they can't  make a case.  If they can not make a case  then Trendon Shavers stays on the beach in Mexico spending your precious bitcoin.

Here is the deal.  This is NOT a criminal investigation.  This is a civil action.  Philip is essentially on a fact finding mission.  At the end of this fact finding he has to present the FACTS to the Commissioners and they decided if there is enough evidence to make a case against Trendon Shavers.  If there is not enough evidence,  Trendon Shavors remains on the Beach in Mexico spending what remains of your Bitcoins.



So while PPT guys may be out if they knew of trendon's fraud,  EVERY regular investor should get on the phone on Tuesday and call Phil  at  (212) 336-0542 and talk to him or set up an interview if you are in NY.  While there are many many victims, if no one comes forward they can not prosecute and Trendon walks.

There is also the possibly that under appropriate circumstances, the SEC can offer a witness a proffer agreement, and that there are certain cooperation tools at these disposal.  You should discuss exactly what that means with Phil if you don't already know.

Call Phil  and talk to him.  (212) 336-0542

Phil is not going to answer your questions about the investigation.  Any information about the investigation is not publicly available.  Any evidence you provide will also NOT be made publicly available, however it will be shared internally and with appropriate authorities.  

If you decided to get involved know that you are being interviewed VOLUNTARILY.   You can terminate the interview at any time.  You can refuse to answer any question at any time.  (It is not an interrogation). You have to state what country you are from as US involvement with witness from to foreign jurisdictions  may have to be approved or handled in a certain way.  You have to to tell the SEC who you are and how to get in touch with you. If the information in the interview is helpful and a civil action is brought against Trendon you may have to participate in civil action.  

The SEC has NO criminal authority.  No one is going to arrest you, however they can refer matters so state or local authorities.

You DO NOT want to give false statements.

Again the gritty details on in this 5 page pdf file:

If you DO NOT take action Trendon Shaver fraud continues and he wins. It 's as simple as that.  


**** I am not a lawyer.  this is my recollection of my telephone conversation with Phllip Moustakis. I will also be emailing this text to Phillip to to correct any factual errors or inaccuracies.

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