Bitcoin Savings & Trust closing! Effect on market?

[fcmatt]

Pirate knows his announcement is going to drop the price drastically... and his assets are in fiat. Drop the market, buy it back as people freak out, refund on Monday with the BTC you purchased... profit.

he is only half as clever as he thinks he is.
i predict some people are not getting their money back. he messed up in some fashion.

[1714852808]

1714852808

[1714852808]

1714852808

[Rygon]

Pirate knows his announcement is going to drop the price drastically... and his assets are in fiat. Drop the market, buy it back as people freak out, refund on Monday with the BTC you purchased... profit.

As long as he can manage to pay everyone back, then that's fine with me. I hope we are all laughing about this in a few weeks, and the market returns back to something resembling stability.

[Coin.Karma]

the market is gonna crash as lot of people who took loans and filled the pirate fund would be selling out.....

[SgtSpike]

The market will crash a bit (already is), but it'll rebound again too.  And I'll be buying in the meantime. 

[Grinder]

This is pretty clever. He sets up a seemingly obvious scam which probably very few people sends money to, takes huge bets that it will default, and then closes the fund and wins the bets.

[omehenk]

The market will crash a bit (already is), but it'll rebound again too.  And I'll be buying in the meantime. 

Am on board....buy  ,  BUYYYYYYYYYY ..............    

[Yuhfhrh]

The market will crash a bit (already is), but it'll rebound again too.  And I'll be buying in the meantime. 

Am on board....buy  ,  BUYYYYYYYYYY ..............    

We are going back to the single digits baby!

[Herodes]

the market is gonna crash as lot of people who took loans and filled the pirate fund would be selling out.....

took loans and filled the pirate fund ??

*facepalm*

[mp420]

I honestly don't know. I for one am neither buying nor selling until the whole BS&T ordeal has played out.

I thought we'd get a bigger bubble. Actually we might see that yet.

[ineededausername]

So many people are going to start buying soon.  This is an insane buying opportunity.

The price went to $15 because of real demand.  You can see it in the charts-- we've had quite a few record volume days.  This too shall pass.

[wachtwoord]

This too shall pass.

Truer words never spoken: http://en.wikipedia.org/wiki/This_too_shall_pass

[smoothie]

Wow....press release 2 days ago on PPT's.....

Bitlane complains about withdraw.....

Pirate shits his pants....

Ponzi revealed.......well we will find out soon enough for sure now won't we.....

As I have said....mark my works "someone will get burned in all of these PPTs"

 

[Indemnified]

Assuming he does pay everything back ...

..

All indicators are for downward movement, by my reconing.

Unless your initial assumption is wrong. In that case, people will own 100Ks of BTC less than they thought.

yes, that would be the brutal thing.  Leverage all your fiat to buy high yielding BTC......aaaaaand it's gone.  That would remove a lot of buyers from ever coming back. 

Like they always say, "Don't invest more than you are prepared to lose"

I have no direct exsposure to Pirate, anybody else clean of this mess with me?

Me as well.  I would have loved to have rode the gravy train if it ends up paying out......but 7% just seemed too fishy. 

Never went near it. Learned my (bitter) lessons years ago when e-gold was king.

[dust]

This is pretty clever. He sets up a seemingly obvious scam which probably very few people sends money to, takes huge bets that it will default, and then closes the fund and wins the bets.

The 5000BTC bet is tiny compared to the coins he took in (500,000+) and interest he paid out (tens of thousands of BTC/week)

[Rassah]

Classic ponzi, with a  classic ponzi closing statement. I doubt anyone who hasn't already pulled their money out will get much, if anything, back. As for the effect, I expect some panic from people being upset about being scammed, and the overall negative view of this whole thing by everyone else, but I don't think it will affect the overall economy/price much.

BTW, this exact same thing happened on SecondLife with a Ginko Bank investment thing, too. Same deal with return rates, closing statement about money locked up in other assets, and eventually, after many excuses, complete collapse/closing of the "bank."

[notme]

Classic ponzi, with a  classic ponzi closing statement. I doubt anyone who hasn't already pulled their money out will get much, if anything, back. As for the effect, I expect some panic from people being upset about being scammed, and the overall negative view of this whole thing by everyone else, but I don't think it will affect the overall economy/price much.

BTW, this exact same thing happened on SecondLife with a Ginko Bank investment thing, too. Same deal with return rates, closing statement about money locked up in other assets, and eventually, after many excuses, complete collapse/closing of the "bank."

Why post the same thing on every thread?

[ruski]

Assuming he does pay everything back ...

..

All indicators are for downward movement, by my reconing.

Unless your initial assumption is wrong. In that case, people will own 100Ks of BTC less than they thought.

yes, that would be the brutal thing.  Leverage all your fiat to buy high yielding BTC......aaaaaand it's gone.  That would remove a lot of buyers from ever coming back. 

Like they always say, "Don't invest more than you are prepared to lose"

I have no direct exsposure to Pirate, anybody else clean of this mess with me?

Roger, no exposure at all. BTC by itself has been exceeding 7% a week, why take the risk of being scammed?

[smoothie]

Classic ponzi, with a  classic ponzi closing statement. I doubt anyone who hasn't already pulled their money out will get much, if anything, back. As for the effect, I expect some panic from people being upset about being scammed, and the overall negative view of this whole thing by everyone else, but I don't think it will affect the overall economy/price much.

BTW, this exact same thing happened on SecondLife with a Ginko Bank investment thing, too. Same deal with return rates, closing statement about money locked up in other assets, and eventually, after many excuses, complete collapse/closing of the "bank."

Why post the same thing on every thread?

Why does it matter?

How much BTC do you have invested with Pirate or a PPT?

[thezerg]

Classic ponzi, with a  classic ponzi closing statement. I doubt anyone who hasn't already pulled their money out will get much, if anything, back. As for the effect, I expect some panic from people being upset about being scammed, and the overall negative view of this whole thing by everyone else, but I don't think it will affect the overall economy/price much.

BTW, this exact same thing happened on SecondLife with a Ginko Bank investment thing, too. Same deal with return rates, closing statement about money locked up in other assets, and eventually, after many excuses, complete collapse/closing of the "bank."

Is it really?  I would have guessed there would be these possibilities:

1. See ya!  (if you can find me)

2. Due to market conditions I lost X% of your principal (recognize I NEVER said it was without risk).  So your payout will be commensurate.

His closing post contains a promise to pay in full plus interest (ok its not totally cleanly said, but regardless).  Could that be used against him legally... as opposed to email #2.

The professionalism here actually surprised me.  I always assumed that the Vegas meeting with his cronies was to orchestrate the closeout and getaway plans.  Some things can only be done face 2 face.  If we find it is a ponzi, this posting is a fascinating insight into these people's psychology.

[vokain]

If this price drop was another short pirate orchestration....then that´s absolutely genius