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Author Topic: So now that Pirate is closing BTCST...  (Read 4742 times)
Mousepotato
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August 17, 2012, 08:32:20 PM
 #1

...will we get to know what he was really doing?

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August 17, 2012, 08:45:40 PM
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...will we get to know what he was really doing?

Nope! Wink
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August 17, 2012, 08:50:48 PM
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http://www.youtube.com/watch?v=JImcvtJzIK8&feature=related

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August 17, 2012, 09:00:52 PM
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After he validates that he wasn't running a ponzi he will be able to easily find more stable private funding and continue making profits for a less emotional group of people.

https://www.bitcoin.org/bitcoin.pdf
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August 17, 2012, 09:05:57 PM
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At least we will know by monday if it was a ponzi or not, thats enough for me Smiley
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August 17, 2012, 09:18:44 PM
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Great! now maybe there will be funding opportunities for real businesses that can't promise such a high return.

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August 17, 2012, 10:11:28 PM
 #7

If pirate is legit and has some extra coins, he should be buying every single pass through selling under face value.  Of course, this hasn't happened...

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August 17, 2012, 10:14:44 PM
 #8

If pirate is legit and has some extra coins, he should be buying every single pass through selling under face value.  Of course, this hasn't happened...

Would be the perfect zero risk arbitrage.  Free coins as it were.
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August 17, 2012, 10:24:36 PM
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...will we get to know what he was really doing?
Apparently.

Quote from: #bitcoin-otc
bdcs: pirateat40, will the business's source of income be dramatically revealed?
pirateat40: bdcs, certain things won't be revealed, like names or groups but the general concept and the process will be.

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August 17, 2012, 10:29:11 PM
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Great! now maybe there will be funding opportunities for real businesses that can't promise such a high return.

You mean shit like REBATE and ZIPCONF? LMAO

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August 17, 2012, 10:44:10 PM
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If pirate is legit and has some extra coins, he should be buying every single pass through selling under face value.  Of course, this hasn't happened...

Good call.  However, with the volume of BTC Pirate deals with, I'm not sure he'd want to bother with the relative tiny batches being sold below face.

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August 17, 2012, 10:59:36 PM
 #12

So I estimate the redemptions that caused pirate to close up to be around 30-50k btc..

So he can't come up with 30-50k btc today.

But on Monday he'll have ~500k btc all ready to distribute to the depositors?Huh
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August 17, 2012, 11:10:30 PM
 #13

Great! now maybe there will be funding opportunities for real businesses that can't promise such a high return.

You mean shit like REBATE and ZIPCONF? LMAO

Yes and no. Those do appear to be duds but there is always risk of failure in every investment.

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Bitcoin Oz
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August 17, 2012, 11:35:56 PM
 #14

Great! now maybe there will be funding opportunities for real businesses that can't promise such a high return.

You mean shit like REBATE and ZIPCONF? LMAO

Yes and no. Those do appear to be duds but there is always risk of failure in every investment.

There was 100% risk with zipconf because it never worked from the beginning.

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August 17, 2012, 11:37:00 PM
 #15

So I estimate the redemptions that caused pirate to close up to be around 30-50k btc..

So he can't come up with 30-50k btc today.

But on Monday he'll have ~500k btc all ready to distribute to the depositors?Huh

He has said it will probably take about 2 weeks to totally unwind.

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August 17, 2012, 11:59:03 PM
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Great! now maybe there will be funding opportunities for real businesses that can't promise such a high return.

It's a different target market.  pirate's investors will simply look elsewhere for rapid, high returns.  The HYIPs with all their attendant risk were attractive when BTC price was relatively stable, but now that it's volatile again a lot of people will return to speculating.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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August 18, 2012, 03:12:57 AM
 #17

If pirate is legit and has some extra coins, he should be buying every single pass through selling under face value.  Of course, this hasn't happened...

Someone just bought 428 TYGRR.BOND-P at 0.9795.  Pirate, is that you?

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August 18, 2012, 04:20:08 AM
 #18

So I estimate the redemptions that caused pirate to close up to be around 30-50k btc..

So he can't come up with 30-50k btc today.

But on Monday he'll have ~500k btc all ready to distribute to the depositors?Huh

He has said it will probably take about 2 weeks to totally unwind.

Bullshit...it shouldn't take more than a week to get all of the investors their btc if he has it.

Otherwise he is short btc and needs to mine it or buy it on the open market.


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August 18, 2012, 04:22:33 AM
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So I estimate the redemptions that caused pirate to close up to be around 30-50k btc..

So he can't come up with 30-50k btc today.

But on Monday he'll have ~500k btc all ready to distribute to the depositors?Huh

He has said it will probably take about 2 weeks to totally unwind.

Bullshit...it shouldn't take more than a week to get all of the investors their btc if he has it.

Otherwise he is short btc and needs to mine it or buy it on the open market.



Or he has it tied up with his clients, like he said.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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Bitcoin Oz
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August 18, 2012, 04:23:58 AM
 #20

So I estimate the redemptions that caused pirate to close up to be around 30-50k btc..

So he can't come up with 30-50k btc today.

But on Monday he'll have ~500k btc all ready to distribute to the depositors?Huh

He has said it will probably take about 2 weeks to totally unwind.

Bullshit...it shouldn't take more than a week to get all of the investors their btc if he has it.

Otherwise he is short btc and needs to mine it or buy it on the open market.



It would depend what he was using the coins for. Maybe once it unwinds we will find out what he was doing when he sells the book for btc  Cheesy

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