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Author Topic: So what if Pirate does not pay back, he has a full weekend to dump...  (Read 7946 times)
ianbakewell
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August 18, 2012, 08:29:30 AM
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He has said, "its too bad the Bently dealership doesn't take BTC."

Gox has no reason to freeze him, his trust accounts will cover for him until Tuesday, what's stopping him?

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mp420
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August 18, 2012, 08:35:43 AM
 #2

I think, if, as I presume, he's been running a scam all along, he has already sold and withdrawn all the money he needs. The crash in the markets has been either a panic reaction from others or an intentional trick by Pirate to take everyone's attention away from what he's really (been) doing.
RoloTonyBrownTown
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August 18, 2012, 08:47:05 AM
 #3

Perhaps so.  Just be ready to apologize if you're wrong.

memvola
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August 18, 2012, 08:53:49 AM
 #4

The price move could also be a result of him taking advantage of his own announcement. Otherwise it would be a missed opportunity; with the guaranteed panic, he could have easily sold at 14-13 on average and bought 11-12 on average, making 10% in a few hours. Even, rinse and repeat. I didn't follow though, whether the sell-off started before or after the announcement.

Though like mp420 said, if it's a scam, he should have moved his money to other instruments already. MtGox has frozen accounts for minuscule reasons compared to this one (suspicion of criminal activity is enough), so I don't buy that he could easily move his money out from the exchanges that could support his volume.
repentance
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August 18, 2012, 08:56:43 AM
 #5


He has said, "its too bad the Bently dealership doesn't take BTC."

Gox has no reason to freeze him, his trust accounts will cover for him until Tuesday, what's stopping him?



He'd still be stuck with MtGox withdrawal limits, so it's not like he could have liquid funds instantly. It's not like him dumping a lot of coins would go unnoticed.  Any large transaction this weekend will be assumed to be pirate cashing out and is likely to push the price down.  As others have said, if he intended to cut and run, it would have made sense for him to have sold the majority of the BTC he was holding before now and retained only enough to pay people interest until he shut down.

There's never been anything stopping him or any other HYIP shutting shop and not paying back.  Everyone who participates in HYIPs should be aware of that risk by now.  The thing to hope for is that you'll earn enough in interest during the life of the HYIP to make a profit even if the operator does make off with everyone's capital.  

It's possible to close down an HYIP and pay everyone out.  Everyone's just going to have to wait and see what happens Monday.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
bracek
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August 18, 2012, 09:47:40 AM
 #6

people are so stupid, giving money to someone like that...

why , if you ask your self, there is no way to get those returns, at least not sustainably

gimme some btc, I'll make it rain, a bunch of goons,
just let the suckers suck it
memvola
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August 18, 2012, 10:17:03 AM
 #7

Right, must be a coincidence that the weekend he closes shop we see huge dumps after a large rally.

Why don't you think my explanation fits, with or without him being a ponzi operator?

There is no such thing as selling tens, maybe hundreds of thousands of coins for a million dollars in a weekend on MtGox and withdrawing it through a bank without getting noticed. Never mind that the bank knows every personal detail about you.
Vladimir
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August 18, 2012, 10:24:58 AM
 #8

I think, if, as I presume, he's been running a scam all along, he has already sold and withdrawn all the money he needs. The crash in the markets has been either a panic reaction from others

Makes sense, it is not some revelation, however. Obvious is obvious. If it is a fraud which it almost certainly is, the pirate has cashed out his booty long ago. Now let's see how suckers will react on realisation that their net worth is much smaller than they still think/hope/pray it is.

It is so funny to see how suckers and shills celebrate here: "Hooray Pirate sez he will return all the money soon!. It is now proven to be not ponzi..." What a bunch of dumb idiots!

We need shares of popcorn trading on GLBSE.

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August 18, 2012, 10:30:50 AM
 #9

Why would pirate cash out for himself in the first place?

The communication was probably done over 7 proxies the whole time... guy probably has a 500k brainwallet and orders cash over silkroad when he needs it.
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August 18, 2012, 10:33:41 AM
 #10

Sure, that's a possibility.

It is just my best guess that he was cashing out to USD on ongoing basis some portion of incoming funds and it was even possibly the reason for unnatural bitcoin stability around 5$ mark.

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August 18, 2012, 10:39:08 AM
 #11

Even if everything was a ponzi scheme why would he even make an announcement on the forums. Wouldn't it be easier just to go to a country with no extradition treaty with the US? I am not going to lie, its not like pirate is someone mysterious hiding in the shadows. People know his name and I am pretty sure what he looks like. Violence is always an option.  

Everyone is entitled to their own opinion. It's just that yours is stupid! =D
Vladimir
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August 18, 2012, 10:47:38 AM
 #12

If it is a ponzi, which is a fraud, which is a process of liberating money from victims by deception, would one more lie make any difference? It does pacify the mob for one more week or so, however, and opens possibility for hacks, fires, scratched cd's, lost cold wallets, heart attacks, car accidents, whatever else.

The good thing is that we all likely will know rather soon.

In best case scenario I've been completely wrong about all of this all the time, I sincerely hope to be wrong, however unlikely that is.






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Scott J
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August 18, 2012, 10:53:15 AM
 #13

The good thing is that we all likely will know rather soon.

In best case scenario I've been completely wrong about all of this all the time, I sincerely hope to be wrong, however unlikely that is.
I'm glad you've said that because the amount of vitriol that has been spread on this forum recently has suggested that some people actually want this to be a ponzi - if only to be right.

Many people have been called shills, liars and even criminals - they are surely owed an apology by some people if Pirate does pay everything owed.


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August 18, 2012, 10:58:17 AM
 #14

Just FYI - *Stealing* Bitcoins is not a crime. Not a single legal system anywhere is going to care about this.

Utter nonsense.


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memvola
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August 18, 2012, 11:03:41 AM
 #15

Just FYI - *Stealing* Bitcoins is not a crime. Not a single legal system anywhere is going to care about this.

Real world doesn't work that way.

Sure Gox has froze funds related to suspected "hacks" (hacking is criminal) but why would they bother to impede pirates cashout of bitcoins legitimately handed to him?

Why would they bother indeed...  Roll Eyes
RoloTonyBrownTown
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August 18, 2012, 11:09:33 AM
 #16

The good thing is that we all likely will know rather soon.

In best case scenario I've been completely wrong about all of this all the time, I sincerely hope to be wrong, however unlikely that is.
I'm glad you've said that because the amount of vitriol that has been spread on this forum recently has suggested that some people actually want this to be a ponzi - if only to be right.



They do.  A lot of people have shown their true colours throughout all this.   Sorry excuses for human beings, and they can go jump as far as I'm concerned.

I, too, will be pushing pretty hard for some public apologies from these people should Pirate come through (not to me, I couldn't care less what these pricks think, but to pirate first and foremost and then everyone else they've been complete shits to for the past months).

ruski
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August 18, 2012, 12:03:12 PM
 #17

The good thing is that we all likely will know rather soon.

In best case scenario I've been completely wrong about all of this all the time, I sincerely hope to be wrong, however unlikely that is.
I'm glad you've said that because the amount of vitriol that has been spread on this forum recently has suggested that some people actually want this to be a ponzi - if only to be right.



They do.  A lot of people have shown their true colours throughout all this.   Sorry excuses for human beings, and they can go jump as far as I'm concerned.

I, too, will be pushing pretty hard for some public apologies from these people should Pirate come through (not to me, I couldn't care less what these pricks think, but to pirate first and foremost and then everyone else they've been complete shits to for the past months).

Now what you need to do is start pointing that anger to the right place. Smiley

EuSouBitcoin
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August 18, 2012, 12:14:36 PM
 #18

The $64,000 question is "What was pirate doing with the bitcoins he borrowed?"

You can't win if you don't play. But you can't play if you lose all your chips.
morkai421
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August 18, 2012, 12:19:54 PM
 #19

Buying several new cars  Roll Eyes
Electricbees
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August 18, 2012, 12:25:08 PM
 #20

Buying several new cars  Roll Eyes
Buying several new car dealerships...  Grin

Donations are welcome!
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