Bitcoin Savings & Trust - Money Returned List (One reported - CLOSED).

[Piper67]

Boy, would you guys keep this thread clean?

If thats not possible than I suggest OP at least collects valid claims and posts them in OP.

Nonsense!

Noone expects that there will be any real transactions posted here.
>>If pirate would pay anyone back then that woud be worth a whole brand new thread of its own!<<

Meanwhile this thread can serve as a place to poke fun at people who trusted a pirate by his word.
Meanwhile this thread can serve as a coming-to-terms- place for the people who made a bad investment...

If this in an investment, so is the lovely bridge I have for sale

[chungenhung]

Well this whole thing might work out really good for people with coins to spend..... Buying Pirate assets at a discount..... (but if payments don't get made and he flees the scene in his brand new Porsche GT3) It'll be one fucky place around here...

Maybe it is Pirate creating the distress and then buying the distressed assets.  

The combination of closing up shop abruptly on a Friday (when fiat flows are now frozen for 72 hours), and then dumping a decent amount of coins on the market might have worked.   Cause a panic and buy some of the owed coins at half off.  Then cause some vague delays for 3 or 4 days and cover the rest of the liabilities by scooping up the "nearly worthless" PPT shares at a deep discount.  On paper everyone is paid in full, while in reality a lot of wealth gets siphoned off. 

It might have worked but there was no capitulation.  No desperation sales at sub $5.00 prices.  Lets hope that wasn't the game plan because the shock has worn off.  There will be no cheap coins.

I actually thought of that yesterday. Glad you post it.

[muyuu]

Well this whole thing might work out really good for people with coins to spend..... Buying Pirate assets at a discount..... (but if payments don't get made and he flees the scene in his brand new Porsche GT3) It'll be one fucky place around here...

Maybe it is Pirate creating the distress and then buying the distressed assets.  

The combination of closing up shop abruptly on a Friday (when fiat flows are now frozen for 72 hours), and then dumping a decent amount of coins on the market might have worked.   Cause a panic and buy some of the owed coins at half off.  Then cause some vague delays for 3 or 4 days and cover the rest of the liabilities by scooping up the "nearly worthless" PPT shares at a deep discount.  On paper everyone is paid in full, while in reality a lot of wealth gets siphoned off. 

It might have worked but there was no capitulation.  No desperation sales at sub $5.00 prices.  Lets hope that wasn't the game plan because the shock has worn off.  There will be no cheap coins.

I actually thought of that yesterday. Glad you post it.

I'd have funds loaded up in the exchanges for the weekend. There might be a garage sale.

[Lupus_Yonderboy]

The money is gone. Nothing will be returned. If Pirate couldn't pay partial withdrawls and 5%, what makes you think he can pay complete withdrawals and 7%? On the plus side this might actually lead to the creation of that assasination market that being discussed last year. I can't wait for the bounty threads that are coming.

 "Everybody knows...That the world is full of stupid people...."

[556j]

On the plus side this might actually lead to the creation of that assasination market that being discussed last year. I can't wait for the bounty threads that are coming.

Doesn't that already exist with Black Market Reloaded? I've actually never been but remember reading there was zero moral restrictions there. I know stuff like that is banned on SR.

Anyway that's not a good thing, and anyone that tried to use such service would be in prison faster than I typed this post.

[dbox]

If Pirate won't return the coins I think somebody should teach him a lesson... is he hard to be found?

[556j]

Dude is from Texas, you know he has some guns. You try to "teach him a lesson" you'll end up justifiably dead and he wouldn't even get arrested. Not worth it, even if you lost 6+ digits.

[ultramancool]

If Pirate won't return the coins I think somebody should teach him a lesson... is he hard to be found?

The people who bought from him should thank him for teaching them a lesson - don't invest in something you know nothing about, especially something that keeps needing more and more money just like a Ponzi scheme. The way I see it, people got what they deserved. He's probably fled, if it were possible to find him, it likely is not now. That could very well be the reason (or a portion of the reason at least) he's been delaying lately.

Of course, I am just speculating, he could pay up still, but my gut feeling has been that he's a scammer since the beginning and I think the fact he's paid nothing so far is quite telling.

[dbox]

Bitcoin is the perfect platform for a ponzi scheme... However, could we track the coins and consider them tainted?

[yochdog]

Jesum, when did this become a "hit" thread? 

[BIGMERVE]

Bitcoin is the perfect platform for a ponzi scheme... However, could we track the coins and consider them tainted?

Blockchain.info?

[nibor]

Jesum, when did this become a "hit" thread? 

What is really funny is that it has nothing in it! And that is what makes it so interesting - no one is claiming to have received any money from Bitcoin Savings & Trust!

[dbox]

I think pirate is having a good laugh seeing these threads

[dbox]

That's not a good reason to run with the coins...

[Gyrsur]

any lender since more than 3 months got more interest as his investment ... early adopter since November 2011 tripled (at least) their placement ...

unfortunately only on paper or do you have a proof of this with bitcoin flows?

[DeathAndTaxes]

any lender since more than 3 months got more interest as his investment ... early adopter since November 2011 tripled (at least) their placement ...

Yes if they started at close to day 1, never compounded, and never increased their "investment".  How many people do you think fell into the category?

The ponzi scheme works because the classic distribution model is.
Day 0 - "7% that has to be a scam"
Day 14 - "Wow he made two payment.  Well I will risk 100 BTC.  Call it a gamble"
Day 21 - "Got me 7 BTC - I will withdraw it play it safe"
Day 28 - "Another 7 BTC.  Hmm.  I mean if I compounded these I could make 3400%. What if he caps deposits?"
Day 29 - "Depositing another 100 BTC plus the 14 BTC interest."
...
Day 80 - "Wow on paper I now have 500 BTC.  Ok time to go big.  Let me deposit 500 BTC more and compound everything".
...
Day 150 - "PIRATE WHERE IS MY MONEY YOU OWE ME 2500 BTC"

Of those two cashflows which do you think is the overwhelming majority of the 500K BTC?  

"All this has happened before and all it will all happen again."

[dbox]

Excellent post!

[ultramancool]

any lender since more than 3 months got more interest as his investment ... early adopter since November 2011 tripled (at least) their placement ...

Yes if they started at close to day 1, never compounded, and never increased their "investment".  How many people do you think fell into the category?

The ponzi scheme works because the classic distribution model is.
Day 0 - "7% that has to be a scam"
Day 14 - "Wow he made two payment.  Well I will risk 100 BTC.  Call it a gamble"
Day 21 - "Got me 7 BTC - I will withdraw it play it safe"
Day 28 - "Another 7 BTC.  Hmm.  I mean if I compounded these I could make 3400%. What if he caps deposits?"
Day 29 - "Depositing another 100 BTC plus the 14 BTC interest."
...
Day 80 - "Wow on paper I now have 500 BTC.  Ok time to go big.  Let me deposit 500 BTC more and compound everything".
...
Day 150 - "PIRATE WHERE IS MY MONEY YOU OWE ME 2500 BTC"

Of those two cashflows which do you think is the overwhelming majority of the 500K BTC?  

"All this has happened before and all it will all happen again."

Yeah, you hit the nail on the head. Ponzi schemes commonly rely on people compounding and wanting to throw more money into them.

[jwzguy]

I'm just curious - for the people who are still standing up for pirate - can you name one good reason he's supposedly decided to keep accumulating an additional $50k+ of debt every day? If he was going to pay back wouldn't he have started immediately? Surely he can lay hands on at least part of it.

[P4man]

I'm just curious - for the people who are still standing up for pirate - can you name one good reason he's supposedly decided to keep accumulating an additional $50k+ of debt every day? If he was going to pay back wouldn't he have started immediately? Surely he can lay hands on at least part of it.

Well, Im not sure I want to be the guy to stand up for pirate, but to be fair, if he has some sort of deal with customers, like, I dont know, future contracts or whatever, its not unthinkable he has to dissolve/settle those contracts first before he can return the coins. Assuming he would have them, if he passed the coins on to some other party for whatever reason, it might take him some days (and of course, potentially, forever) to get them back.