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freeAgent
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August 22, 2012, 08:28:54 PM |
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 RELAX. He isn't really paying anybody back. This is just smoke and mirrors. Besides, this is precisely what happens when a normal Ponzi collapses. I know you were trying to be sarcastic, but people do usually get money back from ponzi schemes. They just don't get all of the money they're owed or all the money they put in. Normally the distribution is done by a trustee. In this case, it's being done by pirate/the ponzi schemer himself. I would expect that he's just choosing people at random to pay back, but he won't pay everyone back. |
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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Vladimir
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August 22, 2012, 08:30:16 PM |
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Pirate, one account and 100 BTC is not good enough. You should try harder.
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unclescrooge
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August 22, 2012, 08:35:49 PM |
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Man, some will feel so sorry when Pirate will pay everyone back.
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1455
Newbie
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Activity: 27
Merit: 0
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August 22, 2012, 08:39:25 PM |
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Man, some will feel so sorry when Pirate will pay everyone back.
thats for sure. I didn't have the time to read the whole BS&T thread, but wasn't the found only accepting large investments (>100BTC!). 100BTC would be a PPT account, right? |
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unclescrooge
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August 22, 2012, 08:42:01 PM |
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Man, some will feel so sorry when Pirate will pay everyone back.
thats for sure. I didn't have the time to read the whole BS&T thread, but wasn't the found only accepting large investments (>100BTC!). 100BTC would be a PPT account, right? He did accept the small accounts, but not with the same high interest rates. |
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Lupus_Yonderboy
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August 22, 2012, 08:45:45 PM |
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wow, its going to take a *long* time for GPUMax to mine 500k btc. So much for paying oldest accounts first, eh?
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jackmaninov
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August 22, 2012, 08:48:11 PM |
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wow, its going to take a *long* time for GPUMax to mine 500k btc. So much for paying oldest accounts first, eh?
My guess is he pays back little accounts with GPUMAX so that these random investors have no idea who his clients are. Maybe this is why he had to trust YOU to lend to him large amounts... |
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Mousepotato
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August 22, 2012, 08:50:28 PM |
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wow, its going to take a *long* time for GPUMax to mine 500k btc. So much for paying oldest accounts first, eh?
Well, at least we've moved from "Pirate ain't paying back squat" to "So much for paying oldest accounts first." |
Mousepotato
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gadsdengraphics
Member
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Activity: 88
Merit: 10
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August 22, 2012, 09:12:00 PM |
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For me it looks like he bought this coins directly from a large miner, which makes sense to me.
in that case we would see an intermediate address... Unless paying out to his clients were terms of the sale, or unless he bought the private keys themselves, etc. People draw so many conclusions from so little data, I swear. |
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Dalkore
Legendary
Offline
Activity: 1330
Merit: 1026
Mining since 2010 & Hosting since 2012
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August 22, 2012, 09:17:47 PM |
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Time to go watch the "Distressed Pirate Debt" market. /bye
Dalkore
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Hosting: Low as $60.00 per KW - LinkTransaction List: jayson3 +5 - ColdHardMetal +3 - Nolo +2 - CoinHoarder +1 - Elxiliath +1 - tymm0 +1 - Johnniewalker +1 - Oscer +1 - Davidj411 +1 - BitCoiner2012 +1 - dstruct2k +1 - Philj +1 - camolist +1 - exahash +1 - Littleshop +1 - Severian +1 - DebitMe +1 - lepenguin +1 - StringTheory +1 - amagimetals +1 - jcoin200 +1 - serp +1 - klintay +1 - -droid- +1 - FlutterPie +1
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makomk
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August 22, 2012, 09:17:54 PM |
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Unless paying out to his clients were terms of the sale, or unless he bought the private keys themselves, etc.
People draw so many conclusions from so little data, I swear.
In this case, it's actually easy to confirm that Shadow383 is correct - it's GPUMAX. I should really have googled the address myself: The following address is managed by GPUMAX. - 1PSf86KnLuzM7Ris5kDhTEZwooR3p2iyfV
Sorry it wasn't more interesting.  -pirate |
Quad XC6SLX150 Board: 860 MHash/s or so. SIGS ABOUT BUTTERFLY LABS ARE PAID ADS |
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Shadow383
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August 22, 2012, 09:41:02 PM |
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So the question remains - why is pirate paying over the odds for hashing power for his private pool, and where are the coins coming from to pay GPUMAX?
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muyuu
Donator
Legendary
Offline
Activity: 980
Merit: 1000
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August 22, 2012, 10:41:46 PM |
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So the question remains - why is pirate paying over the odds for hashing power for his private pool, and where are the coins coming from to pay GPUMAX?
There are a few theories but I'm partial to the money laundering one. Pirate is likely to have a lot of money to launder, maybe from big Silk Road operations, either his' or his partners'. |
GPG ID: 7294199D - OTC ID: muyuu (470F97EB7294199D)
forum tea fund BTC 1Epv7KHbNjYzqYVhTCgXWYhGSkv7BuKGEU DOGE DF1eTJ2vsxjHpmmbKu9jpqsrg5uyQLWksM CAP F1MzvmmHwP2UhFq82NQT7qDU9NQ8oQbtkQ
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bitcoinBull
Legendary
Offline
Activity: 826
Merit: 1001
rippleFanatic
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August 23, 2012, 12:58:12 AM |
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We've got some reports that pirate has paid out 6 small accounts that I believe to be true. Pirate has personally confirmed this. Money coming out  Yay, now its safe to do the money dance! coins returned by friday!   |
College of Bucking Bulls Knowledge
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filharvey
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August 23, 2012, 01:51:04 AM |
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I've received my money from pirate already. Now waiting on my other money in the ppt schemes.
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BIGMERVE
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August 23, 2012, 01:58:46 AM |
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I've received my money from pirate already. Now waiting on my other money in the ppt schemes.
Proof? |
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yochdog
Legendary
Offline
Activity: 2044
Merit: 1000
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August 23, 2012, 02:42:19 AM |
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I've received my money from pirate already. Now waiting on my other money in the ppt schemes.
proof or it didn't happen |
I am a trusted trader! Ask Inaba, Luo Demin, Vanderbleek, Sannyasi, Episking, Miner99er, Isepick, Amazingrando, Cablez, ColdHardMetal, Dextryn, MB300sd, Robocoder, gnar1ta$ and many others!
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Bitcoin Oz
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August 23, 2012, 02:45:04 AM |
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So the question remains - why is pirate paying over the odds for hashing power for his private pool, and where are the coins coming from to pay GPUMAX?
There are a few theories but I'm partial to the money laundering one. Pirate is likely to have a lot of money to launder, maybe from big Silk Road operations, either his' or his partners'. He has claimed his method doesnt involve anything illegal. Selling high demand goods with a big profit margin would probably be closer to the business model if I would hazard a guess. |
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drakahn
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August 23, 2012, 02:45:15 AM |
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I've received my money from pirate already. Now waiting on my other money in the ppt schemes.
Proof? I've received my money from pirate already. Now waiting on my other money in the ppt schemes.
proof or it didn't happen lol |
14ga8dJ6NGpiwQkNTXg7KzwozasfaXNfEU
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