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Author Topic: centralized post of pirate payouts-It is over. Pirate@scammer admits default  (Read 79404 times)
Piper67
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August 24, 2012, 01:31:48 PM
 #141

Why post such rubbish?

500k was not invested 43 weeks ago. Talk facts, don't stir shit.

LiteCoin if you failed big boy math class you shouldn't correct others.
Here I will "show my work" so you can follow along.  Please take out a #2 pencil and a new sheet of paper.

Around the time of the closing Pirate indicates that there were ~500,000 BTC deposited.
Pirate interest obligation is 1% per day until repaid.  That would be roughly 5,000 BTC per day on the 500,000 BTC deposited.  At the time of my post it was roughly 6 days since the trust had been closed but funds not "yet" repaid.

500,000 * 1% * 6 days = 30,000 additional BTC owed.  This evening it will be more like 35,000 BTC.  If Pirate paid back a total of 35,000 BTC this week he would still owe 500,000.  Given he has so far only paid back 100 BTC (or maybe up to 1,500 BTC) the amount he owes has increased >30,000 since the trust was closed.

Another way to look at it is the amount Pirate owes increases by roughly $2,083 every hour or $34.67 per minute or $0.57 per second.    Just in the time it took me to write this post Pirate's debt has increased by another $100 or so.  Given your poor math skills by the time you actually understand this his debt will have increased by a couple hundred dollars more.

Actually, it might be slightly worse, depending on how his agreement with his "lenders" was worded. He might owe compound interest, so on the first day it's 1% interest on 500k BTC, but on the second day it's 1% interest on 505k BTC, which is a bit more than 5k, and so on.

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August 24, 2012, 01:45:54 PM
 #142

Why post such rubbish?

500k was not invested 43 weeks ago. Talk facts, don't stir shit.

LiteCoin if you failed big boy math class you shouldn't correct others.
Here I will "show my work" so you can follow along.  Please take out a #2 pencil and a new sheet of paper.

Around the time of the closing Pirate indicates that there were ~500,000 BTC deposited.
Pirate interest obligation is 1% per day until repaid.  That would be roughly 5,000 BTC per day on the 500,000 BTC deposited.  At the time of my post it was roughly 6 days since the trust had been closed but funds not "yet" repaid.

500,000 * 1% * 6 days = 30,000 additional BTC owed.  This evening it will be more like 35,000 BTC.  If Pirate paid back a total of 35,000 BTC this week he would still owe 500,000.  Given he has so far only paid back 100 BTC (or maybe up to 1,500 BTC) the amount he owes has increased >30,000 since the trust was closed.

Another way to look at it is the amount Pirate owes increases by roughly $2,083 every hour or $34.67 per minute or $0.57 per second.    Just in the time it took me to write this post Pirate's debt has increased by another $100 or so.  Given your poor math skills by the time you actually understand this his debt will have increased by a couple hundred dollars more.

Actually, it might be slightly worse, depending on how his agreement with his "lenders" was worded. He might owe compound interest, so on the first day it's 1% interest on 500k BTC, but on the second day it's 1% interest on 505k BTC, which is a bit more than 5k, and so on.

Compound interest! It will be expensive for pirateat40! --> https://bitcointalk.org/index.php?topic=102327.msg1123775#msg1123775
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August 24, 2012, 01:55:20 PM
 #143

Its the same interest he has always been able to pay, only difference is now he has a stable balance


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August 24, 2012, 01:58:09 PM
 #144

Yeah I am not completely sure if the interest compounds daily or "only" weekly.  Given that I based my estimate on the more conservative weekly.  Since Pirate advertised it as 7% per week I assume it is weekly.  Daily makes it a little worse (1% compounded daily is 7.21% compounded weekly) but it doesn't really matter.   The numbers get huge real quick. 
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August 24, 2012, 01:58:30 PM
 #145

Its the same interest he has always been able to pay, only difference is now he has a stable balance


yeah but problem is it will end in some weeks because there are not enough bitcoins for 7% per week interest!  Grin
unclescrooge
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August 24, 2012, 01:59:21 PM
 #146

Don't worry payday is coming Smiley

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August 24, 2012, 02:02:44 PM
 #147

Hope everyone has been hoarding enough popcorn!
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August 24, 2012, 02:03:21 PM
 #148

Hope everyone has been hoarding enough popcorn!


Damn speculators are driving up the popcorn price.  You should see the bid walls on MtPop.
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August 24, 2012, 02:06:56 PM
 #149

Hope everyone has been hoarding enough popcorn!


Damn speculators are driving up the popcorn price.  You should see the bid walls on MtPop.
LOL!!
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August 24, 2012, 02:07:18 PM
 #150

Hope everyone has been hoarding enough popcorn!


Damn speculators are driving up the popcorn price.  You should see the bid walls on MtPop.

You should have bought during the dips.
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August 24, 2012, 02:13:12 PM
 #151

Hope everyone has been hoarding enough popcorn!


Damn speculators are driving up the popcorn price.  You should see the bid walls on MtPop.



That was pirate plan all along.
Raise money, buy all the corn on leverage, and creating huge demand. Such a genious   Wink

More seriously, thanks for putting the math here D&T. Anybody thinking there's no problem with pirate right now is in serious denial

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August 24, 2012, 02:22:23 PM
 #152

Hope everyone has been hoarding enough popcorn!


Damn speculators are driving up the popcorn price.  You should see the bid walls on MtPop.

FastCash4Popcorn ?

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August 24, 2012, 02:22:40 PM
 #153

Why post such rubbish?

500k was not invested 43 weeks ago. Talk facts, don't stir shit.

LiteCoin if you failed big boy math class you shouldn't correct others.
Here I will "show my work" so you can follow along.  Please take out a #2 pencil and a new sheet of paper.

Around the time of the closing Pirate indicates that there were ~500,000 BTC deposited.
Pirate interest obligation is 1% per day until repaid.  That would be roughly 5,000 BTC per day on the 500,000 BTC deposited.  At the time of my post it was roughly 6 days since the trust had been closed but funds not "yet" repaid.

500,000 * 1% * 6 days = 30,000 additional BTC owed.  This evening it will be more like 35,000 BTC.  If Pirate paid back a total of 35,000 BTC this week he would still owe 500,000.  If he paid back 35,000 BTC every week until the end of time he would STILL owe 500,000 BTC.  The only way he can pay down the debt it to repay faster than the rate interest is accruing.  Given he has so far only paid back 100 BTC (or maybe up to 1,500 BTC unverified) the amount he owes has increased >30,000 since the trust was closed.

Another way to look at it is the amount Pirate owes increases by roughly $2,083 every hour, $34.67 every minute, $0.57 every second.    Just in the time it took me to write this post Pirate's debt has increased by another $100 or so.  Given your poor math skills by the time you actually understand this his debt will have increased by a couple hundred dollars more.

sheez if those numbers are correct that seems pretty impossible how that could be repaid. But surprise me! I'm game.

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August 24, 2012, 02:28:37 PM
 #154

Why post such rubbish?

500k was not invested 43 weeks ago. Talk facts, don't stir shit.

LiteCoin if you failed big boy math class you shouldn't correct others.
Here I will "show my work" so you can follow along.  Please take out a #2 pencil and a new sheet of paper.

Around the time of the closing Pirate indicates that there were ~500,000 BTC deposited.
Pirate interest obligation is 1% per day until repaid.  That would be roughly 5,000 BTC per day on the 500,000 BTC deposited.  At the time of my post it was roughly 6 days since the trust had been closed but funds not "yet" repaid.

500,000 * 1% * 6 days = 30,000 additional BTC owed.  This evening it will be more like 35,000 BTC.  If Pirate paid back a total of 35,000 BTC this week he would still owe 500,000.  If he paid back 35,000 BTC every week until the end of time he would STILL owe 500,000 BTC.  The only way he can pay down the debt it to repay faster than the rate interest is accruing.  Given he has so far only paid back 100 BTC (or maybe up to 1,500 BTC unverified) the amount he owes has increased >30,000 since the trust was closed.

Another way to look at it is the amount Pirate owes increases by roughly $2,083 every hour, $34.67 every minute, $0.57 every second.    Just in the time it took me to write this post Pirate's debt has increased by another $100 or so.  Given your poor math skills by the time you actually understand this his debt will have increased by a couple hundred dollars more.

sheez if those numbers are correct that seems pretty impossible how that could be repaid. But surprise me! I'm game.

It's not impossible to pay back at the moment. But after 43 weeks, yes, it will be impossible.
But who's hoping to get paid after 43 weeks? No one really. If nothing comes back over the next few weeks, they will consider it gone.
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August 24, 2012, 03:13:23 PM
 #155

Don't worry payday is coming Smiley

maybe he pay you back in Litecoins.

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Gerald Davis


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August 24, 2012, 03:14:37 PM
 #156

Don't worry payday is coming Smiley

maybe he pay you back in Litecoins.

Or PirateCoinsTM with a 500K PC pre-mine.  Initial exchange rate 1 PC = 1 BTC.
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August 24, 2012, 03:20:03 PM
 #157


sheez if those numbers are correct that seems pretty impossible how that could be repaid. But surprise me! I'm game.

It's not impossible to pay back at the moment. But after 43 weeks, yes, it will be impossible.
But who's hoping to get paid after 43 weeks? No one really. If nothing comes back over the next few weeks, they will consider it gone.

No one's seriously suggesting that Pirate might pay out at week 42.

However, even with his need to move things around Pirate has a huge incentive to pay as many investors as he can as soon as he can to minimize his interest payments.

Not only that, but the tiny accounts he's paying receive a lower interest rate. If Pirate has the funds (and intends to pay) it would be in his best interest to settle his largest accounts first. Not only are those the ones most likely to hire lawyers if it all comes crashing down, but they also get the highest interest rate.
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August 24, 2012, 03:27:41 PM
 #158

Don't worry payday is coming Smiley

maybe he pay you back in Litecoins.

Or PirateCoinsTM with a 500K PC pre-mine.  Initial exchange rate 1 PC = 1 BTC.

he should start his own blockchain that increases the generation rate by 7% per week, then let the market price it. sounds good to me.

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August 24, 2012, 04:06:49 PM
 #159

Or PirateCoinsTM with a 500K PC pre-mine.  Initial exchange rate 1 PC = 1 BTC.

most realistic scenario so far - besides not paying...
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August 24, 2012, 04:25:24 PM
 #160

Theoretically you can owe an unlimited number of btc, even more than will ever be in existence, and you still could be able to pay your debt. As long as you have enough backup assets, an some control over the flows, it could be possible...

What you cannot do in such a case is repay ALL your debt at once, but you could start a successful repayment process, because as you start paying, some of the flow of capital you were holding is going to find it's way to the exchanges, in pursuit of realizing a profit. If you're also there, offering the realized profit for other goods, you'll recover some of the bitcoins you just has left, and you can continue the payment process with those same bitcoins...

Now. I'm not saying that pirate will be able to do this. I'm just saying that this is theoretically possible...
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