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Author Topic: centralized post of pirate payouts-It is over. Pirate@scammer admits default  (Read 79331 times)
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August 24, 2012, 05:22:28 PM
 #161

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...


Hehe... the fractional reserve bank of pirate

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August 24, 2012, 05:45:46 PM
 #162

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...

So what you're saying is that pirate can pay it back but bitcoin will plummet in value...
So investers will have their ammount of bitcoin back but it wil be worth less than before.
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August 24, 2012, 05:53:05 PM
 #163

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...

So what you're saying is that pirate can pay it back but bitcoin will plummet in value...
So investers will have their ammount of bitcoin back but it wil be worth less than before.


Again, not necessarily.. Since he would buy back all free bitcoins from the open market (from the paid out lenders) the price wouldn't have to plummet. It could indeed rise, too, if people realize whats going on. With such volume under his control, he would probably decide the exchangerate, and he would obviously prefer a low rate..
Of course he could also try to pay back in USD or bullion, or whatever assets a pirate has..

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August 24, 2012, 05:59:30 PM
 #164

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...

Its only theoretically possible to continuously pay at continuously decreasing rates. If you owe more bitcoins than exist, then its not possible to repay it all at once, or to repay it ever. Not possible, not even in theory.

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August 24, 2012, 06:19:09 PM
 #165

Its only theoretically possible to continuously pay at continuously decreasing rates. If you owe more bitcoins than exist, then its not possible to repay it all at once, or to repay it ever. Not possible, not even in theory.

I'm not defending any specific actions of any specific people, but it is possible to repay a loan that is larger than the monetary base if I can convince you to trade some of your bitcoins for my goods in service. I could, for example, pay half of it, then sell you a stack of gold bars to get all the bitcoin back, and then pay you the rest.
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August 24, 2012, 06:20:54 PM
 #166

So what you're saying is that pirate can pay it back but bitcoin will plummet in value...

I don't know if pirate can pay back. With the information available today to everybody, that's in fact just a matter of faith. If pirate was legit and he really had such a great business which gave him such great profits, he may be able to pay. But even if this is the case, I think that the repayment process certainly will not be easy and it could be really risky anyway.

So investers will have their ammount of bitcoin back but it wil be worth less than before.

Maybe. If he really repays everybody, we certainly will have a sudden flood of liquidity which will have some inflationary and devaluatory consequences in the short term. The long term would depend on how the markets take the changes on the interest rate... I hope that everything turns more stable, it doesn't matter that much if it's higher or lower...

Its only theoretically possible to continuously pay at continuously decreasing rates. If you owe more bitcoins than exist, then its not possible to repay it all at once, or to repay it ever. Not possible, not even in theory.

It certainly won't be easy. But given some extremely extraordinary circumstances, I think it could be possible... Anyway, this is not the case we have now.
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August 24, 2012, 08:06:47 PM
 #167

Its only theoretically possible to continuously pay at continuously decreasing rates. If you owe more bitcoins than exist, then its not possible to repay it all at once, or to repay it ever. Not possible, not even in theory.

I'm not defending any specific actions of any specific people, but it is possible to repay a loan that is larger than the monetary base if I can convince you to trade some of your bitcoins for my goods in service. I could, for example, pay half of it, then sell you a stack of gold bars to get all the bitcoin back, and then pay you the rest.

Thanks. Your example is simple, I was overthinking it. It is possible, I stand corrected.

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August 25, 2012, 01:43:25 AM
 #168

it's even simpler than that.

Let's say that $1 exists and I owe you $2.  I can do $1 worth of work for you, then give you the dollar back.  Repeat.



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August 25, 2012, 05:07:50 PM
 #169

it's even simpler than that.

Let's say that $1 exists and I owe you $2.  I can do $1 worth of work for you, then give you the dollar back.  Repeat.

Yes, you're only in trouble if I don't want anything from you to give you the $.
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August 25, 2012, 05:26:55 PM
 #170

it's even simpler than that.

Let's say that $1 exists and I owe you $2.  I can do $1 worth of work for you, then give you the dollar back.  Repeat.

Yes, you're only in trouble if I don't want anything from you to give you the $.


He is in even more trouble if that $2 he owes is being compounded at 3,400% per year and you demand payment only in cash.
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August 25, 2012, 05:43:04 PM
 #171

Actually the problem is that he have the debt in cash, not in bitcoins Cheesy

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August 25, 2012, 08:25:59 PM
 #172

No real updates. Seems btc was stolen. Lenders should get on irc and ask pirate if he has the btc or not. Get an answer and demand payout within 24 hours if he has any funds.

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August 25, 2012, 09:18:48 PM
 #173

demand payout within 24 hours

good luck with that
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August 25, 2012, 09:26:53 PM
 #174

demand payout within 24 hours

good luck with that

Did not a single lender verify who pirate is? Not one???

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August 25, 2012, 09:47:58 PM
 #175

Did not a single lender verify who pirate is? Not one???

Only name who came out is "Trendon Shavers"  http://bit.ly/QDxY52
And this pic that you find looking for that name is quite similar to the one of his "last supper" in Vegas:


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August 25, 2012, 10:14:16 PM
 #176

Real name is Herbert Vildenrot the third

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August 25, 2012, 11:37:45 PM
 #177

I am concerned that the largest lenders are remaining mostly silent on this.

Either they know something and are buying up Pirate debt, or don't and are afraid to rock the boat lest they be banished to the back of the line.


I have seen goat making some comments and calling this a default, but can't tell if serious.

My guess is that we have another few days at the most and the house of cards will begin to fall down around mr shavers.

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August 25, 2012, 11:47:18 PM
 #178

Did not a single lender verify who pirate is? Not one???

Only name who came out is "Trendon Shavers"  http://bit.ly/QDxY52
And this pic that you find looking for that name is quite similar to the one of his "last supper" in Vegas:





Hahahahaa...  awesome..

Now replace all the faces with the ones that were there..  clearly the guy to the right of Hey-zeus with his hands up will be Goat...

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August 26, 2012, 12:43:51 AM
 #179

The first person to win a criminal conviction in a massive Bitcoin case is gonna be famous...

Hardfork aren't that hard.
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August 26, 2012, 12:54:06 AM
 #180

I figured goat would be the one on the far left saying "please no more sir"

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