centralized post of pirate payouts-It is over. Pirate@scammer admits default

[Timbert33]

Assumptions and stupidity

You don't know shit so stop talking as if you do.

Stop name calling and think for a second about that return rate. If he had 500k bitcoins, 7% of that is 35K bitcoins ~$350K. Want to explain how he is going to pay that out EVERY WEEK? You're hilariously stupid, or you're just trolling, which is whatever. If you're not trolling, care to justify your position in any way?

[1714807117]

1714807117

[1714807117]

1714807117

[Energizer]

I guess Pirate is delaying the pay back to pay back all at once! Probably he has to delay it until he gets ready for buying coins @ extremely low price! I don't think that he is currently trying to buy at lower price, but he is preparing to buy later after paying back!

[Timbert33]

People from both sides of the ponzi/no ponzi argument seem so convinced of themselves. One only side can be right though. It's hard to believe they're sharing the same reality.

Schroedinger's ponzi?


also to timbert, "OMG I DON'T KNOW ANYTHING!" is not "damning evidence"

Well, it's impossible to make 7% weekly interest for an extended period, so there's no way he's paying back. If you have some evidence in the history of the world where a business has grown AT LEAST at that rate (it'd have to be higher for him to also profit), then please show me it. This is to the point of fiscal impossibility, and therefore it's pretty damning evidence. I don't think "OMG I DON'T KNOW ANYTHING!" is a good summation of what I've written so far, but good try buddy.

AND to make it even more obvious, he would have paid back his loan and principal to own that business and make more money for himself if it was real.

Forget about business, any system that grows at 7% per cycle will essentially double every 10 cycles. We've known that to be unsustainable since the days of the grains on wheat on the chessboard... that's why I wonder is there's any evidence for pirate holding 500k BTC beyond him saying so. I find it hard to believe that people would fall for this to the tune of a half million BTC.

Yeah, it's feasible for some illegal businesses in their infancy, but it's not feasible for an extended period, clearly. The 500k BTC wallet was in that thread of the 500 largest BTC holders. It's possible that it did not belong to pirate, though, that may have just been a guess, but it seems to fit together.

It would've been a pretty trivial thing for him to prove he controls that wallet, though. There are several other explanations for a 500k BTC wallet around. I think people believing pirate controls half a million BTC is very much part of his plan... my guess, there aren't 500k BTC worth of stupid 

Valid point. But even if he has only 25K BTC, the interest payments would be pretty astronomical. 1750btc ~ $17,500 a week... lol

[niko]

Assumptions and stupidity

You don't know shit so stop talking as if you do.

Stop name calling and think for a second about that return rate. If he had 500k bitcoins, 7% of that is 35K bitcoins ~$350K. Want to explain how he is going to pay that out EVERY WEEK? You're hilariously stupid, or you're just trolling, which is whatever. If you're not trolling, care to justify your position in any way?

You are assuming a fixed btc/usd ratio. It's not. What if 7% growth in btc translates into -5% change in usd value of the venture?

Right now I don't side with either of the two opinionated groups, and I haven't invested a satoshi with the pirate .

[kentrolla]

I guess Pirate is delaying the pay back to pay back all at once! Probably he has to delay it until he gets ready for buying coins @ extremely low price! I don't think that he is currently trying to buy at lower price, but he is preparing to buy later after paying back!

lol ur name and punctuation.

[DeathAndTaxes]

If he had 500k bitcoins, 7% of that is 35K bitcoins ~$350K. Want to explain how he is going to pay that out EVERY WEEK? You're hilariously stupid, or you're just trolling, which is whatever. If you're not trolling, care to justify your position in any way?

That is the wrong quesiton to ask.  It likely can't be answered and that is what the investors hang their hat onto.  The correct question is WHY?  Why would he keep paying out 7% every week on hundreds of thousands of coins?    

For the sake of argument let say this is a real biz (legit or otherwise) which throws off real profits of >7% per week, and happens to need 500K BTC.  Pirate has a great idea but no money so he does what plenty of other business men do... he borrows.  Implausible but certainly possible.  However he is the one taking the risk (especially if not using an alias, running a ponzi and planning to run off with the coinz).  People losing $5M tend to do implusive things.  So a sane business man taking that kind of risk would want a solid reward.  High risk, high reward and that means a solid cut of the profit.  I doubt his "business" is making 8% gross and he is paying out 7% taking all the risk.  Say he is making 14% gross, needs to borrow 500K and is willing to give away half of that to get the operation off the ground.   A stretch but certainly possible.

So yes a business could be making that kind of profit, and could be paying out massive amounts of interest, and could need 500K BTC BUT:
Nobody, not a criminal, not a scumbag, not a oil tycoon would voluntarily pay 7% interest on a principal he can pay down.
Like any businessman (legit or otherwise) he would plough his portions of the profits into repaying the principal and thus week after week get a larger and larger share of the profits.   At 15% gross, 7% interest in 10 weeks he would have the full 500K (all his profit), 0 BTC in debt, and still have the mythical 15% per week of future profits. Win-win-win.

The only reason to not pay down a multi-million dollar debt with the juice running at 3,400% APR is ___________.

(The "investors" simply never filled in the blank)

[Timbert33]

If he had 500k bitcoins, 7% of that is 35K bitcoins ~$350K. Want to explain how he is going to pay that out EVERY WEEK? You're hilariously stupid, or you're just trolling, which is whatever. If you're not trolling, care to justify your position in any way?

That is the wrong quesiton to ask.  It likely can't be answered and that is what the investor hang their hat onto.  The right question is WHY?  Why would he pay out 7%?    Let say this is a non-ponzi which profits >7% per week and happens to need 500K BTC.  Pirate has a great idea but no money so he does what plenty of other business men do... he borrows.  Implausible but certainly possible so far.

However he is the one taking the risk, a real risk if he is legit and not using aliases and planning on running off with the money.  People losing $5M tend to do implusive things.  So a sane business man taking that kind of risk would want a lot of profit.  I doubt his "business" is making 8% gross and he is paying out 7%.  Lets say for the sake of argument he is making 15% per week.

Nobody, not a criminal, not a scumbag, not a oil tycoon would voluntarily pay 7% interest on a principal he can pay down.
Like any businessman (legit or otherwise) we would plough those profits into paying down his debt.

The only reason to not pay down your debts when you can and let the 7% interest rack up is ___________.

The "investors" never filled in the blank.

"you aren't paying that shit back"

[drakahn]

Assumptions and stupidity

You don't know shit so stop talking as if you do.

Stop name calling and think for a second about that return rate. If he had 500k bitcoins, 7% of that is 35K bitcoins ~$350K. Want to explain how he is going to pay that out EVERY WEEK? You're hilariously stupid, or you're just trolling, which is whatever. If you're not trolling, care to justify your position in any way?

I didn't name call, that's just another one of your stupid assumptions, I have no proof either way but i am not the one saying 100% That anything is anything, you are, with no evidence, and then calling it evidence, which is stupidity

[Timbert33]

Assumptions and stupidity

You don't know shit so stop talking as if you do.

Stop name calling and think for a second about that return rate. If he had 500k bitcoins, 7% of that is 35K bitcoins ~$350K. Want to explain how he is going to pay that out EVERY WEEK? You're hilariously stupid, or you're just trolling, which is whatever. If you're not trolling, care to justify your position in any way?

I didn't name call, that's just another one of your stupid assumptions, I have no proof either way but i am not the one saying 100% That anything is anything, you are, with no evidence, and then calling it evidence, which is stupidity

You seem to have quite an interesting opinion on what constitutes evidence. The odds are OVERWHELMINGLY in favor of this being a scam. You can cling onto the .1% chance that it's not, if you like.

[Piper67]

Assumptions and stupidity

You don't know shit so stop talking as if you do.

Stop name calling and think for a second about that return rate. If he had 500k bitcoins, 7% of that is 35K bitcoins ~$350K. Want to explain how he is going to pay that out EVERY WEEK? You're hilariously stupid, or you're just trolling, which is whatever. If you're not trolling, care to justify your position in any way?

I didn't name call, that's just another one of your stupid assumptions, I have no proof either way but i am not the one saying 100% That anything is anything, you are, with no evidence, and then calling it evidence, which is stupidity

As Carl Sagan used to say, extraordinary claims demand extraordinary evidence. You also have no evidence that I don't have a dragon... yet the burden of proof is on me to show I do. If I don't show it, I'm lying about having a dragon.

[kentrolla]

Assumptions and stupidity

You don't know shit so stop talking as if you do.

Stop name calling and think for a second about that return rate. If he had 500k bitcoins, 7% of that is 35K bitcoins ~$350K. Want to explain how he is going to pay that out EVERY WEEK? You're hilariously stupid, or you're just trolling, which is whatever. If you're not trolling, care to justify your position in any way?

I didn't name call, that's just another one of your stupid assumptions, I have no proof either way but i am not the one saying 100% That anything is anything, you are, with no evidence, and then calling it evidence, which is stupidity

As Carl Sagan used to say, extraordinary claims demand extraordinary evidence. You also have no evidence that I don't have a dragon... yet the burden of proof is on me to show I do. If I don't show it, I'm lying about having a dragon.

i believe you

[Elwar]

My dad receives a check every month from a ponzi he contributed to all of his life, so I know that it is possible to keep paying out on a ponzi scheme.

[ElectricMucus]

maybe pirate is just a really nice guy and he wanted to give away a lot of money.

 

[fcmatt]

I am going to need to start a new thread soon for any relevant updates. This is 5 pages already and not relevant.

oh wait... there are no updates or payments from pirate. please continue!

[DeathAndTaxes]

My dad receives a check every month from a ponzi he contributed to all of his life, so I know that it is possible to keep paying out on a ponzi scheme.

Only if you can print more money.  Now if Pirate figured that out and made himself the Federal Reserve of the Bitcoin network, well he deserves my respect. 

[Timbert33]

My dad receives a check every month from a ponzi he contributed to all of his life, so I know that it is possible to keep paying out on a ponzi scheme.

If you're talking about social security do me a favor and slap yourself in the head.

[Elwar]

My dad receives a check every month from a ponzi he contributed to all of his life, so I know that it is possible to keep paying out on a ponzi scheme.

If you're talking about social security do me a favor and slap yourself in the head.

Well, that is one ponzi scheme that will NEVER fail...

right...

I cannot wait to start receiving my checks in 30 years!

[smoothie]

If he had 500k bitcoins, 7% of that is 35K bitcoins ~$350K. Want to explain how he is going to pay that out EVERY WEEK? You're hilariously stupid, or you're just trolling, which is whatever. If you're not trolling, care to justify your position in any way?

That is the wrong quesiton to ask.  It likely can't be answered and that is what the investors hang their hat onto.  The correct question is WHY?  Why would he keep paying out 7% every week on hundreds of thousands of coins?    

For the sake of argument let say this is a real biz (legit or otherwise) which throws off real profits of >7% per week, and happens to need 500K BTC.  Pirate has a great idea but no money so he does what plenty of other business men do... he borrows.  Implausible but certainly possible.  However he is the one taking the risk (especially if not using an alias, running a ponzi and planning to run off with the coinz).  People losing $5M tend to do implusive things.  So a sane business man taking that kind of risk would want a solid reward.  High risk, high reward and that means a solid cut of the profit.  I doubt his "business" is making 8% gross and he is paying out 7% taking all the risk.  Say he is making 14% gross, needs to borrow 500K and is willing to give away half of that to get the operation off the ground.   A stretch but certainly possible.

So yes a business could be making that kind of profit, and could be paying out massive amounts of interest, and could need 500K BTC BUT:
Nobody, not a criminal, not a scumbag, not a oil tycoon would voluntarily pay 7% interest on a principal he can pay down.
Like any businessman (legit or otherwise) he would plough his portions of the profits into repaying the principal and thus week after week get a larger and larger share of the profits.   At 15% gross, 7% interest in 10 weeks he would have the full 500K (all his profit), 0 BTC in debt, and still have the mythical 15% per week of future profits. Win-win-win.

The only reason to not pay down a multi-million dollar debt with the juice running at 3,400% APR is ___________.

(The "investors" simply never filled in the blank)

Bingo.

Pay down the debt over time. 10 weeks is nothing. Yes the blank hasn't been filled for the same reason other investors in the past have fell for similar operations many times over...they are focused on the shiny and holy 7% returns.

[drakahn]

Assumptions and stupidity

You don't know shit so stop talking as if you do.

Stop name calling and think for a second about that return rate. If he had 500k bitcoins, 7% of that is 35K bitcoins ~$350K. Want to explain how he is going to pay that out EVERY WEEK? You're hilariously stupid, or you're just trolling, which is whatever. If you're not trolling, care to justify your position in any way?

I didn't name call, that's just another one of your stupid assumptions, I have no proof either way but i am not the one saying 100% That anything is anything, you are, with no evidence, and then calling it evidence, which is stupidity

As Carl Sagan used to say, extraordinary claims demand extraordinary evidence. You also have no evidence that I don't have a dragon... yet the burden of proof is on me to show I do. If I don't show it, I'm lying about having a dragon.

The 'extraordinary evidence' will be known in a couple of weeks, So unless you have something other than "OMG THERE IS NO PROOFS" I will continue to call it stupid to make accusations with no evidence but a lack of evidence, especially at a point where you can't even claim to be trying to save people from depositing

If you claimed to have a dragon and refused to offer proof, I would think you might have a dragon but it doesn't effect me, even if I did assume you had no dragon, I would see no need to claim that as fact without any evidence of a lack of dragon

If you were claiming to have a dragon in a brand new ecosystem with extremely fast evolution, and the reason you can't show proof yet is because the proof would show people how to make their own dragons which would stop you from running your dragon farm... I would be more inclined to believe you may be telling the truth... And would defend you against people with no evidence saying dragons are impossible.

[smoothie]

My dad receives a check every month from a ponzi he contributed to all of his life, so I know that it is possible to keep paying out on a ponzi scheme.

If you're talking about social security do me a favor and slap yourself in the head.

Well, that is one ponzi scheme that will NEVER fail...

right...

I cannot wait to start receiving my checks in 30 years!

Keep dreaming....they all come to an end...whether by being exposed or hyperinflating the currency into oblivion.