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

[P4man]

But  Pirate is still within his announced 1-2 weeks window, still hasnt lost his 5000 BTC bet...

True, but he loses BTC5000 EVERY DAY due to interest.

I know. But if you believed he had a mystery money making machine that allowed him to generate such profits, there is no reason to assume that machine no longer works today. He still has the coins. Its no different than 2 weeks ago.

Secondly, the only way I can conceive pirate can pay back his BTC debt is if he has some way to debase BTC value tremendously. And I dont mean by selling his coins, because that wont help him, but something akin to a 51% attack that he has been working on for months. I dont think thats whats going on, but if its something that has a similar effect, those 5K btc per month dont mean a thing to him.

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[dust]

But  Pirate is still within his announced 1-2 weeks window, still hasnt lost his 5000 BTC bet...

True, but he loses BTC5000 EVERY DAY due to interest.

does he still pay interest after having closed the bank?

He claimed interest would be paid "down to the hour".

[teflone]

But  Pirate is still within his announced 1-2 weeks window, still hasnt lost his 5000 BTC bet...

True, but he loses BTC5000 EVERY DAY due to interest.

I know. But if you believed he had a mystery money making machine that allowed him to generate such profits, there is no reason to assume that machine no longer works today. He still has the coins. Its no different than 2 weeks ago.

Secondly, the only way I can conceive pirate can pay back his BTC debt is if he has some way to debase BTC value tremendously. And I dont mean by selling his coins, because that wont help him, but something akin to a 51% attack that he has been working on for months. I dont think thats whats going on, but if its something that has a similar effect, those 5K btc per month dont mean a thing to him.

EXACTLY!!!

Very well put.. 

[Piper67]

But  Pirate is still within his announced 1-2 weeks window, still hasnt lost his 5000 BTC bet...

True, but he loses BTC5000 EVERY DAY due to interest.

I know. But if you believed he had a mystery money making machine that allowed him to generate such profits, there is no reason to assume that machine no longer works today. He still has the coins. Its no different than 2 weeks ago.

Secondly, the only way I can conceive pirate can pay back his BTC debt is if he has some way to debase BTC value tremendously. And I dont mean by selling his coins, because that wont help him, but something akin to a 51% attack that he has been working on for months. I dont think thats whats going on, but if its something that has a similar effect, those 5K btc per month dont mean a thing to him.

EXACTLY!!!

Very well put.. 

But, but, but... if he had the resources to pull off a 51% attack... wouldn't he already be rich and powerful and not need to pull a ponzi scheme?

[P4man]

But, but, but... if he had the resources to pull off a 51% attack... wouldn't he already be rich and powerful and not need to pull a ponzi scheme?

IM not saying its a 51% attack, but if it were, when would be the best time to cash in? WHen BTC value and market depth peaks, and you can sell soon to be worthless coins for as much as possible hard dollars. So he could sell his 500K coins now, then publish his alternate chain, and pay back as much BTC interest as he wants.

[MrTeal]

But, but, but... if he had the resources to pull off a 51% attack... wouldn't he already be rich and powerful and not need to pull a ponzi scheme?

IM not saying its a 51% attack, but if it were, when would be the best time to cash in? WHen BTC value and market depth peaks, and you can sell soon to be worthless coins for as much as possible hard dollars. So he could sell his 500K coins now, then publish his alternate chain, and pay back as much BTC interest as he wants.

[wild conspiracy theory]Imagine how much of a soap opera it would be if it turned out that Pirate and Vladimir were working together. Pirate borrows the coins needed to cash out and spends part of it to finish funding Vlad's planned ASIC farm, and Vlad uses his new 50TH/s to recover the BTC for almost no cost to repay investors.[/wild conspiracy theory]

[DeathAndTaxes]

But, but, but... if he had the resources to pull off a 51% attack... wouldn't he already be rich and powerful and not need to pull a ponzi scheme?

IM not saying its a 51% attack, but if it were, when would be the best time to cash in? WHen BTC value and market depth peaks, and you can sell soon to be worthless coins for as much as possible hard dollars. So he could sell his 500K coins now, then publish his alternate chain, and pay back as much BTC interest as he wants.

There is nowhere he could spend 500K BTC that he wouldn't get caught.  The only place which could handle that kind of action would be MtGox.  Now lets pretend it is his goal to send 500K BTC to MtGox, exchange it for dollars, and cause a 51% to return the coins to himself.   If he sold 500K BTC on the exchange the USD would be limited to MtGox AML policies and it would be kinda obvious when the 51% attack occurs.  At the highest level MtGox requires notarized document with an apostle seal from the state and even then it is limited to only $100K per day.  To unload 500K BTC would require almost 60 days.  Of course in 60 days he won't owe 500K BTC he would owe 908K BTC.  So even if he managed to rob MtGox of $6M (sent to his bank account by bank wire, and his identity confirmed w/ notorized docs approved by the State of TX).  He would now owe creditors more than the amount he stole.

Now hypothetically he could REPAY THE INVESTORS FIRST, then do a 51% attack and in the alt-chain he doesn't repay the investors and instead sends the coins back to himself.    Still to do that would require him actually having the 500K BTC.  That 500K number is on paper only.  It never existed.  It includes weeks and months of compounded ponzi interest.  Even if he didn't spend a single coin he likely has half that or maybe a third of that.   Of course 500K BTC isn't enough to pay the creditors.  He now owes ~546K BTC and that number is increasing by 5000 BTC per day (or ~4 BTC per minute).  So hypothetically if he did have 500K BTC AND the ability to pull off a 51% attack he would still be short.

[Gyrsur]

But, but, but... if he had the resources to pull off a 51% attack... wouldn't he already be rich and powerful and not need to pull a ponzi scheme?

IM not saying its a 51% attack, but if it were, when would be the best time to cash in? WHen BTC value and market depth peaks, and you can sell soon to be worthless coins for as much as possible hard dollars. So he could sell his 500K coins now, then publish his alternate chain, and pay back as much BTC interest as he wants.

[wild conspiracy theory]Imagine how much of a soap opera it would be if it turned out that Pirate and Vladimir were working together. Pirate borrows the coins needed to cash out and spends part of it to finish funding Vlad's planned ASIC farm, and Vlad uses his new 50TH/s to recover the BTC for almost no cost to repay investors.[/wild conspiracy theory]

Vladimir is not involved in the ASIC game furthermore. --> https://bitcointalk.org/index.php?topic=75298.msg1033465#msg1033465

[elux]

Worse he doesn't owe 500K BTC anymore he now owes 552K BTC and the number is increasing at a rate of ~4 BTC per minute.

So around 40 BTC per ten minutes? No problem. He can just mine that with GPUMAX.  

[Vladimir]

Of course 500K BTC isn't enough to pay the creditors.  He now owes ~546K BTC and that number is increasing by 5000 BTC per day.  So hypothetically if he did have 500K BTC AND the ability to pull off a 51% attack he would still be s

For comparison at this time only about 7200 BTC is produced per day by all miners combined.

[P4man]

There is nowhere he could spend 500K BTC that he wouldn't get caught.

Caught? What would be illegal about it?

Still to do that would require him actually having the 500K BTC.  That 500K number is on paper only.  It never existed.  

Fair enough, but if he sold or is about to sell the actual coins he received, its still a tangible (pun intended) sum of money.

It includes weeks and months of compounded ponzi interest.  Even if he didn't spend a single coin he likely has half that or maybe a third of that.   Worse he doesn't owe 500K BTC anymore he now owes 552K BTC and the number is increasing at a rate of ~4 BTC per minute.

He could own 10 million BTC tomorrow if he has a longer blockchain. They may not be worth a lot of dollars but it would let hem repay his debt as promised.


disclaimer: Im not seriously arguing pirate is doing a 51% attack, but I just want to show how it could theoretically fit what we know.

[Vladimir]

51% attack is not that trivial. We all would just patch our clients and abandon his block chain fork.

[DeathAndTaxes]

He could own 10 million BTC tomorrow if has a longer blockchain. They may not be worth a lot of dollars but it would let hem repay his debt as promised.

51% attack wouldn't give him the ability to own coins he doesn't have the private keys to.

Fair enough, but if he sold or is about to sell the actual coins he received, its still a tangible (pun intended) sum of money.

It certainly is but it wouldn't involve repaying anyone or a 51% attack.  

Step 1) Acquire coins
Step 2) Sell coins
Step 3) There is no need for step three you already have ~$1M gift wrapped and handed to you by idiots (assume ~100K real coins deposited and sold @ avg price of $10 ea).

disclaimer: Im not seriously arguing pirate is doing a 51% attack, but I just want to show how it could theoretically fit what we know.

Oh I understand that I am just saying even with an imaginary 51% attack he still wouldn't have the potential to pull it off (or at least not at a profit).  If he had to do all those and still lose a huge sum of money it would be far easier to just walk away with a guaranteed profit.

[P4man]

Oh I understand that I am just saying even with an imaginary 51% attack he still wouldn't have the potential to pull it off (or at least not at a profit).  If he had to do all those and still lose a huge sum of money it would be far easier to just walk away with a guaranteed profit.

Well, I disagree. Id rather bank 100K BTC perfectly legally than be on the run from the law for the rest of my life with 5x as much.

[bitcoinBull]

Oh I understand that I am just saying even with an imaginary 51% attack he still wouldn't have the potential to pull it off (or at least not at a profit).  If he had to do all those and still lose a huge sum of money it would be far easier to just walk away with a guaranteed profit.

Well, I disagree. Id rather bank 100K BTC perfectly legally than be on the run from the law for the rest of my life with 5x as much.

He doesn't have that much, its imaginary interest. I'd like to see some estimates of deposited principal, not imaginary exponential gains.

[Chang Hum]

I've been a ghost on this forum for a while but have just signed up for an account. After severely pissing off the first person I came into contact with here today (https://bitcointalk.org/index.php?topic=93252.40) I thought I'd try and contribute something to this forum by researching pirate aka Trendon Shavers aka Don Shrents who's probably in Nigeria by now having swashbuckling adventures on the high seas with all your money ahaaaaa!

To do this I've cross referenced what we know about Trendon Shavers with the internet and I'll take you through the results step by step:

Firstly what do we know about him:

-He lives in Dallas Texas (source https://bitcointalk.org/index.php?topic=47173.msg563605#msg563605)
-His name or alias is Trendon Shavers
-He's got involvement with gpumax and some other ponzi scheme (sorry I didn't bother to research the name)

OK so if you do a google search for Trendon Shavers Dallas, you get several links to a company called Business Cognition.

We know this is his business for several reasons

1) Their Website went down the same time he defaulted whatever you know what I mean (the last cached copy of www.buscog.com is dated the 14th of August) http://webcache.googleusercontent.com/search?q=cache:http://www.buscog.com/&hl=en&prmd=imvns&strip=0

The who is data for www.buscog.com shows the following http://www.networksolutions.com/whois-search/buscog.com

      Shrents, Don  support@buscog.com
      Business Cognition
      5100 Eldoardo Pkwy
      Mckinney, Texas 75070
      United States
      +1.5738736366

Don Shrents is an annogram of Trendon Shs (the missing letters aver are an annogram of Vear (Vear is a village in Vestfold, Norway, located in the municipalities of Stokke and Tønsberg. Of its population (2005) of 3,520, 1,256 reside in Tønsberg and 2,264 in Stokke))

GPUMAX is also registered to Don Shrents http://whois.domaintools.com/gpumax.com

Summary of what Business Cognition does:

At Business Cognition we understand how rising expenses can affect your bottom line. We use the power of our client base to provide you with the tools and services required to both optimize your expenses and maximize your profits.

5100 West Eldorado Parkway #102  McKinney, TX 75070
(888) 929-1117at

Source: http://www.merchantcircle.com/business/Business.Cognition.LLC..888-929-1117

This suggests he uses a combination of pooled money and bullshit to fuck about with money in some way. BTW the cached version of google was blank grey if anyone wants to search using the other major search engines you might find a decent cached copy of his sight that's a bit more enlightening.

Little more than a year ago a Dallas user by the name of Shrents was complaining about $1 a month being expensive for something and letturing a company on doing "Ethical Business"

further reading:

http://www.corporationwiki.com/Texas/McKinney/trendon-shavers/101281327.aspx
http://www.linkedin.com/company/business-cognition

Associates:

Zach Nakaska http://www.linkedin.com/in/znakaska?trk=pub-pbmap  http://twitter.com/nakaska
Michael Thalasinos http://www.linkedin.com/pub/michael-thalasinos/54/a8/396

Summary, he's either used an allias with the people from this community or an allias with business customers, his main business which has been running for 4 years disappeared at the exact same time all your money did!! He hasn't paid any money back, he suffers from narcissism and he's only 30...... good luck!

You may or may not be able to call him about this on the telephone number above or this one 9729844673 or this one 888-929-1117! source  http://www.directorycentral.com/business/tx/mckinney/business-cognition-40132719.html and the link somewhere above!

[finkleshnorts]

Their Website went down the same time he defaulted whatever you know what I mean (the last cached copy of www.buscog.com is dated the 14th of August) http://webcache.googleusercontent.com/search?q=cache:http://www.buscog.com/&hl=en&prmd=imvns&strip=0

Hot damn, first I've heard of this. Jesus

A master fraud.

[URSAY]

You may or may not be able to call him about this on the telephone number above or this one 9729844673 or this one 888-929-1117! source  http://www.directorycentral.com/business/tx/mckinney/business-cognition-40132719.html and the link somewhere above!

Called them.

One of those numbers is not in service.  The other belongs to a company called USA Renovations.

[Chang Hum]

The guys a genius using the pseudonym pirate which directly implies he's a ruthless crook that will rob your money and sail away from it, he's managed to get people to voluntarily hand over their savings with little more explanation than "I'll give you loads back later, all of you"

[Chang Hum]

You may or may not be able to call him about this on the telephone number above or this one 9729844673 or this one 888-929-1117! source  http://www.directorycentral.com/business/tx/mckinney/business-cognition-40132719.html and the link somewhere above!

Called them.

One of those numbers is not in service.  The other belongs to a company called USA Renovations.

There's 3 unique numbers did you try this one? +15738736366