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

[misterbigg]

Its going to get uglier.

How can it get any worse than the current situation, which is that no one has gotten paid?

[finkleshnorts]

media, lawsuits

[payb.tc]

I dunno. Seems like most btc "investors" are sorta used to this by now.

mybitcoin.com whatever
bitcoinica
now pirate

i would bet there are quite a few people here who were screwed by all 3!

The more scams that happen the more likely people wont want to hand over coins to anyone including legitimate businesses.

i very much doubt that.

history repeats.

[fcmatt]

Its going to get uglier.

How can it get any worse than the current situation, which is that no one has gotten paid?

I agree. Even tho i am surprised by the lack of other posters complaing. Bitcoinica was rougher post wise. Strange.

[Chang Hum]

I think everyone invested should agree to accept interest payments up to the day he announced closure and no more, I think even then you'd be lucky to get your money back. I think that might give you a chance and at least cut out the excuses after all the way things are going you can't make silk dress out of a pigs ear.

That would mean he would have no incentive to pay back now vs a month or two from now. Though since he can't pay back anyway, I guess it doesn't matter.

Clearing his names the incentive if he's a decent guy and this really all has got out of hand for him, other wise he's going to bail with the money either way. The thing is he didn't have the money two weeks ago to pay back in a month or two from now he very wont have the money and his incentive will be gearing towards doing a runner because of the way things have spiraled out of control.

Personally I think it's appalling the way he hasn't got the balls to say anything to his creditors. And I think if he said at the time sorry this has got out of hand I'm closing this down I can pay all your money back and all your interest up to this point 95% of the community here would have been displeased but happy with a profit and let him off the hook with the remainder.

Now it looks like an impossible situation, and I think unless he's given a break he'll think fuck it I'm defaulting anyway I can hide this cash easily (the magic of bitcoin) whats the point in paying back anything.

[bitcoiners]

Its going to get uglier.

How can it get any worse than the current situation, which is that no one has gotten paid?

A $5 million dollar scam is definitely newsworthy.  It will be reported by the press.

He admits to not having the coins now.  How is he ever going to pay off the ever increasing interest at roughly 5.000 BTC a day?  Not happening.

My only question?  Why are people still mining for him?  He doesn't have the money to pay off his debt through his own admission.

[koin]

It is like watching a car wreck in slow motion. The climax has passed and i am just now waiting for the dust to settle.

looks like most aren't heeding gavin's advice "If you invest in them then please lick your wounds quietly when they implode.": https://bitcointalk.org/index.php?topic=94618.msg1048327#msg1048327

[Bitcoin Oz]

I think everyone invested should agree to accept interest payments up to the day he announced closure and no more, I think even then you'd be lucky to get your money back. I think that might give you a chance and at least cut out the excuses after all the way things are going you can't make silk dress out of a pigs ear.

That would mean he would have no incentive to pay back now vs a month or two from now. Though since he can't pay back anyway, I guess it doesn't matter.

Clearing his names the incentive if he's a decent guy and this really all has got out of hand for him, other wise he's going to bail with the money either way. The thing is he didn't have the money two weeks ago to pay back in a month or two from now he very wont have the money and his incentive will be gearing towards doing a runner because of the way things have spiraled out of control.

Personally I think it's appalling the way he hasn't got the balls to say anything to his creditors. And I think if he said at the time sorry this has got out of hand I'm closing this down I can pay all your money back and all your interest up to this point 95% of the community here would have been displeased but happy with a profit and let him off the hook with the remainder.

Now it looks like an impossible situation, and I think unless he's given a break he'll think fuck it I'm defaulting anyway I can hide this cash easily (the magic of bitcoin) whats the point in paying back anything.

It would be easier to claim he got hacked somehow. All he has to do is setup a Mt Gox account and send whatever coins he has to there and then access the account over Tor and then claim "I used the same password elsewhere". This excuse has been used many times before.

[DeathAndTaxes]

I think everyone invested should agree to accept interest payments up to the day he announced closure and no more, I think even then you'd be lucky to get your money back. I think that might give you a chance and at least cut out the excuses after all the way things are going you can't make silk dress out of a pigs ear.

Hey can you loan me 1000 BTC?  I'll give you 7% interest per week and you can withdraw on demand.   Let except now you can't withdraw and I will pay you when I choose.   Oops let cancel the interest.  You will get your BTC back in a year or two so it isn't considered a default.  Unless of course you annoy me, ask to often, or insult me then it is more like 3-5 years.   

When can I expect the 1000 BTC?

[bitcoiners]

[01:13] <@pirateat40> I'm doing everything in my power within the contracts of the "Real World" to get things moving as fast as possible.  If, I end up losing the bets and spending everything I worked for to make things right I will.  I will not be giving any additional times or dates until I know exactly when things will happen.

This is good news for the true believers. They will always be able to dream of getting their money back.

Oh, post the part about him admitting to not having all the coins.

Nevermind.


02:17 <pirateat40> I know you guys want updates and communication, but I'm somewhat muted by the personal attacks and legalities of whats going on. There is a lot more to this story than just "Send me back my coins." If I had all the coins just sitting around I would've has this wrapped up a long time ago.

Edit:
I'm still not getting why "personal attacks" and the "madness" should be interfering with his business.  And his ability to pay.

If I owed people that much I would be scared to even start my car.....

Lol, just read that.  And yeah, me too.

[BorderBits]

So you fucking idiots are going after some dude's family because you're too dumb and greedy to not invest in a scam?  Muh Gosh.  You know all of you dumb fucks will invest in the next one as well. 

[Bitcoin Oz]

So you fucking idiots are going after some dude's family because you're too dumb and greedy to not invest in a scam?  Muh Gosh.  You know all of you dumb fucks will invest in the next one as well. 

Dont fuck with peoples money.

[RoloTonyBrownTown]

Seems to me it's not even the investors going after him, it's everyone else. 

Slow day I guess.

[Matthew N. Wright]

Seems to me it's not even the investors going after him, it's everyone else.  

Slow day I guess.

+1. They're just eager to assume the position of government and "protect" everyone from their own money it seems. Personally, I'd wait until after I lost the bet and Pirate didn't pay before saying much more.

[BorderBits]

So you fucking idiots are going after some dude's family because you're too dumb and greedy to not invest in a scam?  Muh Gosh.  You know all of you dumb fucks will invest in the next one as well. 

Dont fuck with peoples money.

You dumb fucks gave a person who was running an obvious scam money.  You lost.  Give up.  Don't fuck with some dude's family.  Idiot.

[DeathAndTaxes]

Seems to me it's not even the investors going after him, it's everyone else. 

Slow day I guess.

+1. They're just eager to assume the position of government and "protect" everyone from their own money.

-1.  Nobody has gone after anyone.  If Pirate or his family encounters someone looking to "negotiate" I am willing to bet it will be one of suckers he stole $5 mil from not someone looking to do any protection.

[Bitcoin Oz]

So you fucking idiots are going after some dude's family because you're too dumb and greedy to not invest in a scam?  Muh Gosh.  You know all of you dumb fucks will invest in the next one as well. 

Dont fuck with peoples money.

You dumb fucks gave a person who was running an obvious scam money.  You lost.  Give up.  Don't fuck with some dude's family.  Idiot.

No one is going after his family. The consequences will be his alone.

[fcmatt]

Seems to me it's not even the investors going after him, it's everyone else. 

Slow day I guess.

i am pretty sure you bought out some people's loans. confident pirate will pay? know something we do not?
just taking a gamble?

just curious.

[Ocean6]

So you fucking idiots are going after some dude's family because you're too dumb and greedy to not invest in a scam?  Muh Gosh.  You know all of you dumb fucks will invest in the next one as well. 

Dont fuck with peoples money.

You dumb fucks gave a person who was running an obvious scam money.  You lost.  Give up.  Don't fuck with some dude's family.  Idiot.

Why not? He is fucking with theirs!

[bitcoiners]

Seems to me it's not even the investors going after him, it's everyone else. 

Slow day I guess.

+1. They're just eager to assume the position of government and "protect" everyone from their own money.

-1.  Nobody has gone after anyone.  If Pirate or his family encounters someone looking to "negotiate" I am willing to bet it will be one of suckers he stole $5 mil from not someone looking to do any protection.

Lol, seriously.  Everyone knows who invests in bitcoin right?  And it won't just be broken kneecaps either.  Not that I condone it.  But how else does this story play out in real life?  He doesn't have the money, he admits that.  Who knows how short he is?  Why would you expect him to have the money in a month or a year?  But there will be those people who will always believe in Pirate.