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

[BorderBits]

Does anyone believe that the dumbest people on the internet -- those who invested in an obvious scam thinking it was legitimate -- are going to get anywhere near this guy?  I'd say it's statistically unlikely.  If you subtract all of the people who have no means to go anywhere (e.g. severely obese people, teenagers who can't borrow dad's car), subtract those who are too poor to spend a few days being Rambo, subtract those who have jobs outside of "investing" internet money, subtract those who aren't fucking retards thinking that the DFW Metro is a "deserted island," subtract those who are only edgy-cool talking about extracting violence against an internet scammer's family, if you subtract all of those people, I don't think you're actually left with anyone who will follow through.  Take your ball and go home.  Don't worry, there will be another obvious scam very soon to throw money at. 

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[Ocean6]

Does anyone believe that the dumbest people on the internet -- those who invested in an obvious scam thinking it was legitimate -- are going to get anywhere near this guy?  I'd say it's statistically unlikely.  If you subtract all of the people who have no means to go anywhere (e.g. severely obese people, teenagers who can't borrow dad's car), subtract those who are too poor to spend a few days being Rambo, subtract those who have jobs outside of "investing" internet money, subtract those who aren't fucking retards thinking that the DFW Metro is a "deserted island," subtract those who are only edgy-cool talking about extracting violence against an internet scammer's family, if you subtract all of those people, I don't think you're actually left with anyone who will follow through.  Take your ball and go home.  Don't worry, there will be another obvious scam very soon to throw money at. 

GOOD SAY, SIR!

I SAID, GOOD DAY!

[BorderBits]

GOOD SAY, SIR!

I SAID, GOOD DAY!

*Hands ball back, gives a look of understanding and sympathy, points toward home*

[Realpra]

Does anyone believe that the dumbest people on the internet -- those who invested in an obvious scam thinking it was legitimate -- are going to get anywhere near this guy? ...

BURN of truth!

If I had been in Pirate funds I would be very quiet about my stupidity I think - maybe just admit I made a mistake and leave it there.


I hope for Pirates sake he is in a country with a sucky police though. Pretty sure what he did IS illegal.

[sadpandatech]

Feel free to contact pirate at 972 281-9375

GREG DOES NOT = TRENDON

anyone who is not a retard knows atleast that much...

[Raize]

What red flags were there that the payouts were coming from scamming others, child labour or extortion? Many people accused pirate of nefarious activities time and time again, and each were shot down very quickly.

The moneylending and Silk Road accusations were never ever completely refuted. People who have made estimates on how much was wrapped up in his schemes have done so on the orders of magnitude it turns outs Pirate didn't actually scam them out of, as well.

[Rygon]

After the recent posts on IRC, it seems pretty clear that no one will be getting anything back anytime soon, EVEN if this was a legitimate loan or just a partial Ponzi. Why? Because prices on passthroughs and people selling the debt are slowly decreasing each day. Someone in that position would be very tempted to buy up the debt either directly of through an accomplice, then pay himself back the principal. Forget about the 5K BTC bet, that's nothing compared to the profit he could make by buying his own debt cheaply. I'd wager that we'll have another few weeks of talk like "it's hard to unwind investments". By then, debt will be selling for 10-20% or less...

[MrTeal]

After the recent posts on IRC, it seems pretty clear that no one will be getting anything back anytime soon, EVEN if this was a legitimate loan or just a partial Ponzi. Why? Because prices on passthroughs and people selling the debt are slowly decreasing each day. Someone in that position would be very tempted to buy up the debt either directly of through an accomplice, then pay himself back the principal. Forget about the 5K BTC bet, that's nothing compared to the profit he could make by buying his own debt cheaply. I'd wager that we'll have another few weeks of talk like "it's hard to unwind investments". By then, debt will be selling for 10-20% or less...

The volume in very low on those. Pirate might be able to get a few thousand cheap coins worth of debt, maybe a few 10s of thousands. He's accruing at least that much in interest daily.

[payb.tc]

After the recent posts on IRC, it seems pretty clear that no one will be getting anything back anytime soon, EVEN if this was a legitimate loan or just a partial Ponzi. Why? Because prices on passthroughs and people selling the debt are slowly decreasing each day. Someone in that position would be very tempted to buy up the debt either directly of through an accomplice, then pay himself back the principal. Forget about the 5K BTC bet, that's nothing compared to the profit he could make by buying his own debt cheaply. I'd wager that we'll have another few weeks of talk like "it's hard to unwind investments". By then, debt will be selling for 10-20% or less...

under that scenario, he would still have to trust the PPT operators to distribute the coins.

eg. even if he were able to buy up all the bitcoinmax accounts for 15,000 BTC, to end things properly he'd still have to physically send me 150,000 and then trust that i would distribute those coins properly and not pull a scam myself.

[MrTeal]

Also, I think it would be instructive for someone with a website to create a Pirate debt clock, with a running tally of the current debt. Starting conditions could be BTC500,000 from last Friday, with 7% interest compounded weekly. Display the current debt, as well the change in the last minute, hour, day and week. Display in both BTC and US$.

[BadBear]

Also, I think it would be instructive for someone with a website to create a Pirate debt clock, with a running tally of the current debt. Starting conditions could be BTC500,000 from last Friday, with 7% interest compounded weekly. Display the current debt, as well the change in the last minute, hour, day and week. Display in both BTC and US$.

That would be awesome. I'd donate if they put a bitcoin address on the page.

[fcmatt]

this is about the only update that matters:

[12:33] <gribble> pirateat40 was last seen in #btcst 16 hours, 15 minutes, and 1 second ago: <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.

[Rygon]

After the recent posts on IRC, it seems pretty clear that no one will be getting anything back anytime soon, EVEN if this was a legitimate loan or just a partial Ponzi. Why? Because prices on passthroughs and people selling the debt are slowly decreasing each day. Someone in that position would be very tempted to buy up the debt either directly of through an accomplice, then pay himself back the principal. Forget about the 5K BTC bet, that's nothing compared to the profit he could make by buying his own debt cheaply. I'd wager that we'll have another few weeks of talk like "it's hard to unwind investments". By then, debt will be selling for 10-20% or less...

under that scenario, he would still have to trust the PPT operators to distribute the coins.

eg. even if he were able to buy up all the bitcoinmax accounts for 15,000 BTC, to end things properly he'd still have to physically send me 150,000 and then trust that i would distribute those coins properly and not pull a scam myself.

Good points, didn't think about all that. That would be ridiculous with all the interst he is accruing. It would have to be a much larger conspiracy, and my tinfoil hat isn't shiny enough to believe that.

[niko]

Does anyone believe that the dumbest people on the internet -- those who invested in an obvious scam thinking it was legitimate -- are going to get anywhere near this guy? ...

BURN of truth!

If I had been in Pirate funds I would be very quiet about my stupidity I think - maybe just admit I made a mistake and leave it there.


I hope for Pirates sake he is in a country with a sucky police though. Pretty sure what he did IS illegal.

I am sure almost none of the investors thought it was legit. They knew it was either a Ponzi or a simple scam, and were hoping it was a Ponzi that they got in early enough. Now they threaten with violence, even though Pirate was never violent.

[Equilux]

Just caught up reading about 8 pages, and what surprised me most is that the people calling for- or condoning- involving pirate's family in any way are quite blind to what they are actually proposing.

In exactly the same way I could "justify" bringing violence on the family of those calling for just that. How about someone visiting your mother with a crowbar to make her you call you to to please just shut the fuck up on bitcointalk? In fact that would be more "justifiable" since at least in my book calling for violence upon innocents is worse that just scamming people out of their money.

[bitlane]

Just caught up reading about 8 pages, and what surprised me most is that the people calling for- or condoning- involving pirate's family in any way are quite blind to what they are actually proposing.

In exactly the same way I could "justify" bringing violence on the family of those calling for just that. How about someone visiting your mother with a crowbar to make her you call you to to please just shut the fuck up on bitcointalk? In fact that would be more "justifiable" since at least in my book calling for violence upon innocents is worse that just scamming people out of their money.

I have no problem backing my mouth up in real life. I feel confident enough to sleep with my doors unlocked and my wife feels safe.

Now, I also haven't scammed anyone to the extent that Pirate stands to, if he does in fact NOT stick to his original agreements.

I don't make a habit of writing cheques that my ass can't cash.

[Shadow383]

What red flags were there that the payouts were coming from scamming others, child labour or extortion? Many people accused pirate of nefarious activities time and time again, and each were shot down very quickly.

The moneylending and Silk Road accusations were never ever completely refuted.

The silk road doesn't have enough traffic to support the level of Pirate's liabilities.
Surely that of all things tells you how crazy this is? 

[StarfishPrime]

If and when there's any legal action against pirateat40, you can be just as sure that anyone running "pirate pass-through" scams will also be indicted as co-conspirators, whether they profited or not. No court would likely believe that anyone could be that stunningly naive, and would probably find such behavior entirely complicit. Especially since no one apparently ever claimed to know anything about the nature of pirateat40's "profits".

Pirateat40 might very well avoid any legal liability, but anyone threatening him publicly probably will not. Unlike the legal murky waters of unregulated lending of intangible and non-legally recognized pseudo-currencies, physical threats are never taken lightly, and the legal consequences are very real and well established.

The good news is that Bitcoin seems to have weathered this latest bout of idiocy quite well and is back on the inevitable trajectory. If anything, pirateat40 cashing out 500K BTC as he received them has probably held prices artificially low for the past few months.

[Micon]

This report just in:

http://www.facebook.com/photo.php?v=10151119923307566

[Micon]

After the recent posts on IRC, it seems pretty clear that no one will be getting anything back anytime soon, EVEN if this was a legitimate loan or just a partial Ponzi. Why? Because prices on passthroughs and people selling the debt are slowly decreasing each day. Someone in that position would be very tempted to buy up the debt either directly of through an accomplice, then pay himself back the principal. Forget about the 5K BTC bet, that's nothing compared to the profit he could make by buying his own debt cheaply. I'd wager that we'll have another few weeks of talk like "it's hard to unwind investments". By then, debt will be selling for 10-20% or less...

under that scenario, he would still have to trust the PPT operators to distribute the coins.

eg. even if he were able to buy up all the bitcoinmax accounts for 15,000 BTC, to end things properly he'd still have to physically send me 150,000 and then trust that i would distribute those coins properly and not pull a scam myself.

as a co-conspirator, does this make you at least remorseful to see this wallet?

https://blockchain.info/charts/balance?address=1DkyBEKt5S2GDtv7aQw6rQepAvnsRyHoYM

you see the 100k BTC xfer he just made? that's likely heading to Gox, which he will then fuck the market a little by dumping it, getting yet another ~ $1M USD for his scam.

Payb.tc helped in a major way to facilitate this.  He is defiant to the end, still refusing to tell us the total amount of BTC Pirateat40 owes Bitcoinmax so we can better gauge the size of the scam.  (current working model for me, about 1M BTC input, ~ 500k BTC paid in interest over 2012, 500k left, owes 70k /wk interest each week, makes sense to stop now)

seriously Payb.tc - any time now - tell us the size of BitcoinMax - at least start acting right starting now.