Hey Pirate, it's Monday....WHERE ARE MY BITCOINS ?

[Grinder]

NO LEGIT BUSINESS BORROWS AT 7% PER WEEK

According to this message "Everyone on the pro-pirate team says he is pretty rich in USD anyway so he can take some BTC losses or W/E". Is that really true? Then why do they think he would pay a fortune to borrow other peoples money? It's kind of amusing that we're on the 3. day after he should have started paying, and some people still believe they'll get the money. He would have to do some pretty cleaver tricks to get out of this, the only thing I'm certain is that it does not involve paying 300k+ bitcoins.

[imsaguy]

NO LEGIT BUSINESS BORROWS AT 7% PER WEEK

According to this message "Everyone on the pro-pirate team says he is pretty rich in USD anyway so he can take some BTC losses or W/E". Is that really true?

No.  I've not seen anyone say Pirate was USD rich.

[JoelKatz]

Yes. But he has incentive to pay ppl back if it's legit bussiness

Not really. If he pays people back X bitcoins, he has X bitcoins fewer than if he doesn't pay people back. That's true regardless of how he acquired those bitcoins. If he can get away with not paying people back, his incentive not to pay them back is the same. (Of course, if he doesn't have the bitcoins, paying people back is not an option.)

The point I'm trying to make is that even if you don't think Pirate was running a ponzi scheme and think we actually made huge profits, it doesn't follow that he'll make the promised payouts. He could still default, and for basically the same reason.

[mobodick]

Also, pirates are not generally known for running legitimate businesses.

If we were to be judged based only on our forum nicks, you'd already be at an extreme disadvantage.

AT THE SAME TIME not judging by name at all puts you in a similar kind of disadvantage.

[gene]

First, your scenario can't avoid a technical default, since he already *has* technically defaulted.

Agreed. Pirate actually defaulted on Monday.

But in the terms of his bet with Vandroiy he has two weeks grace. And in the terms of Matthew's bet he has three weeks grace.

I can't wait to see how the "terms" of those bets will morph.

[Gyrsur]

First, your scenario can't avoid a technical default, since he already *has* technically defaulted.

Agreed. Pirate actually defaulted on Monday.

But in the terms of his bet with Vandroiy he has two weeks grace. And in the terms of Matthew's bet he has three weeks grace.

I can't wait to see how the "terms" of those bets will morph.

i smell big trouble...

[thebaron]

Also, pirates are not generally known for running legitimate businesses.

All the signs were there, yet people still could not overcome their greed.

[hgmichna]

No.  I've not seen anyone say Pirate was USD rich.

Now you do. I'm saying it. I believe I've said it before, in the form that I believe he has been selling "his" bitcoins already over a longer period of time.

By the way, this also makes it difficult to predict the bitcoin valuation over the next few days and weeks. Some people were speculating that the pirate would sell bitcoins and thus depress the price, but this will not happen.

Of course, those who mistakenly believe they will get their bitcoins back will believe that the bitcoin price will fall, because at least some of the "investors" would sell their newly gained bitcoins. But this is a fairy tale.

[Gyrsur]

No.  I've not seen anyone say Pirate was USD rich.

Now you do. I'm saying it. I believe I've said it before, in the form that I believe he has been selling "his" bitcoins already over a longer period of time.

By the way, this also makes it difficult to predict the bitcoin valuation over the next few days and weeks. Some people were speculating that the pirate would sell bitcoins and thus depress the price, but this will not happen.

Of course, those who mistakenly believe they will get their bitcoins back will believe that the bitcoin price will fall, because at least some of the "investors" would sell their newly gained bitcoins. But this is a fairy tale.

+10

[hgmichna]

First, your scenario can't avoid a technical default, since he already *has* technically defaulted.

Agreed. Pirate actually defaulted on Monday.

But in the terms of his bet with Vandroiy he has two weeks grace. And in the terms of Matthew's bet he has three weeks grace.

I can't wait to see how the "terms" of those bets will morph.

Vandroiy's bet terms have been published. They cannot be altered.

[imsaguy]

Also, pirates are not generally known for running legitimate businesses.

If we were to be judged based only on our forum nicks, you'd already be at an extreme disadvantage.

AT THE SAME TIME not judging by name at all puts you in a similar kind of disadvantage.

Have you heard of Jimmy Buffet?

[Gyrsur]

First, your scenario can't avoid a technical default, since he already *has* technically defaulted.

Agreed. Pirate actually defaulted on Monday.

But in the terms of his bet with Vandroiy he has two weeks grace. And in the terms of Matthew's bet he has three weeks grace.

I can't wait to see how the "terms" of those bets will morph.

Vandroiy's bet terms have been published. They cannot be altered.

but what we need is a hedge for his bet! will do you do or should i do this? 

[Jointops420]

And this week or next there is a mad rush of new investors from the media releases, enter the running of the bulls bitcoin style, there will be blood.

[hgmichna]

Vandroiy's bet terms have been published. They cannot be altered.

but what we need is a hedge for his bet! will do you do or should i do this? 

You mean invest BTC5,000 in the BullShit Trust and wait until they double? Go ahead.

[Gyrsur]

Vandroiy's bet terms have been published. They cannot be altered.

but what we need is a hedge for his bet! will do you do or should i do this? 

You mean invest BTC5,000 in the BullShit Trust and wait until they double? Go ahead.

that was ironic, sorry I forgot the tags!

[hgmichna]

that was ironic, sorry I forgot the tags!

Hehe, no problem.

[hgmichna]

How about not playing the fool, and waiting for the payouts? He said a week or 2, it's been 2-3 days.

Where did he say that? What exactly did he say?

Still talking smack but too cowardly to put your money where your mouth is I see.   Come on big man, there's a free 250BTC waiting for you over in Matthew's thread.  How can you possibly lose, right?

Until you actually show a little backbone, shut up with your nonsense.

Would you still want me to bet?

And why did you not answer the question: Where did he say "a week or 2"? And what exactly did he say?

Don't overlook that that was my question to which you answered, but which you did not actually answer.

[dust]

How about not playing the fool, and waiting for the payouts? He said a week or 2, it's been 2-3 days.

Where did he say that? What exactly did he say?

Still talking smack but too cowardly to put your money where your mouth is I see.   Come on big man, there's a free 250BTC waiting for you over in Matthew's thread.  How can you possibly lose, right?

Until you actually show a little backbone, shut up with your nonsense.

Would you still want me to bet?

And why did you not answer the question: Where did he say "a week or 2"? And what exactly did he say?

Don't overlook that that was my question to which you answered, but which you did not actually answer.

From his original announcement:

So now what?
I’ve spoken with my clients over the last week and come to an agreement that would allow me to close down my operation within a week.  Currently my reserve (operating wallets) are drained from fulfilling the withdraw spree that happened after the rate drop announcement.  All withdraws at this point will be delayed until Monday when the shutdown process begins..  

At this point I will no longer accept deposits.  Any coins sent into the system as of now will be returned immediately.

When will I get my coins?
Starting Monday I’ll begin systematically closing and withdrawing accounts as coins are transferred.  I don't expect the entire process to last longer than a week. The moment your account is closed you’ll receive your coins plus any interest accrued up to the hour it was sent.

I think he said 1-2weeks on IRC on monday as well.

[Mousepotato]

I think the bottleneck in this process is the market prices, no? 

[Bascule]

I think the bottleneck in this process is the market prices, no? 

*facepalm.jpg*

The bottleneck is that pirate is keeping all the coins.