#BTCST Updates. Latest: August 28th 6:16PM EST

[zaj]

if he was a scammer i'm pretty sure he would have taken the bitcoins and went to enjoy life instead of getting flamed on irc and forums 24/7..

[1714925373]

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[1714925373]

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[sadpandatech]

if he was a scammer i'm pretty sure he would have taken the bitcoins and went to enjoy life instead of getting flamed on irc and forums 24/7..

aye, one would think. I would imagine that $5m could buy one hell of a fire proof suit though. ;p

[Bascule]

if he was a scammer i'm pretty sure he would have taken the bitcoins and went to enjoy life instead of getting flamed on irc and forums 24/7..

He doesn't get flamed on IRC. He has his own channel where sycophantic mods kick anyone who is remotely critical.

[fcmatt]

if he was a scammer i'm pretty sure he would have taken the bitcoins and went to enjoy life instead of getting flamed on irc and forums 24/7..

or try to get some type of sympathy for his "efforts". oh gee. look. it is working.

simple coherent communication since everything was being wound up would have stopped all of this.
simple payouts to the easiest lenders would have stopped all of this.
simple.

but pirate choose to do everything in the worst way possible.

it would not be bitcoin if everything was simple tho.

i am at the point i want to see a payout just so the btc market gets a good rattle. trader's best dream come true.
if no pay out.. at this point the market has already priced it in and pirate has little left to sell.

[imsaguy]

if he was a scammer i'm pretty sure he would have taken the bitcoins and went to enjoy life instead of getting flamed on irc and forums 24/7..

He doesn't get flamed on IRC. He has his own channel where sycophantic mods kick anyone who is remotely critical.

Spend more time there, there's quite a bit said in the negative.  There's a right way to be critical and there's a wrong way.  Some people forget that.

[Micon]

20:06 <@pirateat40> At this point and in an attempt to stop the bleeding (interest) I'm going to be forced to payout everyone at once, which I'm sure will piss off enough people to counter the lack of payouts but I don't see any other way of handling this.
20:09 <@pirateat40> My concern is not "winning" the bet as much as it is "donating" the winnings.  With the events of this week causing delays, 5K worth of coins is a piece of sand compared to the amount of money I'm losing every hour.
20:13 <@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.
20:17 <@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.

Stally McStallersen, that is the endgame here.  This got way to big for him way to fast.  O/u $50k per day in interest?  That's why you can't borrow monies at 7% per week. 

That's crack prices.

1)  lolz at "winning" and "donating" being any concern when u owe like $10M USD to the internet

2)  "Real World" just keeping a BTC brotha' down in this matter, and other vague thoughts here

3) and clearly Pirateat40 cannot make small payments nor will he address this https://bitcointalk.org/index.php?topic=94675.0  (which is the digital equidistant of the Pulp Fiction "Bad Motherfuckr" wallet)  (also known as "where the scammer put all your bitcoins" )

4)  Would love to hear from some of Pirate's co-conspirators ( Payb.tc and BurtW ) at this stage.  Remember when BurtW put in his sig "It's not a Ponzi" ?

[coinft]

if he was a scammer i'm pretty sure he would have taken the bitcoins and went to enjoy life instead of getting flamed on irc and forums 24/7..

He doesn't get flamed on IRC. He has his own channel where sycophantic mods kick anyone who is remotely critical.

Spend more time there, there's quite a bit said in the negative.  There's a right way to be critical and there's a wrong way.  Some people forget that.

That's funny. Quibbling over niceties in speech when millions are lost.

No skin off my back though, as I frequent neither IRC nor BTCST.

[ElMoIsEviL]

Alright so Pirateat40 is an ahole.

But you know what... all the people who bought into this... are greedy opportunists. The type of people who believe the Nigerian Email scams. I hope they learn from this the way American homeowners did in 2008.

[zaj]

if he was a scammer i'm pretty sure he would have taken the bitcoins and went to enjoy life instead of getting flamed on irc and forums 24/7..

He doesn't get flamed on IRC. He has his own channel where sycophantic mods kick anyone who is remotely critical.

Spend more time there, there's quite a bit said in the negative.  There's a right way to be critical and there's a wrong way.  Some people forget that.

That's funny. Quibbling over niceties in speech when millions are lost.

No skin off my back though, as I frequent neither IRC nor BTCST.

dunno i just don't get it. if i had the balls and could live with the guilt of stealing so much money i wouldn't bother wasting my time on irc and just dissapear in silence.

[vuce]

But you know what... all the people who bought into this... are greedy opportunists. The type of people who believe the Nigerian Email scams. I hope they learn from this the way American homeowners did in 2008.

I sure did 

[bitlane]

I sure loves me some justice.....
http://www.youtube.com/watch?v=wN2-I31Imis&feature=player_detailpage#t=208s

[MrTeal]

I sure loves me some justice.....
http://www.youtube.com/watch?v=wN2-I31Imis&feature=player_detailpage#t=208s

Wait, is your justice the pliers and blowtorch, or the gimp?

[556j]

dunno i just don't get it. if i had the balls and could live with the guilt of stealing so much money i wouldn't bother wasting my time on irc and just dissapear in silence.

Sticking around for a while and hinting/joking at what's to come is a way to cope with the guilt. I see it all the time in RL. First a person starts mentioning stuff as a joke "should run with the money right? It would be funny LOL" (paraphrase) then it really happens a little down the road.

[bitlane]

I sure loves me some justice.....
http://www.youtube.com/watch?v=wN2-I31Imis&feature=player_detailpage#t=208s

Wait, is your justice the pliers and blowtorch, or the gimp?

The Gimp, obviously.

[MrTeal]

I sure loves me some justice.....
http://www.youtube.com/watch?v=wN2-I31Imis&feature=player_detailpage#t=208s

Wait, is your justice the pliers and blowtorch, or the gimp?

The Gimp, obviously.

Dude. I knew you weren't dead!

http://www.youtube.com/watch?feature=fvwp&NR=1&v=zXsbN4EokqA

[Rygon]

if he was a scammer i'm pretty sure he would have taken the bitcoins and went to enjoy life instead of getting flamed on irc and forums 24/7..

aye, one would think. I would imagine that $5m could buy one hell of a fire proof suit though. ;p

If this really was a Ponzi, he wouldn't have $5M in coins. He would have been paying interest on old accounts with new money. Based on some rough estimates of deposits and interest paid, BS&T would have, at most, only 10s of thousands of BTC, not hundreds. You can't run very far and buy much protection for under $1M USD.

[Shadow383]

if he was a scammer i'm pretty sure he would have taken the bitcoins and went to enjoy life instead of getting flamed on irc and forums 24/7..

aye, one would think. I would imagine that $5m could buy one hell of a fire proof suit though. ;p

If this really was a Ponzi, he wouldn't have $5M in coins. He would have been paying interest on old accounts with new money. Based on some rough estimates of deposits and interest paid, BS&T would have, at most, only 10s of thousands of BTC, not hundreds. You can't run very far and buy much protection for under $1M USD.

Why only tens of thousands?

Much of the interest paid each week came straight back, there's every possibility he's ended up with a few hundred thousand coins.

[Serge]

More info revealed:

https://bitcointalk.org/index.php?topic=101958.200

pg 11

you should learn to link to specific posts

[556j]

If this really was a Ponzi, he wouldn't have $5M in coins. He would have been paying interest on old accounts with new money. Based on some rough estimates of deposits and interest paid, BS&T would have, at most, only 10s of thousands of BTC, not hundreds. You can't run very far and buy much protection for under $1M USD.

Why only tens of thousands?

Much of the interest paid each week came straight back, there's every possibility he's ended up with a few hundred thousand coins.

Even if we low ball it and say $500,000 USD worth of coins. You can buy a reliable bluewater sail boat for $20k. Lets say he splurged and spend $60K (used of course). You can live VERY comfortable in the Carribean, Central/South America for $1,000/month. That would be around 35 years. Say 30 years after inflation. Assuming he has no income ever again for the rest of his life. None of the funds are invested, and none of the funds remain as bitcoins (all very unlikely) That includes fuel, food, alcohol, docking ect. You have the option of traveling around the world. You can move your location every day. Chance of you finding someone that lives like that is slim to none. Not really expensive and pretty good way of life.

[bitlane]

How did the Dead Man's Switch work again ?