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

[Micon]

I would prefer if this didn't go off topic. Where are the updates?

There are no updates.  TADA back on topic.  

Well there is one update since yesterday:
The amount owed by Pirate to his creditors has increased by another 5,000 BTC!

If Pirates claim of 500K BTC is accurate that would mean he now owes ~540,000 BTC (minus the value of 11 unconfirmed "small accounts").
Also his interest only obligation is now ~$56,700 per day or $39.38 per minute.  That means he needs to pay $56,7000 a day every day not to pay off the "investors", but to avoid the amount he owes from increasing.
Yes his debt in in BTC but I am using USD because maybe that makes it more "real".  So say today he paid back $25,000.  The amount he owed would still be increasing.  

Even if you still believe he had a legit business which could afford $57,600 a day in interest, he shut it down a week ago.   He nows owes about a half million USD more than when he shut it down.

And remember, it's "at least" 500k BTC 

ok so this keeps bothering me:

since the shut down, everyone has been monitoring this wallet over in Speculation:  https://bitcointalk.org/index.php?topic=94675.0   looks to have acquired 500k+ btc after 2012 started, with a recent 100k shipment before the Gox market tanked from $14-> $7 -> $10 

so it seems like he ended the BCST with ~ 500k hard BTC in a wallet.  Now remember he paid a shit ton of interest, always depleting principal week after week - so that means he may have collected ~ 700k BTC and paid out ~200k BTC over time and is left with ~500k BTC.   

[1714775967]

1714775967

[Grinder]

so it seems like he ended the BCST with ~ 500k hard BTC in a wallet.  Now remember he paid a shit ton of interest, always depleting principal week after week - so that means he may have collected ~ 700k BTC and paid out ~200k BTC over time and is left with ~500k BTC.

I don't understand why you assume that it belongs to Pirate in the first place? If it does it would mean he actually has about the required amount to pay out, and he made it with pretty much all of the money he collected just sitting there doing nothing. That makes no sense.

[labestiol]

so it seems like he ended the BCST with ~ 500k hard BTC in a wallet.  Now remember he paid a shit ton of interest, always depleting principal week after week - so that means he may have collected ~ 700k BTC and paid out ~200k BTC over time and is left with ~500k BTC.

I don't understand why you assume that it belongs to Pirate in the first place? If it does it would mean he actually has about the required amount to pay out, and he made it with pretty much all of the money he collected just sitting there doing nothing. That makes no sense.

+1, this wallet is most likely mtgox cold wallet

[Micon]

so it seems like he ended the BCST with ~ 500k hard BTC in a wallet.  Now remember he paid a shit ton of interest, always depleting principal week after week - so that means he may have collected ~ 700k BTC and paid out ~200k BTC over time and is left with ~500k BTC.

I don't understand why you assume that it belongs to Pirate in the first place? If it does it would mean he actually has about the required amount to pay out, and he made it with pretty much all of the money he collected just sitting there doing nothing. That makes no sense.

+1, this wallet is most likely mtgox cold wallet

u know that makes a helluvalot more sense?

I guess the .01337 + the binary in-wallet spam is just ppl lulzish-ly sending coins to it to spell something?  if it's the Gox cold wallet why did it only start accumulating balance this year?

[imsaguy]

u know that makes a helluvalot more sense?

I guess the .01337 + the binary in-wallet spam is just ppl lulzish-ly sending coins to it to spell something?  if it's the Gox cold wallet why did it only start accumulating balance this year?

The binary was coming out of the wallet if I'm not mistaken, not going in, which means its most likely not a mtgox storage wallet.

If we really want to know for certain, it'd be best to just ask MagicalTux vs everyone speculating on it.  There could be many reason why Gox could want to fire up a new storage address.  or it could not be them at all.  Let's have MTux confirm/deny.

[MrTeal]

If the big wallet is Pirate, people are in serious trouble. Hopefully it's Gox's cold storage.

[Grinder]

The binary was coming out of the wallet if I'm not mistaken, not going in, which means its most likely not a mtgox storage wallet.

The binary coins are going into the wallet. According to the thread about the address the first part decodes to "So long and thanks for all the fish", and the rest is just an ad for a web site spelled backwards.

[elux]

The binary was coming out of the wallet if I'm not mistaken, not going in,
which means its most likely not a mtgox storage wallet.

The binary message was going in to the wallet. This could be verified in about a second. Are you purposefully trying to mislead people?

so it seems like he ended the BCST with ~ 500k hard BTC in a wallet.  Now remember he paid a shit ton of interest, always depleting principal week after week - so that means he may have collected ~ 700k BTC and paid out ~200k BTC over time and is left with ~500k BTC.

I don't understand why you assume that it belongs to Pirate in the first place? If it does it would mean he actually has about the required amount to pay out, and he made it with pretty much all of the money he collected just sitting there doing nothing. That makes no sense.

+1, this wallet is most likely mtgox cold wallet

u know that makes a helluvalot more sense?

Either this is false or MtGox is really, really into laundering their customers money for funds reason. (For obvious reasons this is highly implausible.)

Next you're gonna say: It's most likely Silk Road!

[AndrewBUD]

Pirate is Silkroad, Duh

[labestiol]

Either this is false or MtGox is really, really into laundering their customers money for funds reason. (For obvious reasons this is highly implausible.)

What do you mean by laundering customers money ?

[stick_theman]

No more updates?  What's the deadline for Matthew's payout then?  This is iiiincredible.  I bet some folks are way too shamed to come forward on the number of bitcoins lost in this debacle.

[elux]

Either this is false or MtGox is really, really into laundering their customers money for funds reason. (For obvious reasons this is highly implausible.)

What do you mean by laundering customers money ?

As for the observed transactions, it would also make sense if it was mtgox. Someone bought a lot of coins during the drop, and cashed them out, forcing mtgox to refill the hot wallet.
The best way to check (without MagicalTux confirmation) would be to correlate it to the ask side of their orderbook (supposing it represent a stable % of all btc deposits, which is not perfect, but should still be ok).

Not so. If so, Mt. Gox is laundering money:

https://blockchain.info/address/1E9k79dLuhfspdEtymzP7vhaYVGFcdfsYs
Follow that 20k.

What is the point of this? As of now, there are 18 different confirmed addresses the 20k transfers to, making small (relatively) deposits on the way. What is going on?

Oh boy, those 20k BTC from earlier are moving like bees with diabetes from one flower to another. I cant even keep track of that money. Looks like when it finally arrives, it will be clean as a whistle.

The 80k BTC are still staying put.
https://blockchain.info/tx-index/16394734/d2f25503cf1ddf56c65635d449b17c72c32e696cd7f4fca1aeb94392675f19ba

The remaining 80k BTC just set in motion. Laundering in process..

https://blockchain.info/address/1PecDbc6fshLFXJHRmFFv6PEc63MkX6Knu

It's not Gox.

[AndrewBUD]

Please die of rectal cancer where you can watch the tumor grow firsthand.



LOL......

[imsaguy]

The binary was coming out of the wallet if I'm not mistaken, not going in,
which means its most likely not a mtgox storage wallet.

The binary message was going in to the wallet. This could be verified in about a second. Are you purposefully trying to mislead people?

No, I was working off memory, I didn't have the address url handy when posting, which is why I put the disclaimer.  In the very next statement I said we should ask gox, so relax, I'm after the truth like everyone else.

[elux]

A wild steamship appeared:

Code:

22:36 -!- pirateat40 is now known as steamship
22:36 <Sp0tter> a drunk crew, sails happy and true!
22:37 <ThomasV> here is mr bipolar again
22:37 <Mqrius> Ohai steamship! Long time no see
22:37 <steamship> Hello
22:37 <ThomasV> steamship: don't say hello, say 'HOW ARE YOU GENTLEMEN'
22:38 <steamship> How are you gentlemen(?)
22:38 <[\\\]> broke!
22:38 <Mqrius> IT IS YOU
22:38 <sharpfocus> good, thanks for asking
22:38 <ThomasV> nah, capitalized
22:38 <steamship> ThomasV: I don't want to get banned for screaming.
22:38 <[\\\]> imsaguy2 doesn't do actions on ops
22:38 <johan-_-> What you say!
22:38 <Sp0tter> Mqrius: reminds me of starwars.. where he says "R2D2 it is you!"
22:39 <Sp0tter> in the jaba transport thing
22:39 <ThomasV> lol. you'll be the last one to be banned from here I guess
22:39 -!- mode/#btcst [-o steamship] by ChanServ
22:39 <runlinux> oh
22:39 <[\\\]> uh oh, now he's imsaguy2 fairgame
22:39 <sharpfocus> steamship, do you 'know'?
22:39 <[\\\]> sharpfocus, do you?
22:40 <[\\\]> if you don't, he doesn't.
22:40 <steamship> sharpfocus: working on it.

[herzmeister]

This seems to be one jolly and prosperous chat channel. Does it belong to the bankruptcy assets to be liquidated?

[Ocean6]

More info revealed:

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

pg 11

[elux]

Code:

01:56 -!- steamship is now known as pirateat40
01:56 <_matthew_> Howdy pirate
01:56 <[\\\]> he's here!
01:56 -!- mode/#btcst [+o pirateat40] by ChanServ
01:56 <johnthedong> howdy man
01:56 <runlinux> good evening!
01:56 <pirateat40> Hey guys
01:56 <johnthedong> we sure missed ya
01:56 <_matthew_> Or I should say "Ahoy"
01:56 <bitfoo> hey pirate
01:56 <[\\\]> ooh
01:57  * johnthedong hears mah music
01:57 <[\\\]> the ;;seen has been updated
01:57 <Jackmaninov> sup brosauce
01:57 <runlinux> i picked the perfect time to come back!
01:57 <Ignatius-otc> I lost 1 btc, you spoke again:)
01:57 <[\\\]> we can rejoice
01:57 <Blitzboom> hail pirateat40
01:57 <Internet151> hi pirate
01:57 <Gladamas> PIRATE!
01:57 <bitfoo> you just woke up the dead :)
01:57 <Gladamas> All bow down to great pirate
01:57  * _matthew_ sorry
01:57 <_matthew_> Didn't mean to wake up the dead.
01:57 <Jackmaninov> pirateat40: what's good? what's really good?
01:58 <Gladamas> Pirateat40 you know what someone is eventually going to ask... so can you answer it?
01:58 <_matthew_> lol
01:58 <bitfoo> haha
01:58 <patrickharnett> Starfish waves to Pirate
01:58 <johnthedong> pirateat40: we're just bursting from the prospect of new news
01:58 <_matthew_> We're all holding back.
01:58 <johnthedong> spill the beans man
01:58 <_matthew_> ...our raging boners
01:58  * johnthedong swoons
01:58 <[\\\]> I'm not.
01:58 <_matthew_> Rather, boredners
01:58 -!- Blitzboom is now known as frigate
01:58 <sgravina> pirateat40:  Hi from me.  You made me a small amount of money a while ago.  Could you do it again.
01:58 <frigate> we all need to be ships now
01:59 -!- _matthew_ is now known as tugboat
01:59 <Jackmaninov> sgravina: lol
01:59 <frigate> AHOI
01:59 <copumpkin> okay, so I propose a mass fellation
01:59 -!- jimbit is now known as yacht
01:59 -!- tugboat is now known as tug-boat
01:59 <copumpkin> who's first to suck on pirate?
01:59 -!- Forexmasterja is now known as BlackStarliner
01:59 <Jackmaninov> i bet pirate never gets tired of his fanbois :)
01:59 <copumpkin> get in line
01:59 <frigate> copumpkin: i can't hear you over the clashing of the waves
01:59  * tug-boat toooot tooooot
01:59 <Benchvark> Shhht, don't say anything, pirate.
01:59 <copumpkin> alright, frigate can go first
01:59 <[\\\]> Jackmaninov, the passive-aggressiveness does grow old.
02:00 <Chaang-Noi> morning all
02:00 <MoPac> Morning goat
02:00 <johnthedong> morning
02:00 <frigate> hello mortal
02:00 <copumpkin> <pirateat40> if you want your bitcoins, copumpkin has them all. Leave me alone and go bug him!
02:00  * tug-boat hooks himself to Pirateat40 and slowly pulls him into the chatroom
02:00 <frigate> everyone aboard the frigate
02:00 <copumpkin> fuck
02:00 <[\\\]> yay!
02:01 <tug-boat> copumpkin: Wheredeyat?
02:01  * johnthedong boards the frigate.
02:01 <Chaang-Noi> lol copumpkin
02:01 <copumpkin> I'm about to buy the largest bag of weed you've ever seen
02:01 <Gladamas> copumpkin: Gimme gimme gimme
02:01 <copumpkin> on SR
02:01 <johnthedong> frigate bring meh to pirate!
02:01 <frigate> we are about to sail for pirate island
02:01 <Chaang-Noi> i wanta get sooooo high!
02:01 <frigate> with loads of rum and bitcoins
02:01 <copumpkin> and a gallon of acid
02:01 <copumpkin> A GALLON OF ACID
02:01 <timesign> yo ho ho
02:01 <copumpkin> that shit is expensive
02:01 <scottjp> lets just have a holiday!
02:01 <johnthedong> copumpkin: you mean the actual acid or the expensive variant
02:01 <johnthedong> lol
02:02 <Jackmaninov> scottjp: debt jubilee!
02:02 <copumpkin> LSD
02:02 <scottjp> :D
02:02 <johnthedong> lol
02:02 <BTCHero> [[/[.
02:02 <johnthedong> that's the expensive variant.
02:02 <sgravina> With the vinegar in mayonnaise over the course of a few months you could consume a gallon of acid.
02:02 <copumpkin> just a tad
02:02 -!- frigate is now known as submarine
02:03 <pirateat40> I'd just like to say, I never expected all this madness when I shutdown BS&T.  It's been a lot more work than I could have even thought and I simply messed up. In hindsight, I shouldn't have stopped things so suddenly. Although it was nice to finally get some sleep, things have been spiraling out of control this week and pushing my personal deadlines.
02:04 <sgravina> The normal human stomach makes about a gallon of Hydrochloric Acid each day.
02:04 -!- submarine is now known as Blitzboom
02:04 -!- mode/#btcst [+o copumpkin] by ChanServ
02:04 -!- mode/#btcst [+m ] by copumpkin
02:04 -!- mode/#btcst [-o copumpkin] by copumpkin
02:05 -!- mode/#btcst [+z ] by [\\\]
02:05 -!- mode/#btcst [+o copumpkin] by ChanServ
02:05 <[\\\]> only ops can see non-voiced messages
02:06 <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.
02:06 -!- mode/#btcst [-z ] by [\\\]
02:06 <[\\\]> that was a mistake
02:06 -!- yacht is now known as jimbit
02:06 -!- tug-boat is now known as _matthew_
02:07 -!- BlackStarliner is now known as couldntyoujustta
02:07 -!- couldntyoujustta is now known as VeryInterestign
02:08 -!- VeryInterestign was kicked from #btcst by [\\\] [STOP]
02:08 -!- mode/#btcst [+b *!*RastaAssa@108.171.122.220] by midnightmagic
02:09 <Keefe> pirateat40: "payout everyone at once" = wait until you have all the coins available at once, instead of paying out slowly as you can?
02:09 <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.
02:11 <[\\\]> Pirate: two questions posed to me..
02:11 <[\\\]> 1) New Timeline?
02:11 <[\\\]> 2) Perhaps clear the PPTs first?
02:13 <Keefe> pirateat40: ""donating" the winnings" refers to deciding who you will give 5k btc to when nanotube decides in your favor?
02:13 <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.
02:14 <copumpkin> another question: how screwed is _matthew_? :)
02:15 -!- copumpkin was kicked from #btcst by copumpkin [bad]
02:15 -!- mode/#btcst [+v copumpkin] by [\\\]
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.

[BIGMERVE]

I almost feel bad for Pirate. There is so much pressure he must be facing right now. Unless he's already run with the money. In that case life must be great.

[bitcoiners]

I almost feel bad for Pirate. There is so much pressure he must be facing right now. Unless he's already run with the money. In that case life must be great.

Lol, oh yeah, Pirate's the victim here.