why do people trust pirate?

[paulie_w]

apparently people gave him a lot of BTC

did i miss the thread where he gained some credibility in some sense, or is everyone riding on speculation?

i even see people defending him, does anyone know _anything_ about this guy/gal?

[Snake X]

this is exactly what i want to know lol, who is pirateat40? I'm just recently getting back into this and ive missed a lot.

[Piper67]

We are still to see a single shred of evidence that people have given him 500k BTC. It's quite likely that some people gave him some coins. By the looks of last weekend, I'd estimate somewhere in the region of 60 - 80 thousand, tops.

Still, I agree with the basic OP premise, it boggles the mind that he should even have taken that. People are not smart.

But we should all stop just repeating that he owns 500k, that makes absolutely no sense and, more importantly, THERE'S NO EVIDENCE FOR IT.

[Stephen Gornick]

apparently people gave him a lot of BTC

did i miss the thread where he gained some credibility in some sense, or is everyone riding on speculation?

i even see people defending him, does anyone know _anything_ about this guy/gal?

You may have some reading up to do.  Anyway, this thread is at best, in the wrong forum board.

How much BTC have you lost out on because you listened to Vandroiy
 - http://bitcointalk.org/index.php?topic=92581.0

Has anybody start to locate pirateat40?
 - http://bitcointalk.org/index.php?topic=102003.0

Who knows pirateat40 in real life?
 - http://bitcointalk.org/index.php?topic=97377.0

PirateAt40's Money Laundering Operations: GPUMAX and BST
 - http://bitcointalk.org/index.php?topic=82560.0

Look at a pirate, eye to eye if you dare.
 - http://bitcointalk.org/index.php?topic=91252.0

A Theory on what pirateat40 is doing
 - http://bitcointalk.org/index.php?topic=91508.0

Bryan Micon's List of BTC Ponzi Schemes that should not be listed as "Lending"
 - http://bitcointalk.org/index.php?topic=94900.0

Hey Pirate, it's Monday....WHERE ARE MY BITCOINS ?
 - http://bitcointalk.org/index.php?topic=102079.0

centralized post of pirate payouts or other related news to the closing.
 - http://bitcointalk.org/index.php?topic=101958.0

How to Identify a Ponzi
 - http://bitcointalk.org/index.php?topic=100696.0

First-Hand telling of an online Ponzi: Eve Online's Currin Trading
 - http://bitcointalk.org/index.php?topic=91214.0

Loss of Profits, Libel, Team Ponzi and a Pirate
 - http://bitcointalk.org/index.php?topic=101377.0

How can PirateAt40 not be a Ponzi Scheme or otherwise damaging Bitcoin ?
 - http://bitcointalk.org/index.php?topic=94902.0

100% proof pirate runs a ponzi (thought experiment)
 - http://bitcointalk.org/index.php?topic=91779.0

How to recognise a ponzi scheme
 - http://bitcointalk.org/index.php?topic=91643.0

The Ponzi Scheme
 - http://bitcointalk.org/index.php?topic=91607.0

I've said pirateat40 was running a ponzi
 - http://bitcointalk.org/index.php?topic=101461.0

PirateAt40's Money Laundering Operations: GPUMAX and BST
 - http://bitcointalk.org/index.php?topic=82560.0

Putting your money where Pirate's mouth is.
 - http://bitcointalk.org/index.php?topic=91661.0

The sorry and thank you Pirateat40 thread
 - http://bitcointalk.org/index.php?topic=101345.0

[GLBSE] Pirate Pass Through Bonds!
 - http://bitcointalk.org/index.php?topic=76594.0

pirateat40's end game (Thread 1)
 - http://bitcointalk.org/index.php?topic=77457.0

pirateat40's end game (Thread 2)
 - http://bitcointalk.org/index.php?topic=77889.0

My 10,000 BTC bet on Pirate
 - http://bitcointalk.org/index.php?topic=97094.0

Pirate Warned Us
 - http://bitcointalk.org/index.php?topic=101844.0

Anybody know who pirateat40 is ?
 - http://bitcointalk.org/index.php?topic=101631.0

So what if Pirate does not pay back, he has a full weekend to dump...
 - http://bitcointalk.org/index.php?topic=101503.0

Could the sell-off have been caused by pirate cashing out?
 - http://bitcointalk.org/index.php?topic=101538.0

I have made a 25% return this week trading *against* the pirate
 - http://bitcointalk.org/index.php?topic=94708.0

#bitcoin IRC log: A pirate leads a flock of sheep over a cliff.
 - http://bitcointalk.org/index.php?topic=93746.0

Pirate Squeezed?
 - http://bitcointalk.org/index.php?topic=93628.0

How protected is the GLBSE from a pirate default?
 - http://bitcointalk.org/index.php?topic=86853.0

BITCOIN SAVINGS & TRUST - Just when you thought Bitcoin was instant....
 - http://bitcointalk.org/index.php?topic=101152.0

BS&T -- Are you staying or leaving?
 - http://bitcointalk.org/index.php?topic=91306.0

BS&T bank run
 - http://bitcointalk.org/index.php?topic=101382.0

I believe theses quotes should now kill BS&T.
 - http://bitcointalk.org/index.php?topic=91655.0

Mods: Keep your opinions to yourself (split from BS&T Home thread)
 - http://bitcointalk.org/index.php?topic=91389.0

Other People getting PMs from Vandroiy Discouraging Investment in BS&T?
 - http://bitcointalk.org/index.php?topic=92556.0

BTCS&T – Why many people here are massive scammers and suckers
 - http://bitcointalk.org/index.php?topic=91552.0

BullShit Trust. It is the beginning of the end.
 - http://bitcointalk.org/index.php?topic=101167.0

TyGrr BTCST sub accounts! (Pirates Bank)
 - http://bitcointalk.org/index.php?topic=91370.0

How Large is BTCST exposure?
 - http://bitcointalk.org/index.php?topic=98225.0

#BTCST Updates. Latest: 10:06PM EST
 - http://bitcointalk.org/index.php?topic=102107.0

The gauntlet has officially been thrown down by Trendon Shavers aka. pirateat40
 - http://bitcointalk.org/index.php?topic=102327.0

Bitcoin Savings & Trust - Money Returned List (zero Monday, none reported Tues).
 - http://bitcointalk.org/index.php?topic=101942.0

[ANNOUNCEMENT] PIRATEAT40 and BTCST HAS DEFAULTED!]
 - http://bitcointalk.org/index.php?topic=102106.0

It's Tuesday now, seems nothing will happen.
 - http://bitcointalk.org/index.php?topic=102117.0

If Pirate Runs: The Danger of one entity with 500K BTC
 - http://bitcointalk.org/index.php?topic=102184.20

Pirate paying back investors within a week OR two?
 - http://bitcointalk.org/index.php?topic=101599.0

I'm giving 100% ROI away to anyone who thinks pirate is a fraud
 - http://bitcointalk.org/index.php?topic=101751.0

So now that Pirate is closing BTCST...
 - http://bitcointalk.org/index.php?topic=101379.0

why do people trust pirate?
 - http://bitcointalk.org/index.php?topic=102339.0

Other media:

Ponzi schemes: The Danger of High Interest Savings Funds
 - http://bitcoinmagazine.net/ponzi-schemes-the-danger-of-high-interest-savings-funds

The Bernie Madoffs of Bitcoin? As market heats back up, virtual hedge funds claim fantastical profits
 - http://www.theverge.com/2012/8/15/3243200/bitcoin-ponzi-schemes-savings-and-trust

Bitcoin Savings & Trust – Genuine or Joke?
 - http://bitcoinmagazine.net/bitcoin-savings-trust-genuine-or-joke/

Bitcoin discovered by high yield investment program (HYIP) operators
 - http://www.bitcoinmoney.com/post/28473024447

[Maged]

By the looks of last weekend, I'd estimate somewhere in the region of 60 - 80 thousand, tops.

That might just be what he has left (unlikely, according to our numbers, but who knows - the rest could have been sold weeks ago). However, Team Ponzi (the people who have constantly been saying that he's a ponzi) have tracked 150k in liabilities just to BitcoinMax, as of August 7th. If he never did anything with the coins, we found that as of August 7th (which is admittedly out of date but was the best we could do thanks to measures implemented to stop us from being able to gather this information) he had 83k BTC just from BitcoinMax. So yes, I think it's quite fair to say that Pirate is liable for 500k BTC.

[bigasic]

We are still to see a single shred of evidence that people have given him 500k BTC. It's quite likely that some people gave him some coins. By the looks of last weekend, I'd estimate somewhere in the region of 60 - 80 thousand, tops.

Still, I agree with the basic OP premise, it boggles the mind that he should even have taken that. People are not smart.

But we should all stop just repeating that he owns 500k, that makes absolutely no sense and, more importantly, THERE'S NO EVIDENCE FOR IT.

I saw a screenshot of one of his pass throughs that listed requests for withdrawal. After about 4 hours that he announced closing shop, I saw at least 75k coins being requested for withdrawal. about 7-9 of them were 5k a piece. Many were 10 coins, 20, 100, 500, etc...

I bet he did have 500k coins...

[Snake X]

So i read through some of the links listed and this is what im understanding: There's a guy named pirateat40. He has supposedly 500k BTC. People lended him money. There's a large group that calls him a scammer...
I'm still not getting the full picture  

whatever happened to the economy being driven by speculation and people happily mining away.. lol

[FreeMoney]

Damn @ that list. Can't wait till this is all over and we can talk about multisig BIPs all day again.

[P4man]

So i read through some of the links listed and this is what im understanding: There's a guy named pirateat40. He has supposedly 500k BTC. People lended him money. There's a large group that calls him a scammer...
I'm still not getting the full picture  

You are forgetting he was paying 7% interest per week. Which is the same as doubling the investment every 10 weeks.
That makes Pirate either a ponzi scam artist, or a genius since no one else figured out how you could possibly achieve such returns.

As for why people trust him? Honestly, it beats me. In the lending section of this forum they will require a scanned ID, proof of residence and what not before lending anyone 5BTC, but for some reason a lot of people feel confident lending pirate a total of 500000BTC without even knowing for sure what his real name is. Either they know more than the rest of us, or frankly, they are idiots.

[SgtSpike]

So i read through some of the links listed and this is what im understanding: There's a guy named pirateat40. He has supposedly 500k BTC. People lended him money. There's a large group that calls him a scammer...
I'm still not getting the full picture  

You are forgetting he was paying 7% interest per week. Which is the same as doubling the investment every 10 weeks.
That makes Pirate either a ponzi scam artist, or a genius since no one else figured out how you could possibly achieve such returns.

As for why people trust him? Honestly, it beats me. In the lending section of this forum they will require a scanned ID, proof of residence and what not before lending anyone 5BTC, but for some reason a lot of people feel confident lending pirate a total of 500000BTC without even knowing for sure what his real name is. Either they know more than the rest of us, or frankly, they are idiots.

*shrug*   I wouldn't call them ALL idiots.  Those who believed it was a scheme of some sort made a calculated assessment as to the likelihood of being able to deposit, gain interest, and withdraw funds before the scheme collapsed.  Those who didn't believe it was a scheme perhaps had reasons for not believing it was a scheme.  Everyone had their own set of information on which they based their decisions, and calling them idiots because it looked like they invest in a scheme isn't necessarily true.

Of course, some were probably too blinded by greed to objectively view the information in front of them, so I might call them idiots. 

[P4man]

Fair enough, I also sent a few coins to bitcoinmax, even though I assume(d) it was a ponzi.
But anyone trusting Pirate without knowing more than what is known publicly, I would label an idiot for it. Even if they may turn out to be lucky idiots if they actually get their money back.

[hamdi]

who blindly trusts a guy openly named "PIRATE"

[Bitcoin Oz]

who blindly trusts a guy openly named "PIRATE"

I bet he has a hollow wooden leg full of usb sticks containing bitcoins.

[totaleclipseofthebank]

people don't seem to realize that pirate is in control of gpumax as well...

I don't think this saga ends with BTCST

[bitcoinBull]

who blindly trusts a guy openly named "PIRATE"

He already openly stated it was a con.

I'm looking to pull one bigger than mybitcoin.com.  If figure, go big or go back to work.

And..

[2012-07-17 07:39:58] <pirateat40> keverw, never trust a pirate.

"k everyone". IMO, his username and these statements shed light on his psychological rationale. That he's trying to teach people a lesson about "trust", so in the end he won't feel very guilty for making off with his booty.

The ones who deposited were either co-participants who hoped to time their withdrawals and take gains, or blinded by greed.