When is this pirate drama going to end?

[muyuu]

Few bucks? Pretty small minded thinking. bitlane a vocal (and annoying) member has about $25,000 USD tied up in this. Your 20 btc is insignificant, but to assume every one complaining has so little invested is ignorant. That's double what a good number of Americans make in a year of working 8 hours a day, 40 hours a week, for 50 (or more) weeks. You are surprised that it's dominating the forums when what looks like the biggest scam in bitcoin's history is going down?  

I had my entire university fund in bitcoinica for a single week, and during that week it was hacked and I haven't gotten a penny back, I made the bitcoinica investigation and then stopped mentioning it because talking about it won't get me my money back, and bitcoinica was a fully licensed financial services corporation that had a completely acceptable EULA.

Pirate was giving you 7% returns from the start, on a shady forum account, with absolutely no information regarding what he was putting the money towards or any guarantee on ever paying back, come on, think about it, why not just play poker?  But calling me ignorant for over my small value invested in pirate is laughable, because you and I both know you shouldn't have put more than that in, in the first place.

Bitcoinica was hacked 2 times before they got "third time lucky" - they only denied repayments after the last hack. It was terribly reckless to have your entire University fund in Bitcoinica to the bitter end. No two ways about that.

[bg002h]

I made money off of pirate. I put BTC10 in some passthru and took BTC12.4 out. It was a gamble, and I didn't get greedy. I was actually surprised when I got my money back.

[BadBitcoin (James Sutton)]

Few bucks? Pretty small minded thinking. bitlane a vocal (and annoying) member has about $25,000 USD tied up in this. Your 20 btc is insignificant, but to assume every one complaining has so little invested is ignorant. That's double what a good number of Americans make in a year of working 8 hours a day, 40 hours a week, for 50 (or more) weeks. You are surprised that it's dominating the forums when what looks like the biggest scam in bitcoin's history is going down?  

I had my entire university fund in bitcoinica for a single week, and during that week it was hacked and I haven't gotten a penny back, I made the bitcoinica investigation and then stopped mentioning it because talking about it won't get me my money back, and bitcoinica was a fully licensed financial services corporation that had a completely acceptable EULA.

Pirate was giving you 7% returns from the start, on a shady forum account, with absolutely no information regarding what he was putting the money towards or any guarantee on ever paying back, come on, think about it, why not just play poker?  But calling me ignorant for over my small value invested in pirate is laughable, because you and I both know you shouldn't have put more than that in, in the first place.

Bitcoinica was hacked 2 times before they got "third time lucky" - they only denied repayments after the last hack. It was terribly reckless to have your entire University fund in Bitcoinica to the bitter end. No two ways about that.

agreed, and I don't disagree on the wrecklessness on it, and I've learned from it, however what I'm saying is bitching and moaning about pirate potentially defaulting is laughable by comparison.

My protip: accept it as a loss right now, and if he pays you back, awesome, if not, you already wrote it off in your head so it won't matter.

[dissipate]

I made money off of pirate. I put BTC10 in some passthru and took BTC12.4 out. It was a gamble, and I didn't get greedy. I was actually surprised when I got my money back.

Why? If the scheme was still running it would be foolish for him not to give it back because you would yell about it on the forums and trigger a premature panic resulting in massive withdrawals.

[Shadow383]

Wait.... let me get this straight. You guys... willingly? gave your bitcoins to a Pirate, and now you want them back?

...


HAHAHAHAHA

A thousand times this.

Few bucks? Pretty small minded thinking. bitlane a vocal (and annoying) member has about $25,000 USD tied up in this. Your 20 btc is insignificant, but to assume every one complaining has so little invested is ignorant. That's double what a good number of Americans make in a year of working 8 hours a day, 40 hours a week, for 50 (or more) weeks. You are surprised that it's dominating the forums when what looks like the biggest scam in bitcoin's history is going down?  

I had my entire university fund in bitcoinica for a single week, and during that week it was hacked and I haven't gotten a penny back, I made the bitcoinica investigation and then stopped mentioning it because talking about it won't get me my money back, and bitcoinica was a fully licensed financial services corporation that had a completely acceptable EULA.

Ouch.
I still don't think the intersango boys understand how many lives they affected with this whole thing.
Out of curiosity, do you plan to sue? Do you plan to turn up to the London conference? 

[BadBitcoin (James Sutton)]

Wait.... let me get this straight. You guys... willingly? gave your bitcoins to a Pirate, and now you want them back?

...


HAHAHAHAHA

A thousand times this.

Few bucks? Pretty small minded thinking. bitlane a vocal (and annoying) member has about $25,000 USD tied up in this. Your 20 btc is insignificant, but to assume every one complaining has so little invested is ignorant. That's double what a good number of Americans make in a year of working 8 hours a day, 40 hours a week, for 50 (or more) weeks. You are surprised that it's dominating the forums when what looks like the biggest scam in bitcoin's history is going down?  

I had my entire university fund in bitcoinica for a single week, and during that week it was hacked and I haven't gotten a penny back, I made the bitcoinica investigation and then stopped mentioning it because talking about it won't get me my money back, and bitcoinica was a fully licensed financial services corporation that had a completely acceptable EULA.

Ouch.
I still don't think the intersango boys understand how many lives they affected with this whole thing.
Out of curiosity, do you plan to sue? Do you plan to turn up to the London conference? 

hah, yeah I don't think they do either.

I can't afford to go to the conference (seeing as I'm canadian and poor ahah), same issue with suing, that plus I know NOTHING of law in a case like this, I'm hoping that the current suit will be able to add me and others later as secondary plantiffs (although that could be an extremely remote possibility)

[556j]

Pirate was giving you 7% returns from the start, on a shady forum account, with absolutely no information regarding what he was putting the money towards or any guarantee on ever paying back, come on, think about it, why not just play poker?  But calling me ignorant for over my small value invested in pirate is laughable, because you and I both know you shouldn't have put more than that in, in the first place.

Well I had nothing in Pirate as it was an obvious ponzi since day 1 in my opinion.

And I don't mean to insult you really. But your comments were insensitive to people that have more than they can lose tied up with this stuff. Sure they should have known better but for people new to economics, investing, didn't have a lot of time to spend on forums, and when they did come to the forums there was always 5+ guys claiming how legit pirate was, we can't continue to blame them. Or refer to their loss as "a few bucks"

[iCEBREAKER]

Wait.... let me get this straight. You guys... willingly? gave your bitcoins to a Pirate, and now you want them back?

...


HAHAHAHAHA

What's even funnier is that Bitlame is going to call 911 and DEMAND, using a LOUD VOICE, that they respond to his panic attack by devoting actual law enforcement resources to getting back the magic internet monies he voluntarily gave away.

Then, I predict something even more funny will occur, as crazy Bitlame's frothing head meets Officer Friendly's nightstick/taser/sidearm!

[Enigma81]

Pirate was giving you 7% returns from the start, on a shady forum account, with absolutely no information regarding what he was putting the money towards or any guarantee on ever paying back, come on, think about it, why not just play poker?  But calling me ignorant for over my small value invested in pirate is laughable, because you and I both know you shouldn't have put more than that in, in the first place.

Well I had nothing in Pirate as it was an obvious ponzi since day 1 in my opinion.

And I don't mean to insult you really. But your comments were insensitive to people that have more than they can lose tied up with this stuff. Sure they should have known better but for people new to economics, investing, didn't have a lot of time to spend on forums, and when they did come to the forums there was always 5+ guys claiming how legit pirate was, we can't continue to blame them. Or refer to their loss as "a few bucks"

Ponzi? Maybe. Don't know.  What I do know is that no-one here had more tied up than they can afford to lose.  There can't possibly be a single human being on this planet dumb enough to invest more into a risky venture than they can afford to never see again.  I don't even invest more than I can afford to lose into EXTREMELY solid funds, and the amount I'm willing to invest into a questionable one is no more than I'm willing to stick into a Las Vegas slot machine.  If someone was moronic enough to sink funds that they can't live without into a very risky venture (7% per week is risky no matter how you slice the bread), I'm all for letting Darwin's rule play itself out.

Enigma

[Graet]

Re: When is this pirate drama going to end?

not until ppl stop starting a new thread every time they have a random thought on the subject

[556j]

Ponzi? Maybe. Don't know.  What I do know is that no-one here had more tied up than they can afford to lose.  There can't possibly be a single human being on this planet dumb enough to invest more into a risky venture than they can afford to never see again.  I don't even invest more than I can afford to lose into EXTREMELY solid funds, and the amount I'm willing to invest into a questionable one is no more than I'm willing to stick into a Las Vegas slot machine.  If someone was moronic enough to sink funds that they can't live without into a very risky venture (7% per week is risky no matter how you slice the bread), I'm all for letting Darwin's rule play itself out.

Lots of people do, MMM had over 50 suicides when it collapsed. Victim blaming is really fucked for ponzi's because the main losers are people that didn't really have a clear understanding of what they were getting into. We realize how ridiculous 7%/week is but like you're saying it's unthinkable for us to have a lot in something like that.

BTW natural selection has little to do with intelligence but moreso the ability to adapt. Which the big losers will get a good test in soon enough and most of them will come out better persons because of it. 

[CoinCidental]

the last couple of months ,every second thread was a warning to pull your cash out
because people with calculators quickly figured out this was going to collapse

vandroiy told everyone initially but the problem was people want to believe they
get 3400% interest

no matter how many times the impossible  numbers were posted as a warning  ,all it
 did was attract more new investors

the warnings were so much in your face its hard to believe anyone would still invest but
people were still opening new accounts + making  deposits to bitcoin max just a few days
 ago and havent even qualified for a 1 weeks interest yet...........

[Carlton Banks]

Everyone should be happy that it was a "pirate" that did this

Imagine if someone styling themselves as Gordon Gekko had done this?

I'd take Johnny Depp slightly drunk on rum playing pirates over Gordon Gekko any day. Gordon wouldn't tell you what he was doing before he shafted you, he'd just do it (and laugh at you all afterwards)

[Realpra]

3 days 6 hours 42min and counting

I have not followed much or invested with pirate, could you enlighten me as to what this is based on?

I mean if his ponzi has just arrived at 500K btc (say the "I am awesome address"), why stop paying out?

Surely the only way to tell is if more has been paid out total than invested total - does anyone have those numbers?

[Electricbees]

It will end when you guys let pirate have his way with the market...

[zebedee]

Lots of people do, MMM had over 50 suicides when it collapsed. Victim blaming is really fucked for ponzi's because the main losers are people that didn't really have a clear understanding of what they were getting into. We realize how ridiculous 7%/week is but like you're saying it's unthinkable for us to have a lot in something like that.

BTW natural selection has little to do with intelligence but moreso the ability to adapt. Which the big losers will get a good test in soon enough and most of them will come out better persons because of it. 

It's very easy to say you didn't understand when you lost out, just like it is to say you were a hero when it turned out OK.

Sure, for some people, your point is likely true.  But for 80% of them, they just wanted easy money, and didn't like the way the cookie crumbled.  And wanted the upside without the downside - i.e. a bailout.  Sad but true.

[bg002h]

I made money off of pirate. I put BTC10 in some passthru and took BTC12.4 out. It was a gamble, and I didn't get greedy. I was actually surprised when I got my money back.

Why? If the scheme was still running it would be foolish for him not to give it back because you would yell about it on the forums and trigger a premature panic resulting in massive withdrawals.

I had anticipated a collapse earlier than it actually collapsed...I figured if small timers like me are able to get in, it must be close to the end.

[smoothie]

Now. Er hopefully soon.

We can now conclude pretty decisively that pirate isn't going to pay anyone and Matthew is not either.

[Cluster2k]

When will the drama end?  Hopefully those that speculated with Pirate can get some justice, hopefully through courts.  He's taken a lot of money from people and he shouldn't expect them to just shrug their shoulders, say 'oh well' and keep quiet.  As for Mathew, well, I had no bets with him as it was pointless.  Some guy on the internet was going to pay out hundreds of thousands of dollars over a ponzi theft bet.  Seriously?  He gets a scammer tag on the forums.  Fine.  He'll just open a new account tomorrow and carry on.

Maybe we can all learn from these experiences and in the future know there is no 'it's different this time' and 'I'm breaking the laws of finance and mathematics because it's bitcoin' when investing.

[Dalkore]

I do not have a single satoshi invested with pirate; however I am monitoring the pirate drama closely. Why? Because of the potential impact on the BTC / USD exchange rate.

+1  This is why I have paid attention too, seeing how the crowd is feeling on a day to day basis.