Why I don't think Pirate will default

[SaltySpitoon]

I'm going to make a thread called why I don't think anyone should make anymore threads about Pirate!

Just kidding, nothing against this thread in particular, Dree makes some good points. But look around and you will see some other threads that are just spewing nonsense, and the spewees are trying to be serious.

I don't have anything invested in Pirate, and I don't think he will default either. He may be a few days late with payment, but by the time this is over, late or not, pirate will be regarded as a saint from all of the people grateful they got their $ back.


Edit* And no, I don't feel the need to place a $100,000 wager on my opinion.

[1714078284]

1714078284

[1714078284]

1714078284

[1714078284]

1714078284

[1714078284]

1714078284

[1714078284]

1714078284

[payb.tc]

The BitcoinMax accounts - likely 100k+ BTC there

It's actually 150K+

currently ~157,500.

[DeathAndTaxes]

He may be a few days late with payment

What would be the cutoff between a few days late and really late.

He stopped withdraws on Friday.  So we are aproaching a weak late.  BTW that is another 35K BTC ($350,000) more which is owed to investors relative to what he owed if he paid everyone back on Friday.

If you were racking up debt on a closed down operation at the rate of $2,083 per hour wouldn't you be working through the night to get everything paid down as quickly as possible.  Even if you couldn't pay everyone if you paid half the money back you would save over a thousand dollars an hour.   Another way to look at it is in the last 6 days he has paid back a staggering sum of 100 BTC and his obligations have grown by a mere 30,000 BTC.  So he owes 29,900 BTC MORE than when he shutdown.

So just wonder when it is no longer a few days late.  Feel free to express your answer in either weeks or hundreds of thousands of additional BTC owed. 

[SaltySpitoon]

He may be a few days late with payment

What would be the cutoff between a few days late and really late.

He stopped withdraws on Friday.  So we are aproaching a weak late.  BTW that is another 35K BTC ($350,000) more which is owed to investors relative to what he owed if he paid everyone back on Friday.

If you were racking up debt on a closed down operation at the rate of $2,083 per hour wouldn't you be working through the night to get everything paid down as quickly as possible.  Even if you couldn't pay everyone if you paid half the money back you would save over a thousand dollars an hour.   Another way to look at it is in the last 6 days he has paid back a staggering sum of 100 BTC and his obligations have grown by a mere 30,000 BTC.  So he owes 29,900 BTC MORE than when he shutdown.

So just wonder when it is no longer a few days late.  Feel free to express your answer in either weeks or hundreds of thousands of additional BTC owed.  

I still don't understand why he would be paying interest still if the operation is officially shut down? If he is 5 days late, and doesn't pay interest on the BTC he just sent back to their owner, do you think the owners are actually going to care enough to ask for the interest? I would bet (Not literally) that most of the people just want their final balance cashed out, they aren't really expecting to still be making money off of the whole thing.

then again, I hold no investment in pirate, so I haven't seen anything going on first hand, but most people would just seem to be relieved to get their $ back at all.

[Bitcoin Oz]

He may be a few days late with payment

What would be the cutoff between a few days late and really late.

He stopped withdraws on Friday.  So we are aproaching a weak late.  BTW that is another 35K BTC ($350,000) more which is owed to investors relative to what he owed if he paid everyone back on Friday.

If you were racking up debt on a closed down operation at the rate of $2,083 per hour wouldn't you be working through the night to get everything paid down as quickly as possible.  Even if you couldn't pay everyone if you paid half the money back you would save over a thousand dollars an hour.   Another way to look at it is in the last 6 days he has paid back a staggering sum of 100 BTC and his obligations have grown by a mere 30,000 BTC.  So he owes 29,900 BTC MORE than when he shutdown.

So just wonder when it is no longer a few days late.  Feel free to express your answer in either weeks or hundreds of thousands of additional BTC owed.  

I still don't understand why he would be paying interest still if the operation is officially shut down? If he is 5 days late, and doesn't pay interest on the BTC he just sent back to their owner, do you think the owners are actually going to care enough to ask for the interest? I would bet (Not literally) that most of the people just want their final balance cashed out, they aren't really expecting to still be making money off of the whole thing.

then again, I hold no investment in pirate, so I haven't seen anything going on first hand, but most people would just seem to be relieved to get their $ back at all.

Sure but then  he broke his own statement to pay up to the time he handed coins back so its still a default.

[DeathAndTaxes]

I still don't understand why he would be paying interest still if the operation is officially shut down? If he is 5 days late, and doesn't pay interest on the BTC he just sent back to their owner, do you think the owners are actually going to care enough to ask for the interest? I would bet (Not literally) that most of the people just want their final balance cashed out, they aren't really expecting to still be making money off of the whole thing.

Then he has defaulted.  He set the terms of his own investment.  Interest is 1% per day (at the max tier) on the amount deposited.  Failing to pay interest would be a default.

I mean any debt in the world if you borrow funds the clock keep running until you pay the person back.   I mean how far do you take this.  So he shut it down last Friday.  So if he pays the balances as of Friday in 1 month that is ok? 6 months?  a year?  a decade?  his grandkids repay it in a century?

[dust]

I find it extremely suspicious that he has enough coins to play with the market (he even admitted to trading with 30k of his "personal" coins) and yet has only paid back a few small (~100btc?) accounts.

[Transisto]

...
...Additionally, Pirate@40 runs a reportedly successful business in GPUMAX, profits from which would disappear if Pirate@40 chooses to vanish.

GPUMAX is much more complex and bigger a project than Satoshi Dice.

This show some cleverness.

[unclescrooge]

I find it extremely suspicious that he has enough coins to play with the market (he even admitted to trading with 30k of his "personal" coins) and yet has only paid back a few small (~100btc?) accounts.

He will pay everyone back at the same time (except those small accounts that won't influence the market price of btc)

[unclescrooge]

He doesn't act like a scammer, but he does act as someone afraid of not being able to pay back.

Maybe indeed.

If he "acted like a scammer" then he never would've gotten this far. That's what separates con artists from petty thieves.

Yes, and his still around here, paying back small accounts so more people deposits bitcoins in his scheme.... oh wait.

[Ocean6]

What do you think about this OP?

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

pg 11