How could Pirate fuck your brains so well that even now many believe in him?

[DeathAndTaxes]

BTC owed 500,000
Interest per day BTC 5000
Generated BTC per day 6x24x50 = 7200

So he would only need to generate 69% of all Bitcoins to make good for the interest, without paying back anything of the debt.

No, he would only need to generate 51% of all blocks to be able to repay all his debt with 1BTC. 51% with asics is fairly trivial right now.

You keep making these claims.  51% attack doesn't allow you to spend coins which are not yours. So while in theory he could technically repay investors by stealing from them in a 51% attack you couldn't do it with 1 BTC.   He would need 550K BTC today and that number is continually increasing by 4 BTC per minute.

[1715453940]

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[matthewh3]

BTC owed 500,000
Interest per day BTC 5000
Generated BTC per day 6x24x50 = 7200

So he would only need to generate 69% of all Bitcoins to make good for the interest, without paying back anything of the debt.

No, he would only need to generate 51% of all blocks to be able to repay all his debt with 1BTC. 51% with asics is fairly trivial right now.

You keep making these claims.  51% attack doesn't allow you to spend coins which are not yours. So while in theory he could technically repay investors by stealing from them in a 51% attack you couldn't do it with 1 BTC.   He would need 550K BTC today and that number is continually increasing by 4 BTC per minute.

I thought he dropped his interest rates and never allowed compounding?

Edit: drank two litres of Tyskie so maybe I need a calculator 

[c0in$]

I will take dollar denominated bets in Gox USD that pirate repays within 10 days using a willing trusted and reputable escrow only (someone like Vladimir, even though he is of a different opinion).  You win if Pirate does not repay within 10 days.  PM if interested and we can set it up and determine odds.

[el_rlee]

We would notice if the 51% is happening I guess. Is that the most probable scenario for pirate paying back his debt?
Any reason on what the waiting is good for? I guess he is just thorough checking his spreadsheet over and over again?

I will take dollar denominated bets in Gox USD that pirate repays within 10 days using a willing trusted and reputable escrow only (someone like Vladimir, even though he is of a different opinion).  You win if Pirate does not repay within 10 days.  PM if interested and we can set it up and determine odds.

if you agree that both parties come up with the funds up front I would love to get in a bet with you. I guess many regret of not betting Matthew for more money.
Which sum were you thinking about?

Edit: Just to make sure you don't blame me of 'insider knowledge' later I'll share a secret with you: The ponzi already collapsed

[vuce]

BTC owed 500,000
Interest per day BTC 5000
Generated BTC per day 6x24x50 = 7200

So he would only need to generate 69% of all Bitcoins to make good for the interest, without paying back anything of the debt.

No, he would only need to generate 51% of all blocks to be able to repay all his debt with 1BTC. 51% with asics is fairly trivial right now.

For someone with 2700+ posts you know very little about bitcoin.

[Ocean6]

more info on this cat:

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

pg 11

[P4man]

You keep making these claims.  51% attack doesn't allow you to spend coins which are not yours. So while in theory he could technically repay investors by stealing from them in a 51% attack you couldn't do it with 1 BTC.   He would need 550K BTC today and that number is continually increasing by 4 BTC per minute.

Of course its theoretical, but he could spend the same coin 500K times and technically have "paid everyone back".
Anyway, this whole 51% thing is side tracking from the real topic. I just wanted to point out today is no different from 2 weeks ago, and if you believe pirate is for real, denoting his debt in dollars is possibly misleading.

[DeathAndTaxes]

Well it is different in that he owes ~10% more than he did 10 days ago.  Even if it is is his goal to reduce the value of BTC to repay investors that becomes more difficult as the amount he owes rises.

[bitcoiners]

Pirate did say within two weeks I think to wind it down and it is just the ending of the first week.  Maybe Pirate had those two weeks interest payments tailored into his shut down plan accounted for.  If he doesn't honour his two week timetable or comes out with more excuses for time well then people should start to really worry.

No he said within a week.  Not two.  And I quote.

Starting Monday I’ll begin systematically closing and withdrawing accounts as coins are transferred.  I don't expect the entire process to last longer than a week.

https://bitcointalk.org/index.php?topic=50822.msg605957#msg605957

So by tomorrow (Monday) everyone should see their coins + interest to the minute.  Think he'll default on his own deadline?  I'm willing to bet on it.

[finkleshnorts]

Does anyone have anything to say to the fact that the website for Pirate's IRL business (buscog.com) was taken down the same day he closed BTCST?

[bitcoiners]

Does anyone have anything to say to the fact that the website for Pirate's IRL business (buscog.com) was taken down the same day he closed BTCST?

Team Ponzi:  "It's just a coincidence."
Everyone else living in the real world just realized their BTC is gone for good.

[justusranvier]

It's actually common for ponzi scheme victims to believe that the money will be payed back years after the collapse.

I think some people are going to go to their deathbeds expecting to see their eleventy trillion bitcoins of accrued interest to show up "any day now".

[bitcoiners]

Taken just this moment in #btcst IRC.

[Ocean6]

release the hounds

[imsaguy]

Taken just this moment in #btcst IRC.

That's the last time he publicly spoke in the channel as pirateat40 that gribble saw.  In addition, gribble was queried in private by matthew and the copy/paste has no timedate.

[JoelKatz]

If Pirate was going to bail with the money, dude would be long gone by now.

In what sense is he not long gone?

[bitcoiners]

If Pirate was going to bail with the money, dude would be long gone by now.

In what sense is he not long gone?

Lol, seriously.  He could be posting from a beach in Central America right now for all anyone knows.  People are way to gullible. 

[ElMoIsEviL]

Bitcoin is supposed to be the most secure currency, but the way people handle it is like it's monopoly money.
I am surprised on how pro-pirate the atmosphere is still now, on Saturday without pirate paying out anybody.
-Matthew makes a bet about 10kBTC which seams a lot of money for him because he is sure that pirate will pay (and he is still confident at this moment)
-bids for TYGRR-P bonds still range >60% of face value, even with the issuer saying that pirate defaulted
-bitcoinmax accounts are still trading for >60% of their theoretical value
etc..

Is the human soul really made in way that makes it vulnerable for such scams by nature? I presume the pro-pirate users have a normal level of intelligence, so how could they get so brain-washed?
Did anybody follow the tony scam on SR? He fucked them over pretty nice in the forums, it also took some time for them to realize that there won't be anything arriving...

Stockholm syndrome as an explanation is not totally accurate IMHO.

Same thing that took over American Homeowners during the boom or Financiers during the roaring 20s... Greed. People with less knowledge often get caught up in these schemes. I mean look at how many will chance sending money to a "Nigerian Prince" expecting to receive millions in return? I am skeptical by nature (critical thinker). And perhaps you are as well (it would seem so for sure). The majority of the population are not critical thinkers, they're Optimists. They see everything from the "positive" side because they can't deal with the harsh realities of the world they live in.

They're the people who enjoy Katy Perry, Justin Bieber etc music (mind numbing, repetitive, devoid of any useful message etc). They bob their heads to the music blissfully unaware of the impending Financial Meltdown just around the corner (and subsequent fall of the American Empire). They just like hearing "Love you, Love love love, beauty, sunshine rainbows, life is perfect blah blah blah".

Do I sound disgruntled enough? That's reality  

[keystroke]

Same thing that took over American Homeowners during the boom or Financiers during the roaring 20s... Greed. People with less knowledge often get caught up in these schemes. I mean look at how many will chance sending money to a "Nigerian Prince" expecting to receive millions in return? I am skeptical by nature (critical thinker). And perhaps you are as well (it would seem so for sure). The majority of the population are not critical thinkers, they're Optimists. They see everything from the "positive" side because they can't deal with the harsh realities of the world they live in.

They're the people who enjoy Katy Perry, Justin Bieber etc music (mind numbing, repetitive, devoid of any useful message etc). They bob their heads to the music blissfully unaware of the impending Financial Meltdown just around the corner (and subsequent fall of the American Empire). They just like hearing "Love you, Love love love, beauty, sunshine rainbows, life is perfect blah blah blah".

Do I sound disgruntled enough? That's reality  

+1

[Hexadecibel]

http://what-if.xkcd.com/6/