Did pirate default? IRC Chat Log inside!!

[MrTeal]

I have been watching this effort for some time.  It may say newb next to my title but I have been lurking.  I have funds tied up in this and know others that do as well.  I also knew that getting these rates was a bit unreal and figured that I was getting in early enough to be able to get out before it fell apart, wrong.  

All of that said if Pirate is really trying to return all of the principle funding and with some or all of the interest I would consider him a hero compared to other financial wizards in the normal/real finance world.  I would say that if he pulls that off he should consider a new more stable venture once the dust has settled and contact those who did invest with him to invest again in the new venture.  

If all he returns is the principle to all the investors then we really should be adults and understand that mistakes/shit happens and that we should be lucky to get that back.  I know allot of people who did not get that when the housing market took them for a ride.  

If he does run with all of the coins and we get nothing then he goes down with all of the others in history under the term Ponzi artist/crook and all we get is a lesson learned.  

I know I needed my funds back to help pay for my investments in this bitcoin world but I will survive, I know others who has significant amounts and all in all it is just a sad thing if he runs.  If he does not and I would say his actions as of late may have me thinking he might not then wow to him.  If he does run with the actions he has done in the last 30 to 60 days like meeting people, making posts after the fact and other communications then he is nuts.

I wish all of us luck who are in this ride and see you on the other side whenever that it.

Strange how there's a bunch of new members who have been lurking for awhile that are showing up now to say that people should just be happy if Pirate pays back at all, and should forget that whole interest thing.

I think everyone invested should agree to accept interest payments up to the day he announced closure and no more, I think even then you'd be lucky to get your money back. I think that might give you a chance and at least cut out the excuses after all the way things are going you can't make silk dress out of a pigs ear.

[bitlane]

Perhaps he should spend more time trying to repay and re-earn the Bitcoins he owes, rather than attempting to NOW cover his tracks by removing personal and family information from the Internet that we have all had for 7 months now anyways.

I bet My Pirate Picture/Scrapbook is better than yours

[MrTeal]

Perhaps he should spend more time trying to repay and re-earn the Bitcoins he owes, rather than attempting to NOW cover his tracks by removing personal and family information from the Internet that we have all had for 7 months now anyways.

I bet My Pirate Picture/Scrapbook is better than yours

If anything should be keeping Pirate up at night it's not the people talking here or even our local "internet detective". It would be that some of the more unsavory criminal parts of the bitcoin universe or their even more dangerous drug supplying backers might find out that there might be someone in Texas who may soon have his hands on US$5M worth of liquid and difficult to trace internet currency. As someone already posted the XKCD comic in one of these threads, a $5 wrench could be a pretty effective password cracker for whatever encryption Pirate might use.

[bitcoiners]

a $5 wrench could be a pretty effective password cracker for whatever encryption Pirate might use.

lol.

[Raize]

Pirate defaulted 10 days ago ...

The accounts were demand account meaning they could be drawn on demand.  Last Friday Pirate violated the terms of his own contract.  If that isn't enough he made an explicit promise to bitlane that he would be repaid on Monday a promise he failed to keep.  So Friday or Monday is when the default occurred.  Everything since them has just been the moving of goal posts.

Most pertinent comment ever on the pirate situation, IMHO.

Fact is, they were accounts on contract (week payments with the option to withdraw), he's in technical default whether or not people get the full amounts or not. I really wish nanotube would comment on this, because the thing I'm concerned about is that Vandrioy isn't going to get the credit he's due for the bet as it was made.

Why does it matter that Vandrioy gets credit? So something like this NEVER HAPPENS AGAIN. You guys really should be ashamed for giving $10k plus in USD to someone that cannot articulate their business plan.

[jbreher]

He's still making money. Why would he run when money is still rolling in? So long as people continue to believe that he might pay, his debt is still worth something, so he can keep selling it. He can produce an unlimited amount of debt, so he's not going to stop until his debt has zero value.

I must be slow today. I'm not following this at all. What new debt can he be selling? Do you see others lining up to lend him more? Are there new Pirate securities being issued? What new money is rolling in?

[Soros Shorts]

Perhaps he should spend more time trying to repay and re-earn the Bitcoins he owes, rather than attempting to NOW cover his tracks by removing personal and family information from the Internet that we have all had for 7 months now anyways.

I bet My Pirate Picture/Scrapbook is better than yours

I had seen those family pictures out on the internet while doing some due dilligence prior to investing a few coins with pirate. I'd also ordered an Intellius background report and the names and relationships seemed to check out. The fact that he was living in the open and started hiding the family albums only now would suggest that he probably was not intentionally running a Ponzi, but more likely he screwed up with whatever he was doing and is now unable to return the coins or pay the interest.

[bitlane]

FUN FACT#69

Ex-Husbands & families, when armed with the right ammunition can be quite ruthless, when there are previously sired yet absent children involved ....and the chance of a custody battle comes into play.

that's all for now,
bitlane.

[Shadow383]

Joel hits it dead on the money.

I have resisted the temptation to break out the "Gee, everybody told you so..." bat and beat the community over the head with it thus far on this one... but really? Does anybody think that there is going to be one thin dime forthcoming on this latest chapter of "How I Spent My Summer and My Fortune Getting Hosed On The Internet"?

Wait for it kids, in about 46 hours there will be a huge announcement that all of his work and effort has gone to naught and the entire repayment sum was hacked. It's the obvious play after the stalling runs out. There will be some vague little tease about what he was doing with the money (re-inventing the internal combustion engine to run on water, or brokering AIDS vaccines) and why it was the single most profitable concept in the entire history of the human race, and only one glorious little hacker was ever able to figure it out. But he needed a little time to spend with his family, and hadn't really slept for 6 months, so the idea doesn't work now, he got hacked and gosh, I'm sorry, but all the funds are gone. And if you will please check the very fine print on page 397, paragraph B, subsection 134R, you will all learn that since this was a SPECULATIVE investment, there was never any guarantee that you would ever get anything back. Too bad, so sad, but it's all over now.

And the diligent little army of love slaves will rush to his defense and tell us how he really does deserve a chance to help raise his poor kids, and sleep really isn't over-rated, but vital for boy geniuses, so it's okay. And besides, he promises to work it off and make good to the three people who stood by him.

And the only reason he won't pay off the bet is because he doesn't trust that the donation will be made to the right charity, so that will be null and void too.

FFS, people, read your scripts. We've seen this whole act before, and chances are pretty damn good that some other brilliant scammer will be around shortly to fleece the next round of the willing and ignorant.

And for the TL/DR crown... YES, HE DEFAULTED. YOU ARE SCREWED.

^QFT

Although personally I'm waiting another week to break out my "I told you so" mallet.

[JoelKatz]

I must be slow today. I'm not following this at all. What new debt can he be selling? Do you see others lining up to lend him more? Are there new Pirate securities being issued? What new money is rolling in?

Pirate debt is still selling for more than 0. Pirate can create as much Pirate debt as he wants at a cost of zero to him. Until Pirate debt is completely worthless, Pirate has no incentive to stop selling his own debt.

Say I decided to burn my reputation to make as much money as possible. I would ask for loans, maybe pay some people back to build my reputation, and so on. When would I quit? I would quit as soon as my debt was worthless. So long as I could continue to trade IOUs for bitcoins, why would I stop? Pirate IOUs still trade for bitcoins, so why would he stop?

He can't flood the market by trying to sell all his debt at once. So he needs a week or two to sell off as much as he can to as many new suckers as he can find.

[DeathAndTaxes]

As someone already posted the XKCD comic in one of these threads, a $5 wrench could be a pretty effective password cracker for whatever encryption Pirate might use.

Obligatory XKCD xpost. 



Sorry it is one of my favorite comics and the author supports hot linking. 

[556j]

I guess that means we keep posting the same stuff over and over now.

Hilarious coming from you.

[imsaguy]

I guess that means we keep posting the same stuff over and over now.

Hilarious coming from you.

Exactly!  I'm glad you picked up on it.

[Realpra]

Joel +1.

Sounds to me like Bitlane will be one of the first to try that 5$ wrench on Bitcoin security

30-36 million DKK, 5-6 million USD or 10 very nice houses. Insane stuff.

[bitlane]

Sounds to me like Bitlane will be one of the first to try that 5$ wrench on Bitcoin security

I am actually considering a Charity for my portion of the 'investment'.

$25k+ worth of Bitcoin can buy a shit-load of teddy bears for the next Bandido's Toy Run. All they have to do is stop by and collect the 'donation'.

I love Texas....

[jbreher]

I must be slow today. I'm not following this at all. What new debt can he be selling? Do you see others lining up to lend him more? Are there new Pirate securities being issued? What new money is rolling in?

Pirate debt is still selling for more than 0. Pirate can create as much Pirate debt as he wants at a cost of zero to him. Until Pirate debt is completely worthless, Pirate has no incentive to stop selling his own debt.

Nope. I'm still not getting it.

For Pirate to continue to profit by selling his debt, it needs to be newly-created debt. The debt of which I am aware that is still selling is pre-existing debt. It's debt he issued some days/weeks/months ago. As it is already in the marketplace, he can benefit from it no further. It is not Pirate that is selling this debt, it is existing owners of Pirate debt.

Perhaps I have just missed notice of a sale of newly-minted Pirate debt. Can you point me to a specific transaction?

[MrTeal]

I must be slow today. I'm not following this at all. What new debt can he be selling? Do you see others lining up to lend him more? Are there new Pirate securities being issued? What new money is rolling in?

Pirate debt is still selling for more than 0. Pirate can create as much Pirate debt as he wants at a cost of zero to him. Until Pirate debt is completely worthless, Pirate has no incentive to stop selling his own debt.

Nope. I'm still not getting it.

For Pirate to continue to profit by selling his debt, it needs to be newly-created debt. The debt of which I am aware that is still selling is pre-existing debt. It's debt he issued some days/weeks/months ago. As it is already in the marketplace, he can benefit from it no further. It is not Pirate that is selling this debt, it is existing owners of Pirate debt.

Perhaps I have just missed notice of a sale of newly-minted Pirate debt. Can you point me to a specific transaction?

Step 1: Open your database, create a new account with a BTC12345.67 balance.
Step 2: Log in to newly created or already existing sock puppet account on bitcointalk.org
Step 3: Offer to sell BTC12345.67 for BTC2468.
Step 4: Sell BTC2468 on Mt Gox.
Step 5: Repeat x5
Step 6: Buy Corvette Z06

[Gyrsur]

I must be slow today. I'm not following this at all. What new debt can he be selling? Do you see others lining up to lend him more? Are there new Pirate securities being issued? What new money is rolling in?

Pirate debt is still selling for more than 0. Pirate can create as much Pirate debt as he wants at a cost of zero to him. Until Pirate debt is completely worthless, Pirate has no incentive to stop selling his own debt.

Nope. I'm still not getting it.

For Pirate to continue to profit by selling his debt, it needs to be newly-created debt. The debt of which I am aware that is still selling is pre-existing debt. It's debt he issued some days/weeks/months ago. As it is already in the marketplace, he can benefit from it no further. It is not Pirate that is selling this debt, it is existing owners of Pirate debt.

Perhaps I have just missed notice of a sale of newly-minted Pirate debt. Can you point me to a specific transaction?

Step 1: Open your database, create a new account with a BTC12345.67 balance.
Step 2: Log in to newly created or already existing sock puppet account on bitcointalk.org
Step 3: Offer to sell BTC12345.67 for BTC2468.
Step 4: Sell BTC2468 on Mt Gox.
Step 5: Repeat x5
Step 6: Buy Corvette Z06

better is buy Corvette ZR1

[Grinder]

For Pirate to continue to profit by selling his debt, it needs to be newly-created debt. The debt of which I am aware that is still selling is pre-existing debt. It's debt he issued some days/weeks/months ago. As it is already in the marketplace, he can benefit from it no further. It is not Pirate that is selling this debt, it is existing owners of Pirate debt.

It is fairly common in ponzi scams to create false accounts to give the illusion of popularity. Other people will be more inclined to invest if they think other people believe it works. This costs him nothing or very little, because the money goes back to himself, and they will never be claimed while the scam runs. If they are in the form of extra shares on GLBSE it would be trivial to sell them at a discount now, and somewhat more work if he's sent them through one of the pass-throughs.

[556j]

Sounds to me like Bitlane will be one of the first to try that 5$ wrench on Bitcoin security

He will be the first one on the forum talking about how badass he is. While bending over and taking it in the ass while never doing shit. Loudest mouths are the last people to worry about. Dude is some 40+ year old who thinks internet attention is worth 25K+ Should scam him some more with confidence knowing he won't do shit but post about it.