Its Official Pirate Has Defaulted!!

[AndrewBUD]

I don't think anyone will see much of anything..... Who knows.. maybe 20% ?

[1714516019]

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[malevolent]

Well, Pirate did say his plan was so simple that people will kick themselves for not doing it too... (anyone remember where that quote was?)

I remember that too.

But are not pyramid schemes simple to design? Especially once one has acquired some reputation amongst potential 'investors'.

[Ocean6]

I followed that texas corporation link.

One of the 3 owners of gpumax being Michael Thalasinos, whom is also involved in another corp. titled J Q Greetings LLC.

JQ Greetings = some texas greeting cards store located:

545 N Cowan Avenue # J
Lewisville, TX    75057-3198

somebody needs to show up and start asking questions about one of his business associates.

Added: http://jqgreetings.com

If you show up there and this Michael dood is somebody completely different like a 88 year old guy, then we have to add fraud to the list of complaints against GPUMAX and friends.

the other is this guy;
http://labs.mirror.me/googleplus/117414643911834461861


Speaking of fraud...  Is anyone else curious if the "some company name I've never heard of" was on that bad check written to Lowes, is actually going to be that of a little known company called 'Intellipants'?

no clue either, but the clerk was happy to send copies.. still waiting on them though..

Brother: Rylan Shavers: http://labs.mirror.me/googleplus/102130329224092004752

[myrkul]

Well, Pirate did say his plan was so simple that people will kick themselves for not doing it too... (anyone remember where that quote was?)

I remember that too.

But are not pyramid schemes simple to design? Especially once one has acquired some reputation amongst potential 'investors'.

1. Run Ponzi
2. Run off

is a pretty simple plan, is it not?

[kneim]

A contract is a contract, even if it does say 3300% interest.

In the real world this interest is no problem: simply print more money. But in the Bitcoin world, you know, it can resist only for some time. So this contract is invalid.

At some time I red, pirate could change his interest, so in my opinion he did not default:
...
+7%
+7%
+7%
-100%

All fine, or not?

[flower1024]

A contract is a contract, even if it does say 3300% interest.

In the real world this interest is no problem: simply print more money. But in the Bitcoin world, you know, it can resist only for some time. So this contract is invalid.

At some time I red, pirate could change his interest, so in my opinion he did not default:
...
+7%
+7%
+7%
-100%

All fine, or not?

he has to announce the fee change a week before- and withdrawals should be possible always

(anyhow: i loled hard)

[bitlane]

A contract is a contract, even if it does say 3300% interest.

In the real world this interest is no problem: simply print more money. But in the Bitcoin world, you know, it can resist only for some time. So this contract is invalid.

At some time I red, pirate could change his interest, so in my opinion he did not default:
...
+7%
+7%
+7%
-100%

All fine, or not?

You better read whatever you read, once more to be sure.
The rest of us already know, as we HAVE actually read certain contract terms, but feel free to post more SHIT.

[JoelKatz]

A contract is a contract, even if it does say 3300% interest.

In the real world this interest is no problem: simply print more money. But in the Bitcoin world, you know, it can resist only for some time. So this contract is invalid.

At some time I red, pirate could change his interest, so in my opinion he did not default:
...
+7%
+7%
+7%
-100%

All fine, or not?

Nice try. No.

In contract law, the implied covenant of good faith and fair dealing is a general presumption that the parties to a contract will deal with each other honestly, fairly, and in good faith, so as to not destroy the right of the other party or parties to receive the benefits of the contract. It is implied in every contract in order to reinforce the express covenants or promises of the contract. A lawsuit (or a cause of action) based upon the breach of the covenant may arise when one party to the contract attempts to claim the benefit of a technical excuse for breaching the contract, or when he or she uses specific contractual terms in isolation in order to refuse to perform their contractual obligations, despite the general circumstances and understandings between the parties.

http://en.wikipedia.org/wiki/Good_faith_%28law%29

You can't sneak a secret "I win, you lose" clause into a contract and use it to deprive the other party of the benefit of the contract. If you could, every contract would have to be gone over by teams of lawyers and probably include many more pages of carefully-worded terms which would likely require more pages to clarify them. It would be bizarro world.

[The_Duke]

You better read whatever you read, once more to be sure.
The rest of us already know, as we HAVE actually read certain contract terms, but feel free to post more SHIT.

You have a "contract" with a fake person, paid with a "currency" that has little or no legal status, to an anonymous string of numbers and letters.

So tell us bitlane, how did your lawyer respond so far? What are the next legal steps you are taking? Did you press charges already? And if not, can you please (please, please pretty please) record the audio for us when you do?

[Cluster2k]

Slashdot has finally published a link to the failed scheme:
http://news.slashdot.org/story/12/08/29/0349226/large-bitcoin-ponzi-scheme-collapses-with-a-loss-of-56-million

Pirate's antics are hitting popular media.  3 out of 4 stores on /. about bitcoin seem to be scam this, theft that.  Sigh.

[kneim]

A contract is a contract, even if it does say 3300% interest.

In the real world this interest is no problem: simply print more money. But in the Bitcoin world, you know, it can resist only for some time. So this contract is invalid.

At some time I red, pirate could change his interest, so in my opinion he did not default:
...
+7%
+7%
+7%
-100%

All fine, or not?

You better read whatever you read, once more to be sure.
The rest of us already know, as we HAVE actually read certain contract terms, but feel free to post more SHIT.

Of course you have to defend the obvious ponzi system, because you invested in it. That's a constraint, I feel so sorry for you. Run to the officials, I will ignore you.

[bitlane]

Of course you have to defend the obvious ponzi system, because you invested in it. That's a constraint, I feel so sorry for you. Run to the officials, I will ignore you.

Yes. I am a HUGE defender of Pirate and his Scam. Just look around 

Nice to see 2 WELL INFORMED POSTS in a row from you. Atta Boy.

[Frankie]

Goat,

You should setup a fund for legal action.

I imagine people on both sides of the fence ( clients and detractors of pirate ) would donate.
Justice in this case would  certainly deter people from doing this again in the future and help clean up the bitcoin world.

Speaking for myself, I think many of the people who lost the most were complicit in the fraud, so I'm not sure why these people are deserving of my support. Moreover, some of those same people have been mocking me since day one on this site for speaking the obvious truth.

So no, this "pirate detractor" can think of endless other causes more worthy of donation than a Pirate legal action fund.

FWIW, I've always thought he'd get away with it. What happened to all the pirate defenders who would chime in that it wouldn't be a particularly big Ponzi scheme even if it was one? That remains true, but the difference is that comparably-sized USD Ponzi's don't require a fleet of technical experts and headaches to prosecute. There are dozens or hundreds of HYIPs on the internet every day, and it seems that most of them get away with it.

[The_Duke]

I am considering setting up a fund from which I will start legal action against Pirateat40. If you put the same amount into the fund as your account is worth, I will start the legal action and reclaim 7% of your original claim against Pirate PER WEEK. At the end I will pay back your initial donation to the fund IN FULL. I can't disclose at the moment exactly what kind of legal action I will undertake and how it could possibly result in this 7% PER WEEK return of your lost money. I will show you my ex-collegue's a copy of my ID as soon as I manage to nick it from him find a scanner.

[Bitcoin Oz]

I am considering setting up a fund from which I will start legal action against Pirateat40. If you put the same amount into the fund as your account is worth, I will start the legal action and reclaim 7% of your original claim against Pirate PER WEEK. At the end I will pay back your initial donation to the fund IN FULL. I can't disclose at the moment exactly what kind of legal action I will undertake and how it could possibly result in this 7% PER WEEK return of your lost money. I will show you my ex-collegue's a copy of my ID as soon as I manage to nick it from him find a scanner.

lol

[kneim]

In contract law, the implied covenant of good faith and fair dealing is a general presumption that the parties to a contract will deal with each other honestly, fairly, and in good faith, so as to not destroy the right of the other party or parties to receive the benefits of the contract. It is implied in every contract in order to reinforce the express covenants or promises of the contract. A lawsuit (or a cause of action) based upon the breach of the covenant may arise when one party to the contract attempts to claim the benefit of a technical excuse for breaching the contract, or when he or she uses specific contractual terms in isolation in order to refuse to perform their contractual obligations, despite the general circumstances and understandings between the parties.

http://en.wikipedia.org/wiki/Good_faith_%28law%29

You can't sneak a secret "I win, you lose" clause into a contract and use it to deprive the other party of the benefit of the contract. If you could, every contract would have to be gone over by teams of lawyers and probably include many more pages of carefully-worded terms which would likely require more pages to clarify them. It would be bizarro world.

I'm sure, you are right, but of course the -100% was ironic only. What I wanted to say, it was obvious, that 7% a week cannot be earned in some legal or permanent way. So whatever yelling arise, so what?

Tell these 7% a week to one of your relatives and see what happens.

[bitlane]

So let me get this straight.....Pirate has defaulted ?

I really wish someone could have warned me. I thought this was a helpful community.

[sadpandatech]

....... he's refusing to pay it back and nobody knows who he is!

Everyone knows who he is, just ask

Ah yeah, of course! Here mr policeman, his name is.. uh... Pirate. Yeah, pirate... at... fourty... thats it. No, that is just his internetni... real name? Uh yeah, we know that too! It's Mr. Shavers. We even know where he used to work! What do you mean, "could be fake"? How could it be fake?
Fake money? That is not funny, bitcoin is a REAL currency! Bank? No, but I have an adress. It is 3yt3weh8jk... no, I'm not kidding... Proof of payment? Of course, just go to www. b..l...o...c...k...c... huh? wasting YOUR time? What about MY time sir? And more important, WHERE ARE MY BITCOINS! HEY! No need to pu*argh*

oh, HAHAHAHAHAHA   /fakelaugh

that meme was funny the first 50 times it was used. You need some new material. How many times can you watch Bitcoin and the tiny community here make the same faux pas repeatidly, before you realize you are laughing at the same tired events played over and over again?

AT first I thought Bitcoin was a brilliant idea, a revolution in the way people would be doing their payments. Then I realised it was either an extremely flawed concept, or a pyramid scheme. Then Bruce happened, and it turns out that Bitcoin is just the biggest and funniest dramashit that ever occured on the internet.

Yea, sounds like the kinda place I would want to spend another year at knowing that it is doomed to fail and stupid crap like this will be the norm..  


Maybe you have a point, my very limited reasoning never could allow me to be so insightful as to see the negative aspects of this place. Just think, I could have gone for years, diluding myself with the failed madness of this tiny representation of some failed open source project! Thank god, you came along to make sure that my feeble mind saw the ambigous nature of things. I would have totally gone on forever with my inability to ever see things rationally, from all aspects. phewww, that was close. Thank You so very much!!

[The_Duke]

....... he's refusing to pay it back and nobody knows who he is!

Everyone knows who he is, just ask

Ah yeah, of course! Here mr policeman, his name is.. uh... Pirate. Yeah, pirate... at... fourty... thats it. No, that is just his internetni... real name? Uh yeah, we know that too! It's Mr. Shavers. We even know where he used to work! What do you mean, "could be fake"? How could it be fake?
Fake money? That is not funny, bitcoin is a REAL currency! Bank? No, but I have an adress. It is 3yt3weh8jk... no, I'm not kidding... Proof of payment? Of course, just go to www. b..l...o...c...k...c... huh? wasting YOUR time? What about MY time sir? And more important, WHERE ARE MY BITCOINS! HEY! No need to pu*argh*

oh, HAHAHAHAHAHA   /fakelaugh

that meme was funny the first 50 times it was used. You need some new material. How many times can you watch Bitcoin and the tiny community here make the same faux pas repeatidly, before you realize you are laughing at the same tired events played over and over again?

I think about the same amount of times as people fall for the same kind of scam under a different name. Judging by a short glance at the "services" and "long term offers" board of this forum, you'll be reading this same meme at least a 1000 times more...

Yea, sounds like the kinda place I would want to spend another year at knowing that it is doomed to fail and stupid crap like this will be the norm..  

So far I seem to have been right. One year down the road and the mess has only gotten bigger. With Bruce it was just drama. Now it's a lot of drama with a lot of money involved...

Maybe you have a point, my very limited reasoning never could allow me to be so insightful as to see the negative aspects of this place. Just think, I could have gone for years, diluding myself with the failed madness of this tiny representation of some failed open source project! Thank god, you came along to make sure that my feeble mind saw the ambigous nature of things. I would have totally gone on forever with my inability to ever seen things rationally, from all aspects. phewww, that was close. Thank You so very much!!

Nice attempt at sarcasm, but you have a lot to master. Keep practicing!

[sadpandatech]

Nice attempt at sarcasm, but you have a lot to master. Keep practicing!

aye, thankfully my ability to clicky the lil ignore button is much more adept.