The pirate ponzi fiasco

[myrkul]

Internet detectives shouldn't be required.

Indeed. Probably the IRS and other 3 letters agencies would love to hear about this story and would work for free exacting revenge.

Not free. The cost might be higher than you can imagine.

[1715403473]

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[1715403473]

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[repentance]

Internet detectives shouldn't be required.

Indeed. Probably the IRS and other 3 letters agencies would love to hear about this story and would work for free exacting revenge.

It's always kind of amazed me that people mostly ignore the possibility of getting caught up in a money laundering or tax evasion investigation when they invest in some of Bitcoin's more sketchy enterprises.  Losing money isn't the only thing they're risking.

[Gyrsur]

It sounds like Pirate's plan was to take victims' Bitcoin and use it for higher than market-rate payouts at GPUMAX.  In return, he got coins which could not necessarily/easily be traced to him.  He planned to make up the difference by manipulating/playing the currency conversion market.  He planned to be a net seller on highs and then buy up more than he sold for less in USD after he crashed the exchange rate.  Unfortunately for Pirate, the market didn't go his way.  Either it outgrew his influence or people wised up, or he played it poorly and his scheme was up.  He found he wasn't able to swing the market enough to buy back the amount of Bitcoin necessary to pay his returns and has now defaulted.

It's likely they he probably has a bunch of "clean" coins from GPUMAX mining that he's hiding as well, but it's definitely not enough to pay everyone back.  What remains to be seen is what will happen with GPUMAX now that BTCST has collapsed.  I suspect either payouts will 1) drop to below market as Pirate attempts to pay BTCST victims 2) drop to a non-inflated rate now that there's nothing coming into BTCST or 3) it will collapse completely.

Anyway, that's is my theory.

sounds logical!

[dishwara]

Internet detectives shouldn't be required.

Indeed. Probably the IRS and other 3 letters agencies would love to hear about this story and would work for free exacting revenge.

It's always kind of amazed me that people mostly ignore the possibility of getting caught up in a money laundering or tax evasion investigation when they invest in some of Bitcoin's more sketchy enterprises.  Losing money isn't the only thing they're risking.

Its the uniqueness of Bitcoin network.
Both Bitcoin & forum members helps to nail scammers in head.

[repentance]

Its the power of Bitcoin network.
Both Bitcoin & forum members helps to nail scammers in head.

Tell us one scammer who has been nailed so far.

[dishwara]

Its the power of Bitcoin network.
Both Bitcoin & forum members helps to nail scammers in head.

Tell us one scammer who has been nailed so far.

Tell one scammer who hasn't nailed so far using Bitcoin.
They get caught before they can run away. That is what important than any other thing.
It makes money can be recovered by all legal & other ways.

[repentance]

Its the power of Bitcoin network.
Both Bitcoin & forum members helps to nail scammers in head.

Tell us one scammer who has been nailed so far.

Tell one scammer who hasn't nailed so far using Bitcoin.
They get caught before they can run away. That is what important than any other thing.
It makes money can be recovered by all legal & other ways.

Tom Williams.  Andre Jensen.

[dishwara]

Maybe, still Bitcoin scammers cant scam that easily.

Tom williams case is called theft.

[Phinnaeus Gage]

Its the power of Bitcoin network.
Both Bitcoin & forum members helps to nail scammers in head.

Tell us one scammer who has been nailed so far.

Tell one scammer who hasn't nailed so far using Bitcoin.
They get caught before they can run away. That is what important than any other thing.
It makes money can be recovered by all legal & other ways.

Tom Williams.  Andre Jensen.

I'm going to have to refresh my memory about Andre Jesen, because I read something yesterday where that name came up, but I skimmed over it not thinking of its relevance.

It sounds like Pirate's plan was to take victims' Bitcoin and use it for higher than market-rate payouts at GPUMAX.  In return, he got coins which could not necessarily/easily be traced to him.  He planned to make up the difference by manipulating/playing the currency conversion market.  He planned to be a net seller on highs and then buy up more than he sold for less in USD after he crashed the exchange rate.  Unfortunately for Pirate, the market didn't go his way.  Either it outgrew his influence or people wised up, or he played it poorly and his scheme was up.  He found he wasn't able to swing the market enough to buy back the amount of Bitcoin necessary to pay his returns and has now defaulted.

Possibly, but at some point during all this, a while back I say, he was already planning on making his epic asea run. About a month prior to Defcon, he posted that you can meet him eye-to-eye, but afterwards there's yet to be anybody who claimed to have seen him. Soon after Defcon was over, parrot shit started hitting the fan.

~Bruno~

[ErebusBat]

Its the power of Bitcoin network.
Both Bitcoin & forum members helps to nail scammers in head.

Tell us one scammer who has been nailed so far.

Tell one scammer who hasn't nailed so far using Bitcoin.
They get caught before they can run away. That is what important than any other thing.
It makes money can be recovered by all legal & other ways.

Tom Williams.  Andre Jensen.

I'm going to have to refresh my memory about Andre Jesen, because I read something yesterday where that name came up, but I skimmed over it not thinking of its relevance.

It sounds like Pirate's plan was to take victims' Bitcoin and use it for higher than market-rate payouts at GPUMAX.  In return, he got coins which could not necessarily/easily be traced to him.  He planned to make up the difference by manipulating/playing the currency conversion market.  He planned to be a net seller on highs and then buy up more than he sold for less in USD after he crashed the exchange rate.  Unfortunately for Pirate, the market didn't go his way.  Either it outgrew his influence or people wised up, or he played it poorly and his scheme was up.  He found he wasn't able to swing the market enough to buy back the amount of Bitcoin necessary to pay his returns and has now defaulted.

Possibly, but at some point during all this, a while back I say, he was already planning on making his epic asea run. About a month prior to Defcon, he posted that you can meet him eye-to-eye, but afterwards there's yet to be anybody who claimed to have seen him. Soon after Defcon was over, parrot shit started hitting the fan.

~Bruno~

There were several people who met with him in Vegas: giga,goat,burtw,copumkin,reeses. Just to name a few

[bitlane]

Do you think that, since they were in Vegas, that Elvis might have been a 'secret' Investor ?

Phinn, is there any connection between Trendon and Elvis ?

[ErebusBat]

You just said that no one said they saw pirate in vegas... I was giving you examples of people who did.  I don't know about Elvis.

[repentance]

Possibly, but at some point during all this, a while back I say, he was already planning on making his epic asea run. About a month prior to Defcon, he posted that you can meet him eye-to-eye, but afterwards there's yet to be anybody who claimed to have seen him. Soon after Defcon was over, parrot shit started hitting the fan.

~Bruno~

There were several people who met with him in Vegas: giga,goat,burtw,copumkin,reeses. Just to name a few

Phin, are you suggesting that Goat photoshopped the picture of the Vegas meet-up, because the person in that photo is definitely the person whose image is used on Trendon Shavers' social media and there's enough old images of him online to establish that he's the real life Trendon Shavers rather than a made up or hijacked identity.  Plenty of people operate scams under their true identities.

I'm going to have to refresh my memory about Andre Jesen, because I read something yesterday where that name came up, but I skimmed over it not thinking of its relevance.

He operated World Bitcoin Exchange.  He didn't pay people back and dooglus is stuck holding a few remaining Bitcoins which he can't distribute because he has neither the authority nor accurate information to be able to give users a small payout from the only assets not under Andre's control.  Since walking away from WBE, Andre has opened a security business which he hypes as much as he hyped WBE (and High Net Worth Property before that).