pirate payments list -- accounts paid: 23/459

[DeathAndTaxes]

The "pirate thing" hit the fan exactly on Aug 17th.  That was the day people tried to withdraw were denied and he closed it down to begin repayment on Monday.  Which turned into the next week, which turned into the next two weeks.

[ElectricMucus]

You mean that was the time bitlane was declined his withdraw?

[thebaron]

1) Discover Ponzi scheme.
2) Come up with scheme to steal people's BTC to use the eventual failure of the Ponzi scheme as an excuse to not pay people back.
3) ...
4) Profit.

[P4man]

It would also rhyme with pirate claiming to be afraid of BTC price increase, since he would be paid in dollar and owed BTC.
And it would even match his grandiose claims of being part of a much much bigger "thing".

as for the timing, Maged quoted pirate on august 17, 6pm:
https://bitcointalk.org/index.php?topic=101339.0

Not sure how long that was after pirate announced closing shop, but probably only a few hours.

All in all, sounds plausible.

[Tomatocage]

Yesterday he said he'd have further info later in the evening.  Did anything ever materialize?

[makomk]

And Pirate claimed on several occasions that his business made him 10.5% a week, of which he payed out 7% to his investors. And Zeek was offering: 7 x 1.5% = 10.5% a week.

Actually it's 10.98% a week factoring in compound interest.

Which, of course, quite a lot of people fail to do.

[fcmatt]

And Pirate claimed on several occasions that his business made him 10.5% a week, of which he payed out 7% to his investors. And Zeek was offering: 7 x 1.5% = 10.5% a week.

Actually it's 10.98% a week factoring in compound interest.

Which, of course, quite a lot of people fail to do.

obviously pirate's math skills were lacking if he was using zeek-whatever in the first place and thought it was legit.

[DeathAndTaxes]

I have no idea if the zeek link is true or not but I find the meta to be awesome.

The PPT operators weren't PPT operators they were ZPTOPPT (Zeek Pass Through Operated By Pirate Pass Through).  LOLZ.  Then Matt ruined his rep for life by making bets he will never pay because it wasn't a ponzi and if true not only was it a ponzi it was a ponzi of a ponzi!

[Matthew N. Wright]

I have no idea if the zeek link is true or not but I find the meta to be awesome.

The PPT operators weren't PPT operators they were ZPTOPPT (Zeek Pass Through Operated By Pirate Pass Through).  LOLZ.  Then Matt ruined his rep for life by making bets he will never pay because it wasn't a ponzi and if true not only was it a ponzi it was a ponzi of a ponzi!

I ruined my rep for life? To whom? Normal people? That was over the second I started using Bitcoin.

[malevolent]

Matt ruined his rep for life by making bets he will never pay because it wasn't a ponzi and if true not only was it a ponzi it was a ponzi of a ponzi!

The bet has not ended yet, so let's wait before jumping to conclusions.

[Matthew N. Wright]

Matt ruined his rep for life by making bets he will never pay because it wasn't a ponzi and if true not only was it a ponzi it was a ponzi of a ponzi!

The bet has not ended yet, so let's wait before jumping to conclusions.

You must be a shill ponzi supporter! BURN THE WITCH! SCCAAAAMM!! lulz

[ElectricMucus]

Matt ruined his rep for life by making bets he will never pay because it wasn't a ponzi and if true not only was it a ponzi it was a ponzi of a ponzi!

The bet has not ended yet, so let's wait before jumping to conclusions.

You must be a shill ponzi supporter! BURN THE WITCH! SCCAAAAMM!! lulz

Haven't you claimed you gonna prove your 10,000 BTC possession? Where is it then? 

[DeathAndTaxes]

Matt ruined his rep for life by making bets he will never pay because it wasn't a ponzi and if true not only was it a ponzi it was a ponzi of a ponzi!

The bet has not ended yet, so let's wait before jumping to conclusions.

Wanna bet? (Escrow only).

Matt's bet requires that Pirate repay according to terms outlined in his thread which stated interest would be paid up to the minute of repayment. Pirate has already indicated he will NOT be repaying under those terms (interest down the the minute of repayment).  So unless every single creditor voluntarily accepts less he will lose.

Now Pirate probably isn't paying anything but hypothetically if Pirate owed 500K BTC at the time the ponzi went bust and somehow managed to repay 500K BTC in the next three days Matt would still lose.  Pirate would need to not only pay the 500K BTC he doesn't have but throw in a bonus 130,897 BTC in accrued interest over the last three weeks (shows how idiotic 7% per week is) in order for Matt to win.  

So I got ~$1.4 million reasons why Matt will lose the bet.

[Matthew N. Wright]

Matt ruined his rep for life by making bets he will never pay because it wasn't a ponzi and if true not only was it a ponzi it was a ponzi of a ponzi!

The bet has not ended yet, so let's wait before jumping to conclusions.

Wanna bet? (Escrow only).

Matt's bet requires that Pirate repay according to terms outlined in his thread which stated interest would be paid up to the minute of repayment. Pirate has already indicated he will NOT be repaying under those terms (interest down the the minute of repayment).  So unless every single creditor voluntarily accepts less he will lose.

Now Pirate probably isn't paying anything but hypothetically if Pirate owed 500K BTC at the time the ponzi went bust and somehow managed to repay 500K BTC in the next three days Matt would still lose.  Pirate would need to not only pay the 500K BTC he doesn't have but throw in a bonus 130,897 BTC in accrued interest over the last three weeks (shows how idiotic 7% per week is) in order for Matt to win.  

So I got ~$1.4 million reasons why Matt will lose the bet.

Uhh, he was saying that your $1.4 million reasons do not ruin my reputation for life. I agree with him. You take bitcoin far too seriously. Perhaps it's time for a break from the forums.

[bitcoinBull]

Uhh, he was saying that your $1.4 million reasons do not ruin my reputation for life. I agree with him. You take bitcoin far too seriously. Perhaps it's time for a break from the forums.

pirate relinquished his throne. MNW is the new King of the Trolls.

[P4man]

Uhh, he was saying that your $1.4 million reasons do not ruin my reputation for life. I agree with him. You take bitcoin far too seriously. Perhaps it's time for a break from the forums.

[conspirosphere.tk]

It would also rhyme with pirate claiming to be afraid of BTC price increase, since he would be paid in dollar and owed BTC.
And it would even match his grandiose claims of being part of a much much bigger "thing".

And it would even rhyme with the Pirate's allegation that he could not reveal his "secret sauce" because otherwise many others could copy it. Indeed, what's easier than to copy a ponzi-squared?

[BrightAnarchist]

Uhh, he was saying that your $1.4 million reasons do not ruin my reputation for life. I agree with him. You take bitcoin far too seriously. Perhaps it's time for a break from the forums.

http://www.youtube.com/watch?v=gHqvsosSfr0

[556j]

I think it was Vlad who mentioned pirate could be running a ponzi passthrough months ago. He mentioned MMM not zeek, but still interesting.

[herzmeister]

This Zeek theory does not coincide with Pirate hinting already at the end of July that he's going to close down:

Howdy,

[...]

Vandroiy has the following (2) options to choose from:

[...]

• Don’t concede the wager and chance the outcome of Aug 14th.

[...]

-pirate