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Nubarius
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September 07, 2012, 10:38:14 AM |
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The ZeekRewards theory looks very plausible. Everything, like the dates and the percentages, seems to add up. If it turns out to be the right explanation, this is very good news for Bitcoin. I just couldn't stomach the fact that a criminal like Pirate would possibly be the richest man in Bitcoinland by running away with 500K BTC form the people he scammed. It serves him well if he's lost the money. The funny thing is, he was probably so stupid as to think his scheme could work.
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DutchBrat
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September 07, 2012, 10:53:03 AM |
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The ZeekRewards theory looks very plausible. Everything, like the dates and the percentages, seems to add up. If it turns out to be the right explanation, this is very good news for Bitcoin. I just couldn't stomach the fact that a criminal like Pirate would possibly be the richest man in Bitcoinland by running away with 500K BTC form the people he scammed. It serves him well if he's lost the money. The funny thing is, he was probably so stupid as to think his scheme could work.
If this Zeek theory is true, then Pirate may have been smart enough to take his part of the daily returns out With 500K BTC even converted at $5 on avg, his daily 0.5% take comes down to 0.5% X $ 2.5 mln = $ 12.500 According to the SEC $ 160 mln was paid out of ZEEK in July, so it's entirely possible he could take such amounts out of it A risk free pass through because it is with other peoples money netting $ 12.500 a day He is laughing all the way to the bank, don't feel sorry for him |
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Bitcoin Oz
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September 07, 2012, 11:05:28 AM |
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The ZeekRewards theory looks very plausible. Everything, like the dates and the percentages, seems to add up. If it turns out to be the right explanation, this is very good news for Bitcoin. I just couldn't stomach the fact that a criminal like Pirate would possibly be the richest man in Bitcoinland by running away with 500K BTC form the people he scammed. It serves him well if he's lost the money. The funny thing is, he was probably so stupid as to think his scheme could work.
If this Zeek theory is true, then Pirate may have been smart enough to take his part of the daily returns out With 500K BTC even converted at $5 on avg, his daily 0.5% take comes down to 0.5% X $ 2.5 mln = $ 12.500 According to the SEC $ 160 mln was paid out of ZEEK in July, so it's entirely possible he could take such amounts out of it A risk free pass through because it is with other peoples money netting $ 12.500 a day He is laughing all the way to the bank, don't feel sorry for him I hope he was dumb enough to keep his money there compounding  |
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sadpandatech
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September 07, 2012, 11:42:26 AM |
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The ZeekRewards theory looks very plausible. Everything, like the dates and the percentages, seems to add up. If it turns out to be the right explanation, this is very good news for Bitcoin. I just couldn't stomach the fact that a criminal like Pirate would possibly be the richest man in Bitcoinland by running away with 500K BTC form the people he scammed. It serves him well if he's lost the money. The funny thing is, he was probably so stupid as to think his scheme could work.
If this Zeek theory is true, then Pirate may have been smart enough to take his part of the daily returns out With 500K BTC even converted at $5 on avg, his daily 0.5% take comes down to 0.5% X $ 2.5 mln = $ 12.500 According to the SEC $ 160 mln was paid out of ZEEK in July, so it's entirely possible he could take such amounts out of it A risk free pass through because it is with other peoples money netting $ 12.500 a day He is laughing all the way to the bank, don't feel sorry for him I hope he was dumb enough to keep his money there compounding I wonder, if he was investing into Zeek. Would he have been doing so through a bank account? Not made a bank records request on him yet.... |
If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system.
- GA
It is being worked on by smart people. -DamienBlack
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DutchBrat
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September 07, 2012, 12:11:40 PM |
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The ZeekRewards theory looks very plausible. Everything, like the dates and the percentages, seems to add up. If it turns out to be the right explanation, this is very good news for Bitcoin. I just couldn't stomach the fact that a criminal like Pirate would possibly be the richest man in Bitcoinland by running away with 500K BTC form the people he scammed. It serves him well if he's lost the money. The funny thing is, he was probably so stupid as to think his scheme could work.
If this Zeek theory is true, then Pirate may have been smart enough to take his part of the daily returns out With 500K BTC even converted at $5 on avg, his daily 0.5% take comes down to 0.5% X $ 2.5 mln = $ 12.500 According to the SEC $ 160 mln was paid out of ZEEK in July, so it's entirely possible he could take such amounts out of it A risk free pass through because it is with other peoples money netting $ 12.500 a day He is laughing all the way to the bank, don't feel sorry for him I hope he was dumb enough to keep his money there compounding I wonder, if he was investing into Zeek. Would he have been doing so through a bank account? Not made a bank records request on him yet.... The (not so) funny thing is that if he invested in Zeek, there's nothing anyone can do to get the money back from him He didn't steal your money.... he's willing to give it back but not able as it is in receivership and the gains he made off of running his pass through are probably his to keep Even the guy running the Zeek Ponzi got away with paying a $ 4 mln fine and giving up his interest in the company Pirate always said it was high risk.... |
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ElectricMucus
Legendary
 Offline
Activity: 1666
Merit: 1057
Marketing manager - GO MP
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September 07, 2012, 12:47:09 PM |
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The ZeekRewards theory looks very plausible. Everything, like the dates and the percentages, seems to add up. If it turns out to be the right explanation, this is very good news for Bitcoin. I just couldn't stomach the fact that a criminal like Pirate would possibly be the richest man in Bitcoinland by running away with 500K BTC form the people he scammed. It serves him well if he's lost the money. The funny thing is, he was probably so stupid as to think his scheme could work.
If this Zeek theory is true, then Pirate may have been smart enough to take his part of the daily returns out With 500K BTC even converted at $5 on avg, his daily 0.5% take comes down to 0.5% X $ 2.5 mln = $ 12.500 According to the SEC $ 160 mln was paid out of ZEEK in July, so it's entirely possible he could take such amounts out of it A risk free pass through because it is with other peoples money netting $ 12.500 a day He is laughing all the way to the bank, don't feel sorry for him I hope he was dumb enough to keep his money there compounding I wonder, if he was investing into Zeek. Would he have been doing so through a bank account? Not made a bank records request on him yet.... The (not so) funny thing is that if he invested in Zeek, there's nothing anyone can do to get the money back from him He didn't steal your money.... he's willing to give it back but not able as it is in receivership and the gains he made off of running his pass through are probably his to keep Even the guy running the Zeek Ponzi got away with paying a $ 4 mln fine and giving up his interest in the company Pirate always said it was high risk.... Yes it would.... Problem is now the cat is out of the bag, if pirate makes this statement and the community accepts it there is no knowing if he did sack the coins or or not. |
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DutchBrat
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September 07, 2012, 01:05:58 PM |
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The ZeekRewards theory looks very plausible. Everything, like the dates and the percentages, seems to add up. If it turns out to be the right explanation, this is very good news for Bitcoin. I just couldn't stomach the fact that a criminal like Pirate would possibly be the richest man in Bitcoinland by running away with 500K BTC form the people he scammed. It serves him well if he's lost the money. The funny thing is, he was probably so stupid as to think his scheme could work.
If this Zeek theory is true, then Pirate may have been smart enough to take his part of the daily returns out With 500K BTC even converted at $5 on avg, his daily 0.5% take comes down to 0.5% X $ 2.5 mln = $ 12.500 According to the SEC $ 160 mln was paid out of ZEEK in July, so it's entirely possible he could take such amounts out of it A risk free pass through because it is with other peoples money netting $ 12.500 a day He is laughing all the way to the bank, don't feel sorry for him I hope he was dumb enough to keep his money there compounding I wonder, if he was investing into Zeek. Would he have been doing so through a bank account? Not made a bank records request on him yet.... The (not so) funny thing is that if he invested in Zeek, there's nothing anyone can do to get the money back from him He didn't steal your money.... he's willing to give it back but not able as it is in receivership and the gains he made off of running his pass through are probably his to keep Even the guy running the Zeek Ponzi got away with paying a $ 4 mln fine and giving up his interest in the company Pirate always said it was high risk.... Yes it would.... Problem is now the cat is out of the bag, if pirate makes this statement and the community accepts it there is no knowing if he did sack the coins or or not. Well a valid claim for around 500K BTC worth in fiat with the receiver of ZEEK would do wonders... if he can't give people that... he did sack them |
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bitlane
Internet detective
Sr. Member
Offline
Activity: 462
Merit: 250
I heart thebaron
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September 07, 2012, 01:09:15 PM |
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This is a complete shit-show. All this speculation is now making a joke of the situation.
I am sure there are 1001 reasons and coincidences......NONE of which have anything to do with the other.
Keep this in mind:
Trendon had said his Clients wanted all dealings to become revealed once money was paid back and business was closed.
Anyone care to make any connections with that info ? speculate a bit more ?......GIVE IT A REST.
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ElectricMucus
Legendary
Offline
Activity: 1666
Merit: 1057
Marketing manager - GO MP
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September 07, 2012, 01:14:53 PM |
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Still holding up hope eh? This is a complete shit-show. All this speculation is now making a joke of the situation.
I'm glad you finally get it.  |
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DutchBrat
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September 07, 2012, 01:17:46 PM |
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This is a complete shit-show. All this speculation is now making a joke of the situation.
I am sure there are 1001 reasons and coincidences......NONE of which have anything to do with the other.
Keep this in mind:
Trendon had said his Clients wanted all dealings to become revealed once money was paid back and business was closed.
Anyone care to make any connections with that info ? speculate a bit more ?......GIVE IT A REST.
You truly believe there are any Clients  Like they would want whatever they were doing be made public.... If they exist at all |
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makomk
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September 07, 2012, 01:40:22 PM |
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Why would anyone run a secret pass through to a ponzi when they could just run a ponzi themselves?
Ponzis are apparently delicate things, especially in the early days - one big investor pulling out early on can spell doom for them. I'd be more inclined to believe he was just a pass-through if it wasn't for the fact that Maged and co. investigated his finances through the blockchain and seemed to reckon they were consistent with a highly profitable standalone ponzi scheme. |
Quad XC6SLX150 Board: 860 MHash/s or so. SIGS ABOUT BUTTERFLY LABS ARE PAID ADS |
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DeathAndTaxes
Donator
Legendary
Offline
Activity: 1218
Merit: 1079
Gerald Davis
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September 07, 2012, 06:05:07 PM |
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Um because Pirate said 10.65% instead of 10.50% that means what exactly? You already have the interest rate wrong Maybe Pirate had the interest rate wrong, or maybe he padded it to make his margin look more impressive, or maybe he simply lied so much for so long he started getting the lies and reality mixed up. I don't really know what the quote of a lying two-bit criminal and scumbag is really "proof" of. |
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fcmatt
Legendary
Offline
Activity: 2072
Merit: 1001
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September 07, 2012, 06:06:52 PM |
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why in the heck does pirateat40 not have a scammer tag yet?
pirateat40
Avast Ye!
VIP
Hero Member
Mods.. what crack are you smoking? Too lazy to mark him as a scammer for a measily rip like he did?
Yet jump on others for such trivial things. Pfft.
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bigasic
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September 07, 2012, 06:32:55 PM |
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Now it all makes sense.. With the info that is available, it makes sense that Pirate was running a pass thru to Zeek. The reason he announced that he was going to lower the interest rate was due to the bitcoin climbing. IF my theory is correct, the coin had to stay close to 5 for him to keep things in equilibrium. But, when it shot to over 10 is when the bitcoin income probably slowed down and he had to purchase them. Hence the lower interest rate announcement. Then Zeek gets shut down so the whole thing comes to an end..
Well, if the above is what happened, at least im fairly confident no one person has 500k coins at their disposal...
Now, let me grab that almost empty popcorn bag....
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Tomatocage
Legendary
Offline
Activity: 1554
Merit: 1222
brb keeping up with the Kardashians
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September 07, 2012, 06:36:25 PM |
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Has anybody asked him about this in IRC?
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burnside
Legendary
Offline
Activity: 1106
Merit: 1006
Lead Blockchain Developer
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September 07, 2012, 06:37:10 PM |
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And the winding down announcement... think he had someone at Zeek telling him he'd get paid out?
If he was tied to Zeek, he should have just came out and said it as soon as he realized it was game over.
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EskimoBob
Legendary
Offline
Activity: 910
Merit: 1000
Quality Printing Services by Federal Reserve Bank
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September 07, 2012, 08:01:06 PM |
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Here is hes Zeek account number: 26467-786536-29-87428377 Call Zeeks secret investors hotline, press 2, wait for the beep and key in: 26467-786536-29-87428377 I know it's long but Zeek people care more about security than bitcoin exchanges and web-wallets do.  |
While reading what I wrote, use the most friendliest and relaxing voice in your head.
BTW, Things in BTC bubble universes are getting ugly....
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hannesnaude
Full Member
Offline
Activity: 169
Merit: 100
Firstbits : 1Hannes
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September 07, 2012, 08:11:56 PM |
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This is an very interesting hypothesis. I've been wondering why pirate didn't attempt to hide his RL identity if he was intentionally running a massive ponzi. Surely he didn't expect that he would be able to just walk away with the cash and there would be no RL repercussions. But if he was operating a Zeek passthrough, then he may well not have realized that it (Zeek) was a ponzi, assuming he's bad at math. But if there's one thing we've learnt from this fiasco it's that a lot of seemingly intelligent people are really bad at math.
It also explains why he tried to keep the BTC price down, which does not fit with the default straight-up ponzi theory.
The only gotcha I see is that under this theory it makes less sense for him to restrict or decline deposits, as he apparently did at times. Does anyone know whether Zeek restricted deposits early on?
I agree with Brunic that we need to look closely at Zeek's history for further confirmation or contradiction.
P.S. Perhaps a mod can split this conversation off into a new topic?
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evolve
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September 07, 2012, 08:32:28 PM |
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Surely he didn't expect that he would be able to just walk away with the cash and there would be no RL repercussions.
I think that's exactly what he expected. In the past there have been no repercussions for bitcoin theft, no reason to expect some now. |
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hannesnaude
Full Member
Offline
Activity: 169
Merit: 100
Firstbits : 1Hannes
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September 07, 2012, 08:39:31 PM |
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Surely he didn't expect that he would be able to just walk away with the cash and there would be no RL repercussions.
I think that's exactly what he expected. In the past there have been no repercussions for bitcoin theft, no reason to expect some now. Maybe. Personally I wouldn't gamble with the safety of my family like that for all the money in the world. Deranged people are not in short supply in this community. |
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