Pirate Pass Through?

[ZodiacDragon84]

Guess I'm late to this train, but can some one dumb down what the hell a pirate pass through is for me?

[organofcorti]

Guess I'm late to this train, but can some one dumb down what the hell a pirate pass through is for me?

Yeah, it's a Carribean gumbo, lots of chili. It was what pirates once used for colon health.

[The_Duke]

There's one!

[ZodiacDragon84]

Smart asses!!!

[VelvetLeaf]

Pirate offer several level of interest based on your balance :
For those of you that have <= 100 BTC, you get 3.5% ? interest.

The amount of interest that you receive will get higher as your BTC balance is higher, if you accumulate to 25,000 BTC you can get 7% interest.

In order to get 25,000 BTC, some people act as mediator to accumulate all the funds from bitcointalk.org forum and store that in pirate so you can get 7% interest / week.
The mediator is called Pirate Passthrough.

[organofcorti]

OK, had my fun.

A pirate pass through (PPT) was a way for smaller investors to invest coins with (read: give coins to) pirateat40, who only accepted largish investors. Buy a bunch of bonds at GLBSE for example, and those bonds would pay just under 7% per week.

[ZodiacDragon84]

THank you for your concise and simple explanation VelvetLeaf. I'm going to lock this thread unless someone sees a reason to keep it open.

[myrkul]

I summed it up nicely in another thread somewhere...

Think of it as a grocery co-op for losing your shirt.