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Author Topic: PirateAt40 / Trendon Shavers  (Read 5044 times)
thebaron
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March 28, 2013, 08:37:41 PM
 #21

I doubt they will actually be able to prove anything in court. Unless there's really direct evidence to prove that he was cashing out someone's Bitcoins.

They have a better chance of working with the IRS to prove tax evasion, IMHO.
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Bitsky
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March 28, 2013, 10:00:55 PM
 #22

$9/btc?
If investors offer to pay "only" 10%


so I assume the people who said it was too good to be true were told they were morons and to shut up
People said that Bitcoin would never work and only idiots would pay real money for some bytes which geeks calculate in their basements.

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March 12, 2014, 12:16:48 AM
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March 12, 2014, 12:51:17 AM
 #24

Out of curiosity what is the size of that scam vs. the Gox scam?  Undecided

Truth is the new hatespeech.
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March 12, 2014, 01:15:19 AM
Last edit: March 12, 2014, 01:32:07 AM by Frankie
 #25


He claims that he lent 202,000 bitcoins to a mysterious "Big One," but has no proof of such a loan occurring (Shavers depo p. 232).  He claims his mystery borrowers paid him every week, and tries to claim several places he never paid current investors from new deposits, not a Ponzi, etc. He claims he repaid 100,000 BTC from his personal funds after Oct. 3, 2012, but can't prove that either. (p. 260.) Whatevs, loser.

As for the question about comparison with Mt.Gox, the government alleges that he received "at least 732,050 bitcoins in principal investments." That's much higher than I thought; the common figure was 500,000 in fictional account balances (with much less actual capital due to the absurd interest rates).
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March 14, 2014, 07:54:27 AM
 #26

Out of curiosity what is the size of that scam vs. the Gox scam?  Undecided
The SEC calculates about $40 million, based on the average price of Bitcoins over the period of interest.
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March 14, 2014, 11:15:36 AM
 #27

Interesting read. Did anyone notice that he received multiple wires from some Daniel Thomas Williams from Florida (p298-299)? This sounds very much like the "famous" Tom Williams of mybitcoin fame which was suspected to be from Florida.

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March 14, 2014, 09:53:29 PM
 #28

Q) "And you say that Bitcoins Savings & Trust investment activitses was in the business, I should say, of lending bitcoin to anonymous borrowers you met online; is that right?"
A) "Correct"

What a genius thought-through business model.

Anyone want to lend me 10000 BTC at 1%/year so I can lend that out to random anonymous people on the internets at 2%? Because nothing could possible to wrong with that bussiness model, could it?

I personally don't buy this "I lent out 200k BTC to mysterious Big One and he did not pay me back and that's where the coins went yo" story at all. It's just too far-fetched.
Not to mention he has no records of the transaction (or other lending transactions) occurring. It seems he is really grasping at straws to not look like a ponzi.
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March 14, 2014, 11:07:35 PM
 #29


He claims that he lent 202,000 bitcoins to a mysterious "Big One," but has no proof of such a loan occurring (Shavers depo p. 232).  He claims his mystery borrowers paid him every week, and tries to claim several places he never paid current investors from new deposits, not a Ponzi, etc. He claims he repaid 100,000 BTC from his personal funds after Oct. 3, 2012, but can't prove that either. (p. 260.) Whatevs, loser.

As for the question about comparison with Mt.Gox, the government alleges that he received "at least 732,050 bitcoins in principal investments." That's much higher than I thought; the common figure was 500,000 in fictional account balances (with much less actual capital due to the absurd interest rates).

Of course for the ultimate in Bticoin conspiracy theories Mark Karpeles of MTGox could be the mysterious "Big One" here. What I found really interesting is that:
1) The BTC sales from Mark Karpeles' account ended in early August 2012 just before the collapse of Bitcoin Savings & Trust.
2) The total amount of sales from Mark Karpeles' account amounted to approximately 200000 BTC
My source for the above is http://mark-karpeles.com/ before it was taken down.

For example consider that Pirate started to get really nervous in late July 2012 and cut off Karpeles from further financing. Karpeles retaliated by defaulting on the entire amount.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
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March 14, 2014, 11:11:39 PM
 #30


Quite an engrossing read. Thanks for sharing!
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March 17, 2014, 06:39:31 AM
 #31

I had a little chuckle when the interviewer referred to the infamous exchange as "Mt Cox".
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