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Author Topic: Who Was Pirateat40? And what did he do?  (Read 767 times)
DeboraMeeks (OP)
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February 27, 2014, 07:02:52 PM
 #1

Who was pirateat40? What was the whole story about the scams and such? What happened basically?

Maybe a long time member can explain the full story. I'm curious!
DeboraMeeks (OP)
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February 27, 2014, 07:10:03 PM
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So basically running a ponzi is what he did?

Anyone add any more information?
Adrian-x
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February 27, 2014, 07:15:50 PM
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He was a guy that gave 7% interest per week on Bitcoin you lent to him.
He used the first Bitcoin exchange to disperse the dividend. Later shut down (I lost Bitcoin not with Pirateat40 but others who used the closure to steel.)

Pirateat40 launched at a time when Bitcoin had been in a steady decline for over 6 months.

Lots of people were looking for things to do with there static Bitcoin and this "investment" was wildly popular.

It was obvious to many it was a ponzi - $50,000 bets were take to prove it.

It eventually collapsed he was charged and found guilty and I think in prison.

For more info try searching.

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proudhon
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February 27, 2014, 07:20:53 PM
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He was a guy that gave 7% interest per week on Bitcoin you lent to him.
He used the first Bitcoin exchange to disperse the dividend. Later shut down (I lost Bitcoin not with Pirateat40 but others who used the closure to steel.)

Pirateat40 launched at a time when Bitcoin had been in a steady decline for over 6 months.

Lots of people were looking for things to do with there static Bitcoin and this "investment" was wildly popular.

It was obvious to many it was a ponzi - $50,000 bets were take to prove it.

It eventually collapsed he was charged and found guilty and I think in prison.

For more info try searching.

I'm not sure he's in prison yet.  I think whatever criminal or civil proceedings he's involved in are still ongoing.  But, yeah, the TL;DR is:  he ran a ponzi scheme with bitcoin.  It eventually unraveled, and most people lost money.  Then he got caught.

Bitcoin Fact: the price of bitcoin will not be greater than $70k for more than 25 consecutive days at any point in the rest of recorded human history.
DeboraMeeks (OP)
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February 27, 2014, 07:22:05 PM
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Quite amazing when you think about it! He handled hundreds of thousands of bitcoins which were just handed to him.
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February 27, 2014, 07:39:23 PM
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He was a guy that gave 7% interest per week on Bitcoin you lent to him.
He used the first Bitcoin exchange to disperse the dividend. Later shut down (I lost Bitcoin not with Pirateat40 but others who used the closure to steel.)

Pirateat40 launched at a time when Bitcoin had been in a steady decline for over 6 months.

Lots of people were looking for things to do with there static Bitcoin and this "investment" was wildly popular.

It was obvious to many it was a ponzi - $50,000 bets were take to prove it.

It eventually collapsed he was charged and found guilty and I think in prison.

For more info try searching.

I'm not sure he's in prison yet.  I think whatever criminal or civil proceedings he's involved in are still ongoing.  But, yeah, the TL;DR is:  he ran a ponzi scheme with bitcoin.  It eventually unraveled, and most people lost money.  Then he got caught.

Yes but I have never heard what happened to the coins.

more or less retired.
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