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Question: How would you rate Bitcoin Savings & Trust?
5 - Excellent
4 - Very Good
3 - Good
2 - Fair
1 - Poor
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Warning: Moderators do not remove likely scams. You must use your own brain: caveat emptor. Watch out for Ponzi schemes. Do not invest more than you can afford to lose.

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Author Topic: Bitcoin Savings and Trust | Home | Closed  (Read 774292 times)
MPOE-PR
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April 17, 2012, 09:59:40 AM

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I would be more interested in how many reserves the "trust" still has. E.g. what would happen if the 10 biggest accounts cash out at the same time. Right now.

This.

Scenario.

I. Buy, borrow or steal 1k btc.

II. Open Krakken Bank of Bitcoin, October 1st (as we all know krakken eat pirates). Offer 7% per week to investors. At this point it makes sense strategically to open it only to "selected" investors - most everybody isn't interested anyway so you gain some "mystique" that costs nothing.

III. 1st of November. Collected a few hundred in principal, paid maybe 10-20 BTCs from your 1k. BuKK stands at a few hundred btc invested + the goodwill of paid investors, you stand at ~980 BTC.

IV. 1st of December. Collected about 1k BTC in principal, paid ~200 BTC from your 1k. BuKK stands at 1k invested, buzz is starting to fly. You're ~750 BTC.

V. 1st of January. Collected 2-3k BTC, paid pretty much the remainder of your original balance. Start making little noises here and there about how you "own" the bitcoin market and delicately suggest to people that your moves actually have any impact (a ludicrous concept, but it served the bankers of old fiat well).

VI. 1st of February. Things start to balloon from here. BuKK principal is easily over 10k BTC, growth rates in the 10 to 20% range each week. Replenish your original 1k with some fringe just in case, pay the suckers their "interest" from the growth rate like any serious pirate/krakken/anything else designed-to-fail ponzi scheme. Do a lot of mouthing about imaginary investment opportunities irl or at the irl/btc interface that somehow magically net you what no business in the ~1000 years of business history ever made and each hyip in the ~10000 years of hyip history always claimed.

Huh

VII. Fail. A well, certainly not the first time, certainly not the last time, it's a pity to let a sucker keep its bitcoin and all that. Not like any lessons are liable to be learned or anything of the sort.

What's that, June? September? May? Heck, with a little luck it might even survive till the reward halving.

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Raoul Duke
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April 17, 2012, 10:23:35 AM


MPOE-PR
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April 17, 2012, 12:28:18 PM

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In 2010, the Financial Industry Regulatory Authority (FINRA) warned that "[t]he con artists behind HYIPs are experts at using social media — including YouTube, Twitter and Facebook — to lure investors and create the illusion of social consensus that these investments are legitimate."
[...]
Some HYIP operators opened their own digital currency companies that eventually folded; these companies include Standard Reserve, OSGold, INTGold, EvoCash, and V-Money.
[...]
The largest documented HYIP scam was OSGold, founded as an e-gold imitation in 2001 by David Reed. OSGold folded in 2002. According to a lawsuit filed in U.S. District Court in early 2005, the operators of OSGold may have made off with USD $250 million. CNet reported that "at the height of its popularity, the OSGold currency boasted more than 60,000 accounts created by people drawn to promises of "high yield" investments that would provide guaranteed monthly returns of 30 percent to 45 percent."
[...]
The second largest documented HYIP was PIPS (People in Profit System or Pure Investors). The investment scheme was started by Bryan Marsden in early 2004 and spanned more than 20 countries. PIPS was investigated by Bank Negara Malaysia in 2005 which resulted in Marsden and his wife being charged in a Malaysian court with 97 counts of money laundering more than 77 million RM, equivalent to $20 million. Even after these charges were brought forth, many of Marsden's followers and investors continued to support him and believe they would see their money in the future.

There is no 7% a week. Deal with it.

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pirateat40
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April 17, 2012, 01:53:40 PM

Update

All accounts have been corrected that were affected by the payment script.

If you have any questions feel free to contact me.

Thanks,

copumpkin
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April 17, 2012, 01:57:01 PM

Quote
In 2010, the Financial Industry Regulatory Authority (FINRA) warned that "[t]he con artists behind HYIPs are experts at using social media — including YouTube, Twitter and Facebook — to lure investors and create the illusion of social consensus that these investments are legitimate."
[...]
Some HYIP operators opened their own digital currency companies that eventually folded; these companies include Standard Reserve, OSGold, INTGold, EvoCash, and V-Money.
[...]
The largest documented HYIP scam was OSGold, founded as an e-gold imitation in 2001 by David Reed. OSGold folded in 2002. According to a lawsuit filed in U.S. District Court in early 2005, the operators of OSGold may have made off with USD $250 million. CNet reported that "at the height of its popularity, the OSGold currency boasted more than 60,000 accounts created by people drawn to promises of "high yield" investments that would provide guaranteed monthly returns of 30 percent to 45 percent."
[...]
The second largest documented HYIP was PIPS (People in Profit System or Pure Investors). The investment scheme was started by Bryan Marsden in early 2004 and spanned more than 20 countries. PIPS was investigated by Bank Negara Malaysia in 2005 which resulted in Marsden and his wife being charged in a Malaysian court with 97 counts of money laundering more than 77 million RM, equivalent to $20 million. Even after these charges were brought forth, many of Marsden's followers and investors continued to support him and believe they would see their money in the future.

There is no 7% a week. Deal with it.

I have a feeling you're not a PR account. Or if you are, you're doing a pretty bad job Smiley
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April 17, 2012, 02:13:03 PM

Update

All accounts have been corrected that were affected by the payment script.

If you have any questions feel free to contact me.

Thanks,

The guy has mud thrown at him from all directions and his next message is about fixing an accounting error of 0.xx percent.
Is he cool or not ? Smiley


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Raoul Duke
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April 17, 2012, 05:50:26 PM

I have a feeling you're not a PR account. Or if you are, you're doing a pretty bad job Smiley

Only the fact the HE pretends being a female is telling...

BCX, is that you? lol

ShadowAlexey
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April 17, 2012, 07:13:42 PM

Another scenario.
You have 1M btc.
You want to be a millonare. You cant sell them,because its price will be less than a dollar.So you get Aprox 1mln$.
You lend money from people at very good percent, you pay them for it. You get price growth to very high value(20$), you spend about 250k btc for it. Now BTC you can sell your BTC and you get 7.5mln $.
Profit. $)
That`s all are average values, but i think that you got the point Smiley.

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Raoul Duke
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April 17, 2012, 07:16:25 PM

Pirate, I got a small ammount on my withdrawal address, Net amount: +0.00000001 BTC

I see that there is no withdrawal registered on the site, yet there is one 0.00000001 BTC deposit.

Did you just deposited it and sent it to me at the same time? Or is it a bug?

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April 17, 2012, 08:12:36 PM

Do a lot of mouthing about imaginary investment opportunities irl or at the irl/btc interface that somehow magically net you what no business in the ~1000 years of business history ever made and each hyip in the ~10000 years of hyip history always claimed.

Sure, if you want to kill the golden goose. There is movement of capital flow into the Bitcoin system; without that, wealth is confined to an isolated environment and what you describe would be the most likely scenario. The USD is an isolated environment of sorts and therefore instead of wealth transfer from external pools into the USD, the proportion of ownership changes.

In a system as small as Bitcoin's any Ponzi scheme would quickly reach its zenith - in isolation. Even if Pirate is running such a scam, external flows from USD and other sources can keep the game going for a very long time. I would only be concerned if capital inflows into the Bitcoin system remain unchanged or decrease and the rates of return fail to decline somewhat over the next 12-18 months.

Right now, a relatively small amount each week (~$250,000) is necessary to maintain the exchange value of Bitcoin at the current base inflation rate of ~25-30%. There's plenty of room to grow with a global pool in the hundreds of trillions of dollars in search of proportion increase potential.
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April 18, 2012, 02:33:32 AM

Pirate, I got a small ammount on my withdrawal address, Net amount: +0.00000001 BTC

I see that there is no withdrawal registered on the site, yet there is one 0.00000001 BTC deposit.

Did you just deposited it and sent it to me at the same time? Or is it a bug?

Yes, pirate - you credited accounts AND sent a payment to the withdrawal address on file.
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April 18, 2012, 02:39:18 AM

Pirate, I got a small ammount on my withdrawal address, Net amount: +0.00000001 BTC

I see that there is no withdrawal registered on the site, yet there is one 0.00000001 BTC deposit.

Did you just deposited it and sent it to me at the same time? Or is it a bug?

Yes, pirate - you credited accounts AND sent a payment to the withdrawal address on file.
that's what happened on mine too.

Trading MtGox USD for Dwolla/ACH deposit/Chase cash deposit
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pirateat40
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April 18, 2012, 04:06:08 AM

Reinvested accounts got the single Satoshi that was an accounting fix in the system.

Raoul Duke
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April 18, 2012, 04:21:17 AM

Reinvested accounts got the single Satoshi that was an accounting fix in the system.

Got the single satoshi reinvested and paid to their withdrawal address lol

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April 23, 2012, 04:41:25 PM

Happy Monday!

Thanks P  Grin

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April 23, 2012, 05:27:29 PM

 Grin

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bitlane
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April 25, 2012, 01:28:09 AM


The new website is up!

First Pirate Savings & Trust is now Bitcoin Savings & Trust

Since www.btclending.com will be used for a separate service, there is a new URL as well.  For now, the old URL will redirect to the new site but it won't be for long.  Check out the new site at www.btcst.com.

The new site includes a whole new backend along with a few new features including:

  • SSL Encrypted - Coming shortly.
  • Two-Step Authentication via Google Authenticator - Coming shortly.
  • Request Withdraws - Coming shortly.
  • Account Changes - Limited based on authentication.
  • Transfer Codes - Coming shortly.
  • Much more to come...

Note: Payments paid yesterday where added to your account (regardless if you are reinvested) just for record purposes while we switched over.  They'll be removed so don't go spending them. Smiley

I know it's been a while and I'd like to thank you all for being patient. There are a lot of things in the works which will be released in the coming months that integrate with Bitcoin Savings & Trust.

As always, please feel free to contact me if you have any comments, suggestions or issues with the site.

Enjoy,

pirate@40


Any chance for an update on the new features ?
It's been a while since we have heard from you. How are things proceeding ?
bitlane.

pirateat40
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April 25, 2012, 03:54:06 PM

Any chance for an update on the new features ?
It's been a while since we have heard from you. How are things proceeding ?
bitlane.

Yea, we got SSL up a while back but the rest it coming this week and then more the following week.

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April 30, 2012, 10:32:44 PM

only one reason to like mondays... Smiley

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April 30, 2012, 11:03:55 PM

only one reason to like mondays... Smiley

i still hate mondays.

aussies get pirate-pay on tuesday mornings Smiley
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