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Author Topic: Bitcoin Savings and Trust | Home | Closed  (Read 801232 times)
Bitcoin Oz
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June 20, 2012, 01:38:03 AM
 #981

+1 waltmarkers! Definitely one of the soundest theories I've seen floated around here.

Its either that or hes silk road's mixer Smiley

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bitlane
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June 20, 2012, 01:41:32 AM
 #982

Hey waltmarkers, take your shit elsewhere.

Tons of other members have had NO problems creating their own threads to cry and whine in, so take a queue from them and DO THE SAME.

If you don't have a BTCST Investment DIRECTLY WITH PIRATE...fuck off.

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June 20, 2012, 01:45:00 AM
 #983

Hey waltmarkers, take your shit elsewhere.

Tons of other members have had NO problems creating their own threads to cry and whine in, so take a queue from them and DO THE SAME.

If you don't have a BTCST Investment DIRECTLY WITH PIRATE@40...fuck off.

I don't have a problem with it. I thought my view would make people more comfortable than a ponzi. As far as I can tell, he's no more or less exposed to risk than the man selling $500K in diamonds a week for cash to a repeat buyer.

Note I said in my first post, if Pirate has a problem with my guess of what he's doing, I'd happily edit / delete any / all posts.
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June 20, 2012, 01:49:07 AM
 #984

Hey waltmarkers, take your shit elsewhere.

Tons of other members have had NO problems creating their own threads to cry and whine in, so take a queue from them and DO THE SAME.

If you don't have a BTCST Investment DIRECTLY WITH PIRATE@40...fuck off.

I don't have a problem with it. I thought my view would make people more comfortable than a ponzi. As far as I can tell, he's no more or less exposed to risk than the man selling $500K in diamonds a week for cash to a repeat buyer.

Note I said in my first post, if Pirate has a problem with my guess of what he's doing, I'd happily edit / delete any / all posts.

your theory does make sense, ignore that idiot
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June 20, 2012, 01:53:14 AM
 #985

Hey waltmarkers, take your shit elsewhere.

Tons of other members have had NO problems creating their own threads to cry and whine in, so take a queue from them and DO THE SAME.

If you don't have a BTCST Investment DIRECTLY WITH PIRATE@40...fuck off.

I don't have a problem with it. I thought my view would make people more comfortable than a ponzi. As far as I can tell, he's no more or less exposed to risk than the man selling $500K in diamonds a week for cash to a repeat buyer.

Note I said in my first post, if Pirate has a problem with my guess of what he's doing, I'd happily edit / delete any / all posts.

your theory does make sense, ignore that idiot

Thanks for taking the time to read the history before running your mouth.  Lots of people have skipped the hard research and spread FUD, which is why bitlane is making an ass of himself.  Forgive him, he's just tired.

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June 20, 2012, 01:56:07 AM
 #986

Hey waltmarkers, take your shit elsewhere.

Tons of other members have had NO problems creating their own threads to cry and whine in, so take a queue from them and DO THE SAME.

If you don't have a BTCST Investment DIRECTLY WITH PIRATE@40...fuck off.

I don't have a problem with it. I thought my view would make people more comfortable than a ponzi. As far as I can tell, he's no more or less exposed to risk than the man selling $500K in diamonds a week for cash to a repeat buyer.

Note I said in my first post, if Pirate has a problem with my guess of what he's doing, I'd happily edit / delete any / all posts.

your theory does make sense, ignore that idiot

Thanks for taking the time to read the history before running your mouth.  Lots of people have skipped the hard research and spread FUD, which is why bitlane is making an ass of himself.  Forgive him, he's just tired.

Must be. He's usually one of the most sensible people on the forums.

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June 20, 2012, 03:24:07 AM
 #987

so now does pirate's business model include buying bitcoins constantly? haven't found any answer yet around here... beginning at the lows last winter, did he perhaps even rescue Bitcoin singlefootedly?  Shocked
I pretty sure that the last thing the pirate does is buying bitcoins Smiley

He obviously lends them out to some other people at higher interests, without being nosy on where they get the bitcoins from.
Ot it's a ponzi...
Either of the two - feel free to choose your believes, I'm still not quite sure about mine Smiley


Isn't it clear what he does? He's said as much on other threads. People lend him bitcoins that he then sells for hard currency locally at a (significant) markup. Whoever buys those coins more than likely sends them to a third party, who converts them back to fiat (possibly another fiat).

Pirate moves his currency back into bitcoins. More than likely Pirate is never in fiat more than a day or two, leaving him minimally exposed to bitcoin / fiat pair volatility risk.

Pirate's customer has a steady need to send currency through bitcoins on a regular basis, for payment for some ongoing good or service. These customers are paying a significant premium for this service, likely 10% or more. That's why Pirate can afford to pay 7 points per week. As long as pirate's customers' business grows (or they move more bitcoins through him) he can afford to keep paying 7% indefinitely. It is likely that at some point he may have to close to new deposits (as he has done in the past).

Bitcoin is a easy way to move large amounts of currency without the use of banks or walking large amounts of cash through airports. Hell, it's better than diamonds or art. Sure is more liquid.

He's doing exactly what he says he does, arbitrage with a very short term loan (The loan is as fast as he can turn hard currency to bitcoin).

(If I've stepped a little too close to home, please let me know and I'll edit / delete my post.)

Most sound explanation of pirate's swashbuckling ways lately - that would also explain why a 10% ROI weekly is possible without going into illegal ways.

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June 20, 2012, 07:44:21 AM
 #988

. beginning at the lows last winter, did he perhaps even rescue Bitcoin singlefootedly?  Shocked

I don't think bitcoin was going to crash, I think he accelerated the demand for bitcoin and caused part of the rise we're seing. But they were others factors which likely contributed as well (the good wife episode for example). No I think bitcoin is an idea whose time has come, as they say.
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June 20, 2012, 08:54:26 AM
 #989

He obviously lends them out to some other people at higher interests, without being nosy on where they get the bitcoins from.
Isn't it clear what he does? He's said as much on other threads. People lend him bitcoins that he then sells for hard currency locally at a (significant) markup. Whoever buys those coins more than likely sends them to a third party, who converts them back to fiat (possibly another fiat).
Pirate moves his currency back into bitcoins. More than likely Pirate is never in fiat more than a day or two, leaving him minimally exposed to bitcoin / fiat pair volatility risk.
Well, that's basically what I said. What you have described is in fact lending bitcoins, using a USD deposit as a collateral.
It's obviously not the dollars that makes the interest rate so high - its the bitcoins.

Plus, I don't know what kind of financial regulations they have in Texas, but keeping in mind that it's not a 3rd world country, my guess would be that lending USD for over 7% interest per week, would be pretty much illegal. Unless he was JP Morgan - then it could still be illegal, but nobody cares. Smiley
In the meantime lending bitcoins at any interest is not illegal yet, because according to law they are no more of a money than a gold from my stash in Diablo 3. Smiley

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June 20, 2012, 10:57:40 AM
 #990

Hi,
Is it still possible to open an account with BTCST? I am very much interested, I just don't know anyone who could refer me. :/

If anybody wants to chat to get to know me a bit, contact me via PN please.


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June 20, 2012, 11:09:59 AM
 #991

Quote
Plus, I don't know what kind of financial regulations they have in Texas, but keeping in mind that it's not a 3rd world country, my guess would be that lending USD for over 7% interest per week, would be pretty much illegal. ...

I found this link about Texas Usury law:  https://www.oag.state.tx.us/consumer/loans.shtml

One month, less than $189 pawn shop loans are restricted by law to be less than %240 (4.67% weekly).

Of course that is of no consequence unless the other party complains.

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June 20, 2012, 11:22:59 AM
 #992

Hi,
Is it still possible to open an account with BTCST? I am very much interested, I just don't know anyone who could refer me. :/

If anybody wants to chat to get to know me a bit, contact me via PN please.

The way to go now, especially if you plan on investing < BTC2,000 is one of the many pirate pass throughs, on GLBSE you can find the PPT issues that have a 25% insurance from 6 high rep guys & pay excellent interest on a 4 week bond, there is also goat's TYGRR.B-P paying about 6.6% (if you buy @ 1.02) - 6.8% per week. Lenders forum has PAYB.TC - Bitcoinmax with the best rate of 6.9% on any amounts over BTC10 per week, see Starfish/Patrick's 'Who offers what' 'Who Pays What' thread for others.

Edit @m_yaw If you do happen to wish to invest > BTC2,000 & plan on leaving it there for at least 3 months then feel free to PM me re a possible referral with a little more info about youself & what you're planing/hoping to do, thanks.

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June 20, 2012, 02:58:41 PM
 #993

Hi,
Is it still possible to open an account with BTCST? I am very much interested, I just don't know anyone who could refer me. :/

If anybody wants to chat to get to know me a bit, contact me via PM please.


Just PM pirateat40 directly. Never mind, misread the OP.

You can buy some shares of a passthrough on GLBSE such as FOO.PPPPT (0.07 BTC/week) or TYGRR.BOND-P (0.068 BTC/week). You could also go through a passthrough mentioned on Who Pays What? as Otoh suggested.

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Gladamas
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June 20, 2012, 03:08:45 PM
 #994

Hi,
Is it still possible to open an account with BTCST? I am very much interested, I just don't know anyone who could refer me. :/

If anybody wants to chat to get to know me a bit, contact me via PM please.


Just PM pirateat40 directly.

Otherwise buy some shares of a passthrough on GLBSE such as FOO.PPPPT (0.07 BTC/week) or TYGRR.BOND-P (0.068 BTC/week). You could also go through a passthrough mentioned on Who Pays What? as Otoh suggested.



PMing Pirate directly is bad advice. I think it says in the OP you need a reference.

Q: How do I setup an account?
A: Opening an account with BS&T requires a referral from a current lender.  Lenders are not paid for referrals so they have nothing to gain from me but this model allows me to limit new accounts from unknown or untrustworthy members while building trust between members within the network.

Sorry, I am wrong, I completely missed that.

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June 21, 2012, 01:31:03 PM
 #995

FWIW:

I have been mulling over this for a long time. I have bet against pirate on betsofbitco.in, posted my feelings in the forum, and pulled in and out of pass-throughs.

Yesterday, I decided that I do not think this is a Ponzi. I wish I would have come to this conclusion much sooner. I will be back in the game some time soon, and I would encourage others to do the same. If I am right, this is one of those investment opportunites that only comes around once in a lifetime.

HB
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June 21, 2012, 01:48:47 PM
 #996

Quote from: waltmarkers link=topic=50822.msg976124#msg976124
Isn't it clear what he does? He's said as much on other threads. People lend him bitcoins that he then sells for hard currency locally at a (significant) markup. Whoever buys those coins more than likely sends them to a third party, who converts them back to fiat (possibly another fiat).
Pirate moves his currency back into bitcoins. More than likely Pirate is never in fiat more than a day or two, leaving him minimally exposed to bitcoin / fiat pair volatility risk.

I've always been fairly sure that this is the case, but I still cannot figure out the volume aspect of it. If it is multiple lendees, how is it possible that they are all concentrated conveniently near him? Or, if it is a single entity, how could they possibly be using so many coins outside of the usual market?

I wonder if they are stockpiling over a a period of time, or whether the coins are used in some kind of active investment. If stockpiling, they would have a huge pile by now.

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June 21, 2012, 01:56:27 PM
 #997

Quote from: waltmarkers link=topic=50822.msg976124#msg976124
Isn't it clear what he does? He's said as much on other threads. People lend him bitcoins that he then sells for hard currency locally at a (significant) markup. Whoever buys those coins more than likely sends them to a third party, who converts them back to fiat (possibly another fiat).
Pirate moves his currency back into bitcoins. More than likely Pirate is never in fiat more than a day or two, leaving him minimally exposed to bitcoin / fiat pair volatility risk.

I've always been fairly sure that this is the case, but I still cannot figure out the volume aspect of it. If it is multiple lendees, how is it possible that they are all concentrated conveniently near him?

Maybe it's a group of businesspeople who discovered Bitcoin by word of mouth. That would explain why they are near each other.

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June 21, 2012, 02:06:34 PM
 #998

What about some columbian drug dealers using bitcoins to move their cash? Smiley
bitlane
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June 21, 2012, 02:28:28 PM
 #999

FWIW:

I have been mulling over this for a long time. I have bet against pirate on betsofbitco.in, posted my feelings in the forum, and pulled in and out of pass-throughs.

Yesterday, I decided that I do not think this is a Ponzi. I wish I would have come to this conclusion much sooner. I will be back in the game some time soon, and I would encourage others to do the same. If I am right, this is one of those investment opportunites that only comes around once in a lifetime.

HB

.....and unfortunately the ship has sailed for many people, which I couldn't be more happy about. The 'Referral' model is the greatest decision that Pirate made, in regards to new account creation.

With all of the negativity directed towards Pirate, many times through cowardly 'sock puppet' accounts.....no one can really be sure who is who at times and I for one will NEVER refer anyone because of this. I have been asked, offered bribes, money/BTC...but I will not refer anyone and run the risk of letting someone into the program who may or may not have been shit-talking Pirate and the rest of the BTCST members out of jealousy.

I have trusted Pirate with large sums of BTC since early-mid January and I have never been given any reason to second guess that trust, nor do I see it being a problem in the near future. I have never openly gloated, only shown appreciation for the opportunity that I was given to invest.

A handful of community members have done VERY WELL thanks to Pirate and because he has done so much for so many, some of those same people feel it necessary to 'get his back' when the bullshit begins to fly.

Like a broken record, even though I have said it multiple times before.....I will say it again:

THANK YOU PIRATE...FOR EVERYTHING.

Even at this point in the game, it's still comforting to see all of the 'sour grapes' out there...having no choice BUT to complain and continue to sew the seeds of mistrust about the BTCST, all because they couldn't and now will likely never get an account....

bitlane.
An extremely happy BTCST member.

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June 21, 2012, 06:06:19 PM
 #1000

I can say the one bit that showed me this is legit is that pirate will kick funds out when he has too much.  I just can't think of a scenario where you would do that unless this was going to be a MASSIVE ponzi scheme where his end goal was in the millions.  And from what I've seen, that just doesn't seem likely.

Although I am a bit sad that I got my BTCST account and less than 2 days later all my coins got kicked out from an earlier member depositing Sad.

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