Bitcoin Savings and Trust | Home | Closed

[Tomatocage]

Deets on the Trust Accounts coming next month?

[Otoh]

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 .

^^ Thanks for reporting this.

I'm a great pirate fan, but this doesn't really mean anything, please give the dates & amounts, also anyone would do a few of these as sock puppets if it were a pp, or just to build cred by kicking a few hero members out.

Disclaimer: I'm 100% pro pirate & max funded on BST.

[wachtwoord]

Well, this is the first report I have seen at all. Sure, very little will 'prove' anything.

[mcorlett]

Disclaimer: I'm 100% pro pirate & max funded on BST.

Is this a thing now?!

[cantor]

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? 

I pretty sure that the last thing the pirate does is buying bitcoins

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

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.)

Regarding waltmarkers' theory on the nature of pirate's business...  Why would his clients pay such a high premium for this service?  Why wouldn't they e.g. directly buy bitcoins from mtgox?  I'm kinda new to this, and theories regarding pirate's operation are in my opinion nice case studies on how the bitcoin ecosystem works.  Any shedding of light on this question would be appreciated, also I hope I'm not hijacking this thread much (just a little ).

[mb300sd]

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 .

^^ Thanks for reporting this.

I'm a great pirate fan, but this doesn't really mean anything, please give the dates & amounts, also anyone would do a few of these as sock puppets if it were a pp, or just to build cred by kicking a few hero members out.

Disclaimer: I'm 100% pro pirate & max funded on BST.

eleuthria runs btc guild. I'm pretty sure hes not a sick puppet.

[Gladamas]

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? 

I pretty sure that the last thing the pirate does is buying bitcoins

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

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.)

Regarding waltmarkers' theory on the nature of pirate's business...  Why would his clients pay such a high premium for this service?  Why wouldn't they e.g. directly buy bitcoins from mtgox?  I'm kinda new to this, and theories regarding pirate's operation are in my opinion nice case studies on how the bitcoin ecosystem works.

Perhaps Pirate's clients do not want to be identified (for AML), so they pay Pirate a premium to exchange for them. Plus I imagine Pirate does all the work of exchanging the $ for Bitcoins and then sending the coins wherever the clients want.

[imsaguy]

Didn't you ever notice that "I control your machine," is an anagram of "GPUMax rocks" in Akkadian?  And of course we all know that the Cajuns are the Akkadians who came to America when the Sea Peoples left the Mediterranean after the collapse of Atlantis.

Didn't you ever notice that "El cat knows things: rum, poxrot" is an anagram of "GPUMax controls this network". And in English, too.

If you're going to bite off my awesome, at least step it up a notch.  Your point-missing skills aren't just limited to sports.

These threads are inevitable annoyances.  I'm arrogating to myself the authorship of "Pirate's Law": As an online discussion regarding pirateat40, btcst, GPUMax, or projects to be referred to as M, P, and X grows longer, the probability of speculation and accusation of unethical or criminal activity approaches is 1.

FTFY

I stand corrected, what, three whole cycles in this thread alone?

At least.

[organofcorti]

Didn't you ever notice that "I control your machine," is an anagram of "GPUMax rocks" in Akkadian?  And of course we all know that the Cajuns are the Akkadians who came to America when the Sea Peoples left the Mediterranean after the collapse of Atlantis.

Didn't you ever notice that "El cat knows things: rum, poxrot" is an anagram of "GPUMax controls this network". And in English, too.

If you're going to bite off my awesome, at least step it up a notch.  Your point-missing skills aren't just limited to sports.

These threads are inevitable annoyances.  I'm arrogating to myself the authorship of "Pirate's Law": As an online discussion regarding pirateat40, btcst, GPUMax, or projects to be referred to as M, P, and X grows longer, the probability of speculation and accusation of unethical or criminal activity approaches is 1.

FTFY

I stand corrected, what, three whole cycles in this thread alone?

At least.

Cool. If each post has a 1/356 chance of changing the tide of opinion, then the chart below shows the cumulative probability of a reversal of opinion occurring.

If hope it's handy. You should be able to estimate the probability of a given post to change peoples minds using this chart. The earlier you post in a cycle the more likely it is that post will be the cycle changer.

Consider it an apology for not liking your anagram better, or missing your point, or not stepping it up enough notches previously.

                           

[Gladamas]

[ConspiracyTheory]

1. Pirate is from Dallas.
2. George W. Bush (Jr.) is from Dallas.
3. Therefore, Pirate is George W. Bush!

[/ConspiracyTheory]

[payb.tc]

[ConspiracyTheory]

1. Pirate is from Dallas.
2. George W. Bush (Jr.) is from Dallas.
3. Therefore, Pirate is George W. Bush!

[/ConspiracyTheory]

this must be true, because i've never seen them in the same room together.

[Gladamas]

[ConspiracyTheory]

1. Pirate is from Dallas.
2. George W. Bush (Jr.) is from Dallas.
3. Therefore, Pirate is George W. Bush!

[/ConspiracyTheory]

this must be true, because i've never seen them in the same room together.

In fact, Pirate (George W. Bush) is using his political connections to create capitol, and is suckering us into this campaign. He has his own SuperPAC ready to destroy Bitcoin, and is just deceiving us to gain our trust!

[GeoRW]

[ConspiracyTheory]

1. Pirate is from Dallas.
2. George W. Bush (Jr.) is from Dallas.
3. Therefore, Pirate is George W. Bush!

[/ConspiracyTheory]

So, are we actually financing war in Afghanistan?  Oh man, I think I'm going out 

[payb.tc]

Now where's me a good PPT??

what's a 'PPT'?

[aq]

Now where's me a good PPT??

what's a 'PPT'?

pirate pass through - you operate one of the best

[wachtwoord]

Bitcoin's success is uncertain, but we can know with certainty that a digital currency with peer to peer characteristics, so far flawlessly exhibited by bitcoin, will succeed over the present system.

This sentence needs to be repeated because I agree completely

[ConspiracyTheory]

1. Pirate is from Dallas.
2. George W. Bush (Jr.) is from Dallas.
3. Therefore, Pirate is George W. Bush!

[/ConspiracyTheory]

Impossible. Pirate's spelling and grammar is way too good to be Bush.

[Electricbees]

pirate pass through - you operate one of the best

Amen to that!

[BurtW]

Now where's me a good PPT??

what's a 'PPT'?

I see what you did there.

[Otoh]

Now where's me a good PPT??

what's a 'PPT'?

I see what you did there.

lol

[payb.tc]

Now where's me a good PPT??

what's a 'PPT'?

I see what you did there.

i have no idea what you're talking about. heh