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Author Topic: It is Monday - has pirate defaulted?  (Read 2903 times)
zby
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August 27, 2012, 06:50:02 AM
 #1

This is relevant for speculation - because pirate default is short term up (as people don't sell their profits from pirate) - but medium term down (probably the biggest bigcoin fraud so far - easy to scare new people off).
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August 27, 2012, 06:54:07 AM
 #2

He defaulted on the 20th

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August 27, 2012, 07:33:37 AM
 #3

you mean monday again.


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August 27, 2012, 07:36:18 AM
 #4

Hate Mondays.  Who is pirate?
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August 27, 2012, 07:53:15 AM
 #5

Hate Mondays.  Who is pirate?

if you don't know, don't worry, you're safe Xd

Sorry for my bad english Wink
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unclescrooge
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August 27, 2012, 08:46:55 AM
 #6

He defaulted a week ago.

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August 27, 2012, 09:17:19 AM
 #7

If he was selling the coins he received, his total effect on price was near 0.

And any sane person knew it was a scam -I mean, I couldn't push my parents to invest in Bitcoins because rates like 1% a week (which are "safe heaven" for us, on the Glbse) "must" be a scam for the wisdom of the man in the street Roll Eyes So if this lending bubble pops, maybe paradoxically as it may seem Bitcoin will have more success, because it will look less impossible!
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August 27, 2012, 10:29:43 AM
 #8

He defaulted a week ago.
Wait what? He did?

Surely you are joking or expressing how sure you are that he will default?

If Pirate had actually defaulted the forum should be FULL of people wanting their money back and trying to re-design Bitcoin with a 6 months charge back period!

Cheap and sexy Bitcoin card/hardware wallet, buy here:
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unclescrooge
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August 27, 2012, 10:41:05 AM
 #9

He defaulted a week ago.
Wait what? He did?

Surely you are joking or expressing how sure you are that he will default?

If Pirate had actually defaulted the forum should be FULL of people wanting their money back and trying to re-design Bitcoin with a 6 months charge back period!

How do you call missing payments.

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August 27, 2012, 10:48:30 AM
 #10

May I remind you that sarcasm doesn't work on the internet. Thank you for your  understanding.
I was genuinely confused which was why it did not look like sarcasm.
It seems the explanation is that he has basically defaulted, but told people he will pay them back once he tops off his hot wallets.

This is why the forum isn't full of the naive whiners yet, they still think they will get their money.

Ahh don't they realize that you can top up a hot wallet in literally 10 minutes?

*Gets popcorn*

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August 27, 2012, 12:22:41 PM
 #11

a 6 months charge back period!

this has been discussed multiple times, but the general idea is that it shouldn't work that way. Bitcoin is designed so that money is yours and yours only -that is, no one has the authority to claim the money back once it was sent to you.

And after all, if we want people to invest our funds, it is inevitable to allow to transfer them, and even convert to fiat. What do you do if there are no more funds to roll back? You ban him from having a bitcoin account? "Bitcoin" should prosecute him, to make him pay, using the info he had to enter to use Bitcoin, i.e. none by design? ... the idea becomes rapidly nonsense once you think of it.

In essence, if people aren't able to look after their funds, then please back to letting good old banks manage them, at 7% ...in 10 years  Tongue
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August 27, 2012, 01:09:25 PM
 #12

It's clear that he's defaulted.  The question is, is he a thief?  Not just any thief, but has he perpetrated the largest bitcoin theft in the history of bitcoin so far?
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August 27, 2012, 01:13:48 PM
 #13

He defaulted a week ago.
Wait what? He did?

Surely you are joking or expressing how sure you are that he will default?

If Pirate had actually defaulted the forum should be FULL of people wanting their money back and trying to re-design Bitcoin with a 6 months charge back period!

Defaulting doesn't mean he isn't going to pay back the loans, it just means that he hasn't yet.

10 days ago he shut down BS&T with no prior notice, after some people had trouble withdrawing their accounts. He then promised to pay at least one of these people 3 days later, on Monday. It's now a week later, and nothing but excuses. He's also accruing interest on this debt the longer he waits to pay, by 7% a week. In 10 days his interest on the debt alone is 65,000 bitcoins (almost 3/4 of a million dollars). If he was trying to tank the market to buy back, it didn't work and he's running out of time. Another 5 days and he loses his bet with Vandroiy, but that's just 5k btc so not really a big factor there I would guess since apparently $650,000 in interest so far isn't enough to faze him. Another couple weeks and Matthew's 10k bet will be on the line, and Pirates interest has accrued another cool couple million dollars. I hope Matthew wasn't just trolled by Pirate into making that bet.

If it isn't a ponzi it sure looks like one.
But don't worry, I'm sure he's just gathering up his funds so he can send them all back at once.

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August 27, 2012, 01:18:16 PM
 #14

Quote
Default: In finance, default occurs when a debtor has not met his or her legal obligations according to the debt contract, e.g. has not made a scheduled payment, or has violated a loan covenant (condition) of the debt contract. A default is the failure to pay back a loan.[1] Default may occur if the debtor is either unwilling or unable to pay his or her debt. This can occur with all debt obligations including bonds, mortgages, loans, and promissory notes.

Yes Pirate has defaulted.  That was never in question.  He defaulted over 10 days ago when he violated his own contract.  The accounts were demand account meaning they could be withdrawn (including all interest) on demand.  People demanded a withdraw and a withdraw wasn't provided = DEFAULT; Period. That isn't in dispute by anyone except those interested in moving the goal posts.
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August 27, 2012, 02:23:32 PM
 #15

a 6 months charge back period!

this has been discussed multiple times, but the general idea is that it shouldn't work that way. Bitcoin is designed so that money is yours and yours only -that is, no one has the authority...
Did you like read my post?

I think it was pretty obvious that I was making fun of the future whiners that will demand charge backs - using that as an example of how crazy they are.

To make things clearer for you: I Realpra do NOT favor charge backs. That is not how money works... 6 months is just insanity anyway.

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Francesco
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August 28, 2012, 08:20:21 AM
 #16

a 6 months charge back period!

this has been discussed multiple times, but the general idea is that it shouldn't work that way. Bitcoin is designed so that money is yours and yours only -that is, no one has the authority...
Did you like read my post?

I think it was pretty obvious that I was making fun of the future whiners that will demand charge backs - using that as an example of how crazy they are.

To make things clearer for you: I Realpra do NOT favor charge backs. That is not how money works... 6 months is just insanity anyway.

In fact, I really appear to have jumped at the idea completely ignoring the overall sense of the post... ok, sorry  Lips sealed
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August 28, 2012, 10:17:17 AM
 #17

In fact, I really appear to have jumped at the idea completely ignoring the overall sense of the post... ok, sorry  Lips sealed
All is forgiven, some people really want stuff like that so I understand why you could take it seriously.

Cheap and sexy Bitcoin card/hardware wallet, buy here:
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August 28, 2012, 06:42:12 PM
 #18

This is relevant for speculation - because pirate default is short term up (as people don't sell their profits from pirate) - but medium term down (probably the biggest bigcoin fraud so far - easy to scare new people off).
Disagree, the fraud doesn't fundamentally have anything to do with bitcoin.  If this scared someone away from bitcoin they were a very weak entrant anyways, ready to be scared off by any number of things.

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