You stated that the funds you get is NOT put into BTCST, then why would a BTCST default affect your payout?
It sounds like you are lying from the very beginning.
All these deposits that went bust, is b/c all of you guys were investing in BTCST with people's funds. How can you "guarantee" and tell people they are not related to BTCST?
Looks to me like he was running a pirate passthrough while telling his victims that they had no Pirate exposure, and then pocketing the difference in interest payments.
Now he claims to have "assets" on GLBSE but I know of nothing on GLBSE paying anywhere near 2%/wk + profit for NCKrazze, unless you count Pirate bonds. He also conspicuously ignored his lenders' request for a list of GLBSE assets when they floated the idea of accepting shares/bonds in lieu of Bitcoin payments.
The last time a list of depositors was published was by Micon on July 29 that showed
BTC5100 on deposit.
Link.
Nick has refused to provide current numbers, but assuming they are about the same as on July 29th, let's hope for the depositors' sake that he has a mining rig with a resale value of about US$50,000. I did find one post where he bought a video card from a forum member, so a mining rig may in fact exist somewhere.
If we take him at his word, and believe what he has posted since Pirate shut down, he has assets to back up his US$55,000 in debt. Fortunately,
here's a post I found with good advice on what to do in such situations. He also claims to have 35% reserves, but I doubt that's true since he was in #bitcoin-otc a month ago looking for a short term loan for about 10 BTC.
35% of
BTC5100 =
BTC1785, BTW.
I suspect Nick's creditors see the handwriting on the wall, but are afraid to raise a stink for fear that he stiffs them in the unlikely event that he ever pays anything back. Luckily, Nick has provided us with a good example on how to deal with deadbeats. Link
here.
Anyways, you guys
should have known better. Cytokine, you should be ashamed to have put US$25,000 that people entrusted to you with this guy without you even doing a modicum of due diligence.
In the very first post of his flagship "business" thread, he brags about how much money he made selling counterfeit name brand headphones and representing them as real.
BEATS HEADPHONES
Hi, I am selling Beats by Dre Tours. These are fake, however, they can be sold for a lot of money to people that do not know much about the specifics of the headphones; in fact, they are very close replicas, with amazing sound quality, and they have always passed when I sold them.
I have sold close to 55 of these in person, they are easy to resell for high prices over 100$.
And
that's who you want to "invest" people's money with?
With Bitcoin, we're trying to revolutionize the world, money and commerce. Let's pull our heads out of our asses and stop pissing away this opportunity on the online equivalent of a two-bit street hustler.
