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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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JoelKatz
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August 29, 2012, 08:33:49 AM
 #501

He's obviously going to loose the bets - but then he's protecting all the small investors from scams, like the one Goat and Nefario have tried to run.
For which I admire him. Though I should't say it, before getting my money back, but well - I trust the guy, even more today than I did 2 weeks ago.
If he doesn't pay back - then you can laugh at me as much as you want, for being so naive. Smiley
You admire Pirate for defaulting on his obligations to Goat and Nefario because you think he might be trying to protect small investors from scams!? Huh

Pirate has defaulted twice now. Do you have any evidence Goat and Nefario have ever failed to meet their obligations to depositors?

I honestly cannot believe that you are being serious. Maybe I'm naive.


I am an employee of Ripple.
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piotr_n
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August 29, 2012, 08:34:47 AM
 #502

You admire Pirate for defaulting on his obligations to Goat and Nefario because you think he might be trying to protect small investors from scams!? Huh
Yes.
Except that Pirate never had any obligations to Nefario.
Though, Nefario has earned shit lots of money from the PPT bonds.

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sadpandatech
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August 29, 2012, 08:34:55 AM
 #503

He's obviously going to loose the bets - but then he's protecting all the small investors from scams, like the one Goat and Nefario have tried to run.
For which I admire him. Though I should't say it, before getting my money back, but well - I trust the guy.
If he doesn't pay back - then you can laugh at me as much as you want, for being so naive. Smiley

Whatever you may believe about Goat or Nefario aside. I can assure you that Pirate is looking out for #1 and his seeking individual PPT depositor info has zero to do with your feelings about Goat. Goat is only one of several large, and some much larger PPT's.
Except that few of the several large PPT's have no issues with giving Pirate the list of their customers, so he could pay them out directly - while the few others are treating him with lawyers.

 I suggest people contact the PPT operator and expressly forbid them from handing over any such identifying info. Payb.tc for instance is in Australia and there are massive fines for breaking the privacy act.

I'm pretty sure no one will hand that stuff over. That troll is just crazy.

I concur and Piotr_n; "<pirateat40> Chaang-Noi, I know it's not something you can do with bonds and have relayed that information but I don't have an answer for you yet."

I did think of something though. If what he is saying is true, that they need the list to make sure payouts are evenly distributed(no piotr_n, not because he can't trust goat), then why would it not suffice for a PPT OP to simply show how much of a depsoit are his own and how much are PPT shares? This is assuming a lender for instance used the same deposit address with BS&T for their personal funds as they did for PPT procedes, which of course may also include funds from shares the PPT OP purchased, but would still be considered seperate from personal deposit amounts.   *shrug*

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
It is being worked on by smart people. -DamienBlack
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August 29, 2012, 08:43:34 AM
 #504


I suggest people contact the PPT operator and expressly forbid them from handing over any such identifying info. Payb.tc for instance is in Australia and there are massive fines for breaking the privacy act.

While it's true that financial service providers have a positive obligation to protect financial information and can be fined if they don't, they also have an obligation to with-hold tax if appropriate information such as TFNs and ABNs aren't provided and to report certain transactions to AUSTRAC as required by AML/CFT legislation.  Services willing to risk the wrath of the ATO and AUSTRAC are unlikely to fear the Privacy Commissioner.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
JoelKatz
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August 29, 2012, 10:16:54 AM
 #505

I did think of something though. If what he is saying is true, that they need the list to make sure payouts are evenly distributed(no piotr_n, not because he can't trust goat), then why would it not suffice for a PPT OP to simply show how much of a depsoit are his own and how much are PPT shares?
How would that matter? If the even distribution is, say, 40%, then he could just pay 40% of both totals. It should make no difference to Pirate how his customers got the money he paid them or what they plan to do with the money he pays them.

Quote
This is assuming a lender for instance used the same deposit address with BS&T for their personal funds as they did for PPT procedes, which of course may also include funds from shares the PPT OP purchased, but would still be considered seperate from personal deposit amounts.   *shrug*
I don't see how this could possibly matter. All Pirate needs to do is compute the total amount of money he owes to everyone and the total amount he has, then compute the payout percentage. Then he can take every debt and pay that percentage of that debt. He doesn't need to know anything about the source or destination of the payments.

Even if he bases the payout on more than just the amount it wouldn't matter. Say he pays off only principle and no interest. All the information he needs is the pay in and pay out dates. Individual balances don't do anything for him.

I am an employee of Ripple.
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bitlane
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August 29, 2012, 10:26:14 AM
 #506

I still say it's all about the Benjamins....

It will be far easier for Pirate to settle multiple 50BTC accounts for 25BTC offers, than a 10,000BTC account for a 5,000BTC offer.

bitlane
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August 29, 2012, 10:36:12 AM
 #507


What should I take for the 40k plus account? After all in a month it will be worth 50k!


If I were you, I would wait till Christmas 2013 at which time BurtW will have over 1,000,000 BTC in his account from Interest and he can cover everyone's debts Wink

Around Christmastime 2013, BurtW will post "Week 70: 1,065,321 coins.  Heck yeah, over a million coins!  Got anything that compares, Team Ponzi?  I thought not."

Reference: https://bitcointalk.org/index.php?topic=97094.0

JoelKatz
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August 29, 2012, 10:55:14 AM
 #508

It will be far easier for Pirate to settle multiple 50BTC accounts for 25BTC offers, than a 10,000BTC account for a 5,000BTC offer.
What does he do if people refuse his offer?

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markm
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August 29, 2012, 10:56:52 AM
 #509

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If I were you, I would wait till Christmas 2013 at which time BurtW will have over 1,000,000 BTC in his account from Interest and he can cover everyone's debts Wink

Wow, guys like that should come play in the Galactic Milieu, we have operations there that borrowed a grand at one percent a day (compounded hourly) well over a year ago, are up to 168370.06907000 this hour and are still expected to pay up. Though in fairness it should be acknowledged that they are now being run by repossession corps not by the original debtors...

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bitlane
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August 29, 2012, 11:00:20 AM
 #510

It will be far easier for Pirate to settle multiple 50BTC accounts for 25BTC offers, than a 10,000BTC account for a 5,000BTC offer.
What does he do if people refuse his offer?


'Take it OR leave it baby...'

....and the Pirate classic 'come get me....enjoy the ride' (my personal favorite that he used on me).

The way I figure it is, if you take the time to NOW try and suppress your wife and family's online Social Media information, you may not be as 'secure' as you originally thought you once were.

JoelKatz
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August 29, 2012, 11:11:09 AM
 #511

It will be far easier for Pirate to settle multiple 50BTC accounts for 25BTC offers, than a 10,000BTC account for a 5,000BTC offer.
What does he do if people refuse his offer?

'Take it OR leave it baby...'

....and the Pirate classic 'come get me....enjoy the ride' (my personal favorite that he used on me).

The way I figure it is, if you take the time to NOW try and suppress your wife and family's online Social Media information, you may not be as 'secure' as you originally thought you once were.
Then why make the offer? What does he gain? All he does is pay out a bunch of money and he still has a bunch of people coming after him.

I am an employee of Ripple.
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bitlane
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August 29, 2012, 11:15:04 AM
 #512

I think he may be in a bit of a panic right now.....clearly the 'Plan' didn't go as 'planned'....

bitlane
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August 29, 2012, 11:20:25 AM
 #513

I think he may be in a bit of a panic right now.....clearly the 'Plan' didn't go as 'planned'....

I wonder what the plan was. I see no reason why he can't be open about what he was doing unless it really was just a scam.

Well, CLIENTS don't ask for soon-to-be 'Legal' representation documentation from creditors, on behalf of his/her hired Legal team.

Does he have a Legal Team ? ME THINKS NOT.

BrightAnarchist
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August 29, 2012, 12:30:26 PM
 #514

I wonder what the plan was. I see no reason why he can't be open about what he was doing unless it really was just a scam.

Agreed.

At this point, even if he does pay something, his lack of communication has hurt a lot of people.
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August 29, 2012, 12:32:53 PM
 #515

Well, CLIENTS don't ask for soon-to-be 'Legal' representation documentation from creditors, on behalf of his/her hired Legal team.

Does he have a Legal Team ? ME THINKS NOT.

I think involving lawyers in this is just throwing good money after bad.
bitlane
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August 29, 2012, 12:36:06 PM
 #516

Well, CLIENTS don't ask for soon-to-be 'Legal' representation documentation from creditors, on behalf of his/her hired Legal team.

Does he have a Legal Team ? ME THINKS NOT.

I think involving lawyers in this is just throwing good money after bad.

But what ?.....does he HONESTLY think that people are stupid ?

Does he really expect us to believe that HE is doing the 'leg work' for his Defense Team ?

He is shitting himself right now....and if not, he should be. Feel free to see the following NEW threads and then wonder HOW LONG it will take for one of his local news agencies to pickup the story....
https://bitcointalk.org/index.php?board=77.0

No 'IFs', 'ANDs' or 'BUTs' about it...........HE's FUCKED.

bitlane
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August 29, 2012, 12:37:13 PM
 #517

Maybe but I'm not so sure. He has a house that can be seized.

ESPECIALLY if he used ANY of his ill-gotten funds to make a mortgage payment. I can only PRAY that we are so lucky.

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August 29, 2012, 12:54:41 PM
 #518

Regarding giving the information of asset holders to pirate (for whatever reason he requested it), is not happening, even if goat wanted to comply (which of course he does not, and he's right not to) I would refuse. Not only is it violating the TOS that GLBSE operates under but would cause us to violate the data protection act (as I'm based in the UK).

Pirate has no contract contact or deal with GLBSE asset holders, only with Goat, as pirate has expressly pointed out to me before when I asked him about it, and I believe he made the same point in a forum post somewhere, anyone care to look it up?

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bitlane
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August 29, 2012, 12:58:45 PM
 #519

Regarding giving the information of asset holders to pirate (for whatever reason he requested it), is not happening, even if goat wanted to comply (which of course he does not, and he's right not to) I would refuse. Not only is it violating the TOS that GLBSE operates under but would cause us to violate the data protection act (as I'm based in the UK).

Pirate has no contract contact or deal with GLBSE asset holders, only with Goat, as pirate has expressly pointed out to me before when I asked him about it, and I believe he made the same point in a forum post somewhere, anyone care to look it up?


Very nice.

piotr_n
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August 29, 2012, 01:07:21 PM
 #520

Regarding giving the information of asset holders to pirate (for whatever reason he requested it), is not happening, even if goat wanted to comply (which of course he does not, and he's right not to) I would refuse. Not only is it violating the TOS that GLBSE operates under but would cause us to violate the data protection act (as I'm based in the UK).

Pirate has no contract contact or deal with GLBSE asset holders, only with Goat, as pirate has expressly pointed out to me before when I asked him about it, and I believe he made the same point in a forum post somewhere, anyone care to look it up?
In other words: if you are still holding any of these shitty bonds, to get your money back from BS&T you will need to prove it to Pirate - but Nefarion and Goat, are not going to help you with this - even if you ask them! Smiley

Smart move, Nefario - this is definitely going to help you building your reputation even further... Smiley

Check out gocoin - my original project of a bitcoin client written in Go, with some unique features.
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