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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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Author Topic: [BitcoinMax.com] Closed  (Read 178598 times)
SimBesh
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August 20, 2012, 03:28:29 PM
 #1261

some people were wondering what is an old/new bitcoinmax account, relatively speaking, so i put a little message in the login area to show your ID number (out of 373 accounts).


#21, nice
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1481198750
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Reply with quote  #2

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dust
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August 20, 2012, 03:30:49 PM
 #1262

Actually it could be even better if he pays late this week, because he promised to pay interest up to the actual time he returns the funds. So paying late would mean that you will get interest for another, say, half a week. Smiley

So just keep mum. Perhaps he will pay you after a couple of years. Then he will have to pay you more bitcoins than the number of bitcoins in existence.
LOL, someone is still extremely jealous! Tongue
But it is fully understandable, because pirate will not lower the rate, but continue to pay 7% for this week Grin

My bold for emphasis:
Good advice that I expect will be widely ignored: only invest in what you know.

So-called high yield investments are (almost?) always dressed-up Ponzi schemes. If you "invest" in them then please lick your wounds quietly when they implode. And if you're one of the lucky few who make money on them, don't expect me to admire your investing wisdom, any more than I'd admire the number-picking brilliance of a lottery winner.


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filharvey
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August 20, 2012, 03:33:58 PM
 #1263

44. Nice.
cst
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August 20, 2012, 03:48:22 PM
 #1264

User #319 ...FML ;)
NothinG
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August 20, 2012, 03:53:55 PM
 #1265

Code:
(User #64 of 373)

notme
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August 20, 2012, 03:54:35 PM
 #1266

User #319 ...FML Wink
Wow, talk about an explosion of accounts, I'm 282 and it's just a couple weeks old.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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wormbog
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August 20, 2012, 03:55:36 PM
 #1267

I'm user 367 of 373. Pirate shut down before I even got a single week's worth of interest.

payb.tc, when deciding who to pay first, consider this: the oldest accounts have been earning interest for a long time already. Many of them have already been paid back their initial investment in interest. The newer accounts have seen little to no return (like me). Those accounts should be paid back first because they have lost the largest percentage of their initial investments. Last-in-first-out is the most fair way to return funds.
dextryn
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August 20, 2012, 03:57:22 PM
 #1268

I'm user 367 of 373. Pirate shut down before I even got a single week's worth of interest.

payb.tc, when deciding who to pay first, consider this: the oldest accounts have been earning interest for a long time already. Many of them have already been paid back their initial investment in interest. The newer accounts have seen little to no return (like me). Those accounts should be paid back first because they have lost the largest percentage of their initial investments. Last-in-first-out is the most fair way to return funds.

Nice try
CoinCidental
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August 20, 2012, 04:02:24 PM
 #1269

User #319 ...FML Wink
Wow, talk about an explosion of accounts, I'm 282 and it's just a couple weeks old.


maybe thats what finally overbalanced pirates books ...........

mass deposits so he assumed he had a lot more to work with ........and then mass withdrawls
when the interest rates were slashed ........

even 4.9% would have been loads if if had been 4.9% for day 1

its  only because its coming down from   7 or 7.7%  does it look like such  a drastic drop ........

 a steady 4.9% with no changes and he might have been able to keep it running
wormbog
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August 20, 2012, 04:05:35 PM
 #1270

I'm user 367 of 373. Pirate shut down before I even got a single week's worth of interest.

payb.tc, when deciding who to pay first, consider this: the oldest accounts have been earning interest for a long time already. Many of them have already been paid back their initial investment in interest. The newer accounts have seen little to no return (like me). Those accounts should be paid back first because they have lost the largest percentage of their initial investments. Last-in-first-out is the most fair way to return funds.

Nice try

Feel free to refute my logic if you can.
Buckwheet
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August 20, 2012, 04:14:44 PM
 #1271

I'm user 367 of 373. Pirate shut down before I even got a single week's worth of interest.

payb.tc, when deciding who to pay first, consider this: the oldest accounts have been earning interest for a long time already. Many of them have already been paid back their initial investment in interest. The newer accounts have seen little to no return (like me). Those accounts should be paid back first because they have lost the largest percentage of their initial investments. Last-in-first-out is the most fair way to return funds.

Nice try

Feel free to refute my logic if you can.

Some of the first in people did not take payments and re-invested. So your loss and their loss is the same at this point. IE 100% of amount invested until we find out if Pirate pays.
Bitsky
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August 20, 2012, 04:25:06 PM
 #1272

Woah, I'm one of the first. I always thought that there was a big bunch before me.
Makes me feel a little proud Smiley

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ErebusBat
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August 20, 2012, 04:34:01 PM
 #1273

I'm user 367 of 373. Pirate shut down before I even got a single week's worth of interest.

payb.tc, when deciding who to pay first, consider this: the oldest accounts have been earning interest for a long time already. Many of them have already been paid back their initial investment in interest. The newer accounts have seen little to no return (like me). Those accounts should be paid back first because they have lost the largest percentage of their initial investments. Last-in-first-out is the most fair way to return funds.

Nice try

Feel free to refute my logic if you can.

Some of the first in people did not take payments and re-invested. So your loss and their loss is the same at this point. IE 100% of amount invested until we find out if Pirate pays.
Also you knew the risk that you were getting into (or you should have).  Everyone wants to be paided first, but first come first served is pretty standard and not at all playing favorites.

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wormbog
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August 20, 2012, 04:36:20 PM
 #1274

I'm user 367 of 373. Pirate shut down before I even got a single week's worth of interest.

payb.tc, when deciding who to pay first, consider this: the oldest accounts have been earning interest for a long time already. Many of them have already been paid back their initial investment in interest. The newer accounts have seen little to no return (like me). Those accounts should be paid back first because they have lost the largest percentage of their initial investments. Last-in-first-out is the most fair way to return funds.

Nice try

Feel free to refute my logic if you can.

Some of the first in people did not take payments and re-invested. So your loss and their loss is the same at this point. IE 100% of amount invested until we find out if Pirate pays.

We're talking about different subsets of the older investors, the "take the profits" crowd vs the "let it ride" crowd.

A more nuanced refund system would subtract payouts from initial investment to determine amount to refund, but that would only be if pirate makes a partial return of funds.

I suppose we'll just have to wait and see how much BTC comes back, if any. Fingers crossed!



dbox
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August 20, 2012, 05:44:18 PM
 #1275

If investing in a such scheme was a risk, then why not just repay randomly based on some algorithm? I think it's not fair to be half fair.

johnlu
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August 20, 2012, 06:55:20 PM
 #1276

Why you do not wait to receive all the money from pirateat40 and then you give them back proportionally?

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DutchBrat
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August 20, 2012, 07:38:30 PM
 #1277

What is it with all these people

You put your money with pirate to get 6.9% interest/week

No fear whatsoever

Now pirate says he's winding up his business and he's giving your coins back and all of a sudden people think he won't be able to

Then why did you give him your money in the first place Huh?

Unbelievable !!!
ErebusBat
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August 20, 2012, 07:41:16 PM
 #1278

Then why did you give him your money in the first place Huh?

Unbelievable !!!
This

BUt also I think you should payout in whatever way gets me my monies first....

It is only fair.

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wormbog
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August 20, 2012, 07:53:06 PM
 #1279

Why you do not wait to receive all the money from pirateat40 and then you give them back proportionally?

To answer that question, you'd have to look at the legal history of Ponzi schemes. The Madoff ponzi is a good example.

The trustee responsible for returning funds, Irving Picard, had to determine how much money was left to be distributed, and how much to return to investors. Neither has a simple answer.

Determining how much money is available is tricky because the gov't has the power to compel those who benefited from the ponzi (the early investors) to return their profits for redistribution to the investors. Picard focused on the larger recipients, such as the owners of the New York Mets, who were big investors with Madoff.

Since bitcoin payments can't be reversed and the investors are mostly anonymous, that's not possible for the pirate ponzi. But it is possible to subtract withdrawals from the original investments of each investor, which mostly accomplishes the same thing.

In the Madoff case, the courts decided that returns should be limited only to actual funds invested with Madoff, excluding fictional paper profits that never actually existed. Since the profits Madoff reported to his investors never actually existed the courts saw no reason to try to refund them.

My proposal for payb.tc is to pay off investors using the same methods the courts determined for the Madoff case. In short: take the original investment, subtract any BTC that was actually paid out, and then pay pirate's refund in proportion to their net investment losses.

If pirate comes through and delivers the full amount due, then payb.tc can distribute according to the actual account balances, which would be great.


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August 20, 2012, 07:59:05 PM
 #1280

1)  

2)  Payt.btc - you claim to have 367 accounts at Bitcoinmax, can you please tell us the average balance or the total amount of coins owed?  It is extremely relevant at this point, as I would like to add your operation + BurtW's bonds and get a number.

3)  If payb.tc won't give us this info (why does it matter now?  what secret must you keep at this point?  Pirate will either stall / not pay or just ship it, please post the amount in your Bmax account you are waiting on

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