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Author Topic: Bryan Micon's List of BTC Ponzi Schemes that should not be listed as "Lending"  (Read 117114 times)
hgmichna
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August 21, 2012, 11:46:12 AM
 #1001

I guess a working theory is this: Withdrawals were starting to get very close to, or even exceed, deposits. To preserve his profits and try to keep going a bit longer, he reduced the interest rate, figuring this would reduce the withdrawals without significantly reducing deposits. Instead, this backfired, either increasing withdrawals, reducing deposits, or both. This forced him to shut down his operation earlier than he had planned to, so he needs time to wind down all his positions so that he can run with them.

Yes, I also believe this is the most likely process. I predicted it on August 15th already, which makes me wonder why he could not predict it himself. But perhaps he did, and it was just a gamble.

Nonetheless the wind-down procedure can easily take more time than anybody expected, so it shouldn't surprise us that he is trying to play for time. It doesn't seem to work very well though. The first noisy "WHERE ARE MY BITCOINS?" thread is already gathering comments, and there will be more.
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August 21, 2012, 12:07:51 PM
 #1002

Do you have any theories on why he would do this at all? It seems to me that it would make much more sense for him to just disappear with everyone's money. What does stalling buy him?

It's not that calculated. He's been running his scheme for over a year, and came to enjoy his status in the bitcoin community. Just like his "investors", he doesn't want to admit the gig is up.
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August 21, 2012, 12:51:06 PM
 #1003

I dont believe this theory...........


if it been a ponzi since day 1 ,pirate wouldnt wait until now (judgement day ) to start selling his furniture and making plans to move to another country

he would have designed an exit long long ago .......

there is a few beautiful countries in the you could live in with 500,000+ btcST coins + 30k of his own BTC (like he claims to have )

selling coins slowly @ $10  would leave him millions of dollrs if that was the plan and with that much ,you could be set for life inn a country in south america or south east asia with that much cash and very little chance of being caught Smiley

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August 21, 2012, 03:36:50 PM
 #1004

Pirate's self-imposed deadline was one week, yet Team Ponzi is already screaming scam/stall. It would be one thing if Friday comes and goes without any sign of funds. Then I'd be apt to start raising objections as well.

If you're completely calm and have no direct knowledge of how Pirate's operation works, you might be a little off in the head. If you're not even invested and have the gall to scream scam when there's no direct evidence, you're as confused as statist apologists.

As it stands, there are three more days. Save the pitchforks for the weekend.
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August 21, 2012, 03:41:55 PM
 #1005

Pirate's self-imposed deadline was one week, yet Team Ponzi is already screaming scam/stall. It would be one thing if Friday comes and goes without any sign of funds. Then I'd be apt to start raising objections as well.

If you're completely calm and have no direct knowledge of how Pirate's operation works, you might be a little off in the head. If you're not even invested and have the gall to scream scam when there's no direct evidence, you're as confused as statist apologists.

As it stands, there are three more days. Save the pitchforks for the weekend.

lol, victims gonna victim. Where's that stockholm syndrome link...
miscreanity
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August 21, 2012, 03:56:12 PM
 #1006

lol, victims gonna victim. Where's that stockholm syndrome link...

Victims don't have a choice.
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August 21, 2012, 04:02:57 PM
 #1007

From: [CLOSED] Imsaguy's PPT @ 7%

Interest payments were made electronically (redeposited) but not actually sent out.

 Shocked Roll Eyes

Was this standard operating procedure for the pass throughs?

This is another signature ponzi move. Have some context:

Quote
The regular payment of so-called dividends induces investors to bring friends, family members, or business colleagues into the scheme and to put up additional funds themselves now that they are convinced of its veracity.

The operators will also persuade you, with little effort, to "roll over" your "profits" into another investment cycle, so your actual return ends up being back on paper only.

They may decide to provide you with just "statements" showing you your profits rather than sending out cheques,
but the receipt of a cheque in the mail seems to generate more enthusiasm for participants, and it ultimately makes it back to the con at any rate.

This kind of setup relies on keeping his victims from knowing they are being cheated for as long as possible so others can be lured in.

...

Mark Fleming
Consumer Protection Lawyer

http://www.crimes-of-persuasion.com/Crimes/InPerson/MajorPerson/ponzi.htm

Squall1066, see: http://simple.wikipedia.org/wiki/Ponzi_scheme.


elux - Thanks, just finnished reserching, I't just that ponzi is said to mainly get you to re-invest your intrest "compounding" so you don't actually see it comeing back to you, So they can pay some withdraws out without any hassle, and when the pot is big enough they can up and leave, Some lenders do offer payouts, but most pay intrest out, There is obvious confusion between ponzi and scam.
also It should be called the "dickens scheme" lol

▄▄▄▄▄▄
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◥◤
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JOIN THE CLUB !
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Bitrated user: squall1066.
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August 21, 2012, 04:15:16 PM
 #1008

lol, victims gonna victim. Where's that stockholm syndrome link...

Victims don't have a choice.

These ones did. They chose to send money to people promising high rates of interest.
hgmichna
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August 21, 2012, 04:21:42 PM
 #1009

Pirate's self-imposed deadline was one week …

Where did he say that and what exactly did he say?
imsaguy
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August 21, 2012, 04:32:16 PM
 #1010

From: [CLOSED] Imsaguy's PPT @ 7%

Interest payments were made electronically (redeposited) but not actually sent out.

 Shocked Roll Eyes

Was this standard operating procedure for the pass throughs?

This is another signature ponzi move. Have some context:

Quote
The regular payment of so-called dividends induces investors to bring friends, family members, or business colleagues into the scheme and to put up additional funds themselves now that they are convinced of its veracity.

The operators will also persuade you, with little effort, to "roll over" your "profits" into another investment cycle, so your actual return ends up being back on paper only.

They may decide to provide you with just "statements" showing you your profits rather than sending out cheques,
but the receipt of a cheque in the mail seems to generate more enthusiasm for participants, and it ultimately makes it back to the con at any rate.

This kind of setup relies on keeping his victims from knowing they are being cheated for as long as possible so others can be lured in.

...

Mark Fleming
Consumer Protection Lawyer

http://www.crimes-of-persuasion.com/Crimes/InPerson/MajorPerson/ponzi.htm

Squall1066, see: http://simple.wikipedia.org/wiki/Ponzi_scheme.

Up until Monday, he did whatever we wanted.  If we wanted payments, he did payments.  If we wanted withdrawals, he did withdrawals.  He never pushed us in either direction.  The stability bonus was never intended to be tied to interest payments and had no bearing.  Whoever says pirate encouraged reinvesting is just plain lying and spreading fud.  Now that he's unwinding, I'd expect the interest payments to change from the status quo, instead paying interest when he closes the account.

Coming Soon!™ © imsaguy 2011-2013, All rights reserved.

EIEIO:
https://bitcointalk.org/index.php?topic=60117.0

Shades Minoco Collection Thread: https://bitcointalk.org/index.php?topic=65989
Payment Address: http://btc.to/5r6
hgmichna
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August 21, 2012, 04:37:25 PM
 #1011

Up until Monday, he did whatever we wanted.  If we wanted payments, he did payments.  If we wanted withdrawals, he did withdrawals.  He never pushed us in either direction.  The stability bonus was never intended to be tied to interest payments and had no bearing.  Whoever says pirate encouraged reinvesting is just plain lying and spreading fud.  Now that he's unwinding, I'd expect the interest payments to change from the status quo, instead paying interest when he closes the account.

imsaguy spreading his typical foggy nonsense. Or can anybody here possibly make sense of that garbage?

You are either one of pirate's helpers or one of his accounts. Time to shut up, don't you think?
imsaguy
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August 21, 2012, 04:39:01 PM
 #1012

Up until Monday, he did whatever we wanted.  If we wanted payments, he did payments.  If we wanted withdrawals, he did withdrawals.  He never pushed us in either direction.  The stability bonus was never intended to be tied to interest payments and had no bearing.  Whoever says pirate encouraged reinvesting is just plain lying and spreading fud.  Now that he's unwinding, I'd expect the interest payments to change from the status quo, instead paying interest when he closes the account.

imsaguy spreading his typical foggy nonsense. Or can anybody here possibly make sense of that garbage?

You are either one of pirate's helpers or one of his accounts. Time to shut up, don't you think?

What is foggy about it?  I am my own person.  He doesn't pay me anything more or less than any other person invested in him. He doesn't tell me anything directly, I only learn it like everyone else in #btcst.

Coming Soon!™ © imsaguy 2011-2013, All rights reserved.

EIEIO:
https://bitcointalk.org/index.php?topic=60117.0

Shades Minoco Collection Thread: https://bitcointalk.org/index.php?topic=65989
Payment Address: http://btc.to/5r6
Micon
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August 21, 2012, 10:16:18 PM
 #1013

Up until Monday, he did whatever we wanted.  If we wanted payments, he did payments.  If we wanted withdrawals, he did withdrawals.  He never pushed us in either direction.  The stability bonus was never intended to be tied to interest payments and had no bearing.  Whoever says pirate encouraged reinvesting is just plain lying and spreading fud.  Now that he's unwinding, I'd expect the interest payments to change from the status quo, instead paying interest when he closes the account.

imsaguy spreading his typical foggy nonsense. Or can anybody here possibly make sense of that garbage?

You are either one of pirate's helpers or one of his accounts. Time to shut up, don't you think?

What is foggy about it?  I am my own person.  He doesn't pay me anything more or less than any other person invested in him. He doesn't tell me anything directly, I only learn it like everyone else in #btcst.

And you still claim to be watching the same thing we are?

I'm flying FPV race drones these days. Check out my YouTube channel: https://www.youtube.com/c/MiconFPV
drakahn
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August 21, 2012, 10:21:41 PM
 #1014

Up until Monday, he did whatever we wanted.  If we wanted payments, he did payments.  If we wanted withdrawals, he did withdrawals.  He never pushed us in either direction.  The stability bonus was never intended to be tied to interest payments and had no bearing.  Whoever says pirate encouraged reinvesting is just plain lying and spreading fud.  Now that he's unwinding, I'd expect the interest payments to change from the status quo, instead paying interest when he closes the account.

imsaguy spreading his typical foggy nonsense. Or can anybody here possibly make sense of that garbage?

You are either one of pirate's helpers or one of his accounts. Time to shut up, don't you think?
.. everything he said is true

14ga8dJ6NGpiwQkNTXg7KzwozasfaXNfEU
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August 21, 2012, 10:50:03 PM
 #1015

Up until Monday, he did whatever we wanted.  If we wanted payments, he did payments.  If we wanted withdrawals, he did withdrawals.  He never pushed us in either direction.  The stability bonus was never intended to be tied to interest payments and had no bearing.  Whoever says pirate encouraged reinvesting is just plain lying and spreading fud.  Now that he's unwinding, I'd expect the interest payments to change from the status quo, instead paying interest when he closes the account.

imsaguy spreading his typical foggy nonsense. Or can anybody here possibly make sense of that garbage?

You are either one of pirate's helpers or one of his accounts. Time to shut up, don't you think?

Still talking smack but too cowardly to put your money where your mouth is I see.   Come on girly man, there's a free 250BTC waiting for you over in Matthew's thread.  How can you possibly lose, right?

Until you actually show a little backbone, shut up with your nonsense.

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August 21, 2012, 11:14:07 PM
 #1016

Guess what? GPUMAX is slow paying out today - Team Ponzi prepare to freak/panic/scream in 3... 2... 1...

Edit: Nevermind, I got mine just after posting.
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August 21, 2012, 11:24:41 PM
 #1017

Guess what? GPUMAX is slow paying out today - Team Ponzi prepare to freak/panic/scream in 3... 2... 1...

GPUMAX has no bearing on BTCST,it doesnt affect the bets even if pirate never pays out to GPUMAX guys Grin
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August 22, 2012, 12:19:32 AM
 #1018

Still talking smack but too cowardly to put your money where your mouth is I see.   Come on girly man, there's a free 250BTC waiting for you over in Matthew's thread.  How can you possibly lose, right?

Until you actually show a little backbone, shut up with your nonsense.

We should make a companion thread to Bryan Micon's List of BTC Ponzi Schemes... and title it RoloTonyBrownTown's List of Forum Trolls that Don't Own Any Bitcoins.

The thread can list the most abusive and vocal trolls who have refused to bet any BTC against Matthew Wright. The trolls' currency is attention from strangers. Like flea-infested stray cats, they will keep coming around if you keep feeding them. I wish the forum would learn to stop replying to blowhards like Smoothy and others like him.
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August 22, 2012, 12:23:56 AM
 #1019

Still talking smack but too cowardly to put your money where your mouth is I see.   Come on girly man, there's a free 250BTC waiting for you over in Matthew's thread.  How can you possibly lose, right?

Until you actually show a little backbone, shut up with your nonsense.

We should make a companion thread to Bryan Micon's List of BTC Ponzi Schemes... and title it RoloTonyBrownTown's List of Forum Trolls that Don't Own Any Bitcoins.

The thread can list the most abusive and vocal trolls who have refused to bet any BTC against Matthew Wright. The trolls' currency is attention from strangers. Like flea-infested stray cats, they will keep coming around if you keep feeding them. I wish the forum would learn to stop replying to blowhards like Smoothy and others like him.

Smiley   To be fair, there's really only two left of the main bunch.  That's Vladimir, who's already made some crap excuse so we can write him off as just all talk in the future.  The other is hgmichna who conveniently disappears whenever the bet thread is brought up.   It's clear he's not confident whatsoever about a default, despite banging on about it constantly.  So yeah, hypocrite-tastic Smiley

To their credit, the other major accusers have made bets, so good on them.

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August 22, 2012, 02:59:01 AM
 #1020

I think the GLBSE pirate collapse is beginning.  Bonds are selling at 30-50% of face value.

https://glbse.com/asset/view/TYGRR.BOND-P

Don't day trade.
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