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Author Topic: Bryan Micon's List of BTC Ponzi Schemes that should not be listed as "Lending"  (Read 117751 times)
imsaguy
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August 07, 2012, 12:22:19 AM
 #421

Can anyone name a business that made a 3400% return in a year?
Bitcoin Savings & Trust
It hasn't quite been a year yet... Smiley
Actually, it has.

Is there an accepted or official inception date?

Ask one of his first lenders.

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August 07, 2012, 01:33:39 AM
 #422

>Bitcoin itself went from pennies to $32
>Thats a lot more than 3000%

If you pick the right "year" you get this kind of return (and in fact slightly above it).  However it wasn't sustained for longer than a year. Nor was it a steady rise, nor was it based on actual business (and that is why it collapsed 93% from the peak).

I'm still looking for real businesses.  And ones with starting capital of > $1000. 

The only way I could see getting the return is by getting all of your capital donated (and not counting your donated labor costs) - with zero capital a 3400% return is a lot easier =)

Don't day trade.
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August 07, 2012, 06:47:54 AM
 #423

Bet thread updated …

Check also the Bets of Bitcoin bet.

Only the very gullible believe what BurtW says, because he is in on the Ponzi scheme, trying to lure newbies into parting with their money. You have been warned.
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August 07, 2012, 06:54:14 AM
 #424

Seriously, this is what irritates me with these threads.

Why is it that every time someone posts something negative about BS&T one of you has to start posting ad-hominem attacks against that person? If it's so illogical in your opinion then fight it with logic.

It suddenly began a couple of weeks ago. My take is that the perpetrators sat together and concluded (or got ordered by pirateat40) to try to put down the fires in the forums.

After that time they began to post madly. Some posts are direct replies and rejections of Ponzi analysis posts, some are lengthy and foggy explanations trying to produce multiple reasons why it is not a Ponzi scheme, formulated such that a gullible and uneducated newbie might fall for them.
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August 07, 2012, 07:45:58 AM
 #425

haha, awesome, got another weeks interest, beautiful. Such lovely work by pi-RATE.
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August 07, 2012, 08:19:35 AM
 #426

haha, awesome, got another weeks interest, beautiful. Such lovely work by pi-RATE.

Yes, switching to auto-payout is clever. It gives you at least a chance to recover your investment and perhaps even make a gain. You would recover your initial "investment" after 14 weeks. (I once wrote 10 weeks and nobody noticed, indicating again the problems we have with maths.)

Trouble is, because of compounding greed (or should I say compounded greed?) few "investors" do it, and that is exactly why the Ponzi scheme is still operating. In fact, so few do it that not everybody will believe what you just wrote.
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August 07, 2012, 08:22:32 AM
 #427

I once wrote 10 weeks and nobody noticed, indicating again the problems we have with maths.

Well, you have to care enough to reply, too. Good maneuver though, insulting others' maths skills to hide your own deficiency.
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August 07, 2012, 08:38:15 AM
 #428

Another newbie troll who escaped just long enough to voice his over confident opinion on things he really doesnt understand, Check.

Seriously, this is what irritates me with these threads.

Why is it that every time someone posts something negative about BS&T one of you has to start posting ad-hominem attacks against that person? If it's so illogical in your opinion then fight it with logic.

Look in the mirror and you will realise this goes both ways. If you and your possies want to spew speculative bs as facts then I will respond except I respond with known facts and that which I dont know I simply dont comment on, its called being smart, you should try it.

...In the land of the stale, the man with one share is king... >> Clipse

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August 07, 2012, 08:49:09 AM
 #429

I once wrote 10 weeks and nobody noticed, indicating again the problems we have with maths.

Well, you have to care enough to reply, too. Good maneuver though, insulting others' maths skills to hide your own deficiency.

To be fair, if I insulted anybody, then I insulted myself too. But "insulted" is really an exaggeration for my far too gentle statement.

Let's say, I tickled our desire to apply maths properly.
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August 07, 2012, 11:32:02 AM
 #430

Another newbie troll who escaped just long enough to voice his over confident opinion on things he really doesnt understand, Check.

Seriously, this is what irritates me with these threads.

Why is it that every time someone posts something negative about BS&T one of you has to start posting ad-hominem attacks against that person? If it's so illogical in your opinion then fight it with logic.

Look in the mirror and you will realise this goes both ways. If you and your possies want to spew speculative bs as facts then I will respond except I respond with known facts and that which I dont know I simply dont comment on, its called being smart, you should try it.
Uh huh.
So giving vast amounts of money to some random guy on the internet who claims to be able to offer you absolutely vast returns, but won't disclose his business model, liabilities etc etc etc is "being smart" is it?

Funny, that sounds a lot like being gullible.
Perhaps if:

1-There was some evidence that the sort of trade required to make those interest payments every week without eating into principal was taking place.
2-Pirate and his cronies were a bit more transparent about things like the size of liabilities involved.

Then people might be happier with the idea of investing.

Throwing your money into a black box in a pseudo-anonymous currency in which chargebacks are impossible isn't "being smart" - I can accept if people want to take the risk for those returns, but there are some serious questions that need answered before I'm convinced it's not a scam.

So, stop being such a monumental tool, basically.
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August 07, 2012, 12:08:55 PM
 #431

Pirate and his cronies

Please, who are his cronies?

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August 07, 2012, 12:44:18 PM
 #432

Pirate and his cronies

Please, who are his cronies?

You're obviously one of them!

 Cheesy

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August 07, 2012, 03:05:45 PM
 #433

In the vacuum that is a lack of evidence saying otherwise, many things point to a Pirate pyramid. We get this.

The insane style of "I'm better than you so I must be right" delivery by the OP, the trolling of other threads and holier than thou attitude means I'd actually kick the OP in the nads before I did the same to the pyramid operator.

Seriously, if you want to be holier than Pirate and others, up your game and act professional.
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August 07, 2012, 03:27:15 PM
 #434

In the vacuum that is a lack of evidence saying otherwise, many things point to a Pirate pyramid. We get this.

The insane style of "I'm better than you so I must be right" delivery by the OP, the trolling of other threads and holier than thou attitude means I'd actually kick the OP in the nads before I did the same to the pyramid operator.

Seriously, if you want to be holier than Pirate and others, up your game and act professional.

so you are going to kick me in the nads before Pirate even though he's stealing $1M+ USD from the BTC community and I'm pointing it out? 

I'm flying FPV race drones these days. Check out my YouTube channel: https://www.youtube.com/c/MiconFPV
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August 07, 2012, 03:59:46 PM
 #435


You realize until you have the coins in your wallet your gain is zero and your loss is 10,000 BTC, right?
imsaguy
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August 07, 2012, 04:34:34 PM
 #436

Pirate and his cronies

Please, who are his cronies?

You're obviously one of them!

 Cheesy

How so?

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August 07, 2012, 04:39:35 PM
 #437


You realize until you have the coins in your wallet your gain is zero and your loss is 10,000 BTC, right?

You realize that the best way for him to maximize his return is to convince additional marks to put money into it, right? BurtW seems to understand it perfectly.
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August 07, 2012, 05:19:00 PM
 #438

so you are going to kick me in the nads before Pirate even though he's stealing $1M+ USD from the BTC community and I'm pointing it out?  

Again I ask you to provide any shred of evidence for your claim above and I bet you will again ignore this question.

Show all of us your evidence of the $1M+ that pirate stole from the BTC community and I will back you up on all the retarded posts you have made so far.

Please, I am waiting. Maybe after reading this a few times you will figure out just how retarded all these claims come to be but it wouldnt surprise me that you dont understand the difference between speculation and facts.

...In the land of the stale, the man with one share is king... >> Clipse

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August 07, 2012, 05:24:40 PM
 #439

Another newbie troll who escaped just long enough to voice his over confident opinion on things he really doesnt understand, Check.

Seriously, this is what irritates me with these threads.

Why is it that every time someone posts something negative about BS&T one of you has to start posting ad-hominem attacks against that person? If it's so illogical in your opinion then fight it with logic.

Look in the mirror and you will realise this goes both ways. If you and your possies want to spew speculative bs as facts then I will respond except I respond with known facts and that which I dont know I simply dont comment on, its called being smart, you should try it.
Uh huh.
So giving vast amounts of money to some random guy on the internet who claims to be able to offer you absolutely vast returns, but won't disclose his business model, liabilities etc etc etc is "being smart" is it?

Funny, that sounds a lot like being gullible.
Perhaps if:

1-There was some evidence that the sort of trade required to make those interest payments every week without eating into principal was taking place.
2-Pirate and his cronies were a bit more transparent about things like the size of liabilities involved.

Then people might be happier with the idea of investing.

Throwing your money into a black box in a pseudo-anonymous currency in which chargebacks are impossible isn't "being smart" - I can accept if people want to take the risk for those returns, but there are some serious questions that need answered before I'm convinced it's not a scam.

So, stop being such a monumental tool, basically.

You need to go back to school and understand that those who make the claim should provide the evidence/facts. You are the one claiming this is a scam/ponzi without any evidence. Its not up to me to convince you that its not a scam/ponzi.

Those who want to invest will invest, the only people seemingly unhappy in this thread is those of you who have no interest to invest anyways which I find amusing.

None of my responses are geared towards getting people to invest, I really couldnt give 2 shits if people dont invest, I am merely pointing out how all of your "cronies" keep barking about this without ANY evidence yet stating your reasons as facts.

Id much rather be a logical sharp usefull tool than an illogical emotional manchild.

...In the land of the stale, the man with one share is king... >> Clipse

We pay miners at 130% PPS | Signup here : Bonus PPS Pool (Please read OP to understand the current process)
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August 07, 2012, 06:36:24 PM
 #440

You need to go back to school and understand that those who make the claim should provide the evidence/facts. You are the one claiming this is a scam/ponzi without any evidence. Its not up to me to convince you that its not a scam/ponzi.

Thanks to this glowing appraisal of yours, allow me to announce my fantastic new business plan:

5000% APR Deposits!  Cheesy

FAQ:
1- "So what's your business plan?"
Can't tell you. Arbitrage. Need money.

2- "Who are your customers?"
Can't tell you. Secret.

3- "What are your liabilities?"
LOL, Why are you interested, moron?

4- "Where do you derive your revenue stream?"
LOL, It's so obvious, why can't you work it out?

5- "There doesn't seem to be enough traffic on any of the known exchanges for you to make enough profit to fund your returns without eating into principle. Where are you trading, with whom?"
LOL, Can't tell you. Secret.

Minimum deposit 500BTC, 10000% APR if you deposit over 10000BTC.
FIRST COME FIRST SERVE!

Okay, so I jest.

The point is, you're totally full of shit here Clipse. The responsibility of disclosing major business fundamentals lies with the person who runs the business. If someone suspects fraud, I'd argue that it's their duty to make others aware of that. If there's clearly nothing to their argument, then people won't be dissuaded from investing.

If, however, there is something to the argument, then it's up to the business owner, or people involved in the business (in this case, Pirate and the operators of the various PPT schemes) to prove that the allegations are false.

The "proving the allegations are false" bit usually requires you to provide proof of, say:

-Some sort of revenue stream asides new deposits that would cover interest payments.
-Assets greater than liabilities.

Something along those lines.

To clarify, personal attacks directed at people who have doubts about BS&T do not count as evidence that its operations are sound Embarrassed
I know, that's a great shame, you were all doing so well.

The correct way to stop people speculating that BS&T is a giant ponzi would be to provide evidence that it has some obscenely profitable business asides taking deposits. This should be remarkably easy for any business, legal or otherwise, and let's not forget that the BS&T FAQ states that nothing it does is illegal, so there should be little to hide.
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