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Author Topic: Bryan Micon's List of BTC Ponzi Schemes that should not be listed as "Lending"  (Read 108089 times)
unclescrooge
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August 16, 2012, 06:41:29 PM
 #881

What is pirate and shills' response to http://www.theverge.com/2012/8/15/3243200/bitcoin-ponzi-schemes-savings-and-trust?

I like the quote by Gavin:

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.


(my emphasis)


Aside: Thank you shills, for helping me sharpen my Perl web-parsing skills!

Bitcoin itself is a high yield investment (relative to other currencies), so according to you it's a ponzi?


In what possible sense is bitcoin an HYIP?
Bitcoin is just a means of exchanging capital, it has no returns structure whatsoever. Stop trying to confuse the issue.

In term of real wealth, bitcoin is a high yield investments (for now at least, and yes, with no garantee whatsoever). It does yield wealth to buy bitcoins.

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August 16, 2012, 06:45:06 PM
 #882

Nah Bitcoin yields nothing. 1 BTC == 1 BTC forever. It's just the amount of purchasing power (often expressed in monopoly money) that changes. While this is significant (to actual people) it does not imply yield.

I'm quite sad my wage keeps dropping every day Sad (denoted in BTC)

unclescrooge
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August 16, 2012, 06:53:42 PM
 #883

Nah Bitcoin yields nothing. 1 BTC == 1 BTC forever. It's just the amount of purchasing power (often expressed in monopoly money) that changes. While this is significant (to actual people) it does not imply yield.

I'm quite sad my wage keeps dropping every day Sad (denoted in BTC)

Yes I understand that what I said was poorly phrased, sorry about that. I didn't want to be misleading.

Yes, that's why I'm searching for a job that pays in bitcoin, but that's hard to find at the moment Cheesy

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August 16, 2012, 08:25:29 PM
 #884

If anyone is certain pirate is running a ponzi and wants to bet BTC100,000+ against him, PM me.  I have an idea.  You must be willing to risk large amounts of BTC.

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August 16, 2012, 09:28:47 PM
 #885

If anyone is certain pirate is running a ponzi and wants to bet BTC100,000+ against him, PM me.  I have an idea.  You must be willing to risk large amounts of BTC.

I hope the idea is "Pay 6% until Pirate collapses" to lure away enough Pirate capital to break him.

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August 17, 2012, 11:24:20 AM
 #886

If anyone is certain pirate is running a ponzi and wants to bet BTC100,000+ against him, PM me.  I have an idea.  You must be willing to risk large amounts of BTC.

I hope the idea is "Pay 6% until Pirate collapses" to lure away enough Pirate capital to break him.


All Ponzi schemes eventually collapse. Interesting how quiet it's gotten lately.

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August 17, 2012, 07:14:22 PM
 #887

this was the fastest from 0 to bullshit thread on this forum, and you have become forum history again by creating and supporting the death of one of the best opportunities that could have hit you guys given the limited intelligence you survive with, haha cheers micon and gang.....
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August 17, 2012, 07:19:35 PM
 #888

Team Ponzi should all be labelled as such, (maybe a dumbass tag?) - That way we know not to believe the FUD they spout

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August 17, 2012, 07:34:03 PM
 #889

Pirate's not paid everyone back yet.. so let's not get ahead of ourselves.

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August 17, 2012, 07:48:24 PM
 #890

I just want to see how many people Amit they where wrong and be the bigger person.. And how many act like cry baby's Smiley
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August 17, 2012, 07:51:24 PM
 #891

Team Ponzi should all be labelled as such, (maybe a dumbass tag?) - That way we know not to believe the FUD they spout

Miracles first, apologies second.


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August 17, 2012, 11:13:47 PM
 #892

When he does pay everyone back (with interest) will we get a heartfelt appology from Micon and everyone else on team Ponzi?

I will make a youtube video with a straw hat on, a sign that says "I, Bryan Micon, was 100% wrong about the matter of Pirateat40 & Bitcoin Savings & Trust" 

I will then also compose 16 bars into a rap about FUD, and how BurtW was right.  The rap will also touch on inducting Pirateat40 to the BTC hall of fame and will portray Satoshi as a closet cross-dresser from Idaho that makes it big time at Goldman Sachs and recruits some of his friends to start Bitcoin in 2008



I assume you will do the same for me if I am right and you are wrong?

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August 17, 2012, 11:16:41 PM
 #893

BurtW shilling until the very end. Do the other shills have as much heart?
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August 17, 2012, 11:24:50 PM
 #894

When he does pay everyone back (with interest) will we get a heartfelt appology from Micon and everyone else on team Ponzi?

I will make a youtube video with a straw hat on, a sign that says "I, Bryan Micon, was 100% wrong about the matter of Pirateat40 & Bitcoin Savings & Trust" 

I will then also compose 16 bars into a rap about FUD, and how BurtW was right.  The rap will also touch on inducting Pirateat40 to the BTC hall of fame and will portray Satoshi as a closet cross-dresser from Idaho that makes it big time at Goldman Sachs and recruits some of his friends to start Bitcoin in 2008

Witnessed.

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August 17, 2012, 11:38:41 PM
 #895

When he does pay everyone back (with interest) will we get a heartfelt appology from Micon and everyone else on team Ponzi?

I will make a youtube video with a straw hat on, a sign that says "I, Bryan Micon, was 100% wrong about the matter of Pirateat40 & Bitcoin Savings & Trust" 

I will then also compose 16 bars into a rap about FUD, and how BurtW was right.  The rap will also touch on inducting Pirateat40 to the BTC hall of fame and will portray Satoshi as a closet cross-dresser from Idaho that makes it big time at Goldman Sachs and recruits some of his friends to start Bitcoin in 2008



I assume you will do the same for me if I am right and you are wrong?

Not that I care which way this comes out, however in the event that this DOES come out in Pirate's favour I absolutely need to see this video, so

quoted.
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August 17, 2012, 11:46:47 PM
 #896

Miracles first, apologies second.

is this about the time for the obligatory  "omg guyz, i was just about to make payouts and was using a new computer just for this purpose and i got hacked.  sorries!"
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August 17, 2012, 11:53:50 PM
 #897

1)  It is a mixture of denial and anger that leads to the users who post "Aw man, all this FUD happened so Pirate had to close shop"  - how could this thread prevent the "market arbitrage" from continuing?  did we expose Pirateat40's "secret trading strategy" that if everyone knew about he couldn't make these huge profits?  

1a)  For those just picking this thread up, the Pro-Ponzi group loved the term "FUD" or "Fear, Uncertainty, & Doubt" - a term I believe Pirate gave them to label coherent logic about how BCST operates as a Ponzi Scheme.  

2)  Here is what Pirateat40 changed his OP to in this thread --> https://bitcointalk.org/index.php?topic=50822.0  


Quote from: Pirateat40
After much consideration, I’ve decided to close down Bitcoin Savings & Trust.  

Why?
The decision was based on the general size and overall time required to manage the transactions.  As the fund grew there were larger and larger coin movements which put strain on my reserve accounts and ultimately caused delays on withdraws and the inability to fund orders within my system.  On the 14th I made a final attempt to relieve pressure off the system by reducing the rates I offered for deposits.  In a perfect world this would allow me to hold more coins in reserve outside the system, but instead it only exponentially increased the amount of withdrawals overnight causing mass panic from many of my lenders.

So now what?
I’ve spoken with my clients over the last week and come to an agreement that would allow me to close down my operation within a week.  Currently my reserve (operating wallets) are drained from fulfilling the withdraw spree that happened after the rate drop announcement.  All withdraws at this point will be delayed until Monday when the shutdown process begins..  

At this point I will no longer accept deposits.  Any coins sent into the system as of now will be returned immediately.

When will I get my coins?
Starting Monday I’ll begin systematically closing and withdrawing accounts as coins are transferred.  I don't expect the entire process to last longer than a week. The moment your account is closed you’ll receive your coins plus any interest accrued up to the hour it was sent.

Thanks
I’d like to thank all of my lenders and PPT operators that were a key element in making Bitcoin Savings & Trust a success.  Bitcoin has grown a lot since I started this and want you to know that you were a vital part in helping it grow.

Now, I have a lot of work to do. Stay Tuned

-pirate

BTW, this is all bitlane’s fault.  (j/k you nut)


Again, we are talking classic Ponzi 101.   At the time of collapse, a smart Ponzi schemer will let the marks or "investors" down as easy as possible, stalling for as long as possible to avoid the initial anger and possible retribution from marks who have lost money in the scam.  The excuse as to the closure is almost as hilariously vague as the original description of the BCST scam:

Quote from: Pirateat40
The decision was based on the general size and overall time required to manage the transactions.  As the fund grew there were larger and larger coin movements which put strain on my reserve accounts and ultimately caused delays on withdraws and the inability to fund orders within my system.

Let's dissect this statement:
  • The decision was based on the general size and overall time required to manage the transactions - there exists a BCST website to automatically do the transactions.  Bitcoin has an API
  • As the fund grew there were larger and larger coin movements which put strain on my reserve accounts and ultimately caused delays on withdraws and the inability to fund orders within my system - big coin movements?  put strain on reserves?  inability to fund orders?   vague, lofty language that says nothing of substance.  What are all these coin movements and ability to fund orders anyway?  Pirate never told anyone other than BurtW his investment strategies - why does the fund being too large force it's closure?

and now for the stalling.  And this part is very important to a Ponzi schemer.  The anger some of the scammed "investors" should feel on this day will now be turned into nervousness over the next week, not anger:

Quote from: Pirateat40
So now what?
I’ve spoken with my clients over the last week and come to an agreement that would allow me to close down my operation within a week.  Currently my reserve (operating wallets) are drained from fulfilling the withdraw spree that happened after the rate drop announcement.  All withdraws at this point will be delayed until Monday when the shutdown process begins..  

some vague reasons for not paying all BTC out right now, or at least half, or 25% of what everyone is owed.  Remember his thread is locked and there is almost no way to contact him at this point, save BurtW and Paytob.tc - they likely have contact info but he will stop talking to them soon too.  Maybe then they will give us any info that could lead us to the Dox.  But either way, the After-the-fall-Ponzi-stall is on.


Quote from: Pirateat40
When will I get my coins?
Starting Monday I’ll begin systematically closing and withdrawing accounts as coins are transferred.  I don't expect the entire process to last longer than a week. The moment your account is closed you’ll receive your coins plus any interest accrued up to the hour it was sent.

Yes, starting Monday (not today of course) there will be a closing process.  This process will involve Pirateat40 destroying some Hard Drives, trading BTC for USD & Euro, and booking some plane tickets.  This process will NOT involve the orderly return of BTC funds.  

This is the stall after the fall.  If you are owed $$ from Pirate, a passthrough, a bond, or whatever other fictional vehicle you invested in that is exposed to BCST - it's game over starting now - but you likely won't be angry for a week still because of what the scammer posted.

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August 17, 2012, 11:59:29 PM
 #898

BurtW shilling until the very end. Do the other shills have as much heart?

Clipse?  Aq?  Psy?  bitcoin.me ?  imsaguy?  

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August 18, 2012, 12:00:06 AM
 #899

Lets just wait and see what happens and see if Pirate pays.

I'm more curious to see what will now happen to all the lending operations that had "nothing to do with pirate".

All previous versions of currency will no longer be supported as of this update
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August 18, 2012, 12:12:18 AM
 #900

BurtW shilling until the very end. Do the other shills have as much heart?

Clipse?  Aq?  Psy?  bitcoin.me ?  imsaguy? 

"Silence Lloyd - it's fucking golden" - Ari Gold

Don't worry, fucker. I have more on Pirate than you earn in 2 years playing poker as a pro.
And what i have in there can be considered chump change.

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