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Author Topic: Bryan Micon's List of BTC Ponzi Schemes that should not be listed as "Lending"  (Read 108104 times)
IveBeenBit
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August 18, 2012, 12:47:29 AM
 #901

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

^^^^^ This!
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August 18, 2012, 01:16:20 AM
 #902

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

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August 18, 2012, 01:20:57 AM
 #903

I'm more curious to see what will now happen to all the lending operations that had "nothing to do with pirate".
Dank Bank shall redeem it.
If pirate does pay everyone back, maybe all of his supporters will dump there coin into the 4.2%/week Dank Bank.  Get ready for millions in deposits.

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August 18, 2012, 01:25:10 AM
 #904

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

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August 18, 2012, 01:39:27 AM
 #905

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.

Witnessed

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August 18, 2012, 01:44:07 AM
 #906

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

Astounding. BTCS&T is shutting down. Get off your high horse. Wait and see how the week plays out.

There's more to this saga than Team Ponzi has a handle on. I really want to see Micon's video admission on being wrong. If I'm wrong, it'll be bad enough that I lost my deposit. Funny how having skin in the game changes the perspective.

For now, ten days to closure. Let's see how it plays out.
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August 18, 2012, 01:47:05 AM
 #907

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



I have said all along its personal choice what you invest your coins in and your white knighting wont change a thing. Exactly how am I a shill since I dont run a pirate pass through and post threads such as https://bitcointalk.org/index.php?topic=100064.0

Unlike you Ive never wasted investors money in shady poker deals. BTW how can you pimp out sealswithclubs when online poker is banned in the US ? You even showed yourself playing it on youtube which will be an open and close case for the feds when they come knocking  Cheesy

Don't throw rocks when you're sitting in glass fucking houses.

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August 18, 2012, 01:55:11 AM
 #908


Don't throw rocks when you're sitting in glass fucking houses.

I've been trying to get that message to him indirectly. I guess he's just too dumb to get it.
I bet the FBI loves suckers like him. Slam dunk cases. He goes to jail for life and not even one more smartass trues to do the same.

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August 18, 2012, 02:01:40 AM
 #909

You even showed yourself playing it on youtube which will be an open and close case for the feds when they come knocking  Cheesy

And you know that kind of bust would include pinning as much crap on Bitcoin as possible. If something like that does happen, the short-sighted boyscout will have done way more harm than good with his rants.
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August 18, 2012, 02:02:28 AM
 #910

Don't throw rocks when you're sitting in glass fucking houses.

When I was at uni I worked as a bouncer at one of these places. I can tell you, very little sitting goes on in the average fucking-house. Mostly people are prone, but there are also some slings and hanging straps, and one client preferred to be upside down while being whipped.

No rock throwing, either. That's totally against the rules.

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August 18, 2012, 02:20:08 AM
 #911

Don't throw rocks when you're sitting in glass fucking houses.

When I was at uni I worked as a bouncer at one of these places. I can tell you, very little sitting goes on in the average fucking-house. Mostly people are prone, but there are also some slings and hanging straps, and one client preferred to be upside down while being whipped.

No rock throwing, either. That's totally against the rules.

lol

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August 18, 2012, 03:58:40 AM
 #912

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

What's the point of replying when all you do is bitch and claim we're shills?  or do you just enjoy the troll and run out of material without responses?

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August 18, 2012, 04:18:18 AM
 #913

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

i laughed pretty hard.
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August 18, 2012, 05:09:25 AM
 #914

I bet the FBI loves suckers like him. Slam dunk cases. He goes to jail for life and not even one more smartass trues to do the same.

While talking about jail, it will not be easy to catch the crooks. There is also the problem that few judges may ever have heard of bitcoin or understand quickly what it is.

It would be good to collect and keep any useful information and forward it if a case is opened.
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August 18, 2012, 05:39:40 AM
 #915

I bet the FBI loves suckers like him. Slam dunk cases. He goes to jail for life and not even one more smartass trues to do the same.

While talking about jail, it will not be easy to catch the crooks. There is also the problem that few judges may ever have heard of bitcoin or understand quickly what it is.

It would be good to collect and keep any useful information and forward it if a case is opened.

uh? be my guest... You seem to be the right person.

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August 18, 2012, 06:27:59 AM
 #916

1) feel free to start a new thread if you would like to attack my representation of SealsWithClubs.  I find it akin to civil disobedience.  Yes online poker is illegal in the USA right now - do you think that is wrong? I certainly do, and I will proudly wear my Seals patch during the WSOP.  Go snitch me to the DOJ if you want - it's not like I'm hiding - but do so in a different thread.  This 1 is now about BCST going boom.

2) "let's wait and see if he pays" ok let's see.  The process should be swift and efficient.  For me it died today. Remember it's in his best interest to keep stalling and making up excuses not to pay.

3) please try and not resort to personal insults when discussing this matter

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August 18, 2012, 10:16:02 AM
 #917

please try and not resort to personal insults
LOL, now that is some new level of double standard. The most insulting person does not want to be insulted. Poor stupid little Me-con.
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August 18, 2012, 12:11:58 PM
 #918

Go snitch me to the DOJ if you want - it's not like I'm hiding - but do so in a different thread.  This 1 is now about BCST going boom.

You really are a dumb fellow...
No, you moron, this thread is not about BCST going boom. Do you not remember the title you gave to your own thread and what you wrote in the OP?
Let me just quote the title for you, as a reminder
Quote
Bryan Micon's List of BTC Ponzi Schemes that should not be listed as "Lending"
Where is that boom part you are talking about? Huh

BTW, contrary to your own beliefs I highly doubt someone will snitch you. There is no need for it.
You do it all by yourself, and when you go down(again) you'll have no one else to blame but you.

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August 18, 2012, 12:54:01 PM
 #919

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?

Quoting this because I almost want to be wrong...

Also, this'll be an interesting week - can't wait to see who gets paid back...
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August 18, 2012, 05:05:48 PM
 #920

Go snitch me to the DOJ if you want - it's not like I'm hiding - but do so in a different thread.  This 1 is now about BCST going boom.

You really are a dumb fellow...
No, you moron, this thread is not about BCST going boom. Do you not remember the title you gave to your own thread and what you wrote in the OP?
Let me just quote the title for you, as a reminder
Quote
Bryan Micon's List of BTC Ponzi Schemes that should not be listed as "Lending"
Where is that boom part you are talking about? Huh

BTW, contrary to your own beliefs I highly doubt someone will snitch you. There is no need for it.
You do it all by yourself, and when you go down(again) you'll have no one else to blame but you.

It appears you will be defiant & insulting to the end.  If this is all a scam you realize I was trying to help you guys out all along, right?

You and Aq seem young, impressionable.  The OP was for a gross miscategorization of certain scams that you defend so vigilantly.  Now we will watch the reason why - b/c even if you keep your fingers in your eyes and your eyes shut screaming about my poker play, BCST is now going boom and this is now what we call in poker a "rail thread" to watch the scamtanic sinking.

Chairman SwCPoker.eu Bitcoin Poker 2.0 |  Pro Poker Player  |  blog & podcas DonkDown.com | @BryanMicon | 2015- PGP Key
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