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Author Topic: Bryan Micon's List of BTC Ponzi Schemes that should not be listed as "Lending"  (Read 108088 times)
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August 19, 2012, 11:07:54 PM
 #981

I think I'll just mention it again as it's just a  great opportunity to embarrass the shit out of you all.

Micons and drones,  put your money where your annoying, fat mouths are and get a free 10,000btc for your trouble:  https://bitcointalk.org/index.php?topic=101751.0

Can't wait to hear your lame excuses.

I just max-bet the 100 BTC.

so in picture form this is what I just did:


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August 19, 2012, 11:11:20 PM
 #982

I think I'll just mention it again as it's just a  great opportunity to embarrass the shit out of you all.

Micons and drones,  put your money where your annoying, fat mouths are and get a free 10,000btc for your trouble:  https://bitcointalk.org/index.php?topic=101751.0

Can't wait to hear your lame excuses.

I just max-bet the 100 BTC.

so in picture form this is what I just did:



lol

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August 19, 2012, 11:16:59 PM
 #983

Good Micon, well done.   At least you have the courage to back up your convictions.  If only the rest of your mob were the same Smiley

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August 19, 2012, 11:20:57 PM
 #984

Matt I sort of just can't believe you are going to fire off so much BTC - almost feel bad in a way.

BTW in 3 weeks time BurtW will still be saying "wait for Pirate" with most of the community accepting the writing that will then be on the wall.  I expect the long stall has already started.  Pirateat40 wasn't one for posting much on these boards the past few months it seems - and I don't expect his post count to rise quickly in the near future.  

I feel a determination will be clear when this bet settles

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August 20, 2012, 12:09:09 AM
 #985

Good Micon, well done.   At least you have the courage to back up your convictions.  If only the rest of your mob were the same Smiley

At this time next week, btc will be worth $0.01 after everyone sells off their payout.  He bet a dollar. :-)

Haha, good point Cheesy

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August 20, 2012, 08:02:10 PM
 #986


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August 20, 2012, 08:14:49 PM
 #987


"Tonight's the night. And it's going to happen again, and again. It has to happen. Nice night."
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August 20, 2012, 10:03:50 PM
 #988

https://bitcointalk.org/index.php?topic=101339.0

relevant, Pirateat40 in IRC chat logs

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August 20, 2012, 10:53:13 PM
 #989

https://bitcointalk.org/index.php?topic=101339.0

relevant, Pirateat40 in IRC chat logs

Thought experiment: how many coins would you have if you really borrowed at 7% weekly, but somehow profited at about 10% weekly after 10 months, and you had 500,000 in borrower accounts?

Would you have 30,000 coins (a measly 6% of his depositors money)? Well, no, you'd have more like 400,000 coins by now (assuming a steady compounded growth since November from only a couple thousand in deposits).  Hell, even if he only had a 1% edge over deposits, he would still have tens of thousands of more coins--even accounting for his deposits being initially very small.

But it's not surprising that he throws out such silly figures; he's always been tossing about incredible figures.
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August 20, 2012, 11:20:52 PM
 #990

Frankie the language here is once again scam-central, letting the marks down easy, and stalling:

from 8/17:

[2012-08-17 16:15:10] <boonies4u> pirateat40: will you be daytrading with your own funds after this?
[2012-08-17 16:16:15] <pirateat40> boonies4u, Yes I hold personally over 30k BTC
[2012-08-17 16:16:45] <Azelphur> pirateat40: is that your personal or the total funds of BS&T?
[2012-08-17 16:17:57] <pirateat40> Azelphur, personally.  BST is over 500k BTC

IMO this is just random lies, look like a baller, boss, and no one asks him why not send back the 30k worth of BTC right now in his personal stash and wait for the "clients" and "unwinding" to send the rest?

[2012-08-17 16:18:55] <ErebusBat> pirateat40 does that mean we won't get the tell all we al lwant for some time ?
[2012-08-17 16:19:50] <pirateat40> ErebusBat, I've signed a contact to do a tell all with a company.  I'm sure you'll see it it soon enough.

lolz.  A tell all?  with a company no less? wow I'm impressed.  I heard they signed Don Deluise in 2009 to play Pirate but since his untimely death they are looking for a replacement and it will be an A&E special.  It's already in signed contract status with a company, so It's all good. Totally legit / start a bet thread on that too.

[2012-08-17 16:46:38] <pirateat40> Although delayed, no one needs to worry about getting coins back.
[2012-08-17 16:47:09] <pirateat40> what you should be talking about is what charity we donate to.
[2012-08-17 16:52:05] <pirateat40> It will be the community's choice, I'll just cast my opinion.

yes, no needs to worry about the guy holding $1M+ USD worth of bitcoin giving them back



and from today 8/20 holding all the bitcoins and having promised to start the payout process today he had few words:

(a few other posts of little substance / full text here:  http://www.bitbin.it/MKzYy6Bi  )


[2012-08-20 18:07:26] <pirateat40> Today is the start of a busy week guys, i'd love to answer all the 200 pm's but can't.  I'm around and you'll know when things start to move.
[2012-08-20 18:07:30] <pirateat40> pirate out


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August 20, 2012, 11:25:07 PM
 #991

It's cool.

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August 21, 2012, 12:05:22 AM
 #992

Totally legit / start a bet thread on that too.[/b]

Don't mind if I do!

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August 21, 2012, 12:11:22 AM
 #993

Frankie the language here is once again scam-central, letting the marks down easy, and stalling:

from 8/17:

[2012-08-17 16:15:10] <boonies4u> pirateat40: will you be daytrading with your own funds after this?
[2012-08-17 16:16:15] <pirateat40> boonies4u, Yes I hold personally over 30k BTC
[2012-08-17 16:16:45] <Azelphur> pirateat40: is that your personal or the total funds of BS&T?
[2012-08-17 16:17:57] <pirateat40> Azelphur, personally.  BST is over 500k BTC

IMO this is just random lies, look like a baller, boss, and no one asks him why not send back the 30k worth of BTC right now in his personal stash and wait for the "clients" and "unwinding" to send the rest?

[2012-08-17 16:18:55] <ErebusBat> pirateat40 does that mean we won't get the tell all we al lwant for some time ?
[2012-08-17 16:19:50] <pirateat40> ErebusBat, I've signed a contact to do a tell all with a company.  I'm sure you'll see it it soon enough.

lolz.  A tell all?  with a company no less? wow I'm impressed.  I heard they signed Don Deluise in 2009 to play Pirate but since his untimely death they are looking for a replacement and it will be an A&E special.  It's already in signed contract status with a company, so It's all good. Totally legit / start a bet thread on that too.

[2012-08-17 16:46:38] <pirateat40> Although delayed, no one needs to worry about getting coins back.
[2012-08-17 16:47:09] <pirateat40> what you should be talking about is what charity we donate to.
[2012-08-17 16:52:05] <pirateat40> It will be the community's choice, I'll just cast my opinion.

yes, no needs to worry about the guy holding $1M+ USD worth of bitcoin giving them back



and from today 8/20 holding all the bitcoins and having promised to start the payout process today he had few words:

(a few other posts of little substance / full text here:  http://www.bitbin.it/MKzYy6Bi  )


[2012-08-20 18:07:26] <pirateat40> Today is the start of a busy week guys, i'd love to answer all the 200 pm's but can't.  I'm around and you'll know when things start to move.
[2012-08-20 18:07:30] <pirateat40> pirate out



This is a very good point. Why not pay back with his current holding in btc right? Cheesy

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August 21, 2012, 12:14:47 AM
 #994

(a few other posts of little substance / full text here:  http://www.bitbin.it/MKzYy6Bi  ) [/i]

[2012-08-20 18:07:26] <pirateat40> Today is the start of a busy week guys, i'd love to answer all the 200 pm's but can't.  I'm around and you'll know when things start to move.
[2012-08-20 18:07:30] <pirateat40> pirate out

So far, spot on:

One thing I am looking forward to see is how, once ponzi collapses, some/many of it's victims will defend pirate and his lieutenants and blame everyone else but them. http://en.wikipedia.org/wiki/Stockholm_syndrome . I have a hypothesis, this it what will happen, now gotta wait and see if practice will validate the theory.

perhaps it will be a slow, extended flameout?  

week 1: "it wasn't a ponzi that collapsed.  the funds are all still there, just that bs&t doesn't have access to them until [some future event] occurs."

week 2: "we aren't getting interest anymore but none of our funds were lost.  just waiting for the green light to withdraw!  Grin"

week 3: "i sure hope pirate is ok.  he hasn't updated anything.  his 5k went to charity already so that was unexpected."

week 4: "with all these angry people, i'ld remain incommunicado as well.  wouldn't you?"

week 5: "there's still no evidence it was a ponzi you guys!  fud fud fud that's all you do."

week 5: "it couldn't have been a ponzi.  he was making 10% profit every week, people were getting their payments, every week!"

week 6:  "how the hell did he get hacked? fml!  well, at least that proves it wasn't a ponzi!"

week 7: "why did i keep rolling over the payouts?  i would only be down 65% instead of it being a total loss.  dumb dumb dumb!"

week 8: "someone should have kept his wine glass in vegas, they can get dna from that you know."


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August 21, 2012, 12:44:56 AM
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So far, spot on:

One thing I am looking forward to see is how, once ponzi collapses, some/many of it's victims will defend pirate and his lieutenants and blame everyone else but them. http://en.wikipedia.org/wiki/Stockholm_syndrome . I have a hypothesis, this it what will happen, now gotta wait and see if practice will validate the theory.

perhaps it will be a slow, extended flameout? 

week 1: "it wasn't a ponzi that collapsed.  the funds are all still there, just that bs&t doesn't have access to them until [some future event] occurs."

week 2: "we aren't getting interest anymore but none of our funds were lost.  just waiting for the green light to withdraw!  Grin"

week 3: "i sure hope pirate is ok.  he hasn't updated anything.  his 5k went to charity already so that was unexpected."

week 4: "with all these angry people, i'ld remain incommunicado as well.  wouldn't you?"

week 5: "there's still no evidence it was a ponzi you guys!  fud fud fud that's all you do."

week 5: "it couldn't have been a ponzi.  he was making 10% profit every week, people were getting their payments, every week!"

week 6:  "how the hell did he get hacked? fml!  well, at least that proves it wasn't a ponzi!"

week 7: "why did i keep rolling over the payouts?  i would only be down 65% instead of it being a total loss.  dumb dumb dumb!"

week 8: "someone should have kept his wine glass in vegas, they can get dna from that you know."



What is this about charity? If pirate was promising to give charity, then that's on the top of the list of a scam-artist's most reliable tools.

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August 21, 2012, 12:50:33 AM
 #996

What is this about charity? If pirate was promising to give charity, then that's on the top of the list of a scam-artist's most reliable tools.

5K BTC bet made.  Nanotube is escrowing 10K BTC awaiting the decision.  Here's the agreement:

 - http://bitcointalk.org/index.php?topic=91661.msg1013607#msg1013607

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August 21, 2012, 07:10:09 AM
 #997

I lliked this one (excerpt from IRC chat):

[2012-08-17 16:42:34] <exahash> @pirateat40 - you need a small number of bigger depositors
[2012-08-17 16:42:57] <pirateat40> exahash, nah, I'm done.  I need some family time.
[2012-08-17 16:43:22] <pirateat40> When I finally announced the closure you don't know how good it felt.
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August 21, 2012, 08:53:04 AM
 #998

[21:04]   <pirateat40>   Trading vs Shutting Down is a much harder than just clicking a button. There is A LOT of money moving around and I want this done as orderly as possible. The process began last night and has been happening all day but its not something that happens over night. The repayment will begin with the earliest investors first, but its tricky cause some of them now run PPT accounts which isn't fair to some. When coins being to move I'll let everyone know. BTW, No you can not buy your way to the front, so stop asking.
[21:17]   <pirateat40>   I'm handling the process as fast as possible. At no point did I say it would be fast and easy, I said it would be done. Thanks for your patience, I'm always watching. Stay tuned.
[21:19]   <pirateat40>   Trading coins from hands to hands is not the same as trading out the coins to be returned.
[21:20]   <ErebusBat>   I am assuming you ca not elaborate, yet, pirateat40. But thanks for the update
[21:21]   <pirateat40>   ErebusBat, the more I talk the more questions, emails and pm's I get.
[21:23]   <pirateat40>   I can't be everyone's best friend and I'm sorry if I step on toes, but I'm wanting things to go as fast as you guys do.
[21:25]   <pirateat40>   Now, back to your regularly scheduled trolling.


seems to be from today / got this from Maged's thread in important announcements https://bitcointalk.org/index.php?topic=101339.0 


This should be considered the second stall.  Remember, Pirateat40's game now is the infinite stall - from this point forward there will only be vague excuses and very close to zero block-chain verified large payments.  There is a small chance of 1 or 2 payouts to a smaller pass throughs to give the appearance of the beginning of payments, but very unlikely. 


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August 21, 2012, 09:08:40 AM
 #999

This should be considered the second stall.  Remember, Pirateat40's game now is the infinite stall - from this point forward there will only be vague excuses and very close to zero block-chain verified large payments.  There is a small chance of 1 or 2 payouts to a smaller pass throughs to give the appearance of the beginning of payments, but very unlikely.
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?

I can think of only one thing, and it's very disturbing. Perhaps Pirate himself holds a large number of PPTs. Consider:

1) Someone deposits 1,000 BTC with Pirate.

2) Pirate uses those 1,000 BTC to buy PPTs. He gets those 1,000 Bitcoins back anyway.

3) Now, after he announces no more payouts, he sells those PPTs. They're trading at 70% of face anyway. So he gets 700 BTC.

He can only do this if he suspends withdrawals because otherwise, selling PPTs will reduce his income stream (it runs this in reverse, but that can't happen with payouts suspended). But he can buy PPTs for free, and so long as he isn't making any payouts, he can sell them and keep the proceeds.

You can work out the consequences for yourselves.

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August 21, 2012, 09:14:50 AM
 #1000

Selling  1000 ppts or even a few thousand would be small change for pirate- dont' think it would be worth the effort.
Only other 2 reasons for stalling is :

1) He's on the road and once to distance himself as much as possible.
2) He's a Sadist son-of-a-bitch.

I don't believe either one is true.

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