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mrb

legendary

Activity: 1512

Merit: 1028

Actually, I "know" what he was doing, and how he could make such profits. Now if on monday he hasn't paid back/post a news, I will explain the general concept. He was not a scammer, and it wasn't a ponzi, that's for sure.

Pirate raises every single red flag of a Ponzi scheme: overly consistent returns, unregistered investments, secretive and/or complex strategies, difficulty receiving payment, etc. This is from a list published by the U.S. SEC: http://www.sec.gov/answers/ponzi.htm

You are merely trying to convince yourself there is still hope of seeing your money back. Wake up!

I tried to warn victims of not investing in his scheme 2 months ago but you did not listen to me.

iCEBREAKER

legendary

Activity: 2156

Merit: 1072

Crypto is the separation of Power and State.

Quote from: AndrewBUD on August 25, 2012, 01:30:25 PM

is Thuesday a new day? Mix of Tuesday and Thursday

(sorry I had to)

In France there are 8 days in a week. They added Thuesday so their weekends could be 4 days long (Thue-Sun).

/jealous Anglo-Saxon

AndrewBUD

hero member

Activity: 1078

Merit: 502

mois too monsieur Tongue

Je suis né au Quebec

AndrewBUD

hero member

Activity: 1078

Merit: 502

is Thuesday a new day? Mix of Tuesday and Thursday

(sorry I had to)

bitcoinBull

legendary

Activity: 826

Merit: 1001

rippleFanatic

Quote from: ?? on ??

Quote from: Bascule on August 25, 2012, 12:33:37 PM

Quote from: ?? on ??

Actually, I "know" what he was doing, and how he could make such profits. Now if on monday he hasn't paid back/post a news, I will explain the general concept. He was not a scammer, and it wasn't a ponzi, that's for sure. That doesn't mean he will be able to repay all of his debt.

Now I understand why you think pirate deserves to be thanked and everyone who called him a lowlife piece of shit should apologise.

Wait, what?

You'll understand what I meant on monday.

Do you promise on Monday?

Bascule

newbie

Activity: 28

Merit: 0

Quote from: ?? on ??

Actually, I "know" what he was doing, and how he could make such profits. Now if on monday he hasn't paid back/post a news, I will explain the general concept. He was not a scammer, and it wasn't a ponzi, that's for sure. That doesn't mean he will be able to repay all of his debt.

Now I understand why you think pirate deserves to be thanked and everyone who called him a lowlife piece of shit should apologise.

Wait, what?

AndrewBUD

hero member

Activity: 1078

Merit: 502

That was a pirate pass through that defaulted?

Shadow383

sr. member

Activity: 336

Merit: 250

Been paid yet?

Ocean6

member

Activity: 103

Merit: 10

OP still got that cheery disposition?

Hfertig

sr. member

Activity: 361

Merit: 250

Quote from: DeathAndTaxes on August 17, 2012, 09:54:13 PM

Quote from: axus on August 17, 2012, 09:51:38 PM

30k bitcoins isn't worth disappearing. If pirate returns all the money, he will have tons of trust for his next venture. Though he will be poorer. Let's wait til everyone has their money back.

Would 400K Bitcoins be worth disappearing?

That is about the sum I would be looking for to retire with 37...

CodesInChaos

newbie

Activity: 19

Merit: 0

Quote from: Herodes on August 21, 2012, 04:41:37 AM

Quote from: Tarion on August 20, 2012, 05:57:44 PM

Can someone explain to me what pirate has done? I don't get it from the search, sorry.

Ran away with 5m usd worth of coins ?

Claiming he ran away with 500kBTC is misleading, assuming he's running a ponzi. That may be the paper balance of BTCST, but many of those coins didn't exist in the first place, and he had to pay out the inflated balance of some participants. So his profit is probably significantly smaller than that, but still big.

Herodes

hero member

Activity: 868

Merit: 1000

Quote from: Tarion on August 20, 2012, 05:57:44 PM

Can someone explain to me what pirate has done? I don't get it from the search, sorry.

Ran away with 5m usd worth of coins ?

AndrewBUD

hero member

Activity: 1078

Merit: 502

Search Harder....

Tarion

member

Activity: 224

Merit: 12

Can someone explain to me what pirate has done? I don't get it from the search, sorry.

Herodes

hero member

Activity: 868

Merit: 1000

Quote from: smoothie on August 20, 2012, 01:33:04 PM

Quote from: cryptoanarchist on August 20, 2012, 11:28:32 AM

So what's the update? Anyone get their funds back yet?

Anyone get their coins back yet?

Nah, you should all just be grateful for this 'investment' opportunity. Whoever would want to have their funds back. *sheeees*

To quote the topic starter:

Quote

Not only did Pirate brought us a great opportunity for investors (once in a lifetime actually), he did help stabilise and grow steadily bitcoin price, volume exchange, and thus contributed to the success of bitcoin. For that, Pirate, I want to thank you. You've done a wonderful work, and I hope you're stay around here.

Wonderful, wonderful! Now we all sing along: "Thank you pirateeee, thank you pirateeee.."

smoothie

legendary

Activity: 2492

Merit: 1491

LEALANA Bitcoin Grim Reaper

Quote from: cryptoanarchist on August 20, 2012, 11:28:32 AM

So what's the update? Anyone get their funds back yet?

Anyone get their coins back yet?

cryptoanarchist

legendary

Activity: 1120

Merit: 1003

So what's the update? Anyone get their funds back yet?

aq

full member

Activity: 238

Merit: 100

Quote from: dust on August 20, 2012, 10:27:34 AM

Quote from: aq on August 20, 2012, 10:19:13 AM

Quote from: elux on August 20, 2012, 09:19:41 AM

Ethical considerations aside, he would be a fool to give back the 5 million dollars he has craftily stolen, save a Tom Williams parting gift.

In other words: pirate is a honest man, while you would always scam given the chance. Revealing...

Pirate is not proven to be honest yet, and elux said nothing about wanting to scam people himself.

elux said that he would be a fool if he will return the funds. So in elux state of mind, you have to scam to not be a fool. Hence, revealing...

elux

legendary

Activity: 1458

Merit: 1006

Quote from: aq on August 20, 2012, 10:19:13 AM

In other words: pirate is a honest man, while you would always scam given the chance. Revealing...

Dear aq, you seem to have become unwary and abandoned your common sense.

Quote

...
Because a ponzi scheme is technically insolvent, in the sense that its liabilities exceed its assets from the first day it does business,
it can only continue until the pool of gullible new investors dries up. At that point, the scheme collapses or the operator folds it up.

The collapse may be accelerated by the promoter's overuse of the money on impressive looking trappings for substantiation, or on personal extravagances, to create the appearance of prosperity.
Many first-time perpetrators of this crime become so accustomed to the lifestyle it generates that they themselves are in disbelief when it crumbles, convinced over time by their own lies.

Ponzi schemes can be applied to almost any business or investment, so when it fails, as it must, people often deem it a poor investment rather than an elaborate hoax.
To mask the fraudulent nature of the investment the scammer will often file for bankruptcy after safely hiding the money, then bemoan his failure and offer abject apologies to his loyal followers.

Generally, investors in Ponzi Schemes lose most of their invested moneys because there is no substance whatsoever to the "opportunity".
By making a lie look like a truth they cause you to become unwary and abandon your common sense.
...

Mark Fleming
Consumer Protection Lawyer

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

dust

hero member

Activity: 840

Merit: 1000

Quote from: aq on August 20, 2012, 10:19:13 AM

Quote from: elux on August 20, 2012, 09:19:41 AM

Ethical considerations aside, he would be a fool to give back the 5 million dollars he has craftily stolen, save a Tom Williams parting gift.

In other words: pirate is a honest man, while you would always scam given the chance. Revealing...

Pirate is not proven to be honest yet, and elux said nothing about wanting to scam people himself.

Topic: - - page 5. (Read 26925 times)