so, the super duper genius people who figured out what pirate does, maybe you can offer some insight
i don't understand why pirate wouldn't do forced withdrawals over time to wind things down, instead of continue the ponzi outline to a T
also, for someone who was so insistent on allowing immediate withdrawals, isn't it contradictory to suddenly hold everyone's coins hostage without notice?
Topic: A Theory on what pirateat40 is doing - page 2. (Read 40018 times)
so is it official yet? has anyone heard a peep from pirate since friday?
He's been in and out of IRC changing names between pirateat40 and steamship. It's bizarre really. When he's "steamship" he's been offering to buy pirate debt at reduced rates. No idea if he's serious.
That wasn't the real pirateat40. That pirateat40 (and steamship) did not have the OP prefix (@) in front of their nick. In addition, both @pirateat40 and pirateat40 were in the channel at the same time. It's likely he used an invisible character or typo to change his name to pirateat40. He was also clearly a troll. Can't believe everything you see, and then take it at face value.
You need to learn more about irc. There cannot be two people with the same nick on the network. He didn't have @ because it can be given/taken away like nothing. As to the sarcasm from steamship.. that's true. Many of the comments from steamship are actually things that were said on the forums by others first, with steamship repeating them and then getting quoted on it back on the forums again.
It makes *no* sense for him to buy Pirate debt. It costs him money. How would he get that money back? From himself?
Well that isn't exactly true.
Person sells x BTC worth of debt.
Person creates uncertainty in the market and buys that debt back for y BTC.
Persons profits (x-y) BTC.
Not saying Pirate is doing that but there it isn't correct to say there is no sense in rebuying your own debt.
I don't understand what you mean by selling his debt.
I can understand how he could buy it at a discount, which would equate to a partial discount. But selling it? Selling what?
For the last several months, Pirate has likely been buying up Pirate debt. Why not? It's free for him. If he buys 1,000 BTC worth of Pirate debt, those 1,000 BTC just get deposited with him.I can understand how he could buy it at a discount, which would equate to a partial discount. But selling it? Selling what?
Now, Pirate debt is selling for around 50 cents on the dollar. Pirate knows that he's never going to pay his debt back. So he knows the debt is worthless. But he can sell that 1,000 BTC that he effectively paid nothing for and get an extra 500 BTC.
It makes *no* sense for him to buy Pirate debt. It costs him money. How would he get that money back? From himself?
But if he sells Pirate debt, he gets more of other people's money. And it perfectly explains why Pirate bought himself a week or two. This gives him lots of time to make more money by selling worthless debt.
If he IS planning on paying back lenders, buying back pirate debt with sock accounts would make sense.
Thou shalt henceforth be known as Conspiracy Katz.
I don't understand what you mean by selling his debt.
I can understand how he could buy it at a discount, which would equate to a partial discount. But selling it? Selling what?
For the last several months, Pirate has likely been buying up Pirate debt. Why not? It's free for him. If he buys 1,000 BTC worth of Pirate debt, those 1,000 BTC just get deposited with him.I can understand how he could buy it at a discount, which would equate to a partial discount. But selling it? Selling what?
Now, Pirate debt is selling for around 50 cents on the dollar. Pirate knows that he's never going to pay his debt back. So he knows the debt is worthless. But he can sell that 1,000 BTC that he effectively paid nothing for and get an extra 500 BTC.
It makes *no* sense for him to buy Pirate debt. It costs him money. How would he get that money back? From himself?
But if he sells Pirate debt, he gets more of other people's money. And it perfectly explains why Pirate bought himself a week or two. This gives him lots of time to make more money by selling worthless debt.
so is it official yet? has anyone heard a peep from pirate since friday?
He's been in and out of IRC changing names between pirateat40 and steamship. It's bizarre really. When he's "steamship" he's been offering to buy pirate debt at reduced rates. No idea if he's serious.
Steamship? Hmm... was Titanic a steamship?
2) He's trying to cover the fact that he's actually *selling* Pirate debt.
I don't understand what you mean by selling his debt.
I can understand how he could buy it at a discount, which would equate to a partial discount. But selling it? Selling what?
Buying it would involve giving someone money.
Selling it would involve getting more money.
He's been selling Pirate IOUs all along. Maybe he's still selling them, I dunno. But he's not buying them, lol.
I don't understand what you mean by selling his debt.
I can understand how he could buy it at a discount, which would equate to a partial discount. But selling it? Selling what?
Lots of people are selling their pirate accounts at a discount. He probably has some fake accounts, and he could be selling them. That would also explain why he's still hanging around. If he didn't it would be pretty much impossible to sell them even at a discount. I can understand how he could buy it at a discount, which would equate to a partial discount. But selling it? Selling what?
But selling it? Selling what?
One thing he can do now is create a new account in his DB assign a bazillion coins to it.
Then go here with a new sockpuppet account and state: "i want to get rid of this btcst account, someone buy it from me for 30%"
there he sold his own debt
2) He's trying to cover the fact that he's actually *selling* Pirate debt.
I don't understand what you mean by selling his debt.
I can understand how he could buy it at a discount, which would equate to a partial discount. But selling it? Selling what?
Thats the plan baby 
so is it official yet? has anyone heard a peep from pirate since friday?
He's been in and out of IRC changing names between pirateat40 and steamship. It's bizarre really. When he's "steamship" he's been offering to buy pirate debt at reduced rates. No idea if he's serious.
That wasn't the real pirateat40. That pirateat40 (and steamship) did not have the OP prefix (@) in front of their nick. In addition, both @pirateat40 and pirateat40 were in the channel at the same time. It's likely he used an invisible character or typo to change his name to pirateat40. He was also clearly a troll. Can't believe everything you see, and then take it at face value.
Did you check the ident?
so is it official yet? has anyone heard a peep from pirate since friday?
He's been in and out of IRC changing names between pirateat40 and steamship. It's bizarre really. When he's "steamship" he's been offering to buy pirate debt at reduced rates. No idea if he's serious.
That wasn't the real pirateat40. That pirateat40 (and steamship) did not have the OP prefix (@) in front of their nick. In addition, both @pirateat40 and pirateat40 were in the channel at the same time. It's likely he used an invisible character or typo to change his name to pirateat40. He was also clearly a troll. Can't believe everything you see, and then take it at face value.
I think that the 500,000 BTC that people claim he has is gone -- used to pay out the 7% per week interest -- and he has nothing left. If he actually earns nothing from the deposits, then all the money is gone in only 3 months.
so is it official yet? has anyone heard a peep from pirate since friday?
He's been in and out of IRC changing names between pirateat40 and steamship. It's bizarre really. When he's "steamship" he's been offering to buy pirate debt at reduced rates. No idea if he's serious.
1) He wants to make people think he's going to pay out.
2) He's trying to cover the fact that he's actually *selling* Pirate debt.
If Pirate really was planning to run with everything, he could add a decent bonus to his earnings by starting to pay out some small accounts and then selling big "accounts" at a steep discount.
That being said, if Pirate really is going to pay everyone back, it would make sense for him to scoop up as much discounted debt as possible.
so is it official yet? has anyone heard a peep from pirate since friday?
He's been in and out of IRC changing names between pirateat40 and steamship. It's bizarre really. When he's "steamship" he's been offering to buy pirate debt at reduced rates. No idea if he's serious.
1) He wants to make people think he's going to pay out.
2) He's trying to cover the fact that he's actually *selling* Pirate debt.
so is it official yet? has anyone heard a peep from pirate since friday?
He's been in and out of IRC changing names between pirateat40 and steamship. It's bizarre really. When he's "steamship" he's been offering to buy pirate debt at reduced rates. No idea if he's serious.
so is it official yet? has anyone heard a peep from pirate since friday?
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