Update
Starting today, I've lifted the referral only requirement to open a Savings account.
The switch date is being moved to Aug 13th due to me being out of town and a delay in the rollout of the website update.
Any account that holds more than 5k BTC will automatically be upgraded to a Trust account on that day.
Accounts opened from today to the switch date will be paid the current rates until the switch happens.
Thanks,
-pirate
Topic: Bitcoin Savings and Trust | Home | Closed (Read 802044 times)
New Bitcoin Savings & Trust IRC Channel
Connect using your favorite IRC client or a web client like Mibbit
Channel name: #btcst
Network: Freenode
See you there.
Connect using your favorite IRC client or a web client like Mibbit
Channel name: #btcst
Network: Freenode
See you there.
This thread is locked until further notice.
Pirate's primary reason (and only one, so far as I know) for not disclosing his business is because if he did, it would allow more competition to come in. But the thing is, he's the big player in this unknown niche, as often happens when you're first-to-market. He's already #1 by a HUGE margin. Why not just disclose the working operations of your business and put all the nay-sayers to rest? Competition would be fighting an uphill battle at that point. Pirate would have the iPad of investment schemes while others would be scambling to design something competitive to hopefully capture just 5% of the market.
This.
Pirate promises to pay 3300% per year, ARE YOU FKING SERIOUS?
Nuff said.
Pirate's primary reason (and only one, so far as I know) for not disclosing his business is because if he did, it would allow more competition to come in. But the thing is, he's the big player in this unknown niche, as often happens when you're first-to-market. He's already #1 by a HUGE margin. Why not just disclose the working operations of your business and put all the nay-sayers to rest? Competition would be fighting an uphill battle at that point. Pirate would have the iPad of investment schemes while others would be scambling to design something competitive to hopefully capture just 5% of the market.
This.
Pirate promises to pay 3300% per year, ARE YOU FKING SERIOUS?
Nuff said.
Pirate's primary (and only one, so far as I know) is because if he disclosed his operation, it would allow more competition to come in. But the thing is, he's the big player in this unknown niche, as often happens when you're first-to-market. He's already #1 by a HUGE margin. Why not just disclose the working operations of your business and put all the nay-sayers to rest? Competition would be fighting an uphill battle at that point. Pirate would have the iPad of investment schemes while others would be scambling to design something competitive to hopefully capture just 5% of the market.
Because there aren't any working operations. There is no business to disclose.
Withdraw your principal + gains, if you still can.
Pirate's primary (and only one, so far as I know) is because if he disclosed his operation, it would allow more competition to come in. But the thing is, he's the big player in this unknown niche, as often happens when you're first-to-market. He's already #1 by a HUGE margin. Why not just disclose the working operations of your business and put all the nay-sayers to rest? Competition would be fighting an uphill battle at that point. Pirate would have the iPad of investment schemes while others would be scambling to design something competitive to hopefully capture just 5% of the market.
THIS!! right here, totally agree, hes the iPad of the BTC, and probably anyone who want to compete it will be uphill a really high hill BTW
by the way ... is BCST taxable?
If the tax man knows you are making 7% per week, the tax man wants his cut.ALL capital gains are taxable!! We have had these tax discussions many, many times already. When in doubt, ask your accountant/CPA.....
@Buluna, it is very much likely your WOW gold will eventually be taxed. You seem to not be keeping up on the IRS and tax laws. New blizzard RMAH, while it may not get taxed directly, if you cash out through Paypal you will find yourself falling under their newer reporting requirements. Which right now are still $20k before they 1099-K you(citation neeeded). Same with Amzon for example, " Re: Does Amazon Send You A 1099/ Here it is straight from Amazon
Posted: Apr 20, 2011 3:46 PM in response to: jgreen30 Reply
Hello to All ,
Amazon sent me the following :
Hello from Amazon,
We're writing to let you know about new Internal Revenue Service (IRS) regulations that may impact your seller account.
Beginning with the 2011 tax year, new IRS regulations require that U.S. payment processors, including Amazon, file Form 1099-K for sellers that exceed $20,000 in gross sales and 200 transactions in a calendar year. The regulations also require that registered sellers (regardless of account status and sales volume) have taxpayer identification information on file in order for backup withholding not to apply on gross sales."
Just 2 examples. You may say, "well, I only make $1200 whole year from RMAH sales, or BTC sales". Do what you want but legally you should be reporting it imho.
Yes, I filed last year and will file this year my capital gains/losses from Bitcoin related activies..
by the way ... is BCST taxable?
If the tax man knows you are making 7% per week, the tax man wants his cut.
by the way ... is BCST taxable?
One question that pops in my mind regularly is : how would he cash out those 100k BTC ? MtGox would trace him down. Use torwallet / bitcoin fog ? BTC-e russian scammer exchange that does not care about taint coins ? GPUMAX - pirate himself said that he does not care about stolen / tainted coins ?
I am very interested as to how he will cash out the BTC to USD if this does turn out to be a scam.
I am very interested as to how he will cash out the BTC to USD if this does turn out to be a scam.
I'm not saying it's a ponzi, but if it is, Pirate would probably already have started to sell off his BTC. Naturally, what he's selling are freshly mined coins acquired with GPUmax.
Obviously you don't know how gpumax works. The coins go to the pool account of whoever does the purchase. GPUMax hasn't done anywhere near the amount of leased work that would be required to launder the coins that pirate touches, especially when I subtract the purchases of people I know to have purchased.
One question that pops in my mind regularly is : how would he cash out those 100k BTC ? MtGox would trace him down. Use torwallet / bitcoin fog ? BTC-e russian scammer exchange that does not care about taint coins ? GPUMAX - pirate himself said that he does not care about stolen / tainted coins ?
I am very interested as to how he will cash out the BTC to USD if this does turn out to be a scam.
I am very interested as to how he will cash out the BTC to USD if this does turn out to be a scam.
For all we know most of it potentially could have been cashed out already. There must be a reason for all that unnatural stability around 5$ since February. For all we know it hypothetically could be an endless supply of "invested" BTC sold just around 5$ mark. Tripple tap:
1. liquidation done slowly,
2. keep speculators desperate for volatility starve them of any action, push "growth" "investors" into "value" "investing".
3. Cash out before people run to track tainted coins.
Makes sense.
One question that pops in my mind regularly is : how would he cash out those 100k BTC ? MtGox would trace him down. Use torwallet / bitcoin fog ? BTC-e russian scammer exchange that does not care about taint coins ? GPUMAX - pirate himself said that he does not care about stolen / tainted coins ?
I am very interested as to how he will cash out the BTC to USD if this does turn out to be a scam.
I am very interested as to how he will cash out the BTC to USD if this does turn out to be a scam.
I'm not saying it's a ponzi, but if it is, Pirate would probably already have started to sell off his BTC. Naturally, what he's selling are freshly mined coins acquired with GPUmax.
Pirate's primary (and only one, so far as I know) is because if he disclosed his operation, it would allow more competition to come in. But the thing is, he's the big player in this unknown niche, as often happens when you're first-to-market. He's already #1 by a HUGE margin. Why not just disclose the working operations of your business and put all the nay-sayers to rest? Competition would be fighting an uphill battle at that point. Pirate would have the iPad of investment schemes while others would be scambling to design something competitive to hopefully capture just 5% of the market.
... surely a legitimate business should be able to survive a single client leaving, right?
Now, hypothetically speaking let's for just a second, lol, assume that here is indeed a ponzi scheme, and this ponzi scheme has announced that soon it will significantly lower "the interest" at some given date. This hypothetical ponzi scheme has also made some announcement that it's principal who remained anonymous for long time will magically appear at some meetup (with "private security") just a few days before the interest cut-off date and reveal to the world his identity.
The question is: Why our hypothetical ponzi scheme would make such moves? The only plausible answer I can see is that this is an attempt to create an incentive for investors to postpone the decision on withdrawing "the investments" until the cut-off date and play on healthy curiosity of most of the hopium smoking victims. Thus this is creating a window of maximum opportunity for said hypothetical ponzi master to have all the money suddenly "evaporated" right before expected miracle of ceasing being anonymous and actually instead of it.
Now, for another second let's equally hypothetically speaking assume that this is indeed not a ponzi but some miracle worker with some troubles rising low cost capital. Why would such a legitimate gentleman all of the sudden decide to go public on some second tier meet up? Right before dramatical change of "interest" date and after ignoring persistent calls to come clean for very long time, no less. Why not just have a website and post registration details of a relevant company?
Curiosier and curiosier.
Ive noted this before, him making himself visible in public in vegas would be his worst move if he does intend to run off with the funds. I said this before but I will say it again, he will NOT be able to vanish completely before some people will catch up to him out of principal due to organized crime that took place against these investors.
To summarise, No ponzi scheme have ever gone out in public before running off with peoples money however they either got caught as the house started to crumble and people not receiving steady flow of interest anymore or they got caught later on by people tracking them down since they never made their real identity public.
These 2 scenarios is why I cant believe this is a scam to run off with peoples money, it makes no sense and he will be brutally fked up if he even decides to do that.
As Vladimir said already : FAIL.
Look at shakaru and how that turned out. Lots of people knew him, went to his house, he stole $20K.
What happened afterwards ? NOTHING. Nobody can do anything against BTC thieves.
I dare you to do anything to shakaru or pirateat40 ( if he turns out to be a scam - which I doubt at this point ).
If he does turn out to be a scam, all I want from him is a personal autograph for my collection. He truly will be the biggest BTC scammer EVER.
Respect, matey !
Should be easy for the forum operators to determine whether Pirate always accesses the forums using Tor. I'd say that if he does, it's pretty damning evidence.
This thread will miss you,
@
I've been informed by Theymos of the following:
I don't see any reason to enforce such a rule - there are several threads where the 'FUD' can be discussed and pirate has even posted links to them in the OP The starter of the topic may not change rules after posting their topic (not even by editing the topic post).
... surely a legitimate business should be able to survive a single client leaving, right?
Now, hypothetically speaking let's for just a second, lol, assume that here is indeed a ponzi scheme, and this ponzi scheme has announced that soon it will significantly lower "the interest" at some given date. This hypothetical ponzi scheme has also made some announcement that it's principal who remained anonymous for long time will magically appear at some meetup (with "private security") just a few days before the interest cut-off date and reveal to the world his identity.
The question is: Why our hypothetical ponzi scheme would make such moves? The only plausible answer I can see is that this is an attempt to create an incentive for investors to postpone the decision on withdrawing "the investments" until the cut-off date and play on healthy curiosity of most of the hopium smoking victims. Thus this is creating a window of maximum opportunity for said hypothetical ponzi master to have all the money suddenly "evaporated" right before expected miracle of ceasing being anonymous and actually instead of it.
Now, for another second let's equally hypothetically speaking assume that this is indeed not a ponzi but some miracle worker with some troubles rising low cost capital. Why would such a legitimate gentleman all of the sudden decide to go public on some second tier meet up? Right before dramatical change of "interest" date and after ignoring persistent calls to come clean for very long time, no less. Why not just have a website and post registration details of a relevant company?
Curiosier and curiosier.
Ive noted this before, him making himself visible in public in vegas would be his worst move if he does intend to run off with the funds. I said this before but I will say it again, he will NOT be able to vanish completely before some people will catch up to him out of principal due to organized crime that took place against these investors.
"if he does intend to run off with the funds." after revealing his identity -> Yes.
"if he does intend to run off with the funds." before and instead of revealing his identity -> No.
"if he does NOT run off with the funds." and instead reveals his identity -> WOW, no comments.
You assumption does not cover all range of eventualities. Fail.
To summarise, No ponzi scheme have ever gone out in public before running off with peoples money however they either got caught as the house started to crumble and people not receiving steady flow of interest anymore or they got caught later on by people tracking them down since they never made their real identity public.
They did not had Bitcoin and Tor and supid 80% of Bitcoin public in their arsenal. So this actually could be the first time. I did not try to trace this however, and have no idea how good he is at being anonymous. But we know that it is doable with some effort.
These 2 scenarios is why I cant believe this is a scam to run off with peoples money, it makes no sense and he will be brutally fked up if he even decides to do that.
You completely missed the point of my post and illogically jumped to false conclusion. Is anyone here capable of logical reasoning. Anyone?
Update
To those that use this thread as it's intended.
I've been informed by Theymos of the following:
So instead of having to watch and reply to a new thread I'll be moving to a new channel on IRC. Once I have the channel ready I'll add a post here and on the Alerts & Updates thread and lock this one.
Thanks,
-pirate
To those that use this thread as it's intended.
I've been informed by Theymos of the following:
The starter of the topic may not change rules after posting their topic (not even by editing the topic post).
So instead of having to watch and reply to a new thread I'll be moving to a new channel on IRC. Once I have the channel ready I'll add a post here and on the Alerts & Updates thread and lock this one.
Thanks,
-pirate
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