Topic: Bitcoin Savings and Trust | Home | Closed - page 21. (Read 802102 times)

Is this a thing now?!

Well, this is the first report I have seen at all. Sure, very little will 'prove' anything.

I'm a great pirate fan, but this doesn't really mean anything, please give the dates & amounts, also anyone would do a few of these as sock puppets if it were a pp, or just to build cred by kicking a few hero members out.

Disclaimer: I'm 100% pro pirate & max funded on BST.

Deets on the Trust Accounts coming next month?

^^ Thanks for reporting this.

I can say the one bit that showed me this is legit is that pirate will kick funds out when he has too much.  I just can't think of a scenario where you would do that unless this was going to be a MASSIVE ponzi scheme where his end goal was in the millions.  And from what I've seen, that just doesn't seem likely.

Although I am a bit sad that I got my BTCST account and less than 2 days later all my coins got kicked out from an earlier member depositing .

.....and unfortunately the ship has sailed for many people, which I couldn't be more happy about. The 'Referral' model is the greatest decision that Pirate made, in regards to new account creation.

With all of the negativity directed towards Pirate, many times through cowardly 'sock puppet' accounts.....no one can really be sure who is who at times and I for one will NEVER refer anyone because of this. I have been asked, offered bribes, money/BTC...but I will not refer anyone and run the risk of letting someone into the program who may or may not have been shit-talking Pirate and the rest of the BTCST members out of jealousy.

I have trusted Pirate with large sums of BTC since early-mid January and I have never been given any reason to second guess that trust, nor do I see it being a problem in the near future. I have never openly gloated, only shown appreciation for the opportunity that I was given to invest.

A handful of community members have done VERY WELL thanks to Pirate and because he has done so much for so many, some of those same people feel it necessary to 'get his back' when the bullshit begins to fly.

Like a broken record, even though I have said it multiple times before.....I will say it again:

THANK YOU PIRATE...FOR EVERYTHING.

Even at this point in the game, it's still comforting to see all of the 'sour grapes' out there...having no choice BUT to complain and continue to sew the seeds of mistrust about the BTCST, all because they couldn't and now will likely never get an account....

bitlane.
An extremely happy BTCST member.

What about some columbian drug dealers using bitcoins to move their cash?

Maybe it's a group of businesspeople who discovered Bitcoin by word of mouth. That would explain why they are near each other.

I've always been fairly sure that this is the case, but I still cannot figure out the volume aspect of it. If it is multiple lendees, how is it possible that they are all concentrated conveniently near him? Or, if it is a single entity, how could they possibly be using so many coins outside of the usual market?

I wonder if they are stockpiling over a a period of time, or whether the coins are used in some kind of active investment. If stockpiling, they would have a huge pile by now.

FWIW:

I have been mulling over this for a long time. I have bet against pirate on betsofbitco.in, posted my feelings in the forum, and pulled in and out of pass-throughs.

Yesterday, I decided that I do not think this is a Ponzi. I wish I would have come to this conclusion much sooner. I will be back in the game some time soon, and I would encourage others to do the same. If I am right, this is one of those investment opportunites that only comes around once in a lifetime.

HB

Sorry, I am wrong, I completely missed that.

Just PM pirateat40 directly. Never mind, misread the OP.

You can buy some shares of a passthrough on GLBSE such as FOO.PPPPT (0.07 BTC/week) or TYGRR.BOND-P (0.068 BTC/week). You could also go through a passthrough mentioned on Who Pays What? as Otoh suggested.

The way to go now, especially if you plan on investing < BTC2,000 is one of the many pirate pass throughs, on GLBSE you can find the PPT issues that have a 25% insurance from 6 high rep guys & pay excellent interest on a 4 week bond, there is also goat's TYGRR.B-P paying about 6.6% (if you buy @ 1.02) - 6.8% per week. Lenders forum has PAYB.TC - Bitcoinmax with the best rate of 6.9% on any amounts over BTC10 per week, see Starfish/Patrick's 'Who offers what' 'Who Pays What' thread for others.

Edit @m_yaw If you do happen to wish to invest > BTC2,000 & plan on leaving it there for at least 3 months then feel free to PM me re a possible referral with a little more info about youself & what you're planing/hoping to do, thanks.

I found this link about Texas Usury law:  https://www.oag.state.tx.us/consumer/loans.shtml

One month, less than $189 pawn shop loans are restricted by law to be less than %240 (4.67% weekly).

Of course that is of no consequence unless the other party complains.

Sam

Hi,
Is it still possible to open an account with BTCST? I am very much interested, I just don't know anyone who could refer me. :/

If anybody wants to chat to get to know me a bit, contact me via PN please.

Well, that's basically what I said. What you have described is in fact lending bitcoins, using a USD deposit as a collateral.
It's obviously not the dollars that makes the interest rate so high - its the bitcoins.

Plus, I don't know what kind of financial regulations they have in Texas, but keeping in mind that it's not a 3rd world country, my guess would be that lending USD for over 7% interest per week, would be pretty much illegal. Unless he was JP Morgan - then it could still be illegal, but nobody cares.
In the meantime lending bitcoins at any interest is not illegal yet, because according to law they are no more of a money than a gold from my stash in Diablo 3.

I don't think bitcoin was going to crash, I think he accelerated the demand for bitcoin and caused part of the rise we're seing. But they were others factors which likely contributed as well (the good wife episode for example). No I think bitcoin is an idea whose time has come, as they say.

Most sound explanation of pirate's swashbuckling ways lately - that would also explain why a 10% ROI weekly is possible without going into illegal ways.

Must be. He's usually one of the most sensible people on the forums.