Topic: Bitcoin Savings and Trust | Home | Closed - page 22. (Read 802100 times)

Thanks for taking the time to read the history before running your mouth.  Lots of people have skipped the hard research and spread FUD, which is why bitlane is making an ass of himself.  Forgive him, he's just tired.

your theory does make sense, ignore that idiot

I don't have a problem with it. I thought my view would make people more comfortable than a ponzi. As far as I can tell, he's no more or less exposed to risk than the man selling $500K in diamonds a week for cash to a repeat buyer.

Note I said in my first post, if Pirate has a problem with my guess of what he's doing, I'd happily edit / delete any / all posts.

Hey waltmarkers, take your shit elsewhere.

Tons of other members have had NO problems creating their own threads to cry and whine in, so take a queue from them and DO THE SAME.

If you don't have a BTCST Investment DIRECTLY WITH PIRATE...fuck off.

Its either that or hes silk road's mixer

Ponzi is plenty sound, it's just one hell of a long con. My theory lines up with his previous statements (I sat down and read all of his posts), and explains why in bitcoin terms this has been going on for an eternity.

He discovered bitcoin, tried his hand at lending online, then figured out it was FAR more profitable to just sell coins for cash offline. I just can't figure out how he can get that much fiat into banks without any issues. $9,000 in cash to every major bank in town gives him a max capacity of $180,000 a week at the very high end (20 banks). Possibly double that if he has a partner. Assuming 20 banks, that would give him a max capacity of ~25,000 bitcoins by himself, but we know he has more than that based solely on pirate pass throughs on GLBSE. That's all one huge scale up for him in the last month. He either took on a partner, or has some other hard cash to exchange method I haven't thought of yet. (But that's why he pulls in ~$7K (at a 10% markup, 21K at 15%) a week just from the cash he's moving through the GLBSE pass throughs.)

I think he's lending everything to dank, who is paying him back 300% every 3 minutes, as soon as he gets rid of his 60 BTC loan.

Ponzi isn't sound?

+1 waltmarkers! Definitely one of the soundest theories I've seen floated around here.

Isn't it clear what he does? He's said as much on other threads. People lend him bitcoins that he then sells for hard currency locally at a (significant) markup. Whoever buys those coins more than likely sends them to a third party, who converts them back to fiat (possibly another fiat).

Pirate moves his currency back into bitcoins. More than likely Pirate is never in fiat more than a day or two, leaving him minimally exposed to bitcoin / fiat pair volatility risk.

Pirate's customer has a steady need to send currency through bitcoins on a regular basis, for payment for some ongoing good or service. These customers are paying a significant premium for this service, likely 10% or more. That's why Pirate can afford to pay 7 points per week. As long as pirate's customers' business grows (or they move more bitcoins through him) he can afford to keep paying 7% indefinitely. It is likely that at some point he may have to close to new deposits (as he has done in the past).

Bitcoin is a easy way to move large amounts of currency without the use of banks or walking large amounts of cash through airports. Hell, it's better than diamonds or art. Sure is more liquid.

He's doing exactly what he says he does, arbitrage with a very short term loan (The loan is as fast as he can turn hard currency to bitcoin).

(If I've stepped a little too close to home, please let me know and I'll edit / delete my post.)

I pretty sure that the last thing the pirate does is buying bitcoins

He obviously lends them out to some other people at higher interests, without being nosy on where they get the bitcoins from.
Ot it's a ponzi...
Either of the two - feel free to choose your believes, I'm still not quite sure about mine

so now does pirate's business model include buying bitcoins constantly? haven't found any answer yet around here... beginning at the lows last winter, did he perhaps even rescue Bitcoin singlefootedly?  

Muchas Gracias

Wow, that was one hell of a < 1min response!

Thanks Pirate

As always - THANK YOU!

OK - cheers, guys!

They are going out now, I had a late start this morning.

Can someone please tell me if the today payments are out already?

I'm not a BS&T customer, but I want to buy some more PPT bonds and wonder about the risk of buying them now - overpriced, though yet before the dividends are paid.

"B is for:"