so it seems like he ended the BCST with ~ 500k hard BTC in a wallet. Now remember he paid a shit ton of interest, always depleting principal week after week - so that means he may have collected ~ 700k BTC and paid out ~200k BTC over time and is left with ~500k BTC.
I don't understand why you assume that it belongs to Pirate in the first place? If it does it would mean he actually has about the required amount to pay out, and he made it with pretty much all of the money he collected just sitting there doing nothing. That makes no sense. 
Topic: #BTCST Updates. Latest: August 28th 6:16PM EST - page 6. (Read 25074 times)
I would prefer if this didn't go off topic. Where are the updates?
There are no updates. TADA back on topic.
Well there is one update since yesterday:
The amount owed by Pirate to his creditors has increased by another 5,000 BTC!
If Pirates claim of 500K BTC is accurate that would mean he now owes ~540,000 BTC (minus the value of 11 unconfirmed "small accounts").
Also his interest only obligation is now ~$56,700 per day or $39.38 per minute. That means he needs to pay $56,7000 a day every day not to pay off the "investors", but to avoid the amount he owes from increasing.
Yes his debt in in BTC but I am using USD because maybe that makes it more "real". So say today he paid back $25,000. The amount he owed would still be increasing.
Even if you still believe he had a legit business which could afford $57,600 a day in interest, he shut it down a week ago. He nows owes about a half million USD more than when he shut it down.
And remember, it's "at least" 500k BTC
ok so this keeps bothering me:
since the shut down, everyone has been monitoring this wallet over in Speculation: https://bitcointalksearch.org/topic/1dkybekt5s2gdtv7aqw6rqepavnsryhoym-94675 looks to have acquired 500k+ btc after 2012 started, with a recent 100k shipment before the Gox market tanked from $14-> $7 -> $10
so it seems like he ended the BCST with ~ 500k hard BTC in a wallet. Now remember he paid a shit ton of interest, always depleting principal week after week - so that means he may have collected ~ 700k BTC and paid out ~200k BTC over time and is left with ~500k BTC.
I would prefer if this didn't go off topic. Where are the updates?
There are no updates. TADA back on topic.
Well there is one update since yesterday:
The amount owed by Pirate to his creditors has increased by another 5,000 BTC!
If Pirates claim of 500K BTC is accurate that would mean he now owes ~540,000 BTC (minus the value of 11 unconfirmed "small accounts").
Also his interest only obligation is now ~$56,700 per day or $39.38 per minute. That means he needs to pay $56,7000 a day every day not to pay off the "investors", but to avoid the amount he owes from increasing.
Yes his debt in in BTC but I am using USD because maybe that makes it more "real". So say today he paid back $25,000. The amount he owed would still be increasing.
Even if you still believe he had a legit business which could afford $57,600 a day in interest, he shut it down a week ago. He nows owes about a half million USD more than when he shut it down.
And remember, it's "at least" 500k BTC
Vampire, I appreciate you cleaning up your quotes. 
^ holy jesus that is crazy.....
I would prefer if this didn't go off topic. Where are the updates?
There are no updates. TADA back on topic.
Well there is one update since yesterday:
The amount owed by Pirate to his creditors has increased by another 5,000 BTC!
If Pirates claim of 500K BTC is accurate that would mean he now owes ~540,000 BTC (minus the value of 11 unconfirmed "small accounts").
Also his interest only obligation is now ~$56,700 per day or $39.38 per minute. That means he needs to pay $56,7000 a day every day not to pay off the "investors", but to avoid the amount he owes from increasing.
Yes his debt in in BTC but I am using USD because maybe that makes it more "real". So say today he paid back $25,000. The amount he owed would still be increasing.
Even if you still believe he had a legit business which could afford $57,600 a day in interest, he shut it down a week ago. He nows owes about a half million USD more than when he shut it down.
Because the mainstream will only feel confident in using bitcoin if it's regulated.
Most people are not willing to invest when they have no protection whatsoever in case they get ripped off.
Bitcoin a.t.m. is scammers paradise, i hope you realize THAT much.
Most people are not willing to invest when they have no protection whatsoever in case they get ripped off.
Bitcoin a.t.m. is scammers paradise, i hope you realize THAT much.
SEC is one of the largest regulatory bodies in the world and Madoff ran a scheme for over a decade that makes Pirates stunt look like an idiotic highschool prank.
You can't regulate stupid. How would one regulate Bitcoin? Honestly. Not that I am for more regulation (which merely raises the cost of business for legitimate businesses) but how exactly would you do it?
I would prefer if this didn't go off topic. Where are the updates?
The updates go into the first post in-thread, that way it doesn't matter how off-topic it goes
Reece, instead of continuing to be boorish and spouting more tedious, unamusing rhetoric, can you explain why you think regulation would help propel bitcoin into the mainstream?
Because the mainstream will only feel confident in using bitcoin if it's regulated.
Most people are not willing to invest when they have no protection whatsoever in case they get ripped off.
Bitcoin a.t.m. is scammers paradise, i hope you realize THAT much.
I would prefer if this didn't go off topic. Where are the updates?
Quote from: pirateat40
WHAR IS BITCOINS? WHAR?
This is what all you suckers sound like. If you send bitcoins to the address in my sig I will guarantee a 3000% return paid in happy thoughts in your general direction. Did you feel that? The first one is free.
This is what all you suckers sound like. If you send bitcoins to the address in my sig I will guarantee a 3000% return paid in happy thoughts in your general direction. Did you feel that? The first one is free.
I would prefer if this didn't go off topic. Where are the updates?
ponies and pirates and bears, oh my!
Reece, instead of continuing to be boorish and spouting more tedious, unamusing rhetoric, can you explain why you think regulation would help propel bitcoin into the mainstream?
Even better, why not take us back on topic via the high road of explaining how regulation would prevent our favorite sources of drama/rage/titillation/lulz, such as goxed/bitcoinica/pirate from becoming issues?
Do you want Instawallet, MtGox, BTC-E, Silk Road, or even TOR, shut down because they are unregulated?
I've put out my position, stating that the invisible hand of the free market shall provide all necessary guidance.
Why not respond to the crux of the matter, instead of dancing around rambling pompously about all the things you don't believe I understand?
You seem unwilling or unable to do that. My guess being the latter.
Again, good luck with your centrally planned and carefully regulated fantasy version of bitcoin. You'll need plenty. Such a silly little pony!
Even better, why not take us back on topic via the high road of explaining how regulation would prevent our favorite sources of drama/rage/titillation/lulz, such as goxed/bitcoinica/pirate from becoming issues?
Do you want Instawallet, MtGox, BTC-E, Silk Road, or even TOR, shut down because they are unregulated?
I've put out my position, stating that the invisible hand of the free market shall provide all necessary guidance.
Why not respond to the crux of the matter, instead of dancing around rambling pompously about all the things you don't believe I understand?
You seem unwilling or unable to do that. My guess being the latter.
Again, good luck with your centrally planned and carefully regulated fantasy version of bitcoin. You'll need plenty. Such a silly little pony!
This thread is for BTCST updates, but its understandable that it is has gone completely off-topic.
wrong, pireate. bitcoin has taken off because its not regulated.
It hasn't taken off yet. What can you buy for BTC? I can count the things if I take off my pants and my shoes.
Either you are a hideous mutant freak of nature or have never heard of Bitmit, where hundreds of things are on sale for BTC.
And BTW, fuck coercive government interference in the economy (ie regulation). Use Helicopter Ben's Fiat Funbucks if you like central planning.
Bitmit? A nice start but that counts like Amazon Auctions counts as a place where you can spend dollars.
Taking off implies anyone really gives a shit about it or a significant number of people rely upon it for income, beyond trading it back and forth with Funbucks.
An ecosystem worth a few million dollars has not "taken off". That time is yet to come.
Amazon Auctions had nothing to do with Bitmit and is merely a red herring.
Initially, you claimed to be able to count the things you can buy for BTC if you take off your pants and shoes.
When I pointed out that Bitmit alone (not to mention Memory Dealers and all the rest listed at https://www.spendbitcoins.com/places/) proves you are wrong, you ran away from your previous claim to a different position. Nice job at moving the goalposts. That's a good way to destroy your credibility.
Also, the market cap of BTC is about 100 million. That's not "a few million" as you disdainfully claimed. 100 is quite a lot of millions, but you can't bring yourself to be anything but purposefully obtuse and sarcastically negative. Another good way to lose credibility.
I agree that BTC has not taken off. It's at the stage where the internet was in the early 90s, before email and the web. But that grain of truth doesn't help make your lies and fallacies any more persuasive.
Good luck with your dream of bitcoin being regulated by anything other than the invisible hand of the free market. You're going to need it, you silly pony.
Just some joking and a bit of "these things take time."
nothing today? recently?
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