Why would one need to payout everyone at once (after two weeks where interest has increased the amount owed by ~$1M) in order to stop the bleeding? We is paying 1% per day on the oustanding balance. The way to reduce the bleeding is simple ... pay down some/all of the debt. The quicker and the more he pays the less capitalized interest he accrues.
Hypothetically if Pirate had paid 100K BTC on Friday it would have saved him almost 10K in interest so far.
Hell Pirate claimed to have 30K in personal (non ponzi) BTC. Using that to pay down the debt early would have saved him 3K in BTC.
Even weirder is why he thinks that would that piss people off "Oh man I got my money all at once... grr."
I hope he had some really good dreams; it has and continues to cost him ~$2,000 per hour.
Topic: centralized post of pirate payouts-It is over. Pirate@scammer admits default - page 16. (Read 80055 times)
August 26, 2012, 08:17:55 PM
August 26, 2012, 08:17:12 PM
[01:13] <@pirateat40> I'm doing everything in my power within the contracts of the "Real World" to get things moving as fast as possible. If, I end up losing the bets and spending everything I worked for to make things right I will. I will not be giving any additional times or dates until I know exactly when things will happen.
This is good news for the true believers. They will always be able to dream of getting their money back.
This is good news for the true believers. They will always be able to dream of getting their money back.
August 26, 2012, 08:17:01 PM
[2012/08/26 19:03:35] I'd just like to say, I never expected all this madness when I shutdown BS&T. It's been a lot more work than I could have even thought and I simply messed up. In hindsight, I shouldn't have stopped things so suddenly. Although it was nice to finally get some sleep, things have been spiraling out of control this week and pushing my personal deadlines.
[2012/08/26 19:06:09] At this point and in an attempt to stop the bleeding (interest) I'm going to be forced to payout everyone at once, which I'm sure will piss off enough people to counter the lack of payouts but I don't see any other way of handling this.
[2012/08/26 19:09:47] My concern is not "winning" the bet as much as it is "donating" the winnings. With the events of this week causing delays, 5K worth of coins is a piece of sand compared to the amount of money I'm losing every hour.
[2012/08/26 19:13:46] I'm doing everything in my power within the contracts of the "Real World" to get things moving as fast as possible. If, I end up losing the bets and spending everything I worked for to make things right I will. I will not be giving any additional times or dates until I know exactly when things will happen.
[2012/08/26 19:17:40] <@pirateat40> I know you guys want updates and communication, but I'm somewhat muted by the personal attacks and legalities of whats going on. There is a lot more to this story than just "Send me back my coins." If I had all the coins just sitting around I would've has this wrapped up a long time ago.
[2012/08/26 19:06:09]
[2012/08/26 19:09:47]
[2012/08/26 19:13:46]
[2012/08/26 19:17:40] <@pirateat40> I know you guys want updates and communication, but I'm somewhat muted by the personal attacks and legalities of whats going on. There is a lot more to this story than just "Send me back my coins." If I had all the coins just sitting around I would've has this wrapped up a long time ago.
August 26, 2012, 08:16:54 PM
I'm not sure why paying out everyone at once will piss anyone off (aside from the ponzi trolls). If everyone gets their money, then great 
August 26, 2012, 08:16:08 PM
Could you post these as text instead of image?
I honestly can't copy/paste the text from IRC. Feel free to take over.
August 26, 2012, 08:12:56 PM
Just posted in #btcst
Could you post these as text instead of image?
August 26, 2012, 08:11:11 PM
August 26, 2012, 08:10:07 PM
Just posted in #btcst
August 26, 2012, 08:02:10 PM
This just in #btcst:
if you want your bitcoins, copumpkin has them all. Leave me alone and go bug him!
August 26, 2012, 07:38:43 PM
Google cached version of page http://www.buscog.com is not accessible for some, but archive.org version is, although it is dated.
http://web.archive.org/web/20101028234248/http://www.buscog.com/solutions
http://web.archive.org/web/20101028234248/http://www.buscog.com/solutions
Yes, I already posted that a few posts back.
August 26, 2012, 07:37:05 PM
Google cached version of page http://www.buscog.com is not accessible for some, but archive.org version is, although it is dated.
http://web.archive.org/web/20101028234248/http://www.buscog.com/solutions
http://web.archive.org/web/20101028234248/http://www.buscog.com/solutions
August 26, 2012, 06:48:26 PM
Ref:bitcoiners post
That cached site gives a 4th telephone number 877-675-6006
That cached site gives a 4th telephone number 877-675-6006
August 26, 2012, 06:39:26 PM
Do you realize you just posted a link to page 11 (you're on page 12) of this same thread?
It was already pointed out here:
https://bitcointalksearch.org/topic/m.1135291
August 26, 2012, 06:36:42 PM
August 26, 2012, 06:29:36 PM
Do you realize you just posted a link to page 11 (you're on page 12) of this same thread?
August 26, 2012, 06:14:14 PM
I am not going to do it.
Someone will.
It WILL place heat on this guy whether you think so or not.
So, how much did you invest in pirate?Someone will.
It WILL place heat on this guy whether you think so or not.
Welllll, I had about 80 - 100 BTC invested in Pirate through BTCMAX BEFORE he dropped rates.
Once he did, I cashed out completely.
THEN, I decided to make a few small investments in Bitcoinmax and another derivative security. These total under 10 BTC.
August 26, 2012, 05:54:04 PM
http://whois.domaintools.com/ineedbitcoins.com is also the same guy.
Edit: and so is http://whois.domaintools.com/pirateat40.com
Edit: and so is http://whois.domaintools.com/pirateat40.com
August 26, 2012, 05:45:51 PM
https://bitcointalksearch.org/topic/m.602885
btclending.com is redirected to GPUMAX, same Don Shrents behind it.
However, averagecitizen.com is still for sale and surprise... (http://whois.domaintools.com/averagecitizen.com)
Domain name: averagecitizen.com
Is the domain you want taken? Make an offer:
http://www.afternic.com/rcom.php?ref_id=2987&name=averagecitizen.com
Registrant Contact:
Todd Taunton
Todd Taunton ()
Fax:
3305 Palmtree Drive
Mckinney, TX 75070
US
Administrative Contact:
Todd Taunton
Todd Taunton ()
+1.9725295671
Fax:
8105 Oakcrest Drive
Mckinney, TX 75070
US
August 26, 2012, 05:42:25 PM
August 26, 2012, 05:42:06 PM
http://whois.domaintools.com/btcst.com is owned by the same guy.
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