Topic: centralized post of pirate payouts-It is over. Pirate@scammer admits default - page 21. (Read 80055 times)

LiteCoin if you failed big boy math class you shouldn't correct others.
Here I will "show my work" so you can follow along.  Please take out a #2 pencil and a new sheet of paper.

Around the time of the closing Pirate indicates that there were ~500,000 BTC deposited.
Pirate interest obligation is 1% per day until repaid.  That would be roughly 5,000 BTC per day on the 500,000 BTC deposited.  At the time of my post it was roughly 6 days since the trust had been closed but funds not "yet" repaid.

500,000 * 1% * 6 days = 30,000 additional BTC owed.  This evening it will be more like 35,000 BTC.  If Pirate paid back a total of 35,000 BTC this week he would still owe 500,000.  If he paid back 35,000 BTC every week until the end of time he would STILL owe 500,000 BTC.  The only way he can pay down the debt it to repay faster than the rate interest is accruing.  Given he has so far only paid back 100 BTC (or maybe up to 1,500 BTC unverified) the amount he owes has increased >30,000 since the trust was closed.

Another way to look at it is the amount Pirate owes increases by roughly $2,083 every hour, $34.67 every minute, $0.57 every second.    Just in the time it took me to write this post Pirate's debt has increased by another $100 or so.  Given your poor math skills by the time you actually understand this his debt will have increased by a couple hundred dollars more.

A few users claim to have been refunded their "small accounts", but it's understandable that not all of them want to disclose any more information.

So you'll have to do with estimates.

That didn't really answer any of my questions. What's your source? Who got the other 1400?

Extremely rough estimate based on the payout sizes people have reported, the number of people Pirate claims to have paid, and the transactions from the address he's been paying out. Could be wildly wrong - he could be lying or some of the payouts could be to stooges - but it's plausible.

What's your source? Who got the other 1400?

Possibly closer to 1500 BTC total, though that obviously doesn't make much difference because...

*crickets.wav*

Input is 500000 BTC
Interest rate is 7% per week

43 weeks from now pirate will owe his lenders more BTC than exist

It's not rocket science

1   535000
2   572450
3   612522
4   655398
5   701276
6   750365
7   802891
8   859093
9   919230
10   983576
11   1052426
12   1126096
13   1204923
14   1289267
15   1379516
16   1476082
17   1579408
18   1689966
19   1808264
20   1934842
21   2070281
22   2215201
23   2370265
24   2536183
25   2713716
26   2903676
27   3106934
28   3324419
29   3557129
30   3806128
31   4072556
32   4357635
33   4662670
34   4989057
35   5338291
36   5711971
37   6111809
38   6539636
39   6997410
40   7487229
41   8011335
42   8572128
43   9172177

lol nice one.

He's referring to the interest rate on the claimed holdings. Pirateat40 hasn't declared interest at 0. So roughly 500K at 1% a day compounding.

Shit stirring has got nothing to with math.
Get correct inputs and do your math again.

and stick to your Minion Games.

Litecoin:

Learn math.

Please.

Kthxbai.

Why post such rubbish?

500k was not invested 43 weeks ago. Talk facts, don't stir shit.

Thank you!

Owed at shutdown:
~500,000 BTC (per Pirate statement)

Paid since shutdown:
100 BTC verified (possibly as much as 1,500 BTC unverified)

Interest accumulated (if Pirate claim of 500K BTC is accurate) since shutdown:
30,000 BTC
(500,000 * 1% per day * 6 days = 30,000 BTC)


Net obligation change:
+ 29,900 BTC
(- 100 BTC + 30,000 BTC = 29,900 BTC)

So in 43 weeks when Pirate owes more Bitcoins than are in existence I wonder if people will accept that they aren't going to get their funds back.


On edit:
clarified and "showed my work" since apparently math is hard.

Any updates?

i was hoping this thread would be a list of payouts, partial payouts, and otherwise a summary.
but so far there is not a darn thing to report.

summary: default is likely. no evidence thus far shows any promise otherwise.

I've created this to be helpful

btcst.freenode 20th August - 23rd August @Pirateat40 IRC highlights
http://pastebin.com/1V7pf9K1

feel free to say thanks
1AimCqwgujZLLSDmdSLFEv9cdvtjqVw7F5

You can connect through a browser http://webchat.freenode.net/?channels=btcst

For Android you have clients like andchat, just looking it up in Google Play should give you alternatives.

All this is happening in the server Freenode, chats #btcst, #BTC-MINING, #bitcoin and maybe others.

Or: