Topic: Did pirate default? IRC Chat Log inside!! - page 2. (Read 7534 times)

For Pirate to continue to profit by selling his debt, it needs to be newly-created debt. The debt of which I am aware that is still selling is pre-existing debt. It's debt he issued some days/weeks/months ago. As it is already in the marketplace, he can benefit from it no further. It is not Pirate that is selling this debt, it is existing owners of Pirate debt.

Step 1: Open your database, create a new account with a BTC12345.67 balance.
Step 2: Log in to newly created or already existing sock puppet account on bitcointalk.org
Step 3: Offer to sell BTC12345.67 for BTC2468.
Step 4: Sell BTC2468 on Mt Gox.
Step 5: Repeat x5
Step 6: Buy Corvette Z06

Nope. I'm still not getting it.

For Pirate to continue to profit by selling his debt, it needs to be newly-created debt. The debt of which I am aware that is still selling is pre-existing debt. It's debt he issued some days/weeks/months ago. As it is already in the marketplace, he can benefit from it no further. It is not Pirate that is selling this debt, it is existing owners of Pirate debt.

Perhaps I have just missed notice of a sale of newly-minted Pirate debt. Can you point me to a specific transaction?

Pirate debt is still selling for more than 0. Pirate can create as much Pirate debt as he wants at a cost of zero to him. Until Pirate debt is completely worthless, Pirate has no incentive to stop selling his own debt.

Sounds to me like Bitlane will be one of the first to try that 5$ wrench on Bitcoin security

Hilarious coming from you.

I guess that means we keep posting the same stuff over and over now.

As someone already posted the XKCD comic in one of these threads, a $5 wrench could be a pretty effective password cracker for whatever encryption Pirate might use.

I must be slow today. I'm not following this at all. What new debt can he be selling? Do you see others lining up to lend him more? Are there new Pirate securities being issued? What new money is rolling in?

Joel hits it dead on the money.

I have resisted the temptation to break out the "Gee, everybody told you so..." bat and beat the community over the head with it thus far on this one... but really? Does anybody think that there is going to be one thin dime forthcoming on this latest chapter of "How I Spent My Summer and My Fortune Getting Hosed On The Internet"?

Wait for it kids, in about 46 hours there will be a huge announcement that all of his work and effort has gone to naught and the entire repayment sum was hacked. It's the obvious play after the stalling runs out. There will be some vague little tease about what he was doing with the money (re-inventing the internal combustion engine to run on water, or brokering AIDS vaccines) and why it was the single most profitable concept in the entire history of the human race, and only one glorious little hacker was ever able to figure it out. But he needed a little time to spend with his family, and hadn't really slept for 6 months, so the idea doesn't work now, he got hacked and gosh, I'm sorry, but all the funds are gone. And if you will please check the very fine print on page 397, paragraph B, subsection 134R, you will all learn that since this was a SPECULATIVE investment, there was never any guarantee that you would ever get anything back. Too bad, so sad, but it's all over now.

And the diligent little army of love slaves will rush to his defense and tell us how he really does deserve a chance to help raise his poor kids, and sleep really isn't over-rated, but vital for boy geniuses, so it's okay. And besides, he promises to work it off and make good to the three people who stood by him.

And the only reason he won't pay off the bet is because he doesn't trust that the donation will be made to the right charity, so that will be null and void too.

FFS, people, read your scripts. We've seen this whole act before, and chances are pretty damn good that some other brilliant scammer will be around shortly to fleece the next round of the willing and ignorant.

And for the TL/DR crown... YES, HE DEFAULTED. YOU ARE SCREWED.

Perhaps he should spend more time trying to repay and re-earn the Bitcoins he owes, rather than attempting to NOW cover his tracks by removing personal and family information from the Internet that we have all had for 7 months now anyways.

I bet My Pirate Picture/Scrapbook is better than yours

He's still making money. Why would he run when money is still rolling in? So long as people continue to believe that he might pay, his debt is still worth something, so he can keep selling it. He can produce an unlimited amount of debt, so he's not going to stop until his debt has zero value.

Pirate defaulted 10 days ago ...

The accounts were demand account meaning they could be drawn on demand.  Last Friday Pirate violated the terms of his own contract.  If that isn't enough he made an explicit promise to bitlane that he would be repaid on Monday a promise he failed to keep.  So Friday or Monday is when the default occurred.  Everything since them has just been the moving of goal posts.

a $5 wrench could be a pretty effective password cracker for whatever encryption Pirate might use.

Perhaps he should spend more time trying to repay and re-earn the Bitcoins he owes, rather than attempting to NOW cover his tracks by removing personal and family information from the Internet that we have all had for 7 months now anyways.

I bet My Pirate Picture/Scrapbook is better than yours

I have been watching this effort for some time.  It may say newb next to my title but I have been lurking.  I have funds tied up in this and know others that do as well.  I also knew that getting these rates was a bit unreal and figured that I was getting in early enough to be able to get out before it fell apart, wrong.  

All of that said if Pirate is really trying to return all of the principle funding and with some or all of the interest I would consider him a hero compared to other financial wizards in the normal/real finance world.  I would say that if he pulls that off he should consider a new more stable venture once the dust has settled and contact those who did invest with him to invest again in the new venture.  

If all he returns is the principle to all the investors then we really should be adults and understand that mistakes/shit happens and that we should be lucky to get that back.  I know allot of people who did not get that when the housing market took them for a ride.  

If he does run with all of the coins and we get nothing then he goes down with all of the others in history under the term Ponzi artist/crook and all we get is a lesson learned.  

I know I needed my funds back to help pay for my investments in this bitcoin world but I will survive, I know others who has significant amounts and all in all it is just a sad thing if he runs.  If he does not and I would say his actions as of late may have me thinking he might not then wow to him.  If he does run with the actions he has done in the last 30 to 60 days like meeting people, making posts after the fact and other communications then he is nuts.

I wish all of us luck who are in this ride and see you on the other side whenever that it.

I think everyone invested should agree to accept interest payments up to the day he announced closure and no more, I think even then you'd be lucky to get your money back. I think that might give you a chance and at least cut out the excuses after all the way things are going you can't make silk dress out of a pigs ear.

YES, HE DEFAULTED. YOU ARE SCREWED.