Topic: Discussion about 10,000BTC Bet (Official) - page 5. (Read 104454 times)

Well he iterated over and over that it wasn't a ponzi.  If it indeed was a ponzi that is enough fraud IMHO to be considered a scam.  Now we may never know for sure but given it acted like a ponzi, broke like a ponzi, the money is gone like a ponzi, and just happen to coincide with the dates of a massive national ponzi collapsing I think the burden  of proof if on him to show it wasn't a ponzi.

Aside from going against centuries of common law, this is insane. By that logic, there is nothing wrong with what Matthew did because it was up to bettors to have the same skewed concept of the English language as him. By that logic, I can set up a boobie trap to shoot someone in the face as they open a door and watch their head blow off -- only to say that they should bear the burden of inspecting each door they wish to open.

Knowledge and ability to prevent fraud and injury is definitely a factor when determining culpability.



So you're saying that this is a forum about scams? It isn't.

And, I believe, those that had insured bonds, that paid if pirate did not pay out, paid those, as well. The PPTs did the right thing. Some were fooled right along with the rest of you, some were not, but they all stuck to their contracts and did as they agreed to.

I disagree.  Again, it is each person's personal responsibility to research the things they are investing in.

It's like saying that if I ran a forum about mushrooms, and failed to notify you about which ones were poisonous, and you ate a poisonous mushroom and died, it would be my fault.

No it doesn't.  He failed to pay out.  The PPT's who promised to pay out only as long as pirate paid out kept their word.  Pirate did not.

By way of his status as forum admin and gatekeeper, Theymos had a special obligation that Micon and all the other whistle-blowers didn't have: he controls the flow of information here (an especially naive group of marks). It makes him more responsible. I don't doubt that many "invested" because Theymos permitted these scams to be promoted here, which amounts to a tacit approval. Again, he is more reponsible than most.

Note that this is independent of Theymos knowingly making money from what he knew was a fraud. He doesn't even deny it.

You do realize that this exact same argument almost equally applies to Pirate, right?

And this is the attitude that will undo bitcoin. In your world, there is no accountability. No consequences for reckless "investment" of other people's money. Lying to people about "guarantees" and "insurance?" No problem.

Any reasonable person must conclude that the promised rates were impossible and either must come from fraud or other illicit activity. On this basis alone, pirate, his shills, the PPT operators, and yes, the admins who permitted them to advertise/promote these schemes on the forum are ALL to blame to varying degrees.

Gene - thanks for the post.  That helps me understand your point of view a lot more, and to a point, I agree.  You argue that it was the responsibility of theymos, and anyone else who knew it was a scam, to call it out as such, and I think that is an appropriate demand.

Here's the thing:  They did.

The only reason I don't quite agree with you wanting to label theymos a scammer is that there were accusations of this being a scam ALL over the forum.  Anyone who spent any sort of time reading about the investment before diving right in should know that the probability of it being a legitimate and sustainable investment was zilch.  If I was in theymos' shoes, I wouldn't have said anything just because everyone else already covered it so thoroughly.

Now, if you know of someone who invested in pirate because of theymos not saying anything when asked directly, you might change my mind further.  Otherwise, I'm still with him that it is each individual's responsibility to do appropriate research and due diligence when making investments.  The information to make a wise decision was out there - it wasn't hidden that this was very likely a scam.

Just because someone offered a PPT doesn't mean they were a scammer. The PPT OP's were taking a risk themselves. They offered a service investing in Pirate for a cut. They didn't run off with your money. Frankly, based on the evidence we have, I don't believe Pirate can even be labeled a scammer. It was part of the contract that he could declare default at any point, rendering the contract null and the money 'gone'. We don't know if he legitimately defaulted or not.

Sure. That's part of it. But blame also lies with those who run scams. It also lies with those who know about the scams and let them go on. It also lies with those who knowingly partake in scams when they understand that they are gaining from others who are being lied to.


But that's not what happened at all. Those who were duped were fools, obviously. But they were not fully informed about the terms of the situation. Theymos was aware of other information (by his own admission) and decided to 1) permit the deceptive situation (again - not like a casino where everyone knows the rules) to continue and 2) actively partake and accept money from those who didn't understand the situation. Those are ill-gotten gains which in the real world are subject to claw-back.

So now Theymos is all about putting scammer labels on people who deserve it. My point is that he isn't applying the same standards to himself. The word for this is hypocrisy. And it needs to be said in big red letters.

I've read your posts and am surprised to see that you refuse to understand the points being made.

@gene - it's called personal responsibility.  People lost money on the pirate investment, but that was their own fault for investing in it in the first place.

If I made a bet against you, and I won, would it be wrong of me to keep the money?  People investing in pirate were making a bet that it would be a good investment.  Some pulled out in time and gained money, some did not, and lost.

Theymos isn't to blame. PirateAt500000 is. And all his shills. GigaVPS, Ineedausername, Goat, imsaguy, reeses, the list goes on...

Payb.tc

LOUD NOISES!!!! ALL I HEAR IS .....AAAAAAAHHH!!

I'll just repeat what I have written before:

Apparently nobody bothered to actually read and understand the thrust of what Theymos wrote.

In his response, Theymos admits to taking part in what he strongly suspected was a ponzi scheme where others were being actively misled about the nature of the scheme. Theymos also proudly asserts that he did gain from this "fun" scam at the expense of others who were misled. He seems to think that the profits are "rightfully" his, despite him knowing that the coins were coming from people who believed the lies. By his own admission, he has demonstrated intent to defraud misinformed investors as a knowing participant in a ponzi scheme. This is not profit. These are ill-gotten gains, and he knew it.

"Investors" can only claim innocence if they were truly unaware that it was a ponzi scheme. Theymos can't claim to be innocent; he strongly suspected it was a ponzi scheme (again, by his own admission) and participated, despite this knowledge.

He then goes on give some flimsy excuse for why he not only tolerates but also encourages all manner of questionable and outright fraudulent activity on this board.

He now correctly calls out several scammers, but he can't see how his own actions facilitated what happened. He only took action when he was screwed out of a bet. He also can't (or won't) admit that his gains from pirate are ill-gotten.

Theymos played a huge role in all that has transpired, and most are just fine with it and the associated bad press for bitcoin. I doubt Gavin or Satoshi would have let this happen. In fact, Gavin has wisely dissociated himself from the forums.

+1 This...make him eat his own words. Play clips from the last show.

I have no clue why you think any of this makes Theymos a hypocrite or unfit to be an admin.

The Intersango crew are sound, show some r.e.s.p.e.c.t.

Now seriously, I don't think they're scammers but they were reckless/negligent in the Bitcoinica case which is just as bad in practice. I actually use Intersango.

Hell, the thing's sponsored by the intersango crew, they might as well invite Trendon and the guy who ran Mybitcoin and they'd have all the scammers...

Still coming? I know you're not the speaker and everything but I guess you already had your flight and conference tickets, right?