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Topic: History - Bitcoin Savings and Trust and Pirateat40 on Bitcointalk (PONZI) - page 3. (Read 1253 times)

legendary
Activity: 3332
Merit: 6809
Cashback 15%
I'm not interested in being involved in this drama -  just documenting what happened. That involves telling multiple sides of the story - sometimes that will contain some bias. Even if I have an opinion on a matter I try to write the historical threads in a neutral manner.
I, for one, respect that.  I've been aware of the Trendon Shavers debacle for a long time now, and it was one of the first big scams I learned about, and it still blows my mind that he was able to pull off such a large ponzi scheme with so much bitcoin.

What I wasn't aware of was OgNasty's involvement in it.  That fact I just learned when the recent scam accusation against him came out in that other thread.  And as I said there, I'm not passing any judgement because I don't know all of the facts--and I haven't been able to muster up the attention span to read through all of TwitchySeal's posts, nor have I ever understood what exactly OgNasty's business is.  I know there's a Nastyfans thing, and there was that passthrough deal with Shavers, but I can't say I understand all the details.

If someone could write a summary of how OgNasty makes his money in a relevant thread, I'd be more than happy to spread some merit around.  All the details are scattered all over this forum and I'm not the best at searching for and compiling information.  It's not my business, but I'm really curious about it.

Edit:  Oh, and that offer I just made above--if someone actually does write up a summary, please drop me a PM since I might not notice it if it's in a thread where I might not find it.
newbie
Activity: 8
Merit: 1
roflmao.

I know I'm new here but why does this forum support people that run ponzi schemes?

Well, common sense has to play a role as well.  Is there anyone who thought Patrick Harnett & Pirate were doing honest dealings?  I certainly hope not.  Pirate came out and said not to trust him several times as well as hinting that he was engaging in illegal activity.  Even TradeFortress' lending site didn't pass the sniff test.  I also suspected ukyo & graet were trying to get rich playing the spread between their loans and the ones TradeFortress was brokering and thus kept a close eye on them selling off my stake as soon as they became unresponsive.  

Mr. Nasty discusses his in-depth knowledge of pirate's scheme above and mentions pirateat40 coming out several times saying not to trust him and hints to engaging in illegal activity, all of which Mr. Nasty was aware of..

He had this knowledge while he was participating -- operating as a passthrough -- and -- encouraging new users to join?

This is the most trusted user here?   Shocked     Shocked

For a short time I ran an insured deposit program.  Nearly everyone who participated (over 90%) got out with significant gains, but the few who stayed in through the collapse were paid their insured amounts and were quite satisfied, as most of them were already in the green at that point as well.  I would say I ran the only one that didn't burn anyone and I was 100% open about the entire thing.  There was nothing dishonest about what I did and I'm surprised you would insinuate as much.

roflmao
legendary
Activity: 2296
Merit: 2262
BTC or BUST
I try to write the historical threads in a neutral manner.

The thread is neither historical nor neutral IMO.. It would also be lone among no competition..

p.s.
I don't want to muddy your cool thread, gust say'n, so I'll clean it up and delete these posts if you like, just say so Smiley
legendary
Activity: 1274
Merit: 1924
฿ear ride on the rainbow slide
OGNasty / Nastyfans was also affected by this ponzi.

This a led to some members making accusations against Ognasty. OgNasty Ponzi passthrough and ponzi fans.. BTC losses everywhere he goes

Why don't you source threads of the time period to tell of OGNasty's part in this, rather than a non-historical witch hunt thread with obvious anti-OG bias based mostly on speculation?

I would like to see all the old threads related to this.. Not this drama..


I thought I had provided a neutral statement on it. That Ognasty / Nastyfans was a victim / investor in the Ponzi and that it led to accusations by some members.

I'm not interested in being involved in this drama -  just documenting what happened. That involves telling multiple sides of the story - sometimes that will contain some bias. Even if I have an opinion on a matter I try to write the historical threads in a neutral manner.
legendary
Activity: 2296
Merit: 2262
BTC or BUST
OGNasty / Nastyfans was also affected by this ponzi.

This a led to some members making accusations against Ognasty. OgNasty Ponzi passthrough and ponzi fans.. BTC losses everywhere he goes

Why don't you source threads of the time period to tell of OGNasty's part in this, rather than a non-historical witch hunt thread with obvious anti-OG bias based mostly on speculation?

I would like to see all the old threads related to this.. Not this drama..
legendary
Activity: 1274
Merit: 1924
฿ear ride on the rainbow slide
OGNasty / Nastyfans was also affected by this ponzi.

This a led to some members making accusations against Ognasty. OgNasty Ponzi passthrough and ponzi fans.. BTC losses everywhere he goes
legendary
Activity: 1274
Merit: 1924
฿ear ride on the rainbow slide
Anyone know what happened to Trendon Shavers ?
 

He got 18 months in 2016 so must be out by now.
legendary
Activity: 1274
Merit: 1924
฿ear ride on the rainbow slide
Trendon Shavers (known as Pirateat40 or simply Pirate) was the operator of the largest ponzi scam (in bitcoin amount scammed) in bitcoin history:



Pirateat40 operated a ponzi scheme which initially promised a guaranteed a daily profit of 1%, and then disappeared with an unknown amount of bitcoins in August 2012. Thoughts were that the amount was about 500,000 bitcoins (US $5 million at the time).

These amounts were soon quashed once investigators realized a large hoard of coins found in their analysis did not belong to Pirate, but instead to a black market website with which Pirate used to mix his funds to hide the actual amounts he had held/stolen.
Source: https://en.bitcoin.it/wiki/Trendon_Shavers

August 22, 2011, Howdy... pirateat40 here, long time watcher first time poster.  Those that know me, know me from OTC. Arrrrgh
Pirateat40 makes his first post on Bitcointalk
https://bitcointalksearch.org/topic/m.472876
   
October 17, 2011,(Auction) More Cards Available (5970, 2x6970, 1x6950) CLOSED
Initially pirate was trading GPUs for bitcoin and was a trusted member of the bitcointalk community - even reporting scammers

https://bitcointalksearch.org/topic/auction-more-cards-available-5970-2x6970-1x6950-closed-48692
https://bitcointalksearch.org/topic/early-warning-member-astana-51217 (reporting a scammer)


November 03, 2011, Bitcoin Savings and Trust on http://btclending.com/
https://bitcointalksearch.org/topic/m.607752
(Origional post was edited later by pirate)




July 05, 2012, I believe theses quotes should now kill BS&T.
Vandroiy repeatedly warned user that  Bitcoin Savings and Trust is a Ponzi and writes a detailed post with accusations.
https://bitcointalksearch.org/topic/i-believe-theses-quotes-should-now-kill-bst-91655






July 05, 2012,  organofcorti suggests a method to settle the division of opinions.
Pro Pirate Bond: Coins invested in the Pro Pirate Bond are invested with Pirate, at whatever the current rate is. Any interest obtained will be moved to an escrow service.
Pirate Default Bond: Coins invested in the Pirate Default Bond do not increase in value.

https://bitcointalksearch.org/topic/putting-your-money-where-pirates-mouth-is-91661

July 05, 2012, I know what Pirate's doing
Several members stick up for pirateat40
https://bitcointalksearch.org/topic/i-know-what-pirates-doing-91670

July 06, 2012 Putting your money where Pirate's mouth is.
Vandroiy and pirateat40 have a 5000 btc wager escrowed by nanotube
5000 BTC Wager that pirate will default by October 2013
10100 BTC put into escrow with nano

https://bitcointalksearch.org/topic/m.1013589



July 10, 2012, Other People getting PMs from Vandroiy Discouraging Investment in BS&T?
https://bitcointalksearch.org/topic/other-people-getting-pms-from-vandroiy-discouraging-investment-in-bst-92556

July 10, 2012, How much BTC have you lost out on because you listened to Vandroiy?
https://bitcointalksearch.org/topic/how-much-btc-have-you-lost-out-on-because-you-listened-to-vandroiy-92581

July 24, 2012,Choose: Walk The Plank or Keelhaul
Pirateat40 attempts to get Vandroiy to concede a month prior to closing down the site.
https://bitcointalksearch.org/topic/choose-walk-the-plank-or-keelhaul-95008


July 27, 2012, A risk/reward analysis of insured pirate: YARR, PPT.X, GIPPT, Hashking, Goat
Discusion of various “default bonds” issued.
https://bitcointalksearch.org/topic/a-riskreward-analysis-of-insured-pirate-yarr-pptx-gippt-hashking-goat-96092

August 17, 2012 (See edit) Pirate closes  Bitcoin Savings and Trust
https://bitcointalksearch.org/topic/bitcoin-savings-and-trust-home-closed-50822
https://bitcointalksearch.org/topic/bitcoin-savings-and-trust-is-closing-101339




August 19, 2012,[TROLL] I'm giving 100% ROI away to anyone who thinks pirate is a fraud
Worlds most expensive troll prank gone wrong by Matthew N. Wright.
It ends up costing him dearly, loses friends over it and then disappears.

https://bitcointalksearch.org/topic/im-giving-100-roi-away-to-anyone-who-thinks-pirate-is-a-fraud-101751 (The prank)
This was a horrible childish prank that made me look bad and I have no excuse, just that I won't do anything like this again.

I have settled with mostly everyone who bet in this troll thread and it sucks having this be one of the things I'm remembered for, but I won't let it happen again.
https://bitcointalksearch.org/topic/september-2012-bet-resolution-140654 (The compensation thread)

August 29, 2012 Figuring out how much was invested with pirateat40
https://bitcointalk.org/index.php?topic=104258.msg%msg_id%

August 30, 2012 Vitalik Buterin wrote an article about it at the time.

https://bitcoinmagazine.com/articles/the-pirate-saga-and-so-it-ends/

September 12, 2012, Trendon Shavers - Family Contact made
https://bitcointalksearch.org/topic/trendon-shavers-family-contact-made-109126

February 15, 2013 Trendon Shavers - Doxed by debt coillector tldoctor
https://bitcointalksearch.org/topic/trendon-shavers-a-free-contribution-144321

   
July 23, 2013,  pirateat40 alias Bitcoin savings and trusts, trendon shavers BUSTED
The SEC alleges that Trendon T. Shavers, the founder and operator of Bitcoin Savings and Trust (BTCST), offered and sold Bitcoin-denominated investments, raising at least 700,000 Btc, or about $4.5 million at the time of the alleged take. That's about $63 million at today's price
https://bitcointalksearch.org/topic/pirateat40-alias-bitcoin-savings-and-trusts-trendon-shavers-busted-261243
https://bitcointalksearch.org/topic/sec-finally-charges-pirateat40-aka-trendon-shavers-261234



August 19, 2013 德国将比特币归为“货币单位” 全球首个认可其合法地位
The news of his court case was reported worldwide.
https://bitcointalksearch.org/topic/2013-08-19-278385

March 27, 2016, Inducted into Gleb Gamows Piece of Shit Bitcoiners et al. Hall of Fame
https://bitcointalk.org/index.php?topic=1414944.0;all



July 28, 2016, [2016-07-28] deepdotweb.com Trendon Shavers gets 18 months sentence
https://bitcointalksearch.org/topic/2016-07-28-deepdotwebcom-trendon-shavers-gets-18-months-sentence-1568360


Shavers pleaded not guilty to fraud charges in March 2015 but reversed his decision later that year.

The Ponzi scheme had collected money from at least 100 investors. More that 146,000 bitcoins were collected. (worth $807,380 at the time)
Other reports suggest 764,000 bitcoin total.
Shavers admitted that he “royally messed up” and “I don’t think this is something I’m ever going to get over,”


Full plea deal can be seen here:
Plea agreement (External link)


This is a work in progress, corrections and additions are welcome. Will be edited if more information becomes available.

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