Topic: OgNasty Ponzi passthrough and ponzi fans.. BTC losses everywhere he goes - page 19. (Read 7999 times)

Ok, I've gathered enough evidence to prove that  from April 2011 - August 2011 OgNasty:
-Made a shitload of Bitcoin during his "Bitcoin Pass Through" program with virtually no risk for himself
-Since then has lied about what actually happened and gone out of his way to cover up facts by editing and deleting posts/locking thread.

The Facts

- April 11th, 2011 OgNasty created the "Bitcoin Pass Through" Program.

- He collected funds from investors and made monthly payouts ranging from 8-12% monthly.

- He invested the funds with pirateat40's Bitcoin Savings and Trust, which paid out investors 7% weekly

- He created a reserve:

- May 1, 2011 he made his first interest payment (unfortunately there are no records in the thread of reserve size, total invested or total interest payment for this payout)

- May 5, 2011 he confirmed that the total investments had surpassed BTC2,000

- May 11, 2011 He confirmed that the total reserve was BTC30.  On May 23, 2011 he confirmed that the total reserve was BTC50

- June 1, 2011 - second monthly interest payments are made.  (We have the data for these payments.)
--  BTC2,970 invested total
-- BTC2455 full month deposits
-- BTC515 mid month deposits (reduced interest)
-- BTC281.75 are paid to investors

-- Assuming OgNasty was receiving the standard 1% daily return* he received BTC761.05 off the full month deposits and BTC77.25 from the mid month investors for a total of BTC838.3
BTC 838.3 interest received from pirateat40
BTC281.75 interest payment to OgNastys investors
BTC50 Total OgNasty has contributed to "insure deposits"
BTC506.55 Total OgNasty profited personally (without risk) for ONE MONTH (May 2011)

*I'm not sure whether he was receiving compound interest or not, so I'm going to calculate it as if he wasn't since it's the lower amount

I'll continue to do the Jul1 Payouts soon (we have all data for that month as well).
Keep in mind though, this whole thing came crashing down in August.  There were only 4 payout periods (not including the final lol Reserve payout made on Sept 1)  Anyone who had money invested with OgNasty in August had their entire deposit stolen.  

Does this seem plausible?




If anyone wants to check my math:

Even though OG indicated he made everyone whole all he did was pay out 60odd btc?? 

Slime mc slime..  mr Oh I am the only one who paid out..

Why is this idiot still on DT? The fool has the worst business brain on the forum. Anything he touches is bound to fail

I orignially posted the above post in the reputation forum in this thread -   should Og Be Removed from DT1 [POLL]

There have been a couple responses from OG:

Long read, TLDR at bottom of post.

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I've been doing some digging on OgNastys 2012 involvement in the massive ponzi scheme known as 'Bitcoin Savings and Trust' run by Trendon Shavers aka Pirateat40.

I hope OgNasty will let me know if I'm wrong about any of this (with evidence) and share any missing relevant details.

- On April 7, 2012 OgNasty created this thread encouraging people to invest directly invest in pirateat40s ponzi scheme if possible.  Yesterday OgNasty edited the the first post in the thread.  I took a screen shot of the first half of the post but am unable to find a cached version with the full FAQ's that were originally posted.  Screenshot pre-edit.  (notice it says "Reserve Funds: Paid Out" - I'll be getting back to that)  He also locked the thread yesterday, some I'm unable to post any direct quotes from the thread and will be posting links to the posts instead and copy pasting the actual quotes into this thread.  About 14 hours ago I archived all posts in the thread in case OgNasty decides to edit any more posts.  I hope he doesn't.

- At the time, the ponzi scheme had waitlists and required a personal invite.

- Pirateat40 promised a return of 1% per day initially.  I know that this was eventually reduced, but I'm not sure when or by how much. https://en.bitcoin.it/wiki/Trendon_Shavers

- OgNasty created this thread for people who were unable to get a personal invite.

- He was offering those who invested with him 8% or more monthly payments based on how much in total was invested. (This is much less than the 1% daily - but both interest rates, 1% daily or 8% monthly,  are obviously not sustainable and should scream ponzi scheme to anyone with a basic understanding of finance.  I believe OgNasty was collecting far more than he was paying people back while the ponzi scheme was still paying out.  Keep in mind, the longer a ponzi scheme is able to appear solvent,)

- In a April 11, 2012 post that was edited on April 26, 2012 OgNasty posted the terms of his "reserve funds":

- April 30, 2012 - OgNasty makes this post after sending out a BTC.01 test payment.


- May 5, 2012 OgNasty makes this post confirming he has received over BTC2,000 in deposits.

- May 23, 2012 OgNasty makes this post informing people that the reserve account is up to BTC50. (Still over BTC2000 invested)

- July 2, 2012 OgNasty makes this post.  Apparently pirateat40 has lowered interest rates.  The end is near.

- August 1, 2012 OgNasty makes this post

- August 17, 2012 OgNasty makes this post confirming that it was a scam all along.
It's also worth noting that OgNasty he was considering working to continue running his 'program' but would more likely focus on his NastyMining project.  So, he thought about continuing to run a ponzi scheme, but would be most likely he would look into creating his own project, Nasty Mining.  Let that sink in for a minute.
So the reserve funds were worth BTC65 (maybe a bit more) and the actual investments worth worth way more than BTC1,000, quite possibly well over BTC2,000.  Nobody confirmed getting their investment back.  The only direct claim he made was that the "reserve fund has been paid out".  Again, reserve fund = ~BTC65, investments = ~BTC2,000.

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Note, I have only taken a cursory look at the deposit addresses and none of them seem to line up with any sort of full refund of their investment.
If OgNasty chooses to dispute the results of my investigation, I will surely do so.
Hopefully someone will help out as this is quite a pain in the ass.

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TLDR-

- Beginning in April (April 7, 2012) OgNasty collected funds from investors and offered between 8% and 12% monthly return on investment.
- OgNasty invested the funds he collected in Pirateat40's massive ponzi scheme that offered 1% daily to start and later lowered it.  (He likely made quite a bit considering 12% monthly is far less than 1% daily)
- OgNasty claimed to have BTC2970 invested on June 1, 2012 and BTC2638.25 on July 1.
- OgNasty claimed to be taking 1% of all investments to set aside as a "reserve account" in case pireateat40 scammed.
- On July 21, 2012 , OgNasty confirmed that the reserve fund was worth BTC65 .  I can't find anywhere confirming it was any higher than that.
- On August 17, 2012, OgNasty confirmed that pirateat40 had defaulted "Bitcoin Savings & Trust is officially in default and the reserve fund has been paid out to depositors."
- Around BTC2,000 invested - Around BTC65 returned.  OgNasty was returning 8%-12% monthly for about three months while investing in a ponzi scheme that was paying out as much as 1% daily.  Yet OgNasty still claims to have been doing the community a favor.

Back on track... still do not understand why OG is ignoring this post... if people bought into his IPO where are the shares? blaming an exchange going pop isnt the answer....

anyway - people try to speak out against OG and his decisions... even though he does not run the place..


then we all get the news of BFL going tits... what does OG do? he rejoices as he has squirmed his way out of 250BTC+ of debt..


notice how he then puts it on the lenders... they shouldn't be too discouraged..



so - no ownership of fucking up... no oh shit, lets try to work another way of making this right.. just.. tough titties.. you agreed so I wash my hands of this shit...

then he goes on to another historic investment.. one of the best in crypto.. Even though he had slagged off the mining gear they produce. (full disclaimer I actually got done for over 100BTC by ASICMINER - but in OG Terms I did ok as I did get a decent return in Fiat based on the Dividends - my investment was over a year earlier)



anyway - pointing out his downfalls here as he seems to not want to answer the pertinent question about changing from IPO to Fanclub and now Charity...

If you think that Quickseller's negative trust is unjust then you're even dimmer than I thought.

i know exectly when he got the massiv abuse of trust given and for what thread.

Quickseller ruined his reputation on the forum long before he ever talked about Lauda, TMAN or I. You have little to no idea what you're talking about.

Anyone taking Lauda for his ITO must be insane.He is so hated by the community because of his massiv abuse that he has to defend himself with his group everywhere.

He has already been in the past exposed for a big scam and lost his position as moderator.

Anyone taking him needs to know it will light a very bad light on your ITO.

TMAN was part of that scam thats why he keeps defending Lauda as he is part of the group.


You can read it here

https://bitcointalksearch.org/topic/m.17624090
https://bitcointalksearch.org/topic/m.17811352

another scam of TMAN

https://bitcointalksearch.org/topic/m.22327483
https://bitcointalksearch.org/topic/m.17703267

Have a look who exposed them and have a look at their profil how they are trying hard to destroy his rep

No neg rep for Lauda and TMAN for their extortial
Lauda lost staff position because of that.
Lauda abusing now massivly with his group competition

Lauda and TMAN in a group trying to destroy OG and QS for exposing them
QS opened a thread exposing Lauda which got kicked out from staff and as revange to discredit QS they added him -500 trust points.

Why are you ignoring this?? You raised funds in an IPO now you are stating nasty mining is all yours.. how did this transition happen?


EDIT - Partial answer in true OG style here.

https://bitcointalksearch.org/topic/m.29084811

he still refuses to give a straight answer, he seems more and more like trump every day

Are you sure about that?

I don’t know how much more clear I can be. I don’t run NastyFans. You are as much in control of what NastyFans does as I am.

OG ran an ipo for his mining op. Now he says he owns his mining op... I'm confused

So you're saying that in the hypothetical case of someone getting tagged and/or legal action being taken, regardless from who, that it should be directed towards nonnakip?

No neg rep for Quickseller, a known investor in this *charity*.

Here's the original post Og made before turning on the sass.

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Each of BTCforJoe's comments are completely valid points from an outsider who hasn't had to deal with you before. Without even trying to refute any of these, you simply state 'Provide evidence'. What a sound and justifiable response to legitimate concerns.

The blockchain can only prove so much. Sending payments doesn't suddenly make the claims in this thread irrelevant. I could show you hundreds of transaction IDs from ponzis and HYIP schemes.

So anyone criticizing your scheme is either nefarious and trolling? No wonder someone so naive lost hundreds of other people's BTC in things like BFL and Pirateat40's obvious ponzi.

If you don't believe me or don't get it, I don't have time to try to convince you, sorry.

You heard the man. He is right and you are wrong, provably™! You dare question the mighty OgNasty or anything he is associated with and you will be negative rated for being such a small minded buffoon. Don't you understand? It's all just a load of fun! (providing you don't ask any questions or use logical judgement)

I’m basing my opinion on what I have been presented with here. In the first statement of the screenshot provided in the top post, you advise members to bring in more donations to the club to make more earnings. In any other situation, that is a sure indicator of a ponzi. It’s not lateral growth that you’re promoting. From your own words, you are asking members to become more involved and contribute more to the club. This in itself seems fine. But when you ask for them to bring in more donations, that’s the part where I’ve become skeptical about the organization.

I won’t edit anything I’ve posted before. I stated my observations simply as that. Observations and opinions based on the material that was put before me. If you want me to change my view, then I implore you to provide me with evidence that supports that the club in itself is not a ponzi. I’ll be more than willing to put my foot in my own mouth if you can do so, but as I just stated, my opinions are based on comparisons to other projects that are modeled around the facts that were provided in supporting that NastyFans is a ponzi. I’m inviting you to prove my opinions to be incorrect and am open to hear anything you have to say. Cheers.

How many people did you collect money from to invest in Pirateat's massive ponzi scheme?

No neg rep for Pirateat though...