Topic: Pirate accomplices - page 14. (Read 30339 times)

It seems to only survive as a quote from another poster:

https://bitcointalksearch.org/topic/m.607752

(I can't quote it properly since the thread is locked)

"Quote from: pirateat40 on November 03, 2011, 07:14:09 PM
The Business:
Over the last few months I have been selling BTC to a group of local people.  Now this is a don't ask don't tell group of people so I can't tell you exactly where and to whom the coins ultimately end up with but so far its been pretty painless.   During this last week I maxed out my available coins both personally and "leased" from other members and they needed a lot more.  Up until now, I have dealt with my core group of friends and been able to handle the requests, but they seem to be getting larger and more frequent.  So now I'm looking into other methods for keeping a consistent storage or on-demand availability of coins.  I have two plans available for those sitting on coins.

On-Demand
When an order comes in that is over what I have available I'll send out a request to users in this plan requesting the total needed.  The first to respond gets the deal and the transfer is made.  These coins will be tide up for 1 business day to give me enough time to settle the transaction and acquire the coins to return. This plan pays a flat 3.5%.

Storage
This plan works as an ongoing commitment.  You would send coins anytime to the address provided and you would earn interest on a daily basis.  You can withdraw your balance at anytime, but I do request that you give me a couple hours to insure I have coverage for the next order.  Interest payments are paid out ever 3 days until either you withdraw the funds or my local dealings dry up and I can no longer be profitable. This plan pays 1% per day.

Now I would hope to have enough people on the storage plan that I wouldn't have a need for the on-demand but I'll see how it goes.  I ultimately want the ability to provide coins at anytime and any amount for these guys and we can all share in the profits.

I've created my own custom management software that I've built to monitor deposits, withdraws and interest payments.  As this gets bigger I'll build a front end for it so users can view and manage there account and maybe putting that domain btclending.com to good use.   

For more information send me a PM or just ask below.  You can check out my OTC ratings in my signature.

Edit: I forgot to mention that dealing with anything less than 50BTC is more work than its worth so I've made that the minimum on both plans.

Thanks"


So, it seems like...money laundering!

Well, there have been a couple of forum members now who have claimed to have discovered his business model (with the inference it's not a ponzi). I couldn't find the older thread in my history, perhaps it was deleted. It had the phrase "open mind" while going through Pirateat40's forum posts revealed how he was legitimately generating consistent 7+% a week. But here is a fresher version, "That being said, read his post on this forum and on IRC and you will get an almost clear picture about his business.":

Good point.  This would be quite elaborate, but with a $5mm bankroll, I am sure you can find some social engineering experts looking to take up a challenge.  Hate to see anyone lose money though, hope you guys get it back.

For the record, by "on the take" I mean goat profited from this scheme (at zero risk), as did all other PPT passthrough providers. There might have been incentives beyond that, but we dont know that.

As for there being 2 possibilities, there is a third, unlikely as it may seem; the OP is written with the explicit assumption it was a ponzi/scam. THis seems rather likely, but is not certain yet.

You were either knowingly complicit in a Ponzi scheme, or full of shit. Which is it?
 
https://bitcointalksearch.org/topic/look-at-a-pirate-eye-to-eye-if-you-dare-91252

I think that they mean that he cannot read encrypted PMs.

Oh he can't? i was sure he could basically access everything

Well not all PMs.

It's not out of context it was the full quote linking to the thread.

It's like p4man already laid out, there is only two options.

Either you knew it was a ponzi, or pirate fooled you. No other way about it.

So Goat... Not going to comment on THAT ?

Sure thing. If I could read all the PMs...

If I was planning to scam millions of dollars, I'd put a bunch of work months or even a year ahead of time creating sock puppet accounts.

Theymos also took up Matthew on the bet that pirate will default, so it proves nothing either way.

Shakaru, Bruce Wagner.

Well I'm not p4man, but here you go buddy-

https://bitcointalksearch.org/topic/look-at-a-pirate-eye-to-eye-if-you-dare-91252

Theymos admitted he believed it was probably a ponzi but considered a type of gambling.

Simple logic isnt slander goat. You were the one claiming not to have been fooled, so you havent changed your mind. There are no other options than either you still believe in Pirates ability to pay back, or you never did.
As for this respect thing; please, you are the only one crying about it. Grow up.

Thats why its in quotes.  I get crap for not acknowledging it was an obvious ponzi.  I only raise Theymos' request because I think it indicates perhaps maybe it wasn't such an obvious ponzi as some would have you believe.

I missed that as well, because at last check, I saw theymos talking about insured investments in Pirate.

I stand corrected.  Can't believe I missed that post.