Topic: PirateAt40's Money Laundering Operations: GPUMAX and BST - page 6. (Read 16079 times)
It is shocking, shocking that an outsized return from an investment with zero transparency is related to major illegal operations. Who would have thought?
I don't see how that works as SR never gives sellers their buyers coins.
Oh, really? That actually makes it easier to track. Thanks for that. The only way it would make it harder is if Pirate is SR's mixer, which is one theory that I subscribe to.Was using that to point out how quickly/easily dirty money can get dispersed.
And my point was that once dirty funds hit an e-wallet, it no longer matters how dirty the funds are on the blockchain.Are there services that can process 10k BTC/day?
10k btc? doubt it, but does being able to process such large amounts allow you to charge at least 15x more money for laundering it?
You could use a couple of these services to launder the money and do it over a few days/weeks.
1) Safely cash out 1k BTC/day with only a 2% fee. Bank the other 4k BTC/day and cry in a corner.
2) Safely cash out all 5k BTC/day and pay 50% in fees.
Tell me, which one is better, given that you need USD to pay your supplier?
Edit: Oh, and I forgot to mention that holding BTC for even one extra day could result in a 50% loss anyway. Remember, until recently, this was quite often the case.
Some people aren't willing to have their money in limbo that long.
They're willing to pay 15x more to have it a few days earlier?
That sort of discount is more common among counterfeiters than money launderers.
Oh no! Fake bitcoins!
Some people aren't willing to have their money in limbo that long.
They're willing to pay 15x more to have it a few days earlier?
It works just fine if you buy from a major seller multiple times. If you make up any reasonable portion of the sales on SR, it is beyond trivial to remove the SR mixer from the equation.
I don't see how that works as SR never gives sellers their buyers coins.e-wallets - especially MtGox - are trivially easy to detect in the blockchain. From there, you just have to ask the e-wallet where the user's funds then moved.
Was using that to point out how quickly/easily dirty money can get dispersed.
Are there services that can process 10k BTC/day?
10k btc? doubt it, but does being able to process such large amounts allow you to charge at least 15x more money for laundering it?
You could use a couple of these services to launder the money and do it over a few days/weeks.
Some people aren't willing to have their money in limbo that long.
SR tumbles your coins with other dirty ones. this disintermediates the transaction, but does not actually give you clean coins. even if you accept other people's dirty coins, you are trusting the operators of silk road to keep your info safe.
You mentioned buying from a SR seller and following the coins, from what you described there you can see it doesn't work.
Thats true you do get other people's dirty coins, but if you use a wallet service, like blockchain.info, they essentially do the same thing. If you analyze your BTC addresses you are bound to have money from allinvain, the 50k pizza, the linode hacks and Bitcoinica hacks.
I think you mean like MtGox, since blockchain.info doesn't mix coins. That being said, e-wallets - especially MtGox - are trivially easy to detect in the blockchain. From there, you just have to ask the e-wallet where the user's funds then moved.Silk Road doesn't keep anybodies info. Sellers don't provide anything other than username, password, tormail account & a PGP key. When buyers order stuff their address is encrypted with the sellers PGP key, so only the seller has access to the buyers address. Don't see how the operators of silk road could expose your details.
He's not talking about address info. Rather, he's referring to the Bitcoin addresses that are withdrawn to. Even if Silk Road claims they don't keep those records, Silk Road could easily just be a front for the DEA. It's impossible to know for sure.There are also services on Onionland that mine fresh blocks and sell them for 50BTC + 1-2% fee, not near the fees pirate must be charging
Are there services that can process 10k BTC/day? Because that's about the volume we're talking about, and that was as of a few months ago. I have no idea what Pirate's volume is at now. you are right. i don't have the balls to publicly identify myself as the snitch and take the stiches i deserve.
I think the role of Captain Obvious has already been claimed, so I'll run the risk of being Major Obvious, but if you have this kind of information, wouldn't that reveal enough information for pirateat40 to know who you are?
It doesn't matter if I know, or imsaguy (who is an annoying twat), or anyone else knows, if you're truly worried about repercussions. In the hypothetical situation where your statements are true, I suspect the intersection of people who know pirate's shady doings, are aware of the bitcoin community to the degree that you appear to be, and know pirate's purchasing habits would put you on a very short list. zux0r, is that you?
In such case, your concerns appear to be disingenuous. You obviously have another account and have probably posted in the past. You are just as obviously hiding from the wrong people (us). There are many possible reasons for this, but they amount to you securing some sort of gain at the expense of pirate. I don't know what your game is, but I wouldn't be surprised if you were hoping the disclosure of the "theft by check" would have done the trick, and you have now felt forced to make a bolder move.
It's just conjecture, though. I don't know if you're a competitor of some sort, but I seriously doubt this thread was created out of your community-preserving altruism.
Maybe someone shorted BTCST and believes if they cause a bank run pirate will default?
I think we need a petition thread. The vote will tell us the truth.
I hope your not being serious? A vote doesn't constitute as evidence.
you're*
and of course he isn't being serious. derp.
I think we need a petition thread. The vote will tell us the truth.
I hope you're not being serious? A vote doesn't constitute as evidence.
SR tumbles your coins with other dirty ones. this disintermediates the transaction, but does not actually give you clean coins. even if you accept other people's dirty coins, you are trusting the operators of silk road to keep your info safe.
You mentioned buying from a SR seller and following the coins, from what you described there you can see it doesn't work.
Thats true you do get other people's dirty coins, but if you use a wallet service, like blockchain.info, they essentially do the same thing. If you analyze your BTC addresses you are bound to have money from allinvain, the 50k pizza, the linode hacks and Bitcoinica hacks. There is a thread on it I will link it to you.
Silk Road doesn't keep anybodies info. Sellers don't provide anything other than username, password, tormail account & a PGP key. When buyers order stuff their address is encrypted with the sellers PGP key, so only the seller has access to the buyers address. Don't see how the operators of silk road could expose your details.
There are also services on Onionland that mine fresh blocks and sell them for 50BTC + 1-2% fee, not near the fees pirate must be charging
ninjaat40 is a troll. There's nothing to back up his claims. All of his claims have been debunked. My guess is its someone that's butthurt about not getting invited into gpumax or btcst yet.
I wish everyone would shut the fuck up about money laundering. Each and every one of us uses encryption in some way to protect our private information. Why the fuck is financial data any different?
Bad guys: If you're doing "bad things" in the real world, and you're unlucky or a big enough target, you're eventually going to get boned by the cops and a cell mate.
Cops: Stop fucking invading my financial privacy to make your fucking job easier. Don't you already get like unlimited vacation days for shooting innocent civilians?
Bad guys: If you're doing "bad things" in the real world, and you're unlucky or a big enough target, you're eventually going to get boned by the cops and a cell mate.
Cops: Stop fucking invading my financial privacy to make your fucking job easier. Don't you already get like unlimited vacation days for shooting innocent civilians?
drugs mostly. make a purchase with the top sellers on SR and then trace them.
Lol. Can't believe I missed this.
You're obviously full of shit. All SR transactions go through a tumbler which uses thousands of transactions to make it hard to trace, but more importantly Silk Road never gives sellers coins from their buyers, they switch them with other buyers (and vice versa).
There is absolutely no need to launder Silk Road money, Silk Road take a 10% cut to do that & provide escrow.
SR tumbles your coins with other dirty ones. this disintermediates the transaction, but does not actually give you clean coins. even if you accept other people's dirty coins, you are trusting the operators of silk road to keep your info safe.
While I have no experience with pirate, I took it for granted that laundering drug money was his gig. I assume most pragmatic analysis leads to that conclusion. I would guess that most of his investors believe this as well.
-s
-s
these threads are probably good for scaring off new investors and opening up more availability for the serious ones.
thanks ninja
thanks ninja
payb.tc is a 'serious' investor in BST?
Full disclosure
Suddenly now you're worried about full disclosure? Clearly you've got a bit to learn about 'full disclosure'.
these threads are probably good for scaring off new investors and opening up more availability for the serious ones.
thanks ninja
thanks ninja
So you get to allude to imsaguy's supposed ulterior motives but we don't get to know yours?
pirate is being stupid with other peoples money. if he goes down, nobody gets their money back. 5-10% of bitcoins go *poof*. hes not keeping a clean head recently, which is what got me really worried. he isnt respecting the responsibility which comes from managing almost a half million dollars of other people's money.
i fear if this isn't unwound soon, its going to be like a mini-2008 US financial crisis for Bitcoin. way too many lenders depend on his regular 7% to make the returns they promise. when the music stops, innocent naive people will be left holding the bag.
Full disclosure: im long bitcoin.
Everybody knows that Pirate is Atlas, Shakaru & Bruce Wagner. He is the biggest smuggler of Colombian cocaine in the world and doesn't afraid of anything.
Blazr proposes FUD tags for the forum
does anyone else think its interesting that he is trying harder to find my identity than to discredit me?
I haven't tried to figure out who you are. All I asked was who you really are, since you decided to make a brand new account for this. You'll notice I use a single account and I don't hide. If I've got something to say about someone, I'll say it and take credit for it.
in case the rest of you don't know, imsaguy does business with pirate
This one gets you the Captain Obvious award. Half the bitcoin community has done business with pirate. derp.
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