Bitcoin pyramid scheme shuts down

[fluffer]

http://www.theverge.com/2012/8/27/32...eme-shuts-down



''Remember pirateat40, the e-currency banker we speculated could be the Bernie Madoff of Bitcoin? Well, it looks like he owes a lot of people money. On August 17, pirateat40 announced the closure of Bitcoin Savings & Trust, a virtual hedge fund that promised to pay high rewards to investors who parked their Bitcoins there. Ten days later, investors are still waiting to get paid and pirateat40 is on the defensive. "When I know, you will," says his away message in the fund's official chat room, an effort to quiet the loudening chorus of, "WHERE ARE MY BITCOINS?"''

[SetofKs]

I saw on donkdown that some guy offered to book a bet of anything up to 10k bitcoins that this guy isn't scamming. Micon booked a 1000 bitcoin bet with him that it is a scam. 1000 bitcoins is worth over $10,000. For some reason I feel like micon will lose this one. Why would the dude be willing to book up to $100k when it seems so obvious that hes wrong? He must have insider info.

I don't know the details of the bet but I hope they escrowed. Otherwise maybe the guy may be freerolling micon. I also know that the details of the bet say that people have to be paid by september 9th. Not sure if that just means the first payment has to be made by september 9th or the whole debt. If its just the first payment and its a small payment maybe he'll just pay people with micon's money. Would be interesting to find out the details of this bet. Anybody know them?

[JUSTIFIEDhomicide]

I saw on donkdown that some guy offered to book a bet of anything up to 10k bitcoins that this guy isn't scamming. Micon booked a 1000 bitcoin bet with him that it is a scam. 1000 bitcoins is worth over $10,000. For some reason I feel like micon will lose this one. Why would the dude be willing to book up to $100k when it seems so obvious that hes wrong? He must have insider info.

I don't know the details of the bet but I hope they escrowed. Otherwise maybe the guy may be freerolling micon. I also know that the details of the bet say that people have to be paid by september 9th. Not sure if that just means the first payment has to be made by september 9th or the whole debt. If its just the first payment and its a small payment maybe he'll just pay people with micon's money. Would be interesting to find out the details of this bet. Anybody know them?

It's a 10k bet and you think Micon is the one getting freerolled? I need proof he has 10k to throw up on this bet.

[zealanddonk]

Does the other guy have a neck tattoo?

[SetofKs]

I saw on donkdown that some guy offered to book a bet of anything up to 10k bitcoins that this guy isn't scamming. Micon booked a 1000 bitcoin bet with him that it is a scam. 1000 bitcoins is worth over $10,000. For some reason I feel like micon will lose this one. Why would the dude be willing to book up to $100k when it seems so obvious that hes wrong? He must have insider info.

I don't know the details of the bet but I hope they escrowed. Otherwise maybe the guy may be freerolling micon. I also know that the details of the bet say that people have to be paid by september 9th. Not sure if that just means the first payment has to be made by september 9th or the whole debt. If its just the first payment and its a small payment maybe he'll just pay people with micon's money. Would be interesting to find out the details of this bet. Anybody know them?

It's a 10k bet and you think Micon is the one getting freerolled? I need proof he has 10k to throw up on this bet.

would be hilarious if they are both freerolling each other

[PLOL]

It's a 10k bet and you think Micon is the one getting freerolled? I need proof he has 10k to throw up on this bet.

would be hilarious if they are both freerolling each other

Reminds me of a Eskimo Clark/Sam Grizzle story. There was a $150 tournament being played at the Rio (or somewhere) and the tournament was on break and both Eskimo Clark and Sam Grizzle were in the restroom. Sam saw Eskimo and asked him if he wanted to swap 20% of his tournament action and Eskimo says "sure, why not?". A bystander who overheard the conversation and knew that Sam Grizzle had just got knocked out of the tournament tells Eskimo that Sam Grizzle is already out of the tournament. Eskimo says "That's alright, I never entered".

[OSA]

would be hilarious if they are both freerolling each other

Reminds me of a Eskimo Clark/Sam Grizzle story. There was a $150 tournament being played at the Rio (or somewhere) and the tournament was on break and both Eskimo Clark and Sam Grizzle were in the restroom. Sam saw Eskimo and asked him if he wanted to swap 20% of his tournament action and Eskimo says "sure, why not?". A bystander who overheard the conversation and knew that Sam Grizzle had just got knocked out of the tournament tells Eskimo that Sam Grizzle is already out of the tournament. Eskimo says "That's alright, I never entered".

ROFL

[BetCheckBet]

I saw on donkdown that some guy offered to book a bet of anything up to 10k bitcoins that this guy isn't scamming. Micon booked a 1000 bitcoin bet with him that it is a scam. 1000 bitcoins is worth over $10,000. For some reason I feel like micon will lose this one. Why would the dude be willing to book up to $100k when it seems so obvious that hes wrong? He must have insider info.

I don't know the details of the bet but I hope they escrowed. Otherwise maybe the guy may be freerolling micon. I also know that the details of the bet say that people have to be paid by september 9th. Not sure if that just means the first payment has to be made by september 9th or the whole debt. If its just the first payment and its a small payment maybe he'll just pay people with micon's money. Would be interesting to find out the details of this bet. Anybody know them?

It's a 10k bet and you think Micon is the one getting freerolled? I need proof he has 10k to throw up on this bet.

Seals with clubs probably holds well over 1k bitcoins.

[Dan Druff]

I am also fascinated by this whole 10k bet situation.

Apparently the dude who is booking the bets is doing so with other people besides Micon, so he will owe a shitload of money (I last saw something like 100k) if he loses.

I am only loosely following the situation, so I don't know much about the guy doing the betting. If the money isn't escrowed, and if the guy isn't the pinnacle of trustworthiness, I think there's a fair chance he won't pay if he loses, given the massive amount he'll owe.

But, again, I don't really want to comment further because I didn't read all that much about it.

[Pooh]

I am also fascinated by this whole 10k bet situation.

Apparently the dude who is booking the bets is doing so with other people besides Micon, so he will owe a shitload of money (I last saw something like 100k) if he loses.

I am only loosely following the situation, so I don't know much about the guy doing the betting. If the money isn't escrowed, and if the guy isn't the pinnacle of trustworthiness, I think there's a fair chance he won't pay if he loses, given the massive amount he'll owe.

But, again, I don't really want to comment further because I didn't read all that much about it.

The guy called into his fail radio last week. I thought the bet was $2500 but I wasn't really paying attention. Terrible terrible show.