"Pirateat40" Makes Off $5.6M USD in BitCoins

CommanderFrank

CommanderFrank

Cat Can't Scratch It
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May 9, 2000
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If you had a Bitcoin deposit in the National Bank of Pirateat40, you no longer have to worry about your deposit: it’s gone. The scheme’s originator, known as ‘Pirateat40’, has pretty much evaporated from the scene leaving a large amount of investors wondering how to recoup their losses.

And of course, the onus for these losses largely rests on those who sent someone named "pirateat40" actual money, and failing to recognize the classic signs of a Ponzi scheme -- inflated interest rates, shadowy management, and unrealistic promises.
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Beats the prince (or whoever) from Nigeria I guess...

Same odds of recouping I'd guess. Some people...
 
Anyone that invested in this guy deserves to lose their money. It was plain he was a Ponzi scheme and people have been saying it for months.

Idiots...
 
Ahhh, I love the smell of modern day capitalism in the morning. Ayn Rand would approve! :D
 
Those who got out in time got the best of it... :)

those who didn't... well... :-/

Made some money while it was running, ended up being down about 16 coins. *shrugs*

I figured meh.. but thinking about it... that's going to hurt when each coin is worth $1000+.
 
I never understood while people used the centralized banks.. I had dropbox and Karens replicator that backed up all my wallets and pushed them onto dropbox 4 times a day.. all encrypted with the mining software.. freakin piece of cake to setup..
 
hahahahahahahahahahahahahahah


ahhhhhhhhhhhhhhh


hahahahahahahahahahahahahahah

I lost count of how many times this has happened to
the fake money.

You know what it probably all is too. Official governments, doing this to destroy the probability of something coming up that could usurp power.
 
Duhhhhhhhhhhhhhhhhhhhhh!

You'd think after awhile you'd stop being shocked at how stupid some people are...then someone comes along and lowers the bar.

For shame, fellow humans, for shame.
 
Comparisons to our "physical" currency aside, while you can make money mining bitcoins, I don't see how anyone could possibly have believed it was anything other than get-rich-quick schemes for the big few who started it. At least our "physical" made-up money has some sort of checks and balances, someone that claims your money is insured in case a bank goes poof. Bitcoin? Good luck, suckers.
 
Bitcoin is like paypal. Useful for very limited things and usually more trouble than it's worth.
 
I had a serious internal debate about investing a large amount of bitcoins in this about half way into it's run. Oh am I glad that I didn't. My gut feeling worked out in my favor this time.
 
Bitcoin is often used for silkroad and other quasi-legal (or completely illegal) purposes where there is a great need for anonymous (well, as anonymous as it can be) transfers. Like anything else, it can have positive or negative uses.... In any case, giving your coins to someone named Pirate who claims he will pay you double digit weekly interest, that should have set off some alarm bells.
 
Google it up. Its bullshit. You can buy stuff with coins but the power bills more then match profit.
 
Did nobody look at the name Pirate and think "Hmm maybe this guy is not all that trustworthy." Now if it had a name like Bitcoin of America or Bitcoins Fargo then they would of got my money. /s
 
1/2 bent said:
Google it up. Its bullshit. You can buy stuff with coins but the power bills more then match profit.
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Really depends on your setup - how much hardware you have, how much your electricity is, and when you got into the game.


I've personally profited about 100 dollars over the past year casually mining. Works out great in the winter time because you are going to spend money on electricity for a heater anyway. Summer months -- not so much.

I'm only using two 69XX cards too -- and soon to be moving into an all bills paid situation such that I'll be able to profit about 50-70 dollars a month for doing absolutely nothing.

Funny if you look at the history of it -- bitcoins used to be worth literally $0.008 a $1 investment could have gotten you $1250 today. Pretty cool if you ask me. Kicking myself that I didn't buy $100 worth and forget about it for 3 years. :-p
 
Unless you plan on putting a pretty big system together mining on your own can be a costly endeavor. In most cases (especially if you aren't an advanced user) it is often easier/faster/more advantageous to join a pool to earn steadier and more often (though smaller) payouts than going it on your own. It depends on how long you plan on going it and how soon you want to see a ROI.
 
mwroobel said:
giving your coins to someone named Pirate who claims he will pay you double digit weekly interest, that should have set off some alarm bells.
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I suppose the victims didn't understand the concept of a ponzi scheme. This is a textbook example.
 
1/2 bent said:
Google it up. Its bullshit. You can buy stuff with coins but the power bills more then match profit.
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unequivocally false, I pay my farm's monthly power costs in just over 5 days of operation
 
i just googled bitcoin, and i still don't know wtf i can do with it.

even more puzzling is "mining" for bitcoin. Sound like I can generate bitcoin from nothing by computing ?
 
doho7744 said:
Did nobody look at the name Pirate and think "Hmm maybe this guy is not all that trustworthy." Now if it had a name like Bitcoin of America or Bitcoins Fargo then they would of got my money. /s
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What are the chances of someone called "Pirate" stealing my money? That would be so obvious, that it must be impossible.
 
1/2 bent said:
Google it up. Its bullshit. You can buy stuff with coins but the power bills more then match profit.
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jojo69 said:
unequivocally false, I pay my farm's monthly power costs in just over 5 days of operation
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Jojo, the ignorant say the darnedest things, don't they?

At $10/BTC, my 5GH/s "micro farm" pays off electricity costs in 6 days. The rest of the month is all profit at this point. After a year of mining, I own the equipment free and clear.
 
What Im curious about, is what are the computers crunching when mining bitcoins? Random prime numbers? digits of pi? or is there a larger goal like with folding@home?
 
The computer is doublechecking the integrity of other pending transactions in the Bitcoin P2P network, which is done by generating authentication codes that suck up a ton of processing power.

When I did it about a year ago, I estimated that it was costing me between 1-2 dollars and a full day on a 6970 to produce a single Bitcoin but I was doing group mining (in which the reward is divided up among a collective computing effort) because to go solo would take ages, like literally weeks and weeks, to receive the 50 BTC reward when a valid block is discovered.

That's right now, I think there's just over 9 million BTC in existence... once it gets to 10.5 million in circulation, half of the 21 million limit, the reward is going to drop by half to 25 BTC and it'll suck even more.
 
Absentee said:
What Im curious about, is what are the computers crunching when mining bitcoins? Random prime numbers? digits of pi? or is there a larger goal like with folding@home?
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I can't remember exactly, but a year ago I read an article stating it was a calculation similar to the Folding one, but with no real benefit (to find cures or whatever F@h does).
 
I'm waiting on Bitcoin2, hoping that the calculating requirements will be "reset" (astronomically easier) and just sit on them for 2-3 years. KA-Ching ?
 
I've made several thousand bucks off bitcoin. I average about 5 coins a day, for doing nothing. Everyone knew pirate was a scam, ponzi or way to bridge gpumax and BST and luander coins.
 
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