All Ponzis fail eventually

I'm more convinced that Pirate is running a legitimate outfit than I am that it's a scam. How it works is close to how the management of precious metals functions in traditional markets, but less complex. I think that's why Pirate has stated a rapid rise in BTC exchange value would be a threat to BS&T. It might even be viewable as a reverse Ponzi, drawing from other pools of wealth like the USD to enrich Bitcoin holders...

If I'm wrong, I'll be the first to admit it. As for fiscal prudence, I have nowhere near my full Bitcoin holdings involved with BS&T and wouldn't recommend that anyone else go whole hog either.

I also think it's become easy to have strong suspicions about virtually any investment opportunity when the very foundations of the current financial system have become thoroughly fraudulent. That said, I won't invest in much of anything dollar or Euro based.