So i read through some of the links listed and this is what im understanding: There's a guy named pirateat40. He has supposedly 500k BTC. People lended him money. There's a large group that calls him a scammer...
I'm still not getting the full picture
I'm still not getting the full picture
You are forgetting he was paying 7% interest per week. Which is the same as doubling the investment every 10 weeks.
That makes Pirate either a ponzi scam artist, or a genius since no one else figured out how you could possibly achieve such returns.
As for why people trust him? Honestly, it beats me. In the lending section of this forum they will require a scanned ID, proof of residence and what not before lending anyone 5BTC, but for some reason a lot of people feel confident lending pirate a total of 500000BTC without even knowing for sure what his real name is. Either they know more than the rest of us, or frankly, they are idiots.