Post
Topic
Board Service Discussion
Re: #BTCST Updates. Latest: August 23th 10:48PM EST
by
Shadow383
on 25/08/2012, 16:17:05 UTC
I would prefer if this didn't go off topic. Where are the updates?

There are no updates.  TADA back on topic.  

Well there is one update since yesterday:
The amount owed by Pirate to his creditors has increased by another 5,000 BTC!

If Pirates claim of 500K BTC is accurate that would mean he now owes ~540,000 BTC (minus the value of 11 unconfirmed "small accounts").
Also his interest only obligation is now ~$56,700 per day or $39.38 per minute.  That means he needs to pay $56,7000 a day every day not to pay off the "investors", but to avoid the amount he owes from increasing.
Yes his debt in in BTC but I am using USD because maybe that makes it more "real".  So say today he paid back $25,000.  The amount he owed would still be increasing.  

Even if you still believe he had a legit business which could afford $57,600 a day in interest, he shut it down a week ago.   He nows owes about a half million USD more than when he shut it down.

And remember, it's "at least" 500k BTC  Wink