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Re: History - Bitcoin Savings and Trust and Pirateat40 on Bitcointalk (PONZI)
by
TwitchySeal
on 27/03/2020, 01:37:21 UTC
If it’s clear, then how are your numbers so wildly incorrect? You must be missing quite a bit of information and just filling in the blanks with incorrect assumptions.

Maybe you forgot?  I don't know.

Do you remember what happened in June 2012 for example?

That month pirateat paid you BTC753 in interest, for the money you collected from other people.
You kept BTC451 for yourself (without risking one satoshi) and added BTC15 to the 'insurance/reserve fund'

The investors chopped up the other BTC287


https://bitcointalk.org/index.php?topic=75843.msg987574#msg987574

Not a fantasy.  It's real.

You convinced people to give you money so that you could invest in a ponzi.  You invested nothing, for the month of June 2012 you kept 60% of the payments for yourself, paid them 38%, and set aside 2% as 'reserves'.  You then used that 2% to lure in more investors by convincing them that somehow by putting that 2% aside it was a better investment.

The whole 'If we get BTC2,000 invested, I'll bump up the investor payments by 4%, so go recruit your friends and you'll make more money' is ponzi scheme 101.  Give them a taste, then get them to invest more and tell their friends.

It doesn't matter whether or not you set aside any money, or if you told them there was a risk.  You were running a ponzi.  Period.