Post
Topic
Board Service Discussion
Re: PirateAt40 / Trendon Shavers
by
Frankie
on 12/03/2014, 01:15:19 UTC

He claims that he lent 202,000 bitcoins to a mysterious "Big One," but has no proof of such a loan occurring (Shavers depo p. 232).  He claims his mystery borrowers paid him every week, and tries to claim several places he never paid current investors from new deposits, not a Ponzi, etc. He claims he repaid 100,000 BTC from his personal funds after Oct. 3, 2012, but can't prove that either. (p. 260.) Whatevs, loser.

As for the question about comparison with Mt.Gox, the government alleges that he received "at least 732,050 bitcoins in principal investments." That's much higher than I thought; the common figure was 500,000 in fictional account balances (with much less actual capital due to the absurd interest rates).