Quote from: rjk on February 21, 2012, 04:52:11 AM

Quote from: Electricbees on February 21, 2012, 04:23:04 AM

Quote from: rjk on February 21, 2012, 03:58:31 AM

Quote from: ssaCEO on February 21, 2012, 02:24:52 AM

Sounds super reliable...

*edit* btw, Ponzis usually say they're full to make you trust them more, it's a common hallmark of the scam. There is no way they're actually paying 1% to people per day. That would make zero sense for them. Don't fall for it.

*re-edit* The right way to do what you're talking about is to get a high-yield CD and borrow at a low rate against property, and play the difference between a loan and a locked-in interest rate over the long term. No one legitimate offers compounded interest daily or weekly like what you're talking about. That is always, always a red flag for a scam. You'd be a lot better off just putting your life's savings on Roulette (which as a casino owner, I wouldn't recommend either).

Heh, shows how much you know about pirate's system.

I apparently know nothing... Do you know what he actually does?

I'm sure he would give you more details if you needed them, but it is basically selling bitcoins for cash in person, and for those transactions he needs a lot of coin in a short amount of time. Obviously the sale is at a decent markup, because he then buys coin at an exchange to repay the lenders, and gives them their interest. As far as I can work out, it isn't a continuous interest system, although if it is, that would be due to trading profits.

Also, good luck getting an invite, you might have better luck asking on IRC (maybe).

He does not give potential investors details. Nobody I know who deals with him knows, either. They "have ideas," though. (edit: that was just fwiw. Pirate's paid out everyone as requested, afaik, and it's gone on long enough where I'm not very worried about it anymore, and wouldn't mind getting in on it when I have coins again. - Though the "if you take out BTC on loan, don't tell anyone you're giving it to me" clause pisses me off.)