How does this mess compare to pirate's scam? Calculating in BTC makes no sense because it's so long ago,
but dollar-wise..?
BTCST (The pirateat40 Ponzi) gathered around $5M. BT is relatively small compared to that one. Especially if you consider that the target audience was much smaller back then, with way less people knowing about Bitcoin and owning any Bitcoin.
i did some math few days ago and looking at their wallets they ran with about 7 mils USD
Hmm, I'm really curious if rammy2k2's calculations are right. That would be scary..
The amount of BTC on BT's accounts supposedly equal up to over 20k. That's at least $7,847,369.16 as of right now.
Their own claim was that they had 2.2 million under management. They where on share #32152 as of 9/25/14.. They would have had somewhere around 10383 shares expired So that means they had about 21769 shares outstanding. That is at least 435,380 (At 20 dollars per share) The trick that makes calculation tricky is that each share could be for any interval of 20 dollars... so you could have one share worth 50k.. They where selling on average 250 shares per day.. I assume most of these where renewals. During the initial phases they where selling 50-75 shares per day on average Then after about June that moved to 150 shares per day then mid July it moved to 200 shares per day.
A sizable chunk of this money is bogus money that never really existed. If this was a HYIP, then the earnings never happened.. The shares 'earned' 80 percent at the beginning and about 65 percent at the end. Where investors re-invested their 'earnings', There is money that never really existed floating out there as shares owed, but the money was never deposited into the system at all..
The folks who cashed out their earnings wound up with a good chunk of the money from the folks that re-invested..