18 Aug '12, 10am

(Context of my last tweet: the biggest Ponzi in the short history of Bitcoin, worth millions of USD, just closed up:

(Context of my last tweet: the biggest Ponzi in the short history of Bitcoin, worth millions of USD, just closed up:

As many have predicted was an inevitable future, the man known only as Pirateat40 on bitcointalk.org announced the closure of his investment service , the Bitcoin Savings & Trust, earlier today, citing complications in performing larger transactions as the primary reason. The interest rate given to investors was a staggering 7% per week for large investments, a number that could not have been sustainable in the long run and could only be matched in non-Bitcoin economies with ponzi schemes and similar cons. While it is still unconfirmed whether Pirateat40’s investment service actually was a ponzi or not, we’ll find out soon enough: he has promised to pay back all of his users within a week, and begin those paybacks starting on Monday. We will find out very quickly whether he has the ability to repay all customers, or if those words were the last we’ll ever hear from him. Ch...

Full article: http://bitcoinmagazine.net/bitcoin-savings-trust-genuine-...

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