Bitcoins were invented to teach libertarians what an unregulated market is like.

Suspected multi-million dollar Bitcoin pyramid scheme shuts down, investors revolt | The Verge

Bitcoins were invented to teach libertarians what an unregulated market is like.

Remember pirateat40, the e-currency banker we speculated could be the Bernie Madoff of Bitcoin ? Well, it looks like he owes a lot of people money. On August 17, pirateat40 announced the closure of Bitcoin Savings & Trust , a virtual hedge fund that promised to pay high rewards to investors who parked their Bitcoins there. Ten days later, investors are still waiting to get paid and pirateat40 is on the defensive. "When I know, you will," says his away message in the fund's official chat room, an effort to quiet the loudening chorus of, "WHERE ARE MY BITCOINS ?" Pirateat40 consistently maintained that he made his money legitimately through secret investment strategies. The announcement that BS&T was shutting down was similarly vague and obtuse : The decision was based on the general size and overall time required to manage the transactions. As the fund grew there were large...

Full article: http://mobile.theverge.com/2012/8/27/3271637/bitcoin-savi...

Tweets

@yeswap » 30 Aug '12, 9pm
RT @selviano: RT @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@KathyAstromoff » 30 Aug '12, 9pm
And rubles! RT @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@HackerYolk » 30 Aug '12, 8pm
Suspected multi-million $ Bitcoin pyramid scheme shuts down, investors revolt - [link] /HN
@nicolaspika » 30 Aug '12, 8pm
“@moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]” @bertrand_v
@ramhiser » 30 Aug '12, 2pm
LOL! RT @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@ModProps » 30 Aug '12, 2am
via @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@nzkoz » 30 Aug '12, 2am
RT @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@moonpolysoft » 30 Aug '12, 2am
Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@ieure » 30 Aug '12, 2am
A fool and his imaginary money... [link]
@Muslims4RonPaul » 27 Aug '12, 11pm
#Bitcoin is inherently P2P any tiered approach to the system will fail. [link]
@gordon1470 » 27 Aug '12, 10pm
[link] whoopsie.
@Juve31 » 27 Aug '12, 9pm
Suspected multi-million dollar Bitcoin pyramid scheme shuts down, investors revolt [link]
@outZider » 30 Aug '12, 1pm
RT @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@pearwaldorf » 30 Aug '12, 1pm
RT @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@duanegran » 30 Aug '12, 12pm
RT @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@bhelyer » 30 Aug '12, 8am
RT @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@directhex » 30 Aug '12, 8am
RT @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@NomadOfNorad » 30 Aug '12, 4am
RT @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@stuartmg » 30 Aug '12, 3am
RT @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@hqnb » 30 Aug '12, 3am
RT @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@jasonlegate » 30 Aug '12, 3am
RT @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@dbt » 30 Aug '12, 3am
RT @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@FrankMuraca » 30 Aug '12, 2am
RT @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@waldojaquith » 30 Aug '12, 2am
RT @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@bojanrajkovic » 30 Aug '12, 2am
RT @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@arjache » 30 Aug '12, 2am
RT @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@natfriedman » 30 Aug '12, 2am
RT @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@steve_holt » 30 Aug '12, 2am
RT @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@arthaey » 30 Aug '12, 2am
RT @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@jterhorst » 30 Aug '12, 2am
RT @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@peakscale » 30 Aug '12, 2am
RT @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@debay » 30 Aug '12, 2am
RT @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@cbarrett » 30 Aug '12, 2am
RT @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@importantshock » 30 Aug '12, 2am
RT @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]
@stevej » 30 Aug '12, 2am
RT @moonpolysoft: Bitcoins were invented to teach libertarians what an unregulated market is like. [link]