Bitcoin Savings & Trust: Difference between revisions
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'''Bitcoin Savings & Trust''' (abbreviated as '''BST''') was a ponzi scheme operated by [[Trendon Shavers]] (then known as '''Pirate'''). It was launched in November 2011 as '''First Pirate Savings & Trust'''. Pirate | '''Bitcoin Savings & Trust''' (abbreviated as '''BST''') was a ponzi scheme operated by [[Trendon Shavers]] (then known as '''Pirate'''). It was launched in November 2011 as '''First Pirate Savings & Trust'''. Pirate claimed to have been selling bitcoins to some local tight-lipped buyers,<ref name="pastebin">[http://pastebin.com/yH0jr6KY Pirate's original post] as archived by [[Vitalik Buterin]]</ref> and that he started BST to provide more volume to these buyers.<ref name="buterin">{{cite web|url=http://bitcoinmagazine.net/the-pirate-saga-and-so-it-ends/|title=The Pirate Saga: And So It Ends|author=Buterin, Vitalik|work=[[Bitcoin Magazine]]|date=30 August 2012|accessdate=1 September 2012}}</ref> By selling invested bitcoins at a high rate and [[Wikipedia:Arbitrage|rebuying them at the market price]], Pirate was supposedly able to offer a very high-yield interest rate of 7% per week.<ref name="pastebin"/><ref name="buterin"/> | ||
==References== | ==References== | ||
<references/> | <references/> | ||
[[Category:Scams]] | |||
Revision as of 21:43, 29 July 2015
Bitcoin Savings & Trust (abbreviated as BST) was a ponzi scheme operated by Trendon Shavers (then known as Pirate). It was launched in November 2011 as First Pirate Savings & Trust. Pirate claimed to have been selling bitcoins to some local tight-lipped buyers,[1] and that he started BST to provide more volume to these buyers.[2] By selling invested bitcoins at a high rate and rebuying them at the market price, Pirate was supposedly able to offer a very high-yield interest rate of 7% per week.[1][2]
References
- ↑ 1.0 1.1 Pirate's original post as archived by Vitalik Buterin
- ↑ 2.0 2.1 Buterin, Vitalik (30 August 2012). "The Pirate Saga: And So It Ends". Bitcoin Magazine. http://bitcoinmagazine.net/the-pirate-saga-and-so-it-ends/. Retrieved 1 September 2012.