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It was one big PONZI scheme

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Liberty Eternal	Posted - 2011.03.03 23:34:00 - [1] Originally by: cosmoray So as most of you have now realized with the public audit, the Cosmoray house of cards has imploded. It was, and always has been a massive ponzi scheme right from the start. So yeah, I am a big fat SCAMMER!! The cons started in 2007, and some are even still running today. I have had help, there are still some active accomplices out there. I doubt you will find them though. Why did I stop, boredom mainly. I tried to give the game away but it took some pushing to get caught. Here is a link to the whole story if you want to read it: Cosmoray's Ponzi Life The link is a bit of a wall of text, because I probably screwed up the transfer making it public somehow. You can read it and flame me, or you can just flame me. I'll even answer your questions if you want. Have fun. note: I haven't changed the API, so you can look through the account as much as you like. This is why it's important to audit people.
Liberty Eternal	Posted - 2011.03.03 23:47:00 - [2] Edited by: Liberty Eternal on 03/03/2011 23:48:58 Originally by: cosmoray Anyone can get past an audit. The two best ways: 1. BPC vs. BPO 2. Transfer of assets via station trade. My total take is close to zero, as I have given 99% of it away. I didn't even take the 10-20B offered in the Hegel bond. That bond was mainly to try and show up in an audit anyway Another scammer saying audits are useless I think the Hegel Angel case was an attempt to get 62 bil and that you would have taken it if you could.
Liberty Eternal	Posted - 2011.03.03 23:52:00 - [3] Edited by: Liberty Eternal on 03/03/2011 23:52:41 So with the Hegel Angel 62 bil bond, the investors should have gone ahead and put their money in? And I was wrong to insist on an audit? An audit would have made no difference? Edit: Is it so difficult to understand that we are better off knowing what we can know, than not knowing it?
Liberty Eternal	Posted - 2011.03.04 00:15:00 - [4] Far from being useless, audits are very effective, particularly when deployed against their natural prey - the ponzi scheme. The nature of a ponzi scheme is that the ponzi runner does not have the cash he says he does. This is why an audit is the best method of eliminating the ponzi. Whatever he may be saying now, Cosmonaut did try to take 62 bil for his empty ponzi. He had no way of getting over the audit hurdle, which is why it remains a powerful weapon that every ponzi-scammer detests.
Liberty Eternal	Posted - 2011.03.04 00:22:00 - [5] Originally by: Misty McGinnity re-read my quoted paragraph #2. he got an "lolaudit" & raised 32b for his ponzi. ITT: lol Audits & lolAuditors OWNED. He got that 2 years ago. The information pictured changed a bit since then. With no audit system, he could have carried on coasting effortlessly from one scam to the next without friction. Like BSAC, he had no ability to get over the audit hurdle. It's not true to say that audits have no use.
Liberty Eternal	Posted - 2011.03.04 00:49:00 - [6] Edited by: Liberty Eternal on 04/03/2011 00:54:57
Liberty Eternal	Posted - 2011.03.04 01:05:00 - [7] Originally by: Block Ukx YouÆve been proven wrong, and yet wonÆt admit it. Not only that, you have the guts to continue your defamation campaign. IÆm not surprise. It's a special kind of pleasure to cross swords with you Block. Like me, you are a man who does not know when to quit - I can respect that. However you need to understand two things - one, mind-games don't work on me. Two, I'm taking you and your scam down.
Liberty Eternal	Posted - 2011.03.04 05:19:00 - [8] Originally by: Machete Visor yawn nothing to see here except someone playing a meta-game basically with themselves. Let's hope he gives himself away by getting too clever.
Liberty Eternal	Posted - 2011.03.05 08:58:00 - [9] Originally by: Florestan Bronstein MD crowd is gathered around a dead body. Cheney: "he's dead, let's call the mortician" Caldariftw123: "that's not constructive. Why do you say that?" Cheney: "he's objectively dead" SencneS: "We should dress him up in some fancy clothing and make sure he has somebody to talk to all day" Caldariftw123: "look, at least she is trying to help" Cheney: "you auditors told everyone you had kept him alive... now see what you've done! they all suffer from idiotic delusions" VV: "I never said he couldn't be dead - look here shows big sheet of paper: 'the auditor only guarantees that this body exists. Anything else is pure speculation.'. I only said "he might be alive." and that was just the tl;dr version of my report." Caldariftw123: "now get off your high horse, Cheney, and please help us or get out. This guy points to body has an important business meeting tomorrow and we have to make sure he's in shape when he gets there." Cheney: /facepalm Here's a joke for you: Why did the socialist study epistemology? He didn't, that's why he's a socialist. The only role of the auditor is to make known those things that can be known, because it's better to know what we can than not to know it.
Liberty Eternal	Posted - 2011.03.06 14:50:00 - [10] Edited by: Liberty Eternal on 06/03/2011 14:56:07 Strategy of a Ponzi when threatened with Audit. In the situation that BSAC finds itself in, there are 5 strategies to proceed 1.) Maintain impasse 2.) Confess 3.) Get Audit 4.) Discredit Auditing 5.) Acquire a pseudo-audit 1.) Is no good for a ponzi, maintaining the stand-off eliminates the supply of isk that is the rationale of a ponzi. 2.) Confessing will not occur until the ponzi scheme realises its credit has been cut off forver. 3.) Getting an audit is impossible for a ponzi scheme and not an option 4.) The only real way of breaking out of the impasse, and of restoring credit, is to discredit the concept of auditing 5.) Acquiring a pseudo-audit is a possible scheme that may work if vigilance is relaxed. However it is hopeless so long as auditing remains credible. It is therefore essential to the survival of the remaining large ponzi schemes that the auditing method is discredited as this is their only means of reactivating credit. Edit: And remember that it costs 7 billion a month in interest obligations to maintain a ponzi the size of BSAC, and they may not have that much isk left. Their recent attempt to borrow 10 billion shows that they may be hoping to break out of the impasse as soon as possible.
Liberty Eternal	Posted - 2011.03.06 15:05:00 - [11] Edited by: Liberty Eternal on 06/03/2011 15:05:45 Originally by: Florestan Bronstein Originally by: Liberty Eternal 5.) Acquiring a pseudo-audit is a possible scheme that may work if vigilance is relaxed. However it is hopeless so long as auditing remains credible. cosmoray shows how this can work - just borrow the missing assets from a friend or from an undisclosed business of yours in order to pass the audit. It's a bit different when those assets are in the hundreds of billions. Who is going to respond to "lend me 300 billion because I'm a scammer"? Also, Cosmoray could not have passed a second audit because he would have had to borrow enormously more than the assets he had on his audit 2 years ago. If he had that line of credit available to him, then don't you think that as a scammer, he would have borrowed it and scammed it already?
Liberty Eternal	Posted - 2011.03.06 18:34:00 - [12] Originally by: Block Ukx Are you claiming that I'm borrowing 10 B to pay interests? If that is the case, then you don't expect me to pay back on April 9? If my assessment of BSAC is correct, then your planning horizon should be closing down on you as you realise how expensive it will be [what is it, nearly 100 billion a year in interest?] to keep BSAC operating. In my opinion, the "code" you are developing is kind of yourr last chance to break out of the financing impasse you are currently in. It appears to be a pseudo-audit and when it fails, I think you are likely to evaluate your costs and pull the plug. So borrowing 10 billion is what you need to tide BSAC over and pay interest while you play out your last cards. I may be wrong, but it's consistent with your gaming options and with the length of time you have remaining to keep playing it out before you start losing larger and larger amounts of isk. It's also going to take more to rebuild confidence in BSAC than "setting and fulfilling expectations"
Liberty Eternal	Posted - 2011.03.06 18:53:00 - [13] Edited by: Liberty Eternal on 06/03/2011 18:53:42 Originally by: Block Ukx So you are basically claiming that I will not pay back investors on April 9. Is this correct? Are you aware that I have never in almost 5 years defulted to investors ? I'm aware that in nearly 5 years you have taken on more and more isk without having your accounts verified. As I described above, whether you pay back or not will depend on your gaming options. You could easily resolve this situation by getting an audit but you have chosen not to, and to instead follow a strategy of criticising audits while simultaneously "coding" a pseudo-audit [which is actually a contradictory position in itself - as if audits are worthless, why code the equivalent?]. Your strategic choices are, to me, incomprehensible from any angle except that you are running a ponzi. However, aA ponzi comes with commitments - time, coding effort, interest payments. As your planning horizon closes down, its no coincidence that the amount you asked for has reduced as well, or is it? So I think there's a good chance you may throw your hand in within a month and run even with the 10 bil. Or you may think your strategy will work in which case you could hold on longer. We'll see.

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