My thought as well. If I were to bury treasure, the most important factor would be hiding the location. However, if you are employing pirates, you either have to kill them all afterwards or do something very devious. Perhaps you bury the treasure somewhere else on the island, but construct a flooding pit to convince hunters that they found it, but just can't get to it? Maybe most of your crew thinks the treasure is buried there? Not to say it just might not exist. If you were Captain Kidd, how would you hide your stash?
Great read, I had read a brief history of this when I was a kid but nothing as in-depth as this. Can I ask all of you to read that first comment relating this entire thing back to the Freemasons? Yikes.
History Channel ran a five or six episode special on this thing, it was really neat and supposedly will air more episodes next year.