Bitcoin Forum

40,000ish BTC!

Please make reasonable offers!    ;D

I offer a pirates of the caribbean movie.

lol, really? You're actually going to sell off 40K in pirate exposure? :D

Best get the ball rolling I guess:
2.5BTC  ;)

Why so cheerful? Pirate will buy the account for 20000 BTC and you will have lost 20000 BTC.

Tree fiddy.

Are those 40k just your funds or does it include the your GLBSE PPT bonds?

Pirate is running an affiliate program. He creates new accounts with some imaginary investments in them, and sells these to some greedy forum members, who resell them for profit. Great scheme!

(Disclaimer: the text above was just a joke. I have never invested in pirate fund or any other ponzi scheme, and don't know anything about them. Please don't kill me.)

Because you already told the bond holders that Pirate defaulted, hence their bonds are now valued at 0.
And now, here you are, trying to sell debt that isn't yours to sell.
I'm assuming a part of those 40K BTC are from the bonds. Your answer is a confirmation.

http://4.bp.blogspot.com/_vInfU_3oxM4/SfXM-nCuAkI/AAAAAAAAAUM/JBahgkHS5iQ/s400/P1010226.JPG
It must be true.

And you're still not answering if those 40K BTC are all yours or if it includes your bondholder funds.
Let me put it in other words: You're scamming everyone that bought your bonds.

Look in the mirror

...and learn from your mistakes...

https://dl.dropbox.com/u/53757294/thecrew.png
https://i.imgur.com/iimBT.jpg

The one who used the word "defaulted" was you, moron. Or don't you remember what you posted a few days ago on your own thread?


So, besides being a fussy prick you're also a scammer and a dumbass.

The subprime bubble was AAA+ compared to this.
I am shocked to not see any offer to buy 40K BTC of second-hand defaulted debt backed by an anonymous guy from the internets

https://encrypted-tbn0.google.com/images?q=tbn:ANd9GcRUZW3eXrUD5Qq74Nt6on15gIjy0WMpWV_V2Gh_6_gCLZGhPrsRoA

So, what's the deal here if you sell this account and then some miracle happens and pirate actually pays out?

Correct me if I'm wrong, but you'd then be contractually obliged to buy back your PPT bonds, having already sold the funds used to pay for them?

I mean, that's almost certainly not going to happen, but still  :D

Even if Pirate defaulted the the rights to collect the  debt would still be the bond holders not GOATS.   So I hope he is trying to sell his own account and not the GLBSE account.  

EDIT:  If he did sell it after a default all funds would have to be split up to all the bondholders.
 

The way he avoids answering if the 40K BTC are all his or if they include the funds from the bond you can be sure what the answer is...

And you're still not answering...

Dont be fooled. The pirate clan is just trying to further debase the value of pirate debt by pretending to be panicking;  Whether or not they should be panicking , we shall probably see next week when Vandroiys bet reaches its deadline, but Goat isnt selling.

GOAT if you sell the debt what are you going to do with the funds?  Will these go back to your bondholders?

Goat please answer the question: does this account include your PPT bonds on GLBSE?

So was he the dude hiding his face by any chance? that's my guessicles.

Also what if you sold the account for 10k bitcoins and pirate paid.  Are you willing to pay the 30k bitcoins out of your own personal funds.

No, he's the one to the left of Goat, with the black hat on.

do answer the question!

Why do you assume how won't repay? 

He is the operating of the fund.  He could sell the debt for say 10K BTC.  If Pirate repays he owes 40K and takes a 30K loss.  If Pirates doesn't repay then he profits 10K.  As long as he intends to repay the bond holders there is no fraud.   Companies sell DEFAULTED debt all the time.  Default doesn't mean 0 bitcents on the coin.   It simply means the debtor has not met their obligations. 

I know I know. Let's just wait for Goat answer.

You are wrong here.  If he sells the account for 10k BTC, then those funds belong to the bondholders.  He can't just pocket 10K BTC.  The debt is owed to the bondholders not GOAT.

No, those funds do not belong to the bondholders. Goat is taking upon a risk here: if Pirate pays back, Goat will be 30000 BTC in the hole. If Pirate defaults, Goat should be eligible to pocket the 10000 BTC. Effectively, Goat is betting against Pirate here.

Those funds aren't his to begin with.  The bondholders should decide if they want to sell at a discount and take the lesser amount of bitcoins.  If not they can wait and see if the full amount will be paid out.  This is their decision not his.  Just like they are not his coins.
  

+1

Your bank does this all the time with funds that are not theirs. There is no reason Goat should not be allowed to do so also.

If he does do this then he is a F___ing IDIOT.  He just stole his bondholders money.  I guess we will wait and see what he does.

banks have safeguard funds and collateral is regulated

but a simple YES/NO is not too much to ask

No you are wrong.  You bought an asset which is a derivative of Pirate's ponzi, but the terms of the contract gave you no right or ownership to the underlying asset. 
Your have no right to any proceeds of the sale of the underlying debt, and nothing in the contract prohibits Goat from selling it.

One point is very clear, a sale doesn't change Goat's obligation.  If Pirate defaults he owes you nothing.  If Pirate repays in full he owes you the full amount.

The answer to your question is bolded on the quote below.



As you can see he already said the bond is dead and it's value is 0. He also said he will only pay bondholders if pirate pays in full.
And one more little detail: As soon as Goat sells his account, Pirate will never pay him in full. Bondholders will never see their money.

He didn't steal his bondholder's money. The bond was issued with the knowledge that it could be bought back if Pirate repays and would be worth 0 if Pirate does not pay. As long as Goat fulfills his obligation to pay out the bondholders in the unlikely event that Pirate actually pays everyone, then I don't see why he shouldn't be able to try to recover some funds.

Well he may be an idiot (although given the odds of Pirate repaying in full are low the buyer may be the bigger idiot).  You thinking he is an idiot doesn't mean he stole anything. 
Now IF Pirate repays in full and he doesn't honor his contract then yes he is a thief but .... pst secret hint .... that could happen regardless of if he sells or not.

Personally I believe Goat will honor his debts, I just think he realizes the odds are <100% that Pirate will repay.  If you owned something you believed was worth less than what others believe it is worth the smart decision is to sell it.   

Thus if Pirate repays in full and he pays the bondholders he has honored the contract.  A sale if any doesn't change that.

Goat could:
sell the underlying asset & honor the contract - legit
not sell the underlying asset & honor the contract - legit
sell the underlying asset & not honor the contract - scam
not sell the underlying asset & not honor the contract - scam

Selling or not selling doesn't change his obligation.  

The bondholders should have the choice as the funds are theirs.  If they want to sell at a discount then the funds should be split evenly across all bondholders, not hit pocket.
 

A sale of the underlying has the result that his bonds become more risky (Goat could default). He can't change the risk profile of his asset - usually an investor would request a markup or decide not to invest.

So it would be a scam.

Also Pirate hasn't defaulted.  He did state at the start of his unwinding that it could take up to 2 weeks.  We haven't finished week 1.  Of course Goat is going to say they are worth 0 because it is in his best interest to do so and nowhere in his original thread does it state if funds aren't returned in 72 hours that there is a default.  As far as I know he has no power to sell them at a discount.

  



  

The funds are not theirs. They have given them to Goat.

He only has to meet the terms of the contract.

+40000

if you want to sell 40k BTC pirate account where the PPT is part of, buy out first all bonds, then do as you wish

His only objective is to make bondholders panic. If/When Pirate pays him, he'll delay payment just enough to buy all underpriced bonds on the market and screw whoever he can.

He could ofcourse avoid all this discussion with a simple yes or no, but that isn't in his best interest.

So we're just wasting our time.

Thanks for the entertainment :D

One more time: In the real world it matters (also financially) whether you have a loan backed by a house or backed by Jack Sparrows good name.
That his bond is backed was one elementary part of the decision-making process of every investor. If sells the underlying without offering an equal collateral it is a breach of contract.

This is why I have labeled Goat as and IDIOT.  He did this last time with the whole nefario drama show.  Goat loves drama and if he can steal people's btc while doing it he will.

At least I dont screw my investors or take advantage of them.  I guess that is common for how you do business. 

^ People are funny...... This whole thing is a scare to get people to sell.

I dont own any Tygrr bonds but i am curious and peeked at the contract.
One sentence in the contract is interesting:
   "The money gained from the selling of these bonds will go to BTCST."

Does this mean that the contract is violated if the bonds no longer are backed by
a BTCST account? (i am guessing that a liver is worth more though).


If it does mean that, Goat have to follow the contract like it or nor.


Edit: I know it should be "Goat has to" but the paraphrazing just looked better with have, at first.

Sounds lonely.  My family and I had half of business on my way back from Africa.

...Doesn't he always have to follow a contract, like it or not?