Title: Re: TYGRR.BOND-PI 1 BTC face 100% Insured Pirate Bonds BTCST Post by: ianbakewell on August 21, 2012, 10:48:36 PM When can we expect you to begin buying back the shares? A nice bidwall @ 1.0 is what that gold casascius coin was shown off in this thread for. Assurance you would cover. It has been made clear pirate is done. Looking at a bid of 3 @ .5 is insulting. It should not have taken you this long to redeem a code. No word from pirate about the interest and it has been about 4 days since I requested my last withdraw so it looks like a default for this bond. 1 BTC buy wall is going up soon. The BTC are now on the way to GLBSE. Thanks. Thank you, you followed the contract as you interpreted it, fair enough. I still believe you should have paid out on Friday, so it's hard to give you points for being a stand up member of the community. (cpa on the other hand handled it awesome) My issue is with the way you presented the contract. I touched on this in my previous post. The contract is as follows (bold emphasis mine) Contract TYGRR-BOND.PI Bond face value is 1 BTC. If BTCST defaults the bond will be worth 1 BTC. If BTCST does not default the bond will be worth 1 BTC. 100% of the face value of the bond will be insured. 75% of the bonds value will be stored offline. 75% of the insurance money will not be loaned or invested. The weekly rate paid out will be X-.015 X is the rate Pirate pays out on face. Chaang-Noi has the right to buy back the bonds at any time at the weighted weekly price plus 10%. Payments will be made weekly at around 10 PM Tuesdays Thailand time. Please see the forum thread or contact Chaang-Noi directly for updated information. You waited until you were convinced of a pirate default. However, the contract clearly states: "If BTCST does not default the bond will be worth 1 BTC." Anyone looking at the offering would assume that would mean the closing of pirates operation, in any manner outside of a default. The closure was announced by pirate himself leading into the weekend. Yes, you followed the contract, but you are most definitely a shady businessman. |