centralized post of pirate payouts-It is over. Pirate@scammer admits default

[dextryn]

I'm on IRC and I haven't seen anything come out of that yet.  It appears ppt operators haven't received any info ATM

[bitlane]

Code:

<pirateat40> Notice:  If you are a PPT operator please contact me via PM.  Thanks

Well, that should shut everyone up and keep their fingers crossed for the next couple of days 

[bpd]

Code:

pirateat40: As much as I've tried to meet the deadlines within the community, there're conditions beyond my control which have escalated the process to the point it is today.
[5:55pm] Garr255Mobile joined the chat room.
[5:55pm] pirateat40: Bitcoin Savings & Trust has hereby given notice of default to it's account holders.
[5:55pm] Garr255Mobile left the chat room. (Read error: Connection reset by peer)
[5:55pm] • johnthedong faints.
[5:55pm] aq83 joined the chat room.
[5:55pm] Garr255Mobile joined the chat room.
[5:55pm] AnonX: motherofgod.jpg
[5:55pm] MrTeal: Holy shit
[5:55pm] Sp0tter: pirateat40: we just want you to keep in touch and let us know whats going on...
[5:55pm] AnonX: Partial default atleast?
[5:55pm] Garr255Mobile left the chat room. (Client Quit)
[5:56pm] [\\\] was promoted to operator by ChanServ.
[5:56pm] [\\\] made this room moderated for normal users.
[5:56pm] Garr255Mobile joined the chat room.
[5:56pm] Doffx joined the chat room.
[5:56pm] Garr255Mobile left the chat room. (Read error: Connection reset by peer)
[5:57pm] Garr255Mobile joined the chat room.
[5:57pm] Garr255Mobile left the chat room. (Client Quit)
[5:57pm] Garr255Mobile joined the chat room.
[5:57pm] pirateat40: No timeline or further information is available at this time.

[MrTeal]

And.... it's done.

[bitcoinsydney]

[sarcasm]Well, no-one saw that coming.[/sarcasm]

So, only a matter of time now before Matthew loses his bet? Or does he pay out now given pirate's announcement?

[fcmatt]

wow! shocking news for those with little to no math skills.

matthew obviously falls into that category eh? default part duex

let the crying begin by the lenders.

[DeathAndTaxes]

I wonder in reality has sunk in for Matt.  He put his rep and $100K on the line for a complete douche ponzi scammer. 

[MrTeal]

I wonder in reality has sunk in for Matt.  He put his rep and $100K on the line for a complete douche ponzi scammer. 

But but but...
He didn't say he wouldn't pay. If we just wait, he might be able to pay in a couple weeks, right?

[Bitcoin Oz]

I wonder in reality has sunk in for Matt.  He put his rep and $100K on the line for a complete douche ponzi scammer. 

http://www.youtube.com/watch?v=jrLbY4-Q99A

[sadpandatech]

I wonder in reality has sunk in for Matt.  He put his rep and $100K on the line for a complete douche ponzi scammer.  

Is Matthew's bet contingent on the default or no one being paid back in x amount of time?

Not picking a side, just saying if he allocated a set point it is only fair we give him until that point. Matthew that is, of course.

http://www.youtube.com/watch?v=jrLbY4-Q99A

heyyyyyy, mine is much more funner to bob your head to while wathcing your riches evaporate...

http://www.youtube.com/watch?v=4TlPo0yCSa4


*smiles at Joel*  Did you intend that reply for me?    Eitther way, I concure with your parenthesized declarations.

[JoelKatz]

I wonder in reality has sunk in for Matt.  He put his rep and $100K on the line for a complete douche ponzi scammer.  

But but but...
He didn't say he wouldn't pay. If we just wait, he might be able to pay in a couple weeks, right?

As I recall, the bet was that Pirate would payout as he had promised. A post-default payout is completely different from what he promised and vastly inferior to it. There might be some wiggle room there that will require a close reading of the terms of the bet and the post referenced in it. (For the record, this ambiguity is one of the main reasons I didn't take Matthew's bet. Well, that and the whole thing about not betting money you can't afford to lose.)

We'll have to work this all out once we know exactly what winds up happening.

[kayrice]

This is bloody hilarious.... Poor guy that is being called probably 20+ times a day

I dunno they sounded pretty clueless about everything and I had to explain things to them - plus their questions were more like the stuff I get when I tell family members or co-workers about Bitcoin. More of a complete lack of understanding. Luckily they knew what the internet was and seemed to have some understanding of trading.

[michaelmclees]

I wonder in reality has sunk in for Matt.  He put his rep and $100K on the line for a complete douche ponzi scammer.  

But but but...
He didn't say he wouldn't pay. If we just wait, he might be able to pay in a couple weeks, right?

As I recall, the bet was that Pirate would payout as he had promised. A post-default payout is completely different from what he promised and vastly inferior to it. There might be some wiggle room there that will require a close reading of the terms of the bet and the post referenced in it. (For the record, this ambiguity is one of the main reasons I didn't take Matthew's bet. Well, that and the whole thing about not betting money you can't afford to lose.)

And the fact that he still hasn't proven he even has the money...

[DeathAndTaxes]

Is Matthew's bet contingent on the default or no one being paid back in x amount of time?

Not picking a side, just saying if he allocated a set point it is only fair we give him until that point. Matthew that is, of course.

I wasn't saying "Matt pay up".  I don't remember the exact terms of the bet but IIRC it was something like Pirate would pay in full within 3 weeks (Matt added an extra week).  I think the odds of that are now very low.  Most investors suckers are now looking to get something back.  Nobody is even entertaining the idea of being paid in full (3 weeks or 300 weeks it doesn't really matter).

BTW I never took Matt's bet mainly because the bet lacked any escrow.  No sense in betting on a counter-party failing and then taking on more counter-party risk.
 

[bitcoiners]

I wonder in reality has sunk in for Matt.  He put his rep and $100K on the line for a complete douche ponzi scammer.  

But but but...
He didn't say he wouldn't pay. If we just wait, he might be able to pay in a couple weeks, right?

As I recall, the bet was that Pirate would payout as he had promised. A post-default payout is completely different from what he promised and vastly inferior to it. There might be some wiggle room there that will require a close reading of the terms of the bet and the post referenced in it. (For the record, this ambiguity is one of the main reasons I didn't take Matthew's bet. Well, that and the whole thing about not betting money you can't afford to lose.)

We'll have to work this all out once we know exactly what winds up happening.

Last post from Matthew on his bet thread.

Thank you everyone for showing a huge amount of integrity to bet for your beliefs instead of just arguing, defaming, accusing, aggravating, etc. Many of you truly believe Pirate is a ponzi, many of you are simply utilizing my offer for hedging, and still others are simply happy to take a 50/50 chance bet on anything. Regardless, we are at the 10,000BTC mark and thus I am locking the thread so that no more bets can be received here.

I still believe there is a very high chance that Pirate is just doing a business which we don't understand, and my sinking gut, although questioning his lack of professionalism, lateness, etc, reminds me that no one is perfect and it may all just be a series of bad coincidences. I hope I am right and that I am able to prove to the community once and for all that what we don't understand is not always a scam. If I happen to be wrong, I'm happy to have enjoyed this entertaining time with everyone, and I've actually made quite a lot of new friends (as you can imagine).

The original OP states that the bet ends 3 weeks after August 19, 2012, 04:49:20 PM, so that means it ends on September 9th, 2012, 04:49:20 PM KST (Korean Standard Time, local to me). I think I had mentioned a slightly longer deadline elsewhere on IRC out of confusion (September 12th perhaps?), but this is incorrect as you can clearly see. The bet will also end if Pirate has provided proof of paying back all (not 99.9%) of his obligated debts and interests per agreements, whichever comes first.

Good luck to everyone and thank you for participating in this monumental lesson for all of us.

https://bitcointalk.org/index.php?topic=101751.msg1128484#msg1128484

Bold is mine.  There is no wiggle room.  Either Pirate pays back 100% with interest by the Sept. 9th or he loses.  Simple as that.

Pirate has defaulted twice.  This isn't looking good for Matt.

[niko]

Well, this is great news for Bitcoin. Many incompetent, greedy, lazy, useless hypocrites will pack their bags and leave. So long, suckers!

And oh, if you did give your money to some anonymous guy on the internet hoping you'll get rich fast, no questions asked, but don't feel like you belong to any of the categories above, then you have no reason whatsoever to feel offended by this post.

[SysRun]

26.7k

https://docs.google.com/spreadsheet/ccc?key=0Ajtx05YrHtIydFVHcGxLOExTbnhqajJLZmlSZUNtM3c#gid=0

does anyone have the original title for this thing? I would like to see it here for posterity.

[irritant]

Mattew's bet

(?)

[MrTeal]

Is he still taking increases? BrightAnachist's bet went up a huge amount today if I recall correctly.

[SysRun]

the google doc title is now " betting is closed. Check back on Sept 9th for result"

I would like to see the earlier title "<this spreadsheet is for all of you fools who want to give me money>" Something like that. I am unable to access revision history on the google doc, but maybe someone saved the earlier version.