Discussion about 10,000BTC Bet (Official)

[jjiimm_64]

wait.

isn't interest on business debt tax deductible?   for a million bucks, i could come up with 50k in expenses pretty easily. not insignificant.

had to get my 2 bitcents in.

[1715436451]

1715436451

[1715436451]

1715436451

[1715436451]

1715436451

[yochdog]

wait.

isn't interest on business debt tax deductible?   for a million bucks, i could come up with 50k in expenses pretty easily. not insignificant.

had to get my 2 bitcents in.

Well in that case, it just makes my point even more clear.  Matthew can only collect 15-30% if he is a whistle-blower......and any deductions will lower the amount collected by the IRS. 

[cablepair]

Matt, old Buddy.. Do you think everyone around here thinks your so rad that they will just let you slide on that 10k BTC bet? Me personally I think they will.

I am not saying your going to pay it or not because I have no idea, I dont think your the type of person to not pay a debt but really I dont know

 but I  do think if one person on this forum could get away with something like this it would be you.

[jjiimm_64]

STOP telling Matt he can get away with something.... 

[Ente]

Yes, he would get away, and I would be one of the guys laughing and congratulating him on this troll.
And yes, I am in on this bet.

Ente

[fcmatt]

matthew seems very quiet lately. i am used to seeing his ignored posts in every
other thread I open.

what happened?

[jjiimm_64]

What happened.   a 100k happened.

[cablepair]

STOP telling Matt he can get away with something.... 

LOL sorry but you know its true... 90% of everyone on this forum kiss this mans ass on a regular basis, 10% have him on ignore. do the math....

[bg002h]

http://www.irs.gov/compliance/article/0,,id=180171,00.html

At current US tax rates, assuming pirate is single and a US citizen, the reward for reporting this to the IRS, given that 100% of the gain from this activity is profit, the reward for turning his ass in would be $1,059,345.00 at today's Mt. Gox high exchange.

So, we know Matty is good up to 94,500 btc worth of bets. According to the google spreadsheet he still stands to make over $ 662,000 in net gain IF HE LOSES THE BET. If he wins, and Hell really does freeze over, he only makes $ 397,318.83. Either way, not a bad return for taking the piss on a bunch of anonymous loudmouths like this community.

And that dear friends, is what Machiavellian thinking is all about. Matty wants you to bet against him so that he wins more by losing more.

Matthew, I salute you! Well played.

I know when I steal money, I'm always careful to declare capital gains appropriately...

Seriously though, theft isn't a capital gain and this not an IRS issue.

[cedivad]

This is the strangest thread I've ever readed.
I hope mat not to lose his money, but that would be really a case on a billion.
Really curious.

[lebing]

Originally, I disagreed with Matthew's methods, but somewhat sympathized with the original motivation he presented.

However, as of yesterday, circumstances have clearly changed, given the Pirate default statement.

So Matthew's subsequent doubling down now guarantees that things will end very badly for him.

Either:

1. he loses the bet, and will be forever remembered as the obstinate idiot who doubled down and lost 30KBTC in the face of an explicit confession.  No one will ever again respect him, or trust his judgement on any business matters.
2. Pirate pays, he miraculously wins the bet, in which case he will forever be suspected as a crook who had inside information.
3. he welches on the bet through a technicality or pretending it was a joke, in which case he will be forever known as someone whose word cannot be trusted or taken seriously.

Matthew, it's good to have courage and strong beliefs.  But when new concrete information is brought to light, a wise man will reassess the validity of those beliefs before digging himself a deeper hole.  There is no dishonor in admitting a mistake and engaging reverse.  In fact, quite the opposite.

+1

[bg002h]

Originally, I disagreed with Matthew's methods, but somewhat sympathized with the original motivation he presented.

However, as of yesterday, circumstances have clearly changed, given the Pirate default statement.

So Matthew's subsequent doubling down now guarantees that things will end very badly for him.

Either:

1. he loses the bet, and will be forever remembered as the obstinate idiot who doubled down and lost 30KBTC in the face of an explicit confession.  No one will ever again respect him, or trust his judgement on any business matters.
2. Pirate pays, he miraculously wins the bet, in which case he will forever be suspected as a crook who had inside information.
3. he welches on the bet through a technicality or pretending it was a joke, in which case he will be forever known as someone whose word cannot be trusted or taken seriously.

Matthew, it's good to have courage and strong beliefs.  But when new concrete information is brought to light, a wise man will reassess the validity of those beliefs before digging himself a deeper hole.  There is no dishonor in admitting a mistake and engaging reverse.  In fact, quite the opposite.

+1

It is hard for this to end well...maybe he is BTC rich and this won't be a large sum for him. As a btc poor early adopter (500 bitcoins was kid money back in the day), I know there were plenty of people here 2 years ago with that kinda change hanging around...

[myrkul]

It is hard for this to end well...maybe he is BTC rich and this won't be a large sum for him.

Bingo... This is just Pizza money.

[lebing]

It is hard for this to end well...maybe he is BTC rich and this won't be a large sum for him.

Bingo... This is just Pizza money.

Dont think so. Not so long ago (if I recall correctly), he was looking to raise money for starting a new venture (likely less than the value of the current bet).

[CoinCidental]

A FEW DAYS AGO HE SAID That 10,000 BTC was a very signifigant portion of his total bitcoins

now theres close to 35,000 BTC  in the wager ?

 someone has faith in matthew ,hopefully its not pirate though

[myrkul]

someone has faith in matthew ,hopefully its not pirate though

Now that would be funny... and frighteningly plausible.

OK, let's assume that I'm Pirate, and I have a significant portion of the bitcoins in existence in my control, which I have no intention of paying back. I could buy a lot of travel time to get to Cancun and start mixing mojitos by giving someone well-known in the community a small chunk of that, and telling them to go spread FUD in the form of betting on me.

Man, I hope I'm wrong on that.

[The_Duke]

Matthewat40, is that you?

[CoinCidental]

someone has faith in matthew ,hopefully its not pirate though

Now that would be funny... and frighteningly plausible.

OK, let's assume that I'm Pirate, and I have a significant portion of the bitcoins in existence in my control, which I have no intention of paying back. I could buy a lot of travel time to get to Cancun and start mixing mojitos by giving someone well-known in the community a small chunk of that, and telling them to go spread FUD in the form of betting on me.

Man, I hope I'm wrong on that.

if pirate is funding this bet and also calling the shots on the
BTCST repayment schedule its like playing poker with someone
who gets to choose his own cards ......

i dont know about pirate but i dont think matthew would allow his name
to be used in fashion  to help pirate scam more .........

[myrkul]

i dont know about pirate but i dont think matthew would allow his name
to be used in fashion  to help pirate scam more .........

Well, that's the beauty of it. If the bet is properly bankrolled, Matt pays out, and his name doesn't take any hit, other than "Hehe, remember that time Matt bet that Pirate wasn't a Ponzi? What a goof."

I want to be clear here: This is NOT an accusation. I don't think this is what's happening. I hope it's not, in fact. But damn, is it a plausible explanation.

[Minor]

I know the bet is officially closed and I don't have the required number of posts, but hey, stranger things have happened:

Code:

5BTC
1JpstgtL3Guoa9WVjpT7YA3r9QfAaqSyyS
"What's 5BTC compared to the sum total of this bet?"