Discussion about 10,000BTC Bet (Official)

[bitlane]

BTCST Defaulted on the 29th, get your facts straight.

Clearly YOU need to get YOUR facts straight.
https://bitcointalk.org/index.php?topic=91661.msg1147937#msg1147937

...but thanks for coming out.

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

I hereby declare the bet decided, in favor of Vandroiy. A withdrawal request made on August 15 2012, is still outstanding as of today, Aug 30 2012, which triggers default as specified in the contract, via "late by at least 14 calendar days, in disbursing either any regularly-scheduled interest payment, or any withdrawal request, by a valid account holder of BTCST." clause.

In private communication, pirateat40 has agreed with this assessment and conceded the bet.

Since Vandroiy is currently traveling, we have agreed via private communication to set up the 10k BTC disbursement of escrowed funds sometime in September, when he is back.

For your easy reference, link to bet contract:
https://bitcointalk.org/index.php?topic=91661.msg1013589#msg1013589
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[SysRun]

BTCST Defaulted on the 29th, get your facts straight.

Clearly YOU need to get YOUR facts straight.
https://bitcointalk.org/index.php?topic=91661.msg1147937#msg1147937

...but thanks for coming out.

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

I hereby declare the bet decided, in favor of Vandroiy. A withdrawal request made on August 15 2012, is still outstanding as of today, Aug 30 2012, which triggers default as specified in the contract, via "late by at least 14 calendar days, in disbursing either any regularly-scheduled interest payment, or any withdrawal request, by a valid account holder of BTCST." clause.

In private communication, pirateat40 has agreed with this assessment and conceded the bet.

Since Vandroiy is currently traveling, we have agreed via private communication to set up the 10k BTC disbursement of escrowed funds sometime in September, when he is back.

For your easy reference, link to bet contract:
https://bitcointalk.org/index.php?topic=91661.msg1013589#msg1013589
-----BEGIN PGP SIGNATURE-----

iEYEARECAAYFAlA/+lMACgkQ5/k4vslVlLJoVgCeP2/oEcVMrA9zLev1l8AMXrgY
srkAn1yX8t8Y0ADJTPrKIFKOBk6e3skx
=fnN2
-----END PGP SIGNATURE-----

Read it again brainiac. Where do you see the word default? It is not a default. He contractually defaulted when he announced it in BTCST-TRUST.

Quoting someone near and dear to my heart, "Now fuck off"

[bitlane]

BTCST Defaulted on the 29th, get your facts straight.

Clearly YOU need to get YOUR facts straight.
https://bitcointalk.org/index.php?topic=91661.msg1147937#msg1147937

...but thanks for coming out.

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

I hereby declare the bet decided, in favor of Vandroiy. A withdrawal request made on August 15 2012, is still outstanding as of today, Aug 30 2012, which triggers default as specified in the contract, via "late by at least 14 calendar days, in disbursing either any regularly-scheduled interest payment, or any withdrawal request, by a valid account holder of BTCST." clause.

In private communication, pirateat40 has agreed with this assessment and conceded the bet.

Since Vandroiy is currently traveling, we have agreed via private communication to set up the 10k BTC disbursement of escrowed funds sometime in September, when he is back.

For your easy reference, link to bet contract:
https://bitcointalk.org/index.php?topic=91661.msg1013589#msg1013589
-----BEGIN PGP SIGNATURE-----

iEYEARECAAYFAlA/+lMACgkQ5/k4vslVlLJoVgCeP2/oEcVMrA9zLev1l8AMXrgY
srkAn1yX8t8Y0ADJTPrKIFKOBk6e3skx
=fnN2
-----END PGP SIGNATURE-----

Read it again brainiac. Where do you see the word default? It is not a default. He contractually defaulted when he announced it in BTCST-TRUST.

Quoting someone near and dear to my heart, "Now fuck off"

Stating the obvious AFTER IT HAS ALREADY PASSED does not set a new time for the event.

Fucking idiot...

Anything else you want to add, Brainiac ?

[sadpandatech]

Reposting from another thread:

Well as I said, if you are indeed very honnest, I will deeply apologize. And I appreciate the fact that you stay civilised even when accused

I still dont understand why you did not make your topic with a big & trusted escrow so nobodies would have had any doubt of your legitimacy

I'll do that last, just as a final show. I love keeping people in suspense and I want to teach people a lesson who are saying "Pirate is a scam because he's waiting". Those same people say "Matthew is a scam because he's waiting". If you had everyone bothering you, stalking you, harassing you, lying about you, wouldn't you want try to prove them wrong in a highly dramatic manner that makes them question the very foundation of their sick, pedantic reasoning?

The only thing that said scenario would make anyone question, if carried out by Pirate, would be the honesty and integrity of said Pirate and anyone else who was aware of such a vastly unprofessional and fraudulant reason to hold back anyones funds who were not also 'in' on such an act...

I've had suspicion of such an outcome since you first posted your bet and at this point if he does pay out I would be unable to ever trust a vast portion of the 'big' players in this community afterwards because it would be absolutly impossible to discern who was in on it and who was not.

[bitlane]

BTCST Defaulted on the 29th, get your facts straight.

Clearly YOU need to get YOUR facts straight.
https://bitcointalk.org/index.php?topic=91661.msg1147937#msg1147937

...but thanks for coming out.

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

I hereby declare the bet decided, in favor of Vandroiy. A withdrawal request made on August 15 2012, is still outstanding as of today, Aug 30 2012, which triggers default as specified in the contract, via "late by at least 14 calendar days, in disbursing either any regularly-scheduled interest payment, or any withdrawal request, by a valid account holder of BTCST." clause.

In private communication, pirateat40 has agreed with this assessment and conceded the bet.

Since Vandroiy is currently traveling, we have agreed via private communication to set up the 10k BTC disbursement of escrowed funds sometime in September, when he is back.

For your easy reference, link to bet contract:
https://bitcointalk.org/index.php?topic=91661.msg1013589#msg1013589
-----BEGIN PGP SIGNATURE-----

iEYEARECAAYFAlA/+lMACgkQ5/k4vslVlLJoVgCeP2/oEcVMrA9zLev1l8AMXrgY
srkAn1yX8t8Y0ADJTPrKIFKOBk6e3skx
=fnN2
-----END PGP SIGNATURE-----

Read it again brainiac. Where do you see the word default? It is not a default. He contractually defaulted when he announced it in BTCST-TRUST.

Quoting someone near and dear to my heart, "Now fuck off"

Stating the obvious AFTER IT HAS ALREADY PASSED does not set a new time for the event.

Fucking idiot...

Anything else you want to add, Brainiac ?

Let's not let this one slip away.....

Where's your 'brainiac' observation(s) on the situation now ?

[Chang Hum]

Sun readers 86% of readers found this acceptable.

You're omitting the fact that 86% of Sun readers are retards.

+1

[Chang Hum]

so everyone has a right to call it what it is, until proven otherwise. If they're wrong, then no harm done

You're a faggot child raping tax evading meth smoking pedophile. Prove me wrong. If I was wrong, no harm done. I mean, it's not like people listen to what others say, that what they say can affect business, and that we have defamation laws for that exact reason. 

Do you have single bit of evidence or found similarity in my actions or appearance to make this claim?

To be fair in your display pic you're wearing a gimp mask

[SysRun]

My point still stands, you don't understand what a default is.  

You are the are what you feed, bitlane.

[bitlane]

My point still stands, you don't understand what a default is.  

You are the are what you feed, bitlane.

You are right.

How about this. You avoid making your mortgage payment for a few months and when the bank calls you to inform that you defaulted a few months back, you tell them they are wrong and you only defaulted 2 days ago....because THAT is when you 'announced' it.

How can you be such an idiot ?

[SysRun]

That's exactly right. You may be starting to understand. the default happens when it happens. did you read the wiki link?

[bitlane]

That's exactly right. You may be starting to understand. the default happens when it happens. did you read the wiki link?

I have no idea what link you mean. Can you post it please ?

[BrightAnarchist]

Reposting from another thread:

Well as I said, if you are indeed very honnest, I will deeply apologize. And I appreciate the fact that you stay civilised even when accused

I still dont understand why you did not make your topic with a big & trusted escrow so nobodies would have had any doubt of your legitimacy

I'll do that last, just as a final show. I love keeping people in suspense and I want to teach people a lesson who are saying "Pirate is a scam because he's waiting". Those same people say "Matthew is a scam because he's waiting". If you had everyone bothering you, stalking you, harassing you, lying about you, wouldn't you want try to prove them wrong in a highly dramatic manner that makes them question the very foundation of their sick, pedantic reasoning?

The only thing that said scenario would make anyone question, if carried out by Pirate, would be the honesty and integrity of said Pirate and anyone else who was aware of such a vastly unprofessional and fraudulant reason to hold back anyones funds who were not also 'in' on such an act...

I've had suspicion of such an outcome since you first posted your bet and at this point if he does pay out I would be unable to ever trust a vast portion of the 'big' players in this community afterwards because it would be absolutly impossible to discern who was in on it and who was not.

Although I'm also leaning towards this hypothesis, I don't know for sure that Matt is an insider - but if he is an insider, then I for one believe that he has good intentions with this bet. I simply don't think that pure insider trading represents the type of person that Matt is, and so I choose to trust him, as he has never given me a reason not to.

[DeathAndTaxes]

BTCST Defaulted on the 29th, get your facts straight.

Default is a failure of the debtor to meet the terms of the debt obligation. On 08/17 "investors" attempted to make withdrawals.  The terms of the BTCST were that principal and interest could be drawn on demand (demand account).  Pirate failed to pay out those investors on 08/17.  He also failed to make the next regularly scheduled interest payment.  Two weeks later he also stated he will not be paying out any interest post-closure.  All of those were causes for default.  Under any possible definition of the term, BTCST defaulted on 08/17 when it couldn't honor the terms of the "investment".  Pirate could have made the terms anything he wanted.  He could have indicated that upon demand accounts would be paid in 30 days.  Of course doing so would make the scam less attractive.  He set the terms and then couldn't meet them.

Try this on for size.  Don't make your mortgage payment instead call the bank up and saying you are closing the mortgage.  When the bank asks when you will be paying off the balance tell them you are stopping all interest and will pay them when you get the money.  Also be sure to let them know you aren't in default until you tell them you are in default.  Let me know how it works out.

Pirate admitting default 2 weeks after the fact doesn't change the fact that he was already in default the day he couldn't meet the terms of his obligation to creditors.

[SysRun]

BTCST Defaulted on the 29th, get your facts straight.

Default.  Is a failure to honor the terms of a debt obligation.  On 08/17 "investors" attempted to make withdrawals.  The terms of the BTCST were than accounts could be drawn on demand.  Pirate failed to pay out those investors.  He also failed to make any interest payments for the next two weeks.  Under any possible definition of the term BTCST defaults 08/17 when it couldn't honor the terms of the "investment".

Try this on for size.  Don't make your mortgage payment instead call the bank up and saying you are closing the mortgage.  When the bank asks when you will be paying off the balance tell them you are stopping all interest and will pay them when you get the money.  Also be sure to let them know you aren't in default until you tell them you are in default.  Let me know how it works out.

Pirate admitting default 2 weeks after the fact doesn't change the fact that he was already in default the day he couldn't meet the terms of his obligation to creditors.

Its a technical default

http://en.wikipedia.org/wiki/Default_(finance)

[DeathAndTaxes]

Well no it is a debt service default.  A technical default would be if there was some convenant attached to the investment.  Hypothetically say Pirate agreed to keep 100K BTC in a publicly known address.  If that were the case and he moved the funds he would be in technical default even IF he made all scheduled interest and principal payments.  Still both debt service defaults and technical defaults are both defaults and the default didn't occur on 08/29 just because he finally admitted it.

He failed to pay principal upon demand on 08/17
He failed to make interest payments upon demand on 08/19.
He failed to live up to his promise to bitlane for delayed full repayment on 08/21.

It is a debt service default.

[bitlane]

Why can't anyone tell me about the 'Dead Man Switch' that was supposed to be our guarantee ?

[SysRun]

Well no it is a debt service default.  A technical default would be if there was some convenant attached to the investment.  Hypothetically Pirate agreed to keep 100K BTC in a publicly known address.  If that were the case and he moved the funds he would be in technical default even IF he made all scheduled interest and principal payments.

He failed to pay principal upon demand.
He failed to make interest payments upon demand.

It is a debt service default.

oh, nm. D&T, thanks for setting me straight.

[Blind]

so everyone has a right to call it what it is, until proven otherwise. If they're wrong, then no harm done

You're a faggot child raping tax evading meth smoking pedophile. Prove me wrong. If I was wrong, no harm done. I mean, it's not like people listen to what others say, that what they say can affect business, and that we have defamation laws for that exact reason. 

Do you have single bit of evidence or found similarity in my actions or appearance to make this claim?

To be fair in your display pic you're wearing a gimp mask

Way to mistake supervillan for a gimp. This dishonor shall not be left unpunished. 

[sadpandatech]

Although I'm also leaning towards this hypothesis, I don't know for sure that Matt is an insider - but if he is an insider, then I for one believe that he has good intentions with this bet. I simply don't think that pure insider trading represents the type of person that Matt is, and so I choose to trust him, as he has never given me a reason not to.

I was going to state that my sentiments are fairly much the same but I am just not certain at this point. I'll ask myself again in a month and let you know. =)

[sadpandatech]

so everyone has a right to call it what it is, until proven otherwise. If they're wrong, then no harm done

You're a faggot child raping tax evading meth smoking pedophile. Prove me wrong. If I was wrong, no harm done. I mean, it's not like people listen to what others say, that what they say can affect business, and that we have defamation laws for that exact reason. 

Do you have single bit of evidence or found similarity in my actions or appearance to make this claim?

To be fair in your display pic you're wearing a gimp mask

Way to mistake supervillan for a gimp. This dishonor shall not be left unpunished. 

I was convinced that I had seen that mask when shown a depiction of a rapist a few nights ago on the local news.. ;p