Discussion about 10,000BTC Bet (Official)

[Matthew N. Wright]

BTW, Matthew is speaking at the Bitcoin conference in London one week after the expiration date on his bet. Will it be a tough crowd?
http://www.bitcoin2012.com/speakers

I predict:

<_matthew_> Oh look, another genius has a question about my bet. What's it going to be this time-- how do you feel about your bet now? Do you really have the money? How come you didn't use escrow? Do you have insider information? Does knowing how to stick my foot up your ass count as insider information?

+1

I'll bring a laptop with that mIRC script and attach it to Microsoft Bob

[1715020444]

1715020444

[SgtSpike]

BTW, Matthew is speaking at the Bitcoin conference in London one week after the expiration date on his bet. Will it be a tough crowd?
http://www.bitcoin2012.com/speakers

I predict:

<_matthew_> Oh look, another genius has a question about my bet. What's it going to be this time-- how do you feel about your bet now? Do you really have the money? How come you didn't use escrow? Do you have insider information? Does knowing how to stick my foot up your ass count as insider information?

A week from 9/5 would be 9/12... 3 days after the bet ends.  Hopefully we know the answers to the majority of those questions by then.

[Grinder]

Matthew are you claiming to have 42K BTC?

The scam tag won't hurt more if he doesn't pay 42k than if he doesn't pay 10k, so he can just as well accepting more bets.

[Chang Hum]

This whole bet's gone way beyond madness, it's going to be painful to watch the fallout from this...

You've either got no respect for money or no respect for maintaining your reputation I don't know if I'd think worse of you for paying or being stupid enough to pay such a horrific sum of money on such a mindlessly high bet.

In the highly unlikely event you win (which I think would be impossible for pirate to administrate this late in the game), you've over done it to the point the whole forums going to call shenanigans on you! You've got no way of coming out of this without making a SA of yourself!!

I'm going to cash out a large proportion of my Bitcoin on the basis this forum's members make crazy reckless financial moves one after the other. I like the concept of Bitcoin but I've got to question if I want my money in the same pool as people like you and the shamefully scammed.

[muyuu]

I'm going to cash out a large proportion of my Bitcoin on the basis this forum's members make crazy reckless financial moves one after the other. I like the concept of Bitcoin but I've got to question if I want my money in the same pool as people like you and the shamefully scammed.

Yeah that makes a lot of sense. LOL.

[Matthew N. Wright]

This whole bet's gone way beyond madness, it's going to be painful to watch the fallout from this...

You've either got no respect for money or no respect for maintaining your reputation I don't know if I'd think worse of you for paying or being stupid enough to pay such a horrific sum of money on such a mindlessly high bet.

In the highly unlikely event you win (which I think would be impossible for pirate to administrate this late in the game), you've over done it to the point the whole forums going to call shenanigans on you! You've got no way of coming out of this without making a SA of yourself!!

I'm going to cash out a large proportion of my Bitcoin on the basis this forum's members make crazy reckless financial moves one after the other. I like the concept of Bitcoin but I've got to question if I want my money in the same pool as people like you and the shamefully scammed.

Obviously troll is obvious.

[RicePicker]

This is going to end so badly for both sides.

[Matthew N. Wright]

This is going to end so badly for both sides.

Isn't it grrrrrrreat?

[Chang Hum]

Yes I'm trolling Mathew what you're doing is very astute and good for Bitcoin!

[Matthew N. Wright]

Yes I'm trolling Mathew what you're doing is very astute and good for Bitcoin!

Oh my bad. You're actually trying to argue a point? And your entire point is that somehow this is bad for bitcoin? Please explain, I'll grab popcorn.

[unclescrooge]

I'm going to cash out a large proportion of my Bitcoin on the basis this forum's members make crazy reckless financial moves one after the other. I like the concept of Bitcoin but I've got to question if I want my money in the same pool as people like you and the shamefully scammed.

So one of your point of choice for a currency is the IQ or the hair color or whatever of the people using it?

[kentrolla]

this bet is clearly a ponzi scheme

[herzmeister]

this bet is clearly a ponzi scheme

Really? I got no dividends from previous investors yet. 

[kentrolla]

this bet is clearly a ponzi scheme

Really? I got no dividends from previous investors yet. 

Sorry, I'm not accepting rebuttals at this time.

[policja71]

Matthew are you still allowing bets? I want to bet 250btc as a hedge for my BST investment. Regardles of that I can also prove via pm that I have the required amount in fiat available to convert to BTC whenever needed.
1J7gTyAruNa8zQQNNRrCWUmxFo4FK7Eweo

[Chang Hum]

I'm going to cash out a large proportion of my Bitcoin on the basis this forum's members make crazy reckless financial moves one after the other. I like the concept of Bitcoin but I've got to question if I want my money in the same pool as people like you and the shamefully scammed.

So one of your point of choice for a currency is the IQ or the hair color or whatever of the people using it?

In an experimental currency that's value is created by the people who hold it there's a bit of a difference between IQ and hair color and the financial stupidity of those that hold it.

Yes I'm trolling Mathew what you're doing is very astute and good for Bitcoin!

Oh my bad. You're actually trying to argue a point? And your entire point is that somehow this is bad for bitcoin? Please explain, I'll grab popcorn.

Mathew yes gobble your popcorn down;

-Large thefts are bad for bitcoin, backed up by the huge price drop after the MtGox hack.
-Alleged Ponzi Schemes are bad for bitcoin backed up the 33% drop in price occurring at the same time Pirate announced he was closing his alleged Ponzi Scheme.
-Now I would argue that high profile figures and moderators on Bitcoins no1 forum + anyone involved in Bitcoins only publication showing support for alleged ponzi scheme operators by gambling more than most people earn in their lives during the aftermath of an alleged ponzi is also bad for bitcoin.

And if I'm wrong and it's not bad for Bitcoin it's certainly either very bad for you or very bad for the people you bet with if you default. Now I've explained my point, and you're clearly trying to make one of your own with this bet, would you be kind enough to share what it is?

[vapourminer]

must... not...    aaaaaagggg!! I cant resist it anymore!

Matthew, Im in for 5 if youll take it.

vapourminer
5 BTC
1M542wRXEvEPPFEuHAgDxh6WVpzR6fauvG

[sadpandatech]

I'm going to cash out a large proportion of my Bitcoin on the basis this forum's members make crazy reckless financial moves one after the other. I like the concept of Bitcoin but I've got to question if I want my money in the same pool as people like you and the shamefully scammed.

So one of your point of choice for a currency is the IQ or the hair color or whatever of the people using it?

In an experimental currency that's value is created by the people who hold it there's a bit of a difference between IQ and hair color and the financial stupidity of those that hold it.

and you also believe that the people who lost their money in this scam make up any sizeable portion of ALL the people who hold bitcoin? hmm

[Chang Hum]

I'm going to cash out a large proportion of my Bitcoin on the basis this forum's members make crazy reckless financial moves one after the other. I like the concept of Bitcoin but I've got to question if I want my money in the same pool as people like you and the shamefully scammed.

So one of your point of choice for a currency is the IQ or the hair color or whatever of the people using it?

In an experimental currency that's value is created by the people who hold it there's a bit of a difference between IQ and hair color and the financial stupidity of those that hold it.

and you also believe that the people who lost their money in this scam make up any sizeable portion of ALL the people who hold bitcoin? hmm

Yeah I believe the amount of people losing money in scams make up a sizeable portion of All the people who hold bitcoin.

This isn't the first ponzi and the way people treat money here it certainly wont be the last. Disregarding all previous ponzis this one owed about 1/2 a million Bitcoins out of about 10 million in existence 5%!! + just the major thefts contributing 24000 Bitcoin with bitfloor + about 50000 with bitcoinica and 1/2 million with mtgox + tradehill $100000 (however much that was at the time), then you've got the botnet owners mining around 10000 per month, silk road traders, blackmailers and money launderers making up a proportion of the rest of the pot!!

I think it's a very risky start for a currency that completely undermines customer identification programs which every government and bank in the world enforce for very good reason.

[bit-joker]

42.5kBTC now.

It's funny that this is getting up to be a significant percentage of the estimated Pirate debt at the time of collapse. Pirate being Matthew's backer would be quite a funny twist; if Pirate has enough BTC left and could afford to buy back enough of his debt at a really distressed rate, he could still make out handsomely on this without being as open to getting in trouble with the law.

It's a chicken-and-egg problem though... Pirate can't pay back all of his debt until Matthew receives the winning funds from winning his bet, but Matthew can't receive the winning funds from winning his bet until Pirate pays back all of his debt.  Unless one of them can happen upon a $5M loan, I doubt that it's even a reasonable plan to think about.

Obviously Pirate isn't going to pay all the absurd and unsustainable interest. He might just contact a few of his "investors" (friends who's able) to wait a few days more (after the bet) and return the bitcoins to the majority of victims investors.
Looks like Matthew being his partner backer could claim the money from the bet and pay the interest while the ponzi scheme was working and still make a profit. They're just hedging against.