BTCST account for sale!

[Hunterbunter]

Look in the mirror

...and learn from your mistakes...

So was he the dude hiding his face by any chance? that's my guessicles.

[hashking]

Also what if you sold the account for 10k bitcoins and pirate paid.  Are you willing to pay the 30k bitcoins out of your own personal funds.

[BrightAnarchist]

Look in the mirror

...and learn from your mistakes...

So was he the dude hiding his face by any chance? that's my guessicles.

No, he's the one to the left of Goat, with the black hat on.

[sarpar]

do answer the question!

[DeathAndTaxes]

Goat, I really hope this is not the bondholders account... If pirate pays back and you don't stand to your word of buying back, you won't get away with just a scammer tag

Why do you assume how won't repay? 

He is the operating of the fund.  He could sell the debt for say 10K BTC.  If Pirate repays he owes 40K and takes a 30K loss.  If Pirates doesn't repay then he profits 10K.  As long as he intends to repay the bond holders there is no fraud.   Companies sell DEFAULTED debt all the time.  Default doesn't mean 0 bitcents on the coin.   It simply means the debtor has not met their obligations. 

[unclescrooge]

Goat, I really hope this is not the bondholders account... If pirate pays back and you don't stand to your word of buying back, you won't get away with just a scammer tag

Why do you assume how won't repay? 

He is the operating of the fund.  He could sell the debt for say 10K BTC.  If Pirate repays he owes 40K and takes a 30K loss.  If Pirates doesn't repay then he profits 10K.  As long as he intends to repay the bond holders there is no fraud.   Companies sell DEFAULTED debt all the time.  Default doesn't mean 0 bitcents on the coin.   It simply means the debtor has not met their obligations. 

I know I know. Let's just wait for Goat answer.

[hashking]

Goat, I really hope this is not the bondholders account... If pirate pays back and you don't stand to your word of buying back, you won't get away with just a scammer tag

Why do you assume how won't repay?  

He is the operating of the fund.  He could sell the debt for say 10K BTC.  If Pirate repays he owes 40K and takes a 30K loss.  If Pirates doesn't repay then he profits 10K.  As long as he intends to repay the bond holders there is no fraud.   Companies sell DEFAULTED debt all the time.  Default doesn't mean 0 bitcents on the coin.   It simply means the debtor has not met their obligations.  

You are wrong here.  If he sells the account for 10k BTC, then those funds belong to the bondholders.  He can't just pocket 10K BTC.  The debt is owed to the bondholders not GOAT.

[dree12]

Goat, I really hope this is not the bondholders account... If pirate pays back and you don't stand to your word of buying back, you won't get away with just a scammer tag

Why do you assume how won't repay? 

He is the operating of the fund.  He could sell the debt for say 10K BTC.  If Pirate repays he owes 40K and takes a 30K loss.  If Pirates doesn't repay then he profits 10K.  As long as he intends to repay the bond holders there is no fraud.   Companies sell DEFAULTED debt all the time.  Default doesn't mean 0 bitcents on the coin.   It simply means the debtor has not met their obligations. 

You are wrong here.  If he sells the account for 10k BTC, then those funds belong to the bondholders.  He can't just pocket 10K BTC.  The debt it owed to the bondholders not GOAT.

No, those funds do not belong to the bondholders. Goat is taking upon a risk here: if Pirate pays back, Goat will be 30000 BTC in the hole. If Pirate defaults, Goat should be eligible to pocket the 10000 BTC. Effectively, Goat is betting against Pirate here.

[hashking]

Those funds aren't his to begin with.  The bondholders should decide if they want to sell at a discount and take the lesser amount of bitcoins.  If not they can wait and see if the full amount will be paid out.  This is their decision not his.  Just like they are not his coins.
  

[unclescrooge]

Those funds aren't his to begin with.  The bondholders should decide if they want to sell at a discount and take the lesser amount of bitcoins.  If not they can wait and see if the full amount will be paid out.  This is their decision not his.  Just like they are not his coins.
  

+1

[dree12]

Those funds aren't his to begin with.  The bondholders should decide if they want to sell at a discount and take the lesser amount of bitcoins.  If not they can wait and see if the full amount will be paid out.  This is their decision not his.  Just like they are not his coins.

Your bank does this all the time with funds that are not theirs. There is no reason Goat should not be allowed to do so also.

[hashking]

If he does do this then he is a F___ing IDIOT.  He just stole his bondholders money.  I guess we will wait and see what he does.

[sarpar]

Those funds aren't his to begin with.  The bondholders should decide if they want to sell at a discount and take the lesser amount of bitcoins.  If not they can wait and see if the full amount will be paid out.  This is their decision not his.  Just like they are not his coins.

Your bank does this all the time with funds that are not theirs. There is no reason Goat should not be allowed to do so also.

banks have safeguard funds and collateral is regulated

but a simple YES/NO is not too much to ask

[DeathAndTaxes]

Goat, I really hope this is not the bondholders account... If pirate pays back and you don't stand to your word of buying back, you won't get away with just a scammer tag

Why do you assume how won't repay? 

He is the operating of the fund.  He could sell the debt for say 10K BTC.  If Pirate repays he owes 40K and takes a 30K loss.  If Pirates doesn't repay then he profits 10K.  As long as he intends to repay the bond holders there is no fraud.   Companies sell DEFAULTED debt all the time.  Default doesn't mean 0 bitcents on the coin.   It simply means the debtor has not met their obligations. 

You are wrong here.  If he sells the account for 10k BTC, then those funds belong to the bondholders.  He can't just pocket 10K BTC.  The debt is owed to the bondholders not GOAT.

No you are wrong.  You bought an asset which is a derivative of Pirate's ponzi, but the terms of the contract gave you no right or ownership to the underlying asset. 
Your have no right to any proceeds of the sale of the underlying debt, and nothing in the contract prohibits Goat from selling it.

One point is very clear, a sale doesn't change Goat's obligation.  If Pirate defaults he owes you nothing.  If Pirate repays in full he owes you the full amount.

[Raoul Duke]

Goat, I really hope this is not the bondholders account... If pirate pays back and you don't stand to your word of buying back, you won't get away with just a scammer tag

Why do you assume how won't repay?

He is the operating of the fund.  He could sell the debt for say 10K BTC.  If Pirate repays he owes 40K and takes a 30K loss.  If Pirates doesn't repay then he profits 10K.  As long as he intends to repay the bond holders there is no fraud.   Companies sell DEFAULTED debt all the time.  Default doesn't mean 0 bitcents on the coin.   It simply means the debtor has not met their obligations. 

The answer to your question is bolded on the quote below.

Just to make clear the bond is now dead or closed as BTCST has failed to send me coins with in 72 hours or make interest payments.

Pirate has defaulted

Assuming pirate will ever pay in full I will pass along the weeks interest and the face value of the bond.

Again this bond is now dead and to make clear if pirate does not send fund the bonds are worth 0 BTC.

Thank you.

As you can see he already said the bond is dead and it's value is 0. He also said he will only pay bondholders if pirate pays in full.
And one more little detail: As soon as Goat sells his account, Pirate will never pay him in full. Bondholders will never see their money.

[MrTeal]

If he does do this then he is a F___ing IDIOT.  He just stole his bondholders money.  I guess we will wait and see what he does.

He didn't steal his bondholder's money. The bond was issued with the knowledge that it could be bought back if Pirate repays and would be worth 0 if Pirate does not pay. As long as Goat fulfills his obligation to pay out the bondholders in the unlikely event that Pirate actually pays everyone, then I don't see why he shouldn't be able to try to recover some funds.

[DeathAndTaxes]

If he does do this then he is a F___ing IDIOT.  He just stole his bondholders money.  I guess we will wait and see what he does.

Well he may be an idiot (although given the odds of Pirate repaying in full are low the buyer may be the bigger idiot).  You thinking he is an idiot doesn't mean he stole anything. 
Now IF Pirate repays in full and he doesn't honor his contract then yes he is a thief but .... pst secret hint .... that could happen regardless of if he sells or not.

Personally I believe Goat will honor his debts, I just think he realizes the odds are <100% that Pirate will repay.  If you owned something you believed was worth less than what others believe it is worth the smart decision is to sell it.   

[DeathAndTaxes]

As you can see he already said the bond is dead and it's value is 0. He also said he will only pay bondholders if pirate pays in full.

Thus if Pirate repays in full and he pays the bondholders he has honored the contract.  A sale if any doesn't change that.

Goat could:
sell the underlying asset & honor the contract - legit
not sell the underlying asset & honor the contract - legit
sell the underlying asset & not honor the contract - scam
not sell the underlying asset & not honor the contract - scam

Selling or not selling doesn't change his obligation.  

[hashking]

As you can see he already said the bond is dead and it's value is 0. He also said he will only pay bondholders if pirate pays in full.

Thus if Pirate repays in full and he pays the bondholders he has honored the contract.  A sale if any doesn't change that.

Goat could:
sell the underlying asset & honor the contract - legit
not sell the underlying asset & honor the contract - legit
sell the underlying asset & not honor the contract - scam
not sell the underlying asset & not honor the contract - scam

Selling or not selling doesn't change his obligation.  

The bondholders should have the choice as the funds are theirs.  If they want to sell at a discount then the funds should be split evenly across all bondholders, not hit pocket.
 

[sarpar]

As you can see he already said the bond is dead and it's value is 0. He also said he will only pay bondholders if pirate pays in full.

Goat could:
sell the underlying asset & honor the contract - legit
not sell the underlying asset & honor the contract - legit

A sale of the underlying has the result that his bonds become more risky (Goat could default). He can't change the risk profile of his asset - usually an investor would request a markup or decide not to invest.

So it would be a scam.