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hashking
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August 25, 2012, 06:28:54 PM |
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Also Pirate hasn't defaulted. He did state at the start of his unwinding that it could take up to 2 weeks. We haven't finished week 1. Of course Goat is going to say they are worth 0 because it is in his best interest to do so and nowhere in his original thread does it state if funds aren't returned in 72 hours that there is a default. As far as I know he has no power to sell them at a discount.
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Scott J
Legendary
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Activity: 1792
Merit: 1000
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August 25, 2012, 06:31:34 PM |
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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. The funds are not theirs. They have given them to Goat. He only has to meet the terms of the contract. |
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Serge
Legendary
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Activity: 1050
Merit: 1000
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August 25, 2012, 06:31:52 PM
Last edit: August 26, 2012, 12:34:53 PM by Serge |
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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 +40000 |
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Serge
Legendary
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Activity: 1050
Merit: 1000
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August 25, 2012, 06:34:33 PM |
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if you want to sell 40k BTC pirate account where the PPT is part of, buy out first all bonds, then do as you wish
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Raoul Duke
aka psy
Legendary
Offline
Activity: 1358
Merit: 1002
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August 25, 2012, 06:37:09 PM |
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Also Pirate hasn't defaulted. He did state at the start of his unwinding that it could take up to 2 weeks. We haven't finished week 1. Of course Goat is going to say they are worth 0 because it is in his best interest to do so and nowhere in his original thread does it state if funds aren't returned in 72 hours that there is a default. As far as I know he has no power to sell them at a discount.
(25-08-2012 16:29:22) Chaang-Noi: im not really going to sell it
(25-08-2012 16:29:25) Chaang-Noi: but yeah i listed it
(25-08-2012 16:29:48) Chaang-Noi: sure, ill take 99% its value
(25-08-2012 16:29:57) Chaang-Noi: but im mostly fucking around
His only objective is to make bondholders panic. If/When Pirate pays him, he'll delay payment just enough to buy all underpriced bonds on the market and screw whoever he can. He could ofcourse avoid all this discussion with a simple yes or no, but that isn't in his best interest. |
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unclescrooge
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August 25, 2012, 06:39:04 PM |
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So we're just wasting our time. Thanks for the entertainment  |
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sarpar
Member
Offline
Activity: 100
Merit: 10
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August 25, 2012, 06:39:12 PM |
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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. The funds are not theirs. They have given them to Goat. He only has to meet the terms of the contract. One more time: In the real world it matters (also financially) whether you have a loan backed by a house or backed by Jack Sparrows good name. That his bond is backed was one elementary part of the decision-making process of every investor. If sells the underlying without offering an equal collateral it is a breach of contract. |
I openly boycott the Bitcoinica Consultancy team or Intersango: Donald Norman, Patrick Strateman and Amir Taaki
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hashking
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August 25, 2012, 06:39:51 PM |
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Also Pirate hasn't defaulted. He did state at the start of his unwinding that it could take up to 2 weeks. We haven't finished week 1. Of course Goat is going to say they are worth 0 because it is in his best interest to do so and nowhere in his original thread does it state if funds aren't returned in 72 hours that there is a default. As far as I know he has no power to sell them at a discount.
(25-08-2012 16:29:22) Chaang-Noi: im not really going to sell it
(25-08-2012 16:29:25) Chaang-Noi: but yeah i listed it
(25-08-2012 16:29:48) Chaang-Noi: sure, ill take 99% its value
(25-08-2012 16:29:57) Chaang-Noi: but im mostly fucking around
His only objective is to make bondholders panic. If/When Pirate pays him, he'll delay payment just enough to buy all underpriced bonds on the market and screw whoever he can. He could ofcourse avoid all this discussion with a simple yes or no, but that isn't in his best interest. This is why I have labeled Goat as and IDIOT. He did this last time with the whole nefario drama show. Goat loves drama and if he can steal people's btc while doing it he will. |
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hashking
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August 26, 2012, 12:05:11 AM |
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At least I dont screw my investors or take advantage of them. I guess that is common for how you do business.
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AndrewBUD
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August 26, 2012, 12:13:07 AM |
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^ People are funny...... This whole thing is a scare to get people to sell.
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E. A. Gail
Newbie
Offline
Activity: 15
Merit: 0
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August 26, 2012, 12:25:35 AM |
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Bond holders do not get voting rights. They have to follow the contract like it or not.
If I want to sell the debt for 1 BTC then sell my liver to cover the rest that is might right and the bond holders can't do anything about it (other than bitch, cry and call me names).
I dont own any Tygrr bonds but i am curious and peeked at the contract. One sentence in the contract is interesting: "The money gained from the selling of these bonds will go to BTCST." Does this mean that the contract is violated if the bonds no longer are backed by a BTCST account? (i am guessing that a liver is worth more though). If it does mean that, Goat have to follow the contract like it or nor. Edit: I know it should be "Goat has to" but the paraphrazing just looked better with have, at first. |
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danieldaniel
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August 26, 2012, 01:16:15 AM |
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Alternatively, I'm local right now (ish...India) and could bring you some of this...ummm...fine? Indian gold.
Hmm gold seems like a good deal. Since people expect a BTC crash anyway might be an awesome opertunity! BTW how is India? Monsoony. I just got in and am sitting in a filtered-air environment waiting for my anti-malarials to become effective. I had all of biz to myself from DXB, though. It was a bit eerie. Sounds lonely. My family and I had half of business on my way back from Africa. |
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danieldaniel
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August 26, 2012, 01:17:37 AM |
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Bond holders do not get voting rights. They have to follow the contract like it or not.
If I want to sell the debt for 1 BTC then sell my liver to cover the rest that is might right and the bond holders can't do anything about it (other than bitch, cry and call me names).
I dont own any Tygrr bonds but i am curious and peeked at the contract. One sentence in the contract is interesting: "The money gained from the selling of these bonds will go to BTCST." Does this mean that the contract is violated if the bonds no longer are backed by a BTCST account? (i am guessing that a liver is worth more though). If it does mean that, Goat have to follow the contract like it or nor. Edit: I know it should be "Goat has to" but the paraphrazing just looked better with have, at first. ...Doesn't he always have to follow a contract, like it or not? |
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