Its Official Pirate Has Defaulted!!

[michaelmclees]

Yup Here it is

Direct from IRC

[19:54] <@pirateat40> As much as I've tried to meet the deadlines within the community, there're conditions beyond my control which have escalated the process to the point it is today.

[19:55] <@pirateat40> Bitcoin Savings & Trust has hereby given notice of default to it's account holders.

Damn I know I should have bet Matthew

So am I crazy, or would the logical thing to do if he was honest, be return what $ he has left from the fund proportionately back to their owners? If he had 500k BTC, and only has 400K left, why not just pay 4/5th of what you owe? At least that way, people aren't entirely screwed.

It really depends on if he thinks he'll ever be caught in real life.  If he thinks he's really anonymous, he may as well keep the coins or sell them and buy a house or something.  If he pays, he's still open to civil and criminal penalties AND he doesn't have the coins.

He may promise for years to pay all or partial...  My guess is we've basically heard the last of him and no one gets anything more.

Further, I doubt Matthew will pay his bet as he hasn't proved his control over 10k coins.  Kiss it goodbye folks.

[Bitcoin Oz]

I wonder if Vladimir will sack Matthew from bitcoin magazine.

 

[bitlane]

Hi guys, just posting so everybody knows the financial terms used:

"Default" essentially means a debtor has not paid a debt which he or she is required to have paid.
"Insolvency" is a legal term meaning that a debtor is unable to pay his or her debts.
"Bankruptcy" is a legal finding that imposes court supervision over the financial affairs of those who are insolvent or in default.

Perhaps you should consider offering Legal advise to Trendon Shavers rather than the rest of us.

[Coinoisseur]

He admitted the insolvency before this default declaration. Said he didn't have the BTC to repay everyone. But, hey, he's trying really hard.

So which debts were deadlined today, anyone hoping for a partial repayment won't get much confidence from Pirateat40 not being able to produce a small fraction of the BTC.

[sadpandatech]

Hi guys, just posting so everybody knows the financial terms used:

"Default" essentially means a debtor has not paid a debt which he or she is required to have paid.
"Insolvency" is a legal term meaning that a debtor is unable to pay his or her debts.
"Bankruptcy" is a legal finding that imposes court supervision over the financial affairs of those who are insolvent or in default.

Perhaps you should consider offering Legal advise to Trendon Shavers rather than the rest of us.

*grins*

He admitted the insolvency before this default declaration. Said he didn't have the BTC to repay everyone.

+1

[Duderin0]

But, hey, he's trying really hard.

http://www.lawlz.org/wp-content/uploads/2012/07/so-youre-telling-me-theres-a-chance-dumb-and-dumber-lloyd-christmas-meme.jpeg

[Coinoisseur]

Is he still "downloading the blockchain" so he can show how much BTC he controls? 

[bitlane]

I think I just figured out how the 'chosen few' still have their noses up his ass, considering he's already run far, far away....

PINOCCHIO SYNDROME !

Liars, long noses.....up-ass from a distance.

....move along, nothing cute to read here.

[evolve]

Pay up Matthew!!

 I knew I should have bet more....

[Bitcoin Oz]

Hi guys, just posting so everybody knows the financial terms used:

"Default" essentially means a debtor has not paid a debt which he or she is required to have paid.
"Insolvency" is a legal term meaning that a debtor is unable to pay his or her debts.
"Bankruptcy" is a legal finding that imposes court supervision over the financial affairs of those who are insolvent or in default.

Perhaps you should consider offering Legal advise to Trendon Shavers rather than the rest of us.

How do you say "manhunt" in mexican ?

[Littleshop]

You should fix the picture.  He started in 2011.

[fcmatt]

And gpumax users still keep chugging away for him thinking they will get their money on time.

Matthew will not be seen around these parts again. Time for a new account.

[bitlane]

Hi guys, just posting so everybody knows the financial terms used:

"Default" essentially means a debtor has not paid a debt which he or she is required to have paid.
"Insolvency" is a legal term meaning that a debtor is unable to pay his or her debts.
"Bankruptcy" is a legal finding that imposes court supervision over the financial affairs of those who are insolvent or in default.

Perhaps you should consider offering Legal advise to Trendon Shavers rather than the rest of us.

Woah dude, you can never stop being an asshole do you? I'm just posting this to help people differentiate those three terms.

Oh yeah, I forgot, I loaned to pirate because I taught he had a good business and I lost my right to have respect....

Ehem...

I think I just figured out how the 'chosen few' still have their noses up his ass, considering he's already run far, far away....

PINOCCHIO SYNDROME !

Liars, long noses.....up-ass from a distance.

He runs further, you tell another lie and your nose grows JUST LONG ENOUGH to stay lodged UP HIS ASS.

[eroxors]

Yup Here it is

Direct from IRC

[19:54] <@pirateat40> As much as I've tried to meet the deadlines within the community, there're conditions beyond my control which have escalated the process to the point it is today.

[19:55] <@pirateat40> Bitcoin Savings & Trust has hereby given notice of default to it's account holders.

Damn I know I should have bet Matthew

So am I crazy, or would the logical thing to do if he was honest, be return what $ he has left from the fund proportionately back to their owners? If he had 500k BTC, and only has 400K left, why not just pay 4/5th of what you owe? At least that way, people aren't entirely screwed.

This. Even if he has to payout in fiat, he needs to do it.

[Cluster2k]

[19:54] <@pirateat40> As much as I've tried to meet the deadlines within the community, there're conditions beyond my control which have escalated the process to the point it is today.
[19:55] <@pirateat40> Bitcoin Savings & Trust has hereby given notice of default to it's account holders.

I am shocked and dismayed by this news.  No one could have ever predicted that 7% per week was unsustainable and simply not possible.

[DeathAndTaxes]

Yup Here it is

Direct from IRC

[19:54] <@pirateat40> As much as I've tried to meet the deadlines within the community, there're conditions beyond my control which have escalated the process to the point it is today.

[19:55] <@pirateat40> Bitcoin Savings & Trust has hereby given notice of default to it's account holders.

Damn I know I should have bet Matthew

So am I crazy, or would the logical thing to do if he was honest, be return what $ he has left from the fund proportionately back to their owners? If he had 500k BTC, and only has 400K left, why not just pay 4/5th of what you owe? At least that way, people aren't entirely screwed.

You aren't crazy and a responsible creditor would do exactly that.  However I am sure 80% isn't in the cards.  Maybe 30% if he hasn't burned through and siphoned off too much of the capital. Traditionally ponzi have much less (maybe 10% to 15% of oustanding) when the fail.  Madoff victims recovered about 11% and that is after clawing back returns from previously paid investors.

[finkleshnorts]

Brunic, in the words of his highness, "that guy is nuts." no need to keep replying.

[dank]

[Duderin0]

How do you say "manhunt" in mexican ?

That's "caceria" and it's Spanish not Mexican.

[chsados]

;;ident pirateat40

<gribble> Nick 'pirateat40', with hostmask 'pirateat40!~pirateat4@unaffiliated/pirateat40', is not identified.