Are people over-reacting on MNW's bet?

[bitcoiners]

I can't believe how many people don't get what he did. Pirateat40's pyramid scheme was a scam to begin with. Whe it defaulted (let me show you my shocked face), Matthew tried to show you how easy it is to fool you suckers without actually taking any of your money, and yet you still don't get it. Hey scammers! There are still plenty of fish in here!

I think Matthew cares about the scammers tag as much as anyone cares that HE HAS PUT BITCOIN MAGAZINE IN BOOKSTORES!

But he wasn't targeting people who were fooled by Pitareat40's scam, he was "fooling" people who were warning other fools about risky investment schemes.

Yes he did.  He specifically mentioned his bet as a way to hedge for Pirate investors. 

[Shadow383]

I took Matt's bet for a very small amount, to be honest even when I made the bet I didn't in a million years think he'd pay out.
However, whatever point he was trying to make doesn't absolve him of responsibility entirely, and he can now deal with the fact that he's burned bridges with a huge number of people in this community.

[Shadow383]

I can't believe how many people don't get what he did. Pirateat40's pyramid scheme was a scam to begin with. Whe it defaulted (let me show you my shocked face), Matthew tried to show you how easy it is to fool you suckers without actually taking any of your money, and yet you still don't get it. Hey scammers! There are still plenty of fish in here!

I think Matthew cares about the scammers tag as much as anyone cares that HE HAS PUT BITCOIN MAGAZINE IN BOOKSTORES!

But he wasn't targeting people who were fooled by Pitareat40's scam, he was "fooling" people who were warning other fools about risky investment schemes.

Yes he did.  He specifically mentioned his bet as a way to hedge for Pirate investors. 

This was despicable. So many pirate "investors" avoided bailing out because they could use Matt to "hedge" their risk.

[Rassah]

I can't believe how many people don't get what he did. Pirateat40's pyramid scheme was a scam to begin with. Whe it defaulted (let me show you my shocked face), Matthew tried to show you how easy it is to fool you suckers without actually taking any of your money, and yet you still don't get it. Hey scammers! There are still plenty of fish in here!

I think Matthew cares about the scammers tag as much as anyone cares that HE HAS PUT BITCOIN MAGAZINE IN BOOKSTORES!

But he wasn't targeting people who were fooled by Pitareat40's scam, he was "fooling" people who were warning other fools about risky investment schemes.

Yes he did.  He specifically mentioned his bet as a way to hedge for Pirate investors. 

Sorry, I should've said "initially." At first his whole point was that people screaming Ponzi should shut up or back their claims with money. If that was all who bet, this probably would've turned out OK. But it all went tragic as soon as he allowed others to hedge their losses.

[JoelKatz]

Sorry, I should've said "initially." At first his whole point was that people screaming Ponzi should shut up or back their claims with money. If that was all who bet, this probably would've turned out OK. But it all went tragic as soon as he allowed others to hedge their losses.

Even before that, it encouraged some people not to sell their Pirate debt at a reduced loss because they believed that Matthew knew something they didn't.

[Rassah]

Sorry, I should've said "initially." At first his whole point was that people screaming Ponzi should shut up or back their claims with money. If that was all who bet, this probably would've turned out OK. But it all went tragic as soon as he allowed others to hedge their losses.

Even before that, it encouraged some people not to sell their Pirate debt at a reduced loss because they believed that Matthew knew something they didn't.

^^^ True

Though in answer to those here saying "you are fools for taking Matthew's bet, and he was just proving how gullible you are" I'm just pointing out that initially it was the not-gullible Team Ponzi that his bet was targeted at, and was supposedly the point of. I'm not sure anyone from the Team Ponzi actually lost anything on this bet (I sure as hell didn't).

[smoothie]

I can't believe how many people don't get what he did. Pirateat40's pyramid scheme was a scam to begin with. Whe it defaulted (let me show you my shocked face), Matthew tried to show you how easy it is to fool you suckers without actually taking any of your money, and yet you still don't get it. Hey scammers! There are still plenty of fish in here!

I think Matthew cares about the scammers tag as much as anyone cares that HE HAS PUT BITCOIN MAGAZINE IN BOOKSTORES!

But he wasn't targeting people who were fooled by Pitareat40's scam, he was "fooling" people who were warning other fools about risky investment schemes. And by "fooling" I mean telling people to put up money on an almost certain bet without actually risking any of it. If his intention was to show how easy it is to fool people, he failed. I doubt anyone who was calling Pirate a Ponzi would have actually bet anything if there was any actual risk involved.

+1 This. Majority of those who took the bet were putting their money where there mouth was in accusing BTCST as a scam/ponzi and would not return funds.

[LightRider]

If you value money, which is imaginary, over relationships with people, which is the only valuable thing we have, then you will likely always be scammed, tricked, defrauded and fooled.

[adamstgBit]

hey, did Matt ever even say he wasn't paying?

or are we all assuming he wont?

[nimda]

hey, did Matt ever even say he wasn't paying?

or are we all assuming he wont?

Didn't you read it? He made up some shitty excuse for a technicality.

[Bitcoin Oz]

I would point out that it is useful information to look at the persons defending Matt and their arguments.  It provides an insight into their thought processes and a good reason to avoid doing business with them.  Those defending him are saying it is ok to lie, cheat, and break agreements as long as funds don't change hands.  Those aren't the kind of people I would want to be involved in a trade with.

+1

[adamstgBit]

hey, did Matt ever even say he wasn't paying?

or are we all assuming he wont?

Didn't you read it? He made up some shitty excuse for a technicality.

no i didn't see it i got here  and their was already 10 threads about it

[nimda]

hey, did Matt ever even say he wasn't paying?

or are we all assuming he wont?

Didn't you read it? He made up some shitty excuse for a technicality.

no i didn't see it i got here  and their was already 10 threads about it

https://bitcointalk.org/index.php?topic=101751.msg1173889#msg1173889

[DeathAndTaxes]

hey, did Matt ever even say he wasn't paying?

or are we all assuming he wont?

Didn't you read it? He made up some shitty excuse for a technicality.

no i didn't see it i got here  and their was already 10 threads about it

https://bitcointalk.org/index.php?topic=101751.msg1173889#msg1173889

The sad thing is that it wasn't even a good "technicality".  It was more like something a 10 year old would come up with shortly before the fight devolved into infinity +1 or infinity to infinity.

[nimda]

hey, did Matt ever even say he wasn't paying?

or are we all assuming he wont?

Didn't you read it? He made up some shitty excuse for a technicality.

no i didn't see it i got here  and their was already 10 threads about it

https://bitcointalk.org/index.php?topic=101751.msg1173889#msg1173889

The sad thing is that it wasn't even a good "technicality".

Agreed

It was more like something a 10 year old would come up with shortly before the fight devolved into infinity +1 or infinity to infinity.

When kids did that to me, I blew their mind with "infinity to the infinity" and talk of Aleph1

[smoothie]

hey, did Matt ever even say he wasn't paying?

or are we all assuming he wont?

Didn't you read it? He made up some shitty excuse for a technicality.

no i didn't see it i got here  and their was already 10 threads about it

https://bitcointalk.org/index.php?topic=101751.msg1173889#msg1173889

The sad thing is that it wasn't even a good "technicality".  It was more like something a 10 year old would come up with shortly before the fight devolved into infinity +1 or infinity to infinity.

+1 It wasn't even creative. It's so funny to see him shoot himself in the foot thinking we will all feel it.

[adamstgBit]

hey, did Matt ever even say he wasn't paying?

or are we all assuming he wont?

Didn't you read it? He made up some shitty excuse for a technicality.

no i didn't see it i got here  and their was already 10 threads about it

https://bitcointalk.org/index.php?topic=101751.msg1173889#msg1173889

The sad thing is that it wasn't even a good "technicality".  It was more like something a 10 year old would come up with shortly before the fight devolved into infinity +1 or infinity to infinity.

+1 It wasn't even creative. It's so funny to see him shoot himself in the foot thinking we will all feel it.

Thanks to everyone who participated in this bet. It was a great social experiment for me to find out who my true friends were, and also to entertain the community (which is my true purpose on these forums and always will be). Unfortunately, it looks like I lost the bet. This means I'll need to pay out exactly as described in my original thread OP.

Many of the people betting were very careful to point out that others were ignorant and foolish to invest their money into Pirate without doing due diligence beforehand, so far as to call them shills, suckers, etc. This leads me to believe that the individuals betting in my bet are very wise with their money and would only bet if they carefully read and understood the rules of the bet. For this reason, I am confident that the very wise individuals betting in this thread will be satisfied with the very literal interpretation of my thread.

I will begin paying for my losses as outlined in the following rule:

If I lose the bet, you get 20BTC sent to that address (13dSK4663Ts7j2PwHS1eUVjycKLBwx7PJM). If you lose, you'll need to send 20BTC to my address.

I'll begin processing the payouts for each of the 112 betters in this spreadsheet immediately: https://docs.google.com/spreadsheet/ccc?key=0Ajtx05YrHtIydFVHcGxLOExTbnhqajJLZmlSZUNtM3c&pli=1#gid=0

Please make sure to following along for your own record keeping purposes. I will update this thread with each payment as well. Thanks again!

huh?

[smoothie]

hey, did Matt ever even say he wasn't paying?

or are we all assuming he wont?

Didn't you read it? He made up some shitty excuse for a technicality.

no i didn't see it i got here  and their was already 10 threads about it

https://bitcointalk.org/index.php?topic=101751.msg1173889#msg1173889

The sad thing is that it wasn't even a good "technicality".  It was more like something a 10 year old would come up with shortly before the fight devolved into infinity +1 or infinity to infinity.

+1 It wasn't even creative. It's so funny to see him shoot himself in the foot thinking we will all feel it.

Thanks to everyone who participated in this bet. It was a great social experiment for me to find out who my true friends were, and also to entertain the community (which is my true purpose on these forums and always will be). Unfortunately, it looks like I lost the bet. This means I'll need to pay out exactly as described in my original thread OP.

Many of the people betting were very careful to point out that others were ignorant and foolish to invest their money into Pirate without doing due diligence beforehand, so far as to call them shills, suckers, etc. This leads me to believe that the individuals betting in my bet are very wise with their money and would only bet if they carefully read and understood the rules of the bet. For this reason, I am confident that the very wise individuals betting in this thread will be satisfied with the very literal interpretation of my thread.

I will begin paying for my losses as outlined in the following rule:

If I lose the bet, you get 20BTC sent to that address (13dSK4663Ts7j2PwHS1eUVjycKLBwx7PJM). If you lose, you'll need to send 20BTC to my address.

[/color]

I'll begin processing the payouts for each of the 112 betters in this spreadsheet immediately: https://docs.google.com/spreadsheet/ccc?key=0Ajtx05YrHtIydFVHcGxLOExTbnhqajJLZmlSZUNtM3c&pli=1#gid=0

Please make sure to following along for your own record keeping purposes. I will update this thread with each payment as well. Thanks again!

huh?

That part

[DeathAndTaxes]

adamstgBit,

He used the example from his OP and falsely interpreted it to mean the terms of the bet were that for each lost wager he would need to pay 20 BTC to the address is his bet (his address)
Pretty lame (and stupidly false) technicality.  

If Matt honestly believes he pulled a legit fast one on the betters he should allow it to go to arbitration before http://judge.me .

[giszmo]

People on this board have white-knighted for every scammy fuck that's come through so I'm not surprised this time is any different.

...

Nah just kidding guys, it's totally cool when people break their contracts and promises as long as they are the type of people you should expect that from.

I would point out that it is useful information to look at the persons defending Matt and their arguments.  It provides an insight into their thought processes and a good reason to avoid doing business with them.  Those defending him are saying it is ok to lie, cheat, and break agreements as long as funds don't change hands.  Those aren't the kind of people I would want to be involved in a trade with.

For the record if you see me taking side with MNW: He did a bet where he put his credibility against a million $ and decided to publicly declare himself not credible. He perfectly made clear what will happen if he doesn't pay which did not involve hiring killers or the police. He's tagged accordingly. Crying and extending the drama is just pointless. The debt is payed according to his deal and he will have to live with the consequences but please don't let these consequences be hundreds of threads.