Can anyone explain to me what this BET was? I've been gone for a while.. seems like I missed something.
There was this ponzi scheme ran by some guy who went under the name pirateat40... things were falling apart (like they always do in the end with ponzi schemes) and then matthew all of sudden makes a bet: pirate will pay all he has promised.
The bet condition was 100% match, so if you bet 10 btc you'll get 10 btc, if you lose you'll lose 10 btc.
He had set the maximum amount of bets to 10k BTC and after reaching this amount he would close for bets. There was a lot of speculation as to why he did this, I personally started out thinking he was just nuts and actually believed pirate would pay. Although sceptical I figured he could have 10k... based on his history he didn't strike me as a scammer...
Then what happended is people started to hedge by buying up pirate debt bonds and betting etc...
Anyways time dragged on and it became more and more obvious pirate would never pay... at this point matthew just blew his limit and decided to take in massive amounts of silly bets until the amount reached 80k + BTC.
....And then the date came, where he lost the bet.
People felt cheated... he left after this long rant only to return a few months later...
As far as I know he hasn't paid anyone yet, guess time will tell if there is any integrity in matthew or just empty words.