When can we expect you to begin buying back the shares?
A nice bidwall @ 1.0 is what that gold casascius coin was shown off in this thread for. Assurance you would cover.
It has been made clear pirate is done. Looking at a bid of 3 @ .5 is insulting. It should not have taken you this long to redeem a code.
No word from pirate about the interest and it has been about 4 days since I requested my last withdraw so it looks like a default for this bond.
1 BTC buy wall is going up soon. The BTC are now on the way to GLBSE.
Thanks.
Thank you, you followed the contract as you interpreted it, fair enough.
I still believe you should have paid out on Friday, so it's hard to give you points for being a stand up member of the community. (cpa on the other hand handled it awesome)
My issue is with the way you presented the contract. I touched on this in my previous post.
The contract is as follows (bold emphasis mine)
Contract
TYGRR-BOND.PI
Bond face value is 1 BTC.
If BTCST defaults the bond will be worth 1 BTC.
If BTCST does not default the bond will be worth 1 BTC.
100% of the face value of the bond will be insured.
75% of the bonds value will be stored offline.
75% of the insurance money will not be loaned or invested.
The weekly rate paid out will be X-.015
X is the rate Pirate pays out on face.
Chaang-Noi has the right to buy back the bonds at any time at the weighted weekly price plus 10%.
Payments will be made weekly at around 10 PM Tuesdays Thailand time.
Please see the forum thread or contact Chaang-Noi directly for updated information.
You waited until you were convinced of a pirate default.
However, the contract clearly states: "If BTCST does not default the bond will be worth 1 BTC."
Anyone looking at the offering would assume that would mean the closing of pirates operation, in any manner outside of a default.
The closure was announced by pirate himself leading into the weekend.
Yes, you followed the contract, but you are most definitely a shady businessman.
