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Author Topic: Putting your money where Pirate's mouth is.  (Read 68291 times)
fatigue
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July 06, 2012, 09:50:10 PM
 #121

This pleases me that Vandroiy has been true to his word Cheesy
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July 06, 2012, 09:53:21 PM
 #122

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

pirateat40's signature on btcst bet contract verified.
-----BEGIN PGP SIGNATURE-----

iEYEARECAAYFAk/3XiYACgkQ5/k4vslVlLIICACfcK/cwfGUCST0I2H+ZgROcpqy
qfIAniqu2tr2bZcWBHKG28x6MiDM3B8K
=cvx0
-----END PGP SIGNATURE-----


-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

This contract is a contingent payout agreement between irc user known as pirateat40 (otc gpg key fingerprint 067508A49BBE0E8216A61A94614DB74CFA5B357E) and irc user known as vandroiy (otc gpg key fingerprint 5BD4BBB2FAABBB6877396A720380BA6269B31D08).

otc user nanotube (otc gpg key fingerprint D8B11AAC59A873B0F38D475CE7F938BEC95594B2) will serve as escrow agent for the agreement, holding in his care the bitcoin contributions from both parties, until such a time as the contingency can be decided unambiguously.

The contingency in question is to be the default of by pirateat40 (defined below) on BTCST obligations. In case default occurs, the funds held by nanotube will be disbursed to an address of vandroiy's choosing. In case default does not occur, the funds will be disbursed to an address of pirateat40's choice.

pirateat40 and vandroiy shall each deposit with nanotube 5050 (five thousand and fifty) bitcoins, of which 50 (fifty) shall be a fee to nanotube, and 5000 (five thousand) shall go toward the contingent payout, for a total of 100 (one hundred) bitcoins fee to nanotube, and 10000 (ten thousand) bitcoins contingent payout.

=Definitions=

==Pirate default==

A default will be construed to have occurred, if at any time prior to October 1 2013, 00.01 UTC, BTCST will be late by at least 14 calendar days, in disbursing either any regularly-scheduled interest payment, or any withdrawal request, by a valid account holder of BTCST.

===Verification of default claims===

nanotube will hold in his possession a data set containing hashed usernames and withdrawal addresses of all BTCST account holders, and will be supplied any differences in such table at regular intervals, in case of account closures or creations. A user making a claim must submit to nanotube his BTCST account username, and registered BTCST withdrawal address, as well as any supporting documentation as to the payments that were due but failed to be disbursed.

===Unexpected contingencies===

In the event of any unexpected contingencies not explicitly described in this contract, or any ambiguities, nanotube shall have final discretion in the determination of contract outcome.

===Change in BTCST ToS===

BTCST has the right to change the terms of its outstanding deposits at any time, as long as there is advance notice of at least 30 calendar days. Such changes may include changes in promised interest rates (as long as interest rates do not go below zero), changes in interest disbursement frequency (not to exceed 1 month intervals), interest tiers, forced withdrawals. Such changes shall not be construed to be a default event.

The event of dissolution of the BTCST business and return of all owed funds to all account holders, also shall not be construed as a default event.

==BTCST==

BTCST is the business known as "Bitcoin Savings and Trust", currently being operated by pirateat40, with current web address of https://btcst.com/ .
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=B0PO
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July 06, 2012, 10:03:20 PM
 #123

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

vandroiy's signature on btcst bet contract verified
-----BEGIN PGP SIGNATURE-----

iEYEARECAAYFAk/3YEMACgkQ5/k4vslVlLJGjQCggWuhTC6TN0CB6OGnvfjjm5IS
cv0AoIzUkTVZJhyCUeosQvFfLGWPFi92
=eqDH
-----END PGP SIGNATURE-----


Quote
-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

This contract is a contingent payout agreement between irc user known as pirateat40 (otc gpg key fingerprint 067508A49BBE0E8216A61A94614DB74CFA5B357E) and irc user known as vandroiy (otc gpg key fingerprint 5BD4BBB2FAABBB6877396A720380BA6269B31D08).

otc user nanotube (otc gpg key fingerprint D8B11AAC59A873B0F38D475CE7F938BEC95594B2) will serve as escrow agent for the agreement, holding in his care the bitcoin contributions from both parties, until such a time as the contingency can be decided unambiguously.

The contingency in question is to be the default of by pirateat40 (defined below) on BTCST obligations. In case default occurs, the funds held by nanotube will be disbursed to an address of vandroiy's choosing. In case default does not occur, the funds will be disbursed to an address of pirateat40's choice.

pirateat40 and vandroiy shall each deposit with nanotube 5050 (five thousand and fifty) bitcoins, of which 50 (fifty) shall be a fee to nanotube, and 5000 (five thousand) shall go toward the contingent payout, for a total of 100 (one hundred) bitcoins fee to nanotube, and 10000 (ten thousand) bitcoins contingent payout.

=Definitions=

==Pirate default==

A default will be construed to have occurred, if at any time prior to October 1 2013, 00.01 UTC, BTCST will be late by at least 14 calendar days, in disbursing either any regularly-scheduled interest payment, or any withdrawal request, by a valid account holder of BTCST.

===Verification of default claims===

nanotube will hold in his possession a data set containing hashed usernames and withdrawal addresses of all BTCST account holders, and will be supplied any differences in such table at regular intervals, in case of account closures or creations. A user making a claim must submit to nanotube his BTCST account username, and registered BTCST withdrawal address, as well as any supporting documentation as to the payments that were due but failed to be disbursed.

===Unexpected contingencies===

In the event of any unexpected contingencies not explicitly described in this contract, or any ambiguities, nanotube shall have final discretion in the determination of contract outcome.

===Change in BTCST ToS===

BTCST has the right to change the terms of its outstanding deposits at any time, as long as there is advance notice of at least 30 calendar days. Such changes may include changes in promised interest rates (as long as interest rates do not go below zero), changes in interest disbursement frequency (not to exceed 1 month intervals), interest tiers, forced withdrawals. Such changes shall not be construed to be a default event.

The event of dissolution of the BTCST business and return of all owed funds to all account holders, also shall not be construed as a default event.

==BTCST==

BTCST is the business known as "Bitcoin Savings and Trust", currently being operated by pirateat40, with current web address of https://btcst.com/ .

-----BEGIN PGP SIGNATURE-----
Version: GnuPG v1.4.11 (GNU/Linux)

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-----END PGP SIGNATURE-----

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Jouke
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July 06, 2012, 10:14:09 PM
 #124

I think this whole ordeal is epic.

I am a bit astounded by this bet actually going trough. I congratulate vandroiy Smiley Wink

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July 06, 2012, 10:15:41 PM
 #125

He actually confirmed. Am I donating to charity now? Huh

Time will tell I guess. Grin
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July 06, 2012, 10:15:49 PM
 #126

 bahaha!!!   Vandroiy, I already thought you were a fool, but boy did you just confirm it.    This whole thing pleases me greatly Smiley


Did we decide which charity is getting Vandroiy's money?

Also does this mean you'll stop your horrible trolling until the bet is settled?

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July 06, 2012, 10:16:27 PM
 #127

bahaha!!!   Vandroiy, I already thought you were a fool, but boy did you just confirm it.    This whole thing pleases me greatly Smiley

Did we decide which charity is getting his money?

No, please do.

Now, that's mean. Only fools donate to charity? Smiley
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July 06, 2012, 10:16:46 PM
 #128

He actually confirmed. Am I donating to charity now? Huh

Time will tell I guess. Grin

only if you win  Cool
fatigue
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July 06, 2012, 10:27:35 PM
 #129

bahaha!!!   Vandroiy, I already thought you were a fool, but boy did you just confirm it.    This whole thing pleases me greatly Smiley

Did we decide which charity is getting his money?

No, please do.

Now, that's mean. Only fools donate to charity? Smiley

See,  the thing is, you're not donating to charity as you claim to be if you lose, Pirate is. Your money will be going to a charity, yes, but not by your choice, by his. Don't assume credit for that which you have not done.
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July 06, 2012, 10:32:09 PM
 #130

Could be just a coincidence, but just caught this post over in the LENDING forum:

Quote from: notPirateat40 date=justnow
Need to borrow 132K BTC until Oct 2013 to settle some stupid bet, I'm offering 6.99% a week. Arrrr...
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July 06, 2012, 10:35:44 PM
 #131

So where's the press release?

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July 06, 2012, 10:39:17 PM
 #132

Could be just a coincidence, but just caught this post over in the LENDING forum:

Quote from: notPirateat40 date=justnow
Need to borrow 132K BTC until Oct 2013 to settle some stupid bet, I'm offering 6.99% a week. Arrrr...

 Grin

The funds are actually underway now.

Yea, the question is whether he has any means of doing that *and* not losing more than 5k because of the lender shakeup / fees / whatever.

This question determines what the next part of the show will be!
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July 06, 2012, 10:43:02 PM
 #133

This is a very weird development because taking this bet means Pirate is either:

1. Acting irrational
2. Running a Ponzi

Say Pirate is not running a Ponzi scheme (the premise), then why would he lock up 5k BTC in an attempt to double it in 15 months while he could double it much faster by using it in his own operation?

Care to explain Pirate? Are you (acting) irrational? Wink

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July 06, 2012, 10:46:27 PM
 #134

This is a very weird development because taking this bet means Pirate is either:

1. Acting irrational
2. Running a Ponzi

Say Pirate is not running a Ponzi scheme (the premise), then why would he lock up 5k BTC in an attempt to double it in 15 months while he could double it much faster by using it in his own operation?

Care to explain Pirate? Are you (acting) irrational? Wink

or

3.  5k is chump change for him and he's more than willing to put that out there in an effort to silence the trolls.   I'd do exactly the same.     He's obviously not interested in the money as when (sorry, if) he wins it's going to charity.

This is win win for Pirate.   Even if he is running a scam, all he has to do is drag it out until November 2013 and hey presto.    A really stupid bet to make on Vandroiy's part, but oh well.   A fool and his money etc etc.


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Poor impulse control.


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July 06, 2012, 10:49:12 PM
 #135

This is a very weird development because taking this bet means Pirate is either:

1. Acting irrational
2. Running a Ponzi

Say Pirate is not running a Ponzi scheme (the premise), then why would he lock up 5k BTC in an attempt to double it in 15 months while he could double it much faster by using it in his own operation?

Care to explain Pirate? Are you (acting) irrational? Wink

or

3.  5k is chump change for him and he's more than willing to put that out there in an effort to silence the trolls.   I'd do exactly the same.


Yes, 3. is pretty reasonable. I'd do exactly the same if I was running a Ponzi, too. Of course if he isn't running a Ponzi, he just bought a low yield but very safe interest bearing deposit. He wins either way.

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July 06, 2012, 10:50:58 PM
 #136

err imo 3==1

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July 06, 2012, 10:59:25 PM
 #137

err imo 3==1
+1

 Grin Wink

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July 06, 2012, 11:03:18 PM
 #138

This is a very weird development because taking this bet means Pirate is either:

1. Acting irrational
2. Running a Ponzi

Say Pirate is not running a Ponzi scheme (the premise), then why would he lock up 5k BTC in an attempt to double it in 15 months while he could double it much faster by using it in his own operation?

Care to explain Pirate? Are you (acting) irrational? Wink

No! He might be planning to orderly shut down in the next two months. That would make him win!

Just that then, he'll re-open as a Ponzi for sure. But he can win if he has the funds to shut down and pay out!

I think it's pretty pointless to make such a show only to get back at me. But this guy is a psycho-poker-face, I'll only know when it's over. I know I'm taking that chance. Betting ain't no fun without risk!
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July 06, 2012, 11:19:48 PM
 #139

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

I confirm receipt of 5050 btc from pirateat40 and vandroiy
each, for the btcst bet.
-----BEGIN PGP SIGNATURE-----

iEYEARECAAYFAk/3chMACgkQ5/k4vslVlLJrvQCcCtttIaVMJapHH7cT5hcQtiqk
4lgAnjraPPKHpPzHZy6l0KukZmUqjWcB
=Qyxi
-----END PGP SIGNATURE-----

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July 06, 2012, 11:23:59 PM
 #140

There is a winner: nanotube. He's already banking 100 BTC Grin

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