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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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