I just considered the possibility that PPTs could just skip Pirate and do the same, I mean who's to know?
How can we know? Does Pirate have a list of verified lenders? Seems like any schmuck can just start a PPT. Discuss.
I've thought about this too. In fact, a perfect way to "short" Pirate would be to establish one of these uninsured
PPT bonds. Instead of sending the BTC to pirate, keep it in your own wallet and pay out the 6.whatever%. If pirate goes bust, apologize to everyone that their money was lost (after all, it was uninsured...) and keep the balance. If pirate continues longer than you can... well... that's the problem.