The smile patrol

[jcpham]

Maged has the coins, I kept my end. I could've bought them at $3 or $15 or $31.50 (hint: I haven't bought since $8.4), any number of pools might have paid them to me. Maybe they were from dividends on "investments" or interest paid on loans... who knows. 

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[smoothie]

Maged has the coins, I kept my end.

I am aware of that.

Good man.

I will keep to my end on Oct 31st as stated in the deal.

[myrkul]

Woo my 50 bitcoins for purchase on October 31st are already in the green...since I'll be buying them at $11. 

Wonder what they'll be up to by then.

I wonder if who ever is selling these bitcoins is going to make good on his pormiss

if he was smart he would of bought them at the time this "contact" was drawn up.

I think smoothie should sell 50 bitcoin now, to be safe if the exchange rate goes down to by October 31st

The BTC are already sitting in escrow: https://blockexplorer.com/a/qD9UNbK4C

[smoothie]

Woo my 50 bitcoins for purchase on October 31st are already in the green...since I'll be buying them at $11. 

Wonder what they'll be up to by then.

I wonder if who ever is selling these bitcoins is going to make good on his pormiss

if he was smart he would of bought them at the time this "contact" was drawn up.

I think smoothie should sell 50 bitcoin now, to be safe if the exchange rate goes down to by October 31st

I could...but would that be fun?.....nahhhh. I'll wait. 

[nimda]

Hmmm... was this the Bitcoin economy's first public forward contract?
I wouldn't call it a future, but it was a forward, at least.

It's margined but not marked to the market, and it's otc; does that make it half-future half-forward?

[myrkul]

I donno, but it's actually a gamble, now... It's been up to 15 and back down since this thing was "signed". Price could be anything by the end of October.

[jcpham]

We're getting so close now! Anticipation!

[Maged]

Interesting turn of events coming into these last few days!

[myrkul]

Interesting turn of events coming into these last few days!

No lie. I wonder if that's just a weekend dip (I thought those were mostly over?), or a full-fledged downturn.

I guess we'll see!

[smoothie]

Agreed. Interesting times.

$11 baby! here we come!

[smoothie]

Wow I was pretty dead on with the price. Right now it is $10.97 on mtgox.

I will be sending Maged the $550 in MTGOXUSD within 24 hours. Perhaps I might even make a profit lol.

Stay tuned....

[smoothie]

x

LOL nice...OP edited his original post. hahahaha 

[jcpham]

Almost...as if it were planned...

[smoothie]

Almost...as if it were planned...

MUAHAHAHAHAHAHAHAHAHAHAHAHA YES LITTLE ONE I PLANNED IT ALL ALONG. $11.10 currently..

Damn I'm good. 

[smoothie]

Almost...as if it were planned...

To make things simple I propose I just send Maged 52 BTC and he can cash the btc out on Gox and transfer the money to you jcpham ($550).

Given there is little price difference where I am buying at and the actual price today given the previous engagement, if Maged agrees and you agree I'll do this.

Maged indicated that if I submit to him a MTGOXUSD code it could be compromised and I would rather be safe given that the difference in the prices is so small it's not a big deal for me to take a few dollar loss just to honor my agreement.

jcpham and Maged, your thoughts?

Smoothie  

Edit: I will be in and out of the forum today. Sorry it is a busy day for me. PM me for fastest response. Thanks.

[jcpham]

I too, am busy today. If you are sending me a MTGOX code, I'd prefer that communication to come from Maged via internet relay chat (if possible, and yes I can wait for a time that is convenient for him).

I will also accept a BTC payment directly if you guys want to just keep this denominated entirely in bitcoin - I just want the bitcoins really and we can estimate the market value. I say, bravo! we guessed $11 correctly.

1Gb2Aew6F8cusSRWazrATfZ67HRHjo1Q5r is a new payment address just for this situation if you guys just want to return the coins.

I'm open to whatever and really in no rush but we can conclude this at a time that is convenient for everyone.
I'll be more available tomorrow between 9AM-6PM CST on irc and here.

[Maged]

I too, am busy today. If you are sending me a MTGOX code, I'd prefer that communication to come from Maged via internet relay chat (if possible, and yes I can wait for a time that is convenient for him).

I will also accept a BTC payment directly if you guys want to just keep this denominated entirely in bitcoin - I just want the bitcoins really and we can estimate the market value. I say, bravo! we guessed $11 correctly.

1Gb2Aew6F8cusSRWazrATfZ67HRHjo1Q5r is a new payment address just for this situation if you guys just want to return the coins.

I'm open to whatever and really in no rush but we can conclude this at a time that is convenient for everyone.
I'll be more available tomorrow between 9AM-6PM CST on irc and here.

Well, since I'm the one coordinating the payments, I suppose that this is my call. I have no problem keeping this in bitcoin. So, here's what we'll do to keep to the original terms (which you guys can still change, if you'd like to and you both agree):
1) I'll receive bitcoins from smoothie at the address 1AcCFPtehTbBbdsDrZVbHZhmggusW5XfmP (smoothie has a signed message from me that says this)
2) If the amount is greater than $550 USD worth of BTC, I will "convert" them to "USD" at MtGox last. This "conversion" will happen no later than 6 confirmations after the funds are sent and will be backdated to such time if I'm not around to see the transaction during that window. So, in the worst case, this is like sending money to an exchange. Smothie has gracefully decided to give me the difference between $550 and what he sends as a tip. Thanks! I will be liable for changes in the price from this point on until I send the funds to jcpham.
3) The 50 BTC escrow will be released to smoothie.
4) I will "convert" $550 "USD" to BTC and send it within a few minutes of the "conversion". Because jcpham is accepting the value in bitcoins, this would be like me making the conversion for him at an exchange and sending it to him. Thus, the transaction is considered over (as well as my obligation to the bitcoin price) once my bitcoin transaction to jcpham hits the network, except that I get a small window to make the "conversion" (realistically, this will just be 1-2 minutes as I do a little math).

Convoluted? Sure. But that's what happens when both sides of an agreement decide to accept their funds in the opposite currency. However, you'll find that each half of this transaction is being handled according to common practices for when you are transacting in other currencies over the bitcoin network. But don't get confused: since I'm not charging a fee for the "conversions", this is still cheaper than actually doing a conversion.

[smoothie]

I sent 52 btc to Maged which he will convert to USD on gox. I sent it to 1AcCFPtehTbBbdsDrZVbHZhmggusW5XfmP

Please send the 50 btc to 1GeCcAyw2sgsQMzDt5a6g5rbbbNRfrCehp

Smoothie

[Maged]

Ack $577.63 USD (52 BTC @ 11.10841 USD/BTC).

[Maged]

$550 sent to jcpham in BTC. (49.73 @ 11.06 USD/BTC)