PI

[throwaway]

Mr Chaang Noi, how do we sell these bonds back to you? Do we just put a sell order @1.0 and wait for you to buy them?

Thank you

[burnside]

Given the timing of the release of this bond, and assuming Pirate pays you back, I suspect many of us would appreciate it if you'd be willing to buy back at "$IPO minus $firstDividend minus $securityAndTransactionFees minus $pizzaForGoat".

While you would certainly be within the letter of the contract to not do so, you would garner a considerable amount of good faith given the circumstances.

Cheers.

[dust]

Given the timing of the release of this bond, and assuming Pirate pays you back, I suspect many of us would appreciate it if you'd be willing to buy back at "$IPO minus $firstDividend minus $securityAndTransactionFees minus $pizzaForGoat".

While you would certainly be within the letter of the contract to not do so, you would garner a considerable amount of good faith given the circumstances.

Cheers.

Goat took a risk.  Investors took a risk.  Goat deserves to profit if pirate pays back.

[burnside]

Fair enough.  No ill will here, and never hurts to try. 

[mcris444]

Want an insured Pirate (BTCST) bond that you know the insurance money is really there and not dependent on bond prices on GLBSE or maybe even loaned to pirate himself? Well now you can!

75% of the insurance money will be stored offline. The address will be made public.

IPO will be this Sundayish however the first payment of 5.5% will not be made until August the 14th

I will only be selling 1337 of these in the first round. I -might- add more bonds later.

IPO price will be 1.55 

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.

Please give a detailed explination to what you mean when you say

Remember that coin is for if Pirate defaults and so far he has not.

Thanks.

Pirate has announced his closure. The contract you created states my shares are worth 1 btc each.
The coin was proof of insurance on that contract value.

What happens between you and pirate is your business, I am not involved.
I am however a holder of these "insured" bonds that you are not currently taking back.


I understand wanting to avoid the pain of peeling the hologram, but alas, this is what that is for.

Unless of course you continue to pay interest on the bonds while we wait for your delayed payout in trying to save your coin?
I would accept that, you can continue to tie up the money as long as you continue to pay the interest.

Yes, Pirate said he will pay interest so yeah, I will pay out interest too just like the contract says. I do not understand why you are so irrational about this. Calm down please. Nothing to worry about lol.

If Pirate fails an interest payment then I will buy back at 1 BTC. That would be on Tuesday. You have nothing to cry about until then.

If Pirate pays out before then I get to keep my coin. I hope you know they are not cheap, I'm not going to destroy it (and not follow the contract) just cuz you want to rush things along.

Take a chill pill and we can all watch how this plays out together.

Peace.

I completely agree.
Its only been a few hours. Calm down. Watch what happens.
I for one trust Goat.
If I were in his position I wouldn't want to touch that coin and its beauty.
He will do what the contract says.

[Bitcoin Oz]

Goat doesnt have to pay out till Pirate defaults which would be tuesday. It would be a shame to destroy such a  nice coin needlessly 

[Smoovious]

Goat doesnt have to pay out till Pirate defaults which would be tuesday. It would be a shame to destroy such a  nice coin needlessly 

Just because pirate is shutting down doesn't mean he defaulted.

He announced the shut down, and if everyone gets back the coin they are owed, then it is a clean shutdown. No default.

-- Smoov

[Bitcoin Oz]

Goat doesnt have to pay out till Pirate defaults which would be tuesday. It would be a shame to destroy such a  nice coin needlessly 

Just because pirate is shutting down doesn't mean he defaulted.

He announced the shut down, and if everyone gets back the coin they are owed, then it is a clean shutdown. No default.

-- Smoov

Of course.

[stochastic]

Goat doesnt have to pay out till Pirate defaults which would be tuesday. It would be a shame to destroy such a  nice coin needlessly 

Just because pirate is shutting down doesn't mean he defaulted.

He announced the shut down, and if everyone gets back the coin they are owed, then it is a clean shutdown. No default.

-- Smoov

 

[organofcorti]

Goat doesnt have to pay out till Pirate defaults which would be tuesday. It would be a shame to destroy such a  nice coin needlessly 

from the locked BST thread:

When will I get my coins?
Starting Monday I’ll begin systematically closing and withdrawing accounts as coins are transferred.  I don't expect the entire process to last longer than a week.

So Goat won't have to pay out until Tuesday week if Pirate defaults.

[ShadowAlexey]

You dont have any plans of investing this funds in other fonds to get interest?)

[wirmola]

I guess you knew btcst was shutting down.. Too good timing for making this bond :/

[btharper]

I guess you knew btcst was shutting down.. Too good timing for making this bond :/

No, I did not know. Also I'm still not 100% sure Pirate will pay.

I won't know until the coins hit my wallet.

My understanding, and as far as I can tell Goat had about the same information, is that when pirate reduced rates there was a huge run on withdrawals (fearing total loss of coins, ponzi, whatever) that put a strain on his free coin. He has since decided just to close down completely, possibly to re-open later. I think he mentioned revealing some very basic information about his operation. On another note, the price of bitcoin has also dropped under $8. For anyone betting long on BTC or Pirate, now's the time to make some great returns.

[jamesg]

About the only "secret" info I had was that at some point in the future Pirate would be lowering rates. However I had assumed it was months away. Him closing up shop this quickly I had no idea. Since I don't know if pirate will pay or not I can't count this as a win or a loss.


But I will pay out either way and have bought all the bonds at 1 BTC and have placed a small amount of coin there to take extra sales.

Good luck!

Hi Goat,

To be clear, are you purchasing back bonds at 1 BTC each before pirate pays out?

[piotr_n]

To be clear, are you purchasing back bonds at 1 BTC each before pirate pays out?

Yes, because this is an insured bond. The face of 1 BTC is guaranteed no matter what pirate will do.

and because, if pirate does pay out, whoever cashed the bonds early will not be entitled for the last week's divs.

[piotr_n]

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.

Don't buy it people - don't be stupid! Pirate was very specific about the interests:

The moment your account is closed you’ll receive your coins plus any interest accrued up to the hour it was sent.
https://bitcointalk.org/index.php?topic=50822.0

And moreover, yesterday my BS&T account's balance was increased by the last weeks interest - so I am sure that Goat's account has been increased as well...

He's just selling small lies to you, as he always does. That's his business model

[Gladamas]

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.

Lying to make a profit? I now accuse you of spreading FUD. This is not acceptable. Pirate clearly stated in IRC and elsewhere that it will take a few days to pay everyone back, and he is doing it as fast as he can.

[dust]

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.

Lying to make a profit? I now accuse you of spreading FUD. This is not acceptable. Pirate clearly stated in IRC and elsewhere that it will take a few days to pay everyone back, and he is doing it as fast as he can.

You don't have to sell now if you want to wait for interest.  Goat is handling this bond very well.

[piotr_n]

You don't have to sell now if you want to wait for interest.

I wish Goat was the one who said that

[ShadowAlexey]

So, if he pays interest for this week as well, you wont pay it to us?)
Dont u think that this is smt not very polite?
At my opinion if u want to finish this quicker, u should pay interest for this week as dividend and buy back all bonds at 1.055 for interest of previous week. Or again this is not what was said at the contract, but please take into account that u will also may get interest for this week, which should be payed at next Tuesday...