PI

[burnside]

Full 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.

I believe you are responsible for the last week's 0.055 when Pirate pays out.  Pirate is still paying out X.  It has been a week since the last dividend, and you are just today announcing the default.  Thus IF and when you do receive your withdrawal, you owe 0.055/bond.

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[ShadowAlexey]

Em, speaking strictly why is it 0.055 for a bond?
If Pirate will pay for this week to, then this would be actually maybe 10% payout, so 1.5% goes to Goat on his contract and everything else goes to us, isnt it?
My IMHO Goat is responsible for any single btc of pirate out, if it is delayed then he should pay us the same way pirate does, only on 5.5%/w rate

[ShadowAlexey]

Your contract says that u will pays us weekly rate-0.015
Doesnt it mean, that if pirate will payout u will have interest for previous and this week payed out, which means that u also should be paying dividends for that time?

[burnside]

The weekly rate paid out will be X-.015
X is the rate Pirate pays out on face.

You do not state in the contract that a default renders the remaining contract stipulations void.

Per the contract if you collect X, then X-0.015 is owed to the bond holders.

[El Cabron]

Your contract says that u will pays us weekly rate-0.015
Doesnt it mean, that if pirate will payout u will have interest for previous and this week payed out, which means that u also should be paying dividends for that time?

Yes, But I will not keep paying after he defaults. That is just silly. Pirate failed to let me take money out of the account within 72 hours or pay interest so I am obligated to buy back the bonds at 1 BTC. He defaulted and I'm forced by contract to buy them back now.

I will buy back at 1.055 assuming pirate will pay interest for that week if you want to wait and find out but I am not obligated to do this.

The bond is now dead and he has defaulted. I can't keep paying you interest and be forced to have money in GLBSE at the same time to meet my contract obligations.

I'm not going to deal with trolls and assholes.  If you find this interpretation unfair please start a new scamming accusation thread.

Thank you.

[burnside]

I will buy back at 1.055 assuming pirate will pay interest for that week if you want to wait and find out but I am not obligated to do this.

Thank you.  Agree to disagree on the obligation part, but that's what I was after.

[burnside]

I will buy back at 1.055 assuming pirate will pay interest for that week if you want to wait and find out but I am not obligated to do this.

Thank you.  Agree to disagree on the obligation part, but that's what I was after.

How can I collect interest on coin that I am forced by contract to have in GLBSE?

It's the insurance company's money that is forced by contract to be in GLBSE.

The bond holder's money is still with Pirate, supposedly collecting interest until payout.

In this case, you're the insurance company, sorry.

[ShadowAlexey]

First of all, there is no definition of pirate default in your contract, so this should be decided by majority.
Plus, there havnt said anything about not paying out interest if he defaults. Meaning that if he pays interest while we hold the bonds even if we decide that he defaulted u should take your part and pay it to us.Second part is that u may force buyback only on market price avg. +10%.Other stuff should be done only when we chose to do so. And if u get interest for this week, it automatically means that your bonds should be alive till next payout.
Dont do double standards, if u wish to flow only the contract then u should do so fully, not only the way u interpret it your self...

[piotr_n]

Why cant you just pay them whatever you get back from Pirate, minus your 1.5%?
You sold these bonds couple weeks ago, at 1.50.
If Pirate does pay out, wouldn't you be feeling sorry for them?
I mean.., I would, at least a bit
Why to barter about the pity interest?

[piotr_n]

Why cant you just pay them whatever you get back from Pirate, minus your 1.5%?
You sold these bonds couple weeks ago, at 1.50.
If Pirate does pay out, wouldn't you be feeling sorry for them?
I mean.., I would, at least a bit
Why to barter about the pity interest?

Trolls gonna to troll...

Since when trolls ask questions for which almost everyone would like to hear answer?

[piotr_n]

Why cant you just pay them whatever you get back from Pirate, minus your 1.5%?
You sold these bonds couple weeks ago, at 1.50.
If Pirate does pay out, wouldn't you be feeling sorry for them?
I mean.., I would, at least a bit
Why to barter about the pity interest?

Trolls gonna to troll...

Since when trolls ask questions for which almost everyone would like to hear answer?

Try to read the contract and try to figure out where I am obligated to have the BTC. Then try to figure out what you are asking me to do and see if that would require me to have the BTC in two places at the same time..

This can not be made more clear. Also do not forget your contract was with me, not pirate.

If you are asking me why will I not break the contract just because you want me to be nice, well lol you are silly. How about I brak the contract if pirate does not pay me back? You all will be nice right? Oh lol!

What am I asking you to do?
Am I daring asking you to break the contract?
No - not at all.
I don't even have one of these shitty bonds.
I'm just saying that you are mean. And also that you should feel embarrassed. But you obviously don't.

[piotr_n]

I am mean.. so yeah you are just trolling.. lol.

Thanks buddy...

I am sort of trolling - yes.
But putting my message to you in public is all that matters to me. Otherwise you wouldn't just read it.
So if you want, go to the admin and ask him again to remove my posts, because you care so much about off-topic on the forum.

[Littleshop]

Why cant you just pay them whatever you get back from Pirate, minus your 1.5%?
You sold these bonds couple weeks ago, at 1.50.
If Pirate does pay out, wouldn't you be feeling sorry for them?
I mean.., I would, at least a bit
Why to barter about the pity interest?

Trolls gonna to troll...

Since when trolls ask questions for which almost everyone would like to hear answer?

Try to read the contract and try to figure out where I am obligated to have the BTC. Then try to figure out what you are asking me to do and see if that would require me to have the BTC in two places at the same time..

This can not be made more clear. Also do not forget your contract was with me, not pirate.

If you are asking me why will I not break the contract just because you want me to be nice, well lol you are silly. How about I brak the contract if pirate does not pay me back? You all will be nice right? Oh lol!

What am I asking you to do?
Am I daring asking you to break the contract?
No - not at all.
I don't even have one of these shitty bonds.
I'm just saying that you are mean. And also that you should feel embarrassed. But you obviously don't.

I also do not have any of these bonds.  But as the insurance paid out as stated I would not call them shitty.  I would call them fantastic.  I was leery of these 'insured' bonds but obviously Goat has honored his commitment.   Other pirate depositors do not have access to their coins at the moment at all and if these holders wanted to cash out they can do it now at a potential advantage.  That advantage alone could be worth much more then that interest payment.

[Gladamas]

Why cant you just pay them whatever you get back from Pirate, minus your 1.5%?
You sold these bonds couple weeks ago, at 1.50.
If Pirate does pay out, wouldn't you be feeling sorry for them?
I mean.., I would, at least a bit
Why to barter about the pity interest?

Trolls gonna to troll...

This is completely crossing the line. He was NOT trolling; he just wanted a simple question answered. It is fine to respectfully correct people for being misinformed, but calling someone a troll just because you don't agree with their viewpoint is unacceptable.

[Vladimir]

Topic: TYGRR.BOND-PI 1 BTC face 100% Insured Pirate Bonds BTCST

Why all the emotions? It is 100% insured, is it not?

[Bitcoin Oz]

The contract deosnt mention the interest being insured just the 1btc value of the bond.  I dont see why Goat would have to pay interest if pirate hasnt paid him, and the only reason he would pay is goodwill which at this point would probably help with the pitchfork mob thats coming 

[burnside]

The contract deosnt mention the interest being insured just the 1btc value of the bond.  I dont see why Goat would have to pay interest if pirate hasnt paid him, and the only reason he would pay is goodwill which at this point would probably help with the pitchfork mob thats coming 

I tried to be clear that I only believe Goat is on the hook for the 0.055 ~if~ pirate pays out.  At that point he's up ~0.5 BTC/bond anyway, so I don't think he minds paying out the 0.055.  

On the other hand, if pirate does not pay out, life sucks for Goat as much as it does for the rest of us and I certainly would not expect interest on money that has gone *poof*.

[Bitcoin Oz]

The contract deosnt mention the interest being insured just the 1btc value of the bond.  I dont see why Goat would have to pay interest if pirate hasnt paid him, and the only reason he would pay is goodwill which at this point would probably help with the pitchfork mob thats coming 

I tried to be clear that I only believe Goat is on the hook for the 0.055 ~if~ pirate pays out.  At that point he's up ~0.5 BTC/bond anyway, so I don't think he minds paying out the 0.055.  

On the other hand, if pirate does not pay out, life sucks for Goat as much as it does for the rest of us and I certainly would not expect interest on money that has gone *poof*.

No he shouldnt mind. Thats the "goodwill" part i was talking about 

[ShireSilver]

I'm buying back for 100% if he fails to send out coin. I'm buying back at 105.5% if he pays out in full with interest.

People are crazy cuz I don't know why...

How long will we have to wait to know if we're getting 100% or 105.5%?

[mcris444]

How long will we have to wait to know if we're getting 100% or 105.5%?

I assume the day that goat receives the BTC in his wallet. No sooner than that.