PI

[danster82]

Another dirty useless fucking parasite.

[bitcoinBull]

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, his life is 33% better than yours either way.

He buys the bonds back for 1.0 BTC if pirate defaults or if pirate pays. Either way, he's up 0.445 BTC per bond sold (because none of the 1.5 BTC you paid was ever sent to pirate). You automatically gave him 33% of your principal.

gee thanks for the great terms and taking that risk for me  lol, the risk he takes is that pirate pays interest for 6 more weeks (33% / 5.5%). Oh wait, no risk for him there since his funds with pirate already covers that. So he's up 33% risk-free and you're out. WOW LET ME GET SUM OF THAT 

[organofcorti]

Another dirty useless fucking parasite.

Matthew is that you? lol

You are the only one to call me names on the forum, why can't you use your main account? lol

No, Goat I don't think that was referring to you. I just think danster82 was just announcing himself to the thread so other forum members would know what kind of person they would be dealing with.

[bitcoinBull]

You should try working out your maths again...

Its your maths, not mine.

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.

1 insured BTC for 1.55 BTC. what a deal 

[Bitcoin Oz]

You should try working out your maths again...

Its your maths, not mine.

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.

1 insured BTC for 1.55 BTC. what a deal  

  This is  why GIPPT was a better deal since they cover the whole issue price not just 1btc face value.

[MrTeal]

You should try working out your maths again...

Its your maths, not mine.

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.

1 insured BTC for 1.55 BTC. what a deal 

Goat takes in 1.55BTC per bond.
Goat sends 1BTC to Pirate, 0.55BTC is his.
Pirate defaults, sends Goat 0BTC.
Goat pays out 1BTC.

How is Goat making a killing on this bond again?

[bitcoinBull]

You should try working out your maths again...

Its your maths, not mine.

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.

1 insured BTC for 1.55 BTC. what a deal 

Goat takes in 1.55BTC per bond.
Goat sends 1BTC to Pirate, 0.55BTC is his.
Pirate defaults, sends Goat 0BTC.
Goat pays out 1BTC.

How is Goat making a killing on this bond again?

Like I said, he doesn't send the 1 BTC to pirate. Instead, in the case that pirate doesn't default and continues paying interest, he can pay the interest on your coin with the interest he gets on his own coins. He swapped the risk of a pirate default onto the buyer of these insured bonds, who loses 33% if pirate defaults. He assumed the risk that pirate continues to pay for 6 more weeks. Pirate only paid on 2-3 weeks after the start of the bond, so goat keeps that difference.

[MrTeal]

Goat takes in 1.55BTC per bond.
Goat sends 1BTC to Pirate, 0.55BTC is his.
Pirate defaults, sends Goat 0BTC.
Goat pays out 1BTC.

How is Goat making a killing on this bond again?

Like I said, he doesn't send the 1 BTC to pirate. Instead, in the case that pirate doesn't default and continues paying interest, he can pay the interest on your coin with the interest he gets on his own coins. He swapped the risk of a pirate default onto the buyer of these insured bonds, who loses 33% if pirate defaults. He assumed the risk that pirate continues to pay for 6 more weeks. Pirate only paid on 2-3 weeks after the start of the bond, so goat keeps that difference.

So your contention is that Goat is lying about this bond, and he never actually sent the 1BTC to Pirate and still has all the funds in his pocket?

[coinft]

Goat takes in 1.55BTC per bond.
Goat sends 1BTC to Pirate, 0.55BTC is his.
Pirate defaults, sends Goat 0BTC.
Goat pays out 1BTC.

How is Goat making a killing on this bond again?

Like I said, he doesn't send the 1 BTC to pirate. Instead, in the case that pirate doesn't default and continues paying interest, he can pay the interest on your coin with the interest he gets on his own coins. He swapped the risk of a pirate default onto the buyer of these insured bonds, who loses 33% if pirate defaults. He assumed the risk that pirate continues to pay for 6 more weeks. Pirate only paid on 2-3 weeks after the start of the bond, so goat keeps that difference.

So your contention is that Goat is lying about this bond, and he never actually sent the 1BTC to Pirate and still has all the funds in his pocket?

Actually the contract doesn't say 1 BTC is sent to pirate. I guess he does it differently, completely backed by the contract:

Get 1.55 IPO price.
Keep 0.75 for collateral, as promised.
Send 0.85 to pirate.
Pirate pays 0.85*0.07=0.0595 per week,
of which Goat pays 0.055 out as dividends,
and keeps 0.0045 as fee.

This makes Goat a tiny profit per week, gets him 0.55 per share if pirate winds down orderly, but costs him 0.25 per share if pirate defaults. This fits Goats expectation of pirate not defaulting very well. We'll see if it works out, and hear the wailing of totally surprised investors meanwhile.

[coinft]

Goat takes in 1.55BTC per bond.
Goat sends 1BTC to Pirate, 0.55BTC is his.
Pirate defaults, sends Goat 0BTC.
Goat pays out 1BTC.

How is Goat making a killing on this bond again?

Like I said, he doesn't send the 1 BTC to pirate. Instead, in the case that pirate doesn't default and continues paying interest, he can pay the interest on your coin with the interest he gets on his own coins. He swapped the risk of a pirate default onto the buyer of these insured bonds, who loses 33% if pirate defaults. He assumed the risk that pirate continues to pay for 6 more weeks. Pirate only paid on 2-3 weeks after the start of the bond, so goat keeps that difference.

So your contention is that Goat is lying about this bond, and he never actually sent the 1BTC to Pirate and still has all the funds in his pocket?

Actually the contract doesn't say 1 BTC is sent to pirate. I guess he does it differently, completely backed by the contract:

Get 1.55 IPO price.
Keep 0.75 for collateral, as promised.
Send 0.85 to pirate.
Pirate pays 0.85*0.07=0.0595 per week,
of which Goat pays 0.055 out as dividends,
and keeps 0.0045 as fee.

This makes Goat a tiny profit per week, gets him 0.55 per share if pirate winds down orderly, but costs him 0.25 per share if pirate defaults. This fits Goats expectation of pirate not defaulting very well. We'll see if it works out, and hear the wailing of totally surprised investors meanwhile.

Some reasonable maths!  This is very close to what I did. But yeah I lose if pirate wont pay back. I had no idea he would stop so soon.

Yeah I made a typo ... 0.75 + 0.85 is not 1.55 ...

[Smoovious]

SLUGS

ON

TOAST!

[Rygon]

Why is this trading below 1BTC?  Are investors betting that both pirateat40 & Chaang Noi are going to default?

it is not.. i have a large wall at 1 btc :/

Right now, there is a bidwall at 0.9999999. Can we still sell at 1 btc?

[Mousepotato]

Yeah, where did the 1.00 bid wall go?

[MrTeal]

Yeah, where did the 1.00 bid wall go?

It went to .9999999 cuz people are holding the 1.0 spot hostage. Once they leave I will move it up.

Come on Goat, you moved it down because you don't want to pay 10 bitcents in fees?

[Bitcoin Oz]

Yeah, where did the 1.00 bid wall go?

It went to .9999999 cuz people are holding the 1.0 spot hostage. Once they leave I will move it up.

Come on Goat, you moved it down because you don't want to pay 10 bitcents in fees?

lol

[Gladamas]

Not trying to be an ass here, but I believe Goat is technically violating the contract by buying back bonds at 0.9999999 BTC instead of 1.0 BTC, as he is obligated to do.

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.

[Gladamas]

Not trying to be an ass here, but I believe Goat is technically violating the contract by buying back bonds at 0.9999999 BTC instead of 1.0 BTC, as he is obligated to do.

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.

Okay I will take down the wall at .9999999

If you want these bonds bought back at 1 BTC you will need to do the following.

PM me on the forum or e-mail and let me know how many bonds you will be sending and a return BTC address.

Once I okay that send the bonds to my GLBSE account.

Once I have the bonds I will send you the full BTC amount.



Thanks Gladamas for helping me see the errors of my ways, I almost got a scammers tag there!

Goat, it's no problem, I just thought it was a funny technicality violation... another possibility is to leave the bidwall there and then honor buybacks as mentioned in your post.

[GeoRW]

Not trying to be an ass here, but I believe Goat is technically violating the contract by buying back bonds at 0.9999999 BTC instead of 1.0 BTC, as he is obligated to do.

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.

Okay I will take down the wall at .9999999

If you want these bonds bought back at 1 BTC you will need to do the following.

PM me on the forum or e-mail and let me know how many bonds you will be sending and a return BTC address.

Once I okay that send the bonds to my GLBSE account.

Once I have the bonds I will send you the full BTC amount.



Thanks Gladamas for helping me see the errors of my ways, I almost got a scammers tag there!

You can still apply the forced buyback and recall the security (should be without fees AFAIK), but some people may not like it 

[wirmola]

looks like your second week of interest now,

[piotr_n]

looks like your second week of interest now,

be careful - people who remind him of that end up in his ignore list, with the troll label