Topic: 7-day auction: 1784.38 BTC in Shakaru debt - page 3. (Read 6292 times)
55 BTC
50 BTC
It would be one of the greatest heists in the bitcoin community if shakaru ends up winning this auction below his original debt 
Is he even allowed to bid?
I thought about this, him bidding on his own debt will only push up the amount higher. Assuming he has the money he should let someone else win, then just pay it off. Why keep bidding it up, seems silly:/
People do this often. Shakaru still owes the total original debt and anyone that purchases the debt is entitled for shakaru to pay them all the debt that shakaru now owes the new loan holder. Just because someone buys the debt for any amount below the original debt amount does not mean shakaru can lessen the debt he owes.
In America, people lose their homes if they don't pay their mortgage or property tax bill and the property is auctioned off. The owner is entitled to bid on the house and is usually encouraged to do so by their lawyer.
Not knowing all the terms of the pooled repayment system that imsaguy worked out with creditors, what leverage is there in terms of collections?
By this I mean purely legal means, not illegal harassment.
By this I mean purely legal means, not illegal harassment.
As with anything BTC related absolutely nothing guarantees it he can walk away from his obligations any time he wants.
That's not at all true.
I'm asking about the original contract. If I'm burdened by clauses such as "I will never file a lien against your property or seize assets," my ability to apply pressure to encourage remuneration is reduced, as would be my bid for this debt.
At the right price, it becomes worth it to me (or anyone) to seize his property or provide material support to imsaguy (if this debt is no longer severable from the class of creditors) to do the same. I'll take a chunk of the restitution funded by the forfeiture of his car, his computer, or his vintage prurient daguerrotype collection, if such were to exist.
So, DILLIGAF, since you don't know anything about the question I asked, I will ask more specifically.
payb.tc or imsaguy, were there any agreed upon or otherwise implied terms limiting the means of recapture of value in the event of a default? Was the original agreement priced in fiat, even indirectly? (As in "x USD in BTC")
Gracias!
the original contract was for a 20GH/s rig for 6 months. i paid 1800 BTC for this back in september. there was no paper agreement, no signatures. this was done through the forum and a little conversation over the phone.
although the initial price was worked out on the basis of his USD figures, the original rounded price quoted to me and paid by me was the flat BTC figure. the returns to be generated were purely going to coins coming off the hashes... at no stage did i ever figure USD into my investment, i just wanted to grow my coinage.
Perfect, thanks.
At the right price, it becomes worth it to me (or anyone) to seize his property or provide material support to imsaguy (if this debt is no longer severable from the class of creditors) to do the same. I'll take a chunk of the restitution funded by the forfeiture of his car, his computer, or his vintage prurient daguerrotype collection, if such were to exist.
Since there is no security in place through a binding contract any such action would get you arrested.
I love Internet lawyers. Especially ones who make up laws in their heads.
It would be one of the greatest heists in the bitcoin community if shakaru ends up winning this auction below his original debt
burt=shakaru - that's one of the funniest things I have ever heard
would bid but not against friends...
37 BTC.
It would be one of the greatest heists in the bitcoin community if shakaru ends up winning this auction below his original debt
burt=shakaru - that's one of the funniest things I have ever heard
would bid but not against friends...
Not knowing all the terms of the pooled repayment system that imsaguy worked out with creditors, what leverage is there in terms of collections?
By this I mean purely legal means, not illegal harassment.
By this I mean purely legal means, not illegal harassment.
As with anything BTC related absolutely nothing guarantees it he can walk away from his obligations any time he wants.
That's not at all true.
I'm asking about the original contract. If I'm burdened by clauses such as "I will never file a lien against your property or seize assets," my ability to apply pressure to encourage remuneration is reduced, as would be my bid for this debt.
At the right price, it becomes worth it to me (or anyone) to seize his property or provide material support to imsaguy (if this debt is no longer severable from the class of creditors) to do the same. I'll take a chunk of the restitution funded by the forfeiture of his car, his computer, or his vintage prurient daguerrotype collection, if such were to exist.
So, DILLIGAF, since you don't know anything about the question I asked, I will ask more specifically.
payb.tc or imsaguy, were there any agreed upon or otherwise implied terms limiting the means of recapture of value in the event of a default? Was the original agreement priced in fiat, even indirectly? (As in "x USD in BTC")
Gracias!
the original contract was for a 20GH/s rig for 6 months. i paid 1800 BTC for this back in september. there was no paper agreement, no signatures. this was done through the forum and a little conversation over the phone.
although the initial price was worked out on the basis of his USD figures, the original rounded price quoted to me and paid by me was the flat BTC figure. the returns to be generated were purely going to coins coming off the hashes... at no stage did i ever figure USD into my investment, i just wanted to grow my coinage.
It would be one of the greatest heists in the bitcoin community if shakaru ends up winning this auction below his original debt
I'd pay 5 BTC to see that!Get him in here!
At the right price, it becomes worth it to me (or anyone) to seize his property or provide material support to imsaguy (if this debt is no longer severable from the class of creditors) to do the same. I'll take a chunk of the restitution funded by the forfeiture of his car, his computer, or his vintage prurient daguerrotype collection, if such were to exist.
Since there is no security in place through a binding contract any such action would get you arrested.
Not knowing all the terms of the pooled repayment system that imsaguy worked out with creditors, what leverage is there in terms of collections?
By this I mean purely legal means, not illegal harassment.
By this I mean purely legal means, not illegal harassment.
As with anything BTC related absolutely nothing guarantees it he can walk away from his obligations any time he wants.
That's not at all true.
I'm asking about the original contract. If I'm burdened by clauses such as "I will never file a lien against your property or seize assets," my ability to apply pressure to encourage remuneration is reduced, as would be my bid for this debt.
At the right price, it becomes worth it to me (or anyone) to seize his property or provide material support to imsaguy (if this debt is no longer severable from the class of creditors) to do the same. I'll take a chunk of the restitution funded by the forfeiture of his car, his computer, or his vintage prurient daguerrotype collection, if such were to exist.
So, DILLIGAF, since you don't know anything about the question I asked, I will ask more specifically.
payb.tc or imsaguy, were there any agreed upon or otherwise implied terms limiting the means of recapture of value in the event of a default? Was the original agreement priced in fiat, even indirectly? (As in "x USD in BTC")
Gracias!
It would be one of the greatest heists in the bitcoin community if shakaru ends up winning this auction below his original debt
Is he even allowed to bid?
I thought about this, him bidding on his own debt will only push up the amount higher. Assuming he has the money he should let someone else win, then just pay it off. Why keep bidding it up, seems silly:/
the only reason he shouldn't be bidding imho is that any money he has should be going into the pot, not spending on other things such as 1 creditor's debt. him bidding on this debt wouldn't be fair to the other creditors.
anyway, there's no way real way to know whether burtwagner = shakaru or burtwagner != shakaru so it's a bit pointless even worrying about it.
If I get the debt for my current 2% bid then I am hoping that he will pay more than 2% on his total debt - I get a profit for anything he pays above 2%.
If he buys the debt then he can make a "profit" on his own debt.
But, really, where is he going to get the BTC to buy his own debt - he is broke, right?
I am not him. There I have proved it
If he buys the debt then he can make a "profit" on his own debt.
But, really, where is he going to get the BTC to buy his own debt - he is broke, right?
I am not him. There I have proved it
It would be one of the greatest heists in the bitcoin community if shakaru ends up winning this auction below his original debt
Is he even allowed to bid?
I thought about this, him bidding on his own debt will only push up the amount higher. Assuming he has the money he should let someone else win, then just pay it off. Why keep bidding it up, seems silly:/
Considering no one would bid more than the original debt, its possible he could get the final bid at less than total debt
It would be one of the greatest heists in the bitcoin community if shakaru ends up winning this auction below his original debt
Is he even allowed to bid?
I thought about this, him bidding on his own debt will only push up the amount higher. Assuming he has the money he should let someone else win, then just pay it off. Why keep bidding it up, seems silly:/
the only reason he shouldn't be bidding imho is that any money he has should be going into the pot, not spending on other things such as 1 creditor's debt. him bidding on this debt wouldn't be fair to the other creditors.
anyway, there's no way real way to know whether burtwagner = shakaru or burtwagner != shakaru so it's a bit pointless even worrying about it.
It would be one of the greatest heists in the bitcoin community if shakaru ends up winning this auction below his original debt
Is he even allowed to bid?
I thought about this, him bidding on his own debt will only push up the amount higher. Assuming he has the money he should let someone else win, then just pay it off. Why keep bidding it up, seems silly:/
35.6876 BTC (2%)
thanks burt, and thanks everyone else for all the off-topic replies, it keeps the thread on the front page.
why doesn't he just declare bankruptcy I read through that whole thread, and seems like that is what bankruptcy is for, he is suffering physically because of a bad business move.
Looks like chapter 7 is the way to go:
http://en.wikipedia.org/wiki/Chapter_13,_Title_11,_United_States_Code#External_links
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