Topic: Discussion about 10,000BTC Bet (Official) - page 53. (Read 104460 times)

Default is a failure of the debtor to meet the terms of the debt obligation. On 08/17 "investors" attempted to make withdrawals.  The terms of the BTCST were that principal and interest could be drawn on demand (demand account).  Pirate failed to pay out those investors on 08/17.  He also failed to make the next regularly scheduled interest payment.  Two weeks later he also stated he will not be paying out any interest post-closure.  All of those were causes for default.  Under any possible definition of the term, BTCST defaulted on 08/17 when it couldn't honor the terms of the "investment".  Pirate could have made the terms anything he wanted.  He could have indicated that upon demand accounts would be paid in 30 days.  Of course doing so would make the scam less attractive.  He set the terms and then couldn't meet them.

Try this on for size.  Don't make your mortgage payment instead call the bank up and saying you are closing the mortgage.  When the bank asks when you will be paying off the balance tell them you are stopping all interest and will pay them when you get the money.  Also be sure to let them know you aren't in default until you tell them you are in default.  Let me know how it works out.

Pirate admitting default 2 weeks after the fact doesn't change the fact that he was already in default the day he couldn't meet the terms of his obligation to creditors.

Although I'm also leaning towards this hypothesis, I don't know for sure that Matt is an insider - but if he is an insider, then I for one believe that he has good intentions with this bet. I simply don't think that pure insider trading represents the type of person that Matt is, and so I choose to trust him, as he has never given me a reason not to.

I have no idea what link you mean. Can you post it please ?

That's exactly right. You may be starting to understand. the default happens when it happens. did you read the wiki link?

You are right.

How about this. You avoid making your mortgage payment for a few months and when the bank calls you to inform that you defaulted a few months back, you tell them they are wrong and you only defaulted 2 days ago....because THAT is when you 'announced' it.

How can you be such an idiot ?

My point still stands, you don't understand what a default is.  

You are the are what you feed, bitlane.

To be fair in your display pic you're wearing a gimp mask

+1

Let's not let this one slip away.....

Where's your 'brainiac' observation(s) on the situation now ?

The only thing that said scenario would make anyone question, if carried out by Pirate, would be the honesty and integrity of said Pirate and anyone else who was aware of such a vastly unprofessional and fraudulant reason to hold back anyones funds who were not also 'in' on such an act...

I've had suspicion of such an outcome since you first posted your bet and at this point if he does pay out I would be unable to ever trust a vast portion of the 'big' players in this community afterwards because it would be absolutly impossible to discern who was in on it and who was not.

Stating the obvious AFTER IT HAS ALREADY PASSED does not set a new time for the event.

Fucking idiot...

Anything else you want to add, Brainiac ?

Read it again brainiac. Where do you see the word default? It is not a default. He contractually defaulted when he announced it in BTCST-TRUST.

Quoting someone near and dear to my heart, "Now fuck off"

Clearly YOU need to get YOUR facts straight.
https://bitcointalksearch.org/topic/m.1147937

...but thanks for coming out.

BTCST Defaulted on the 29th, get your facts straight.

If I look and act like a meth head then tell people you think me a meth head. I understand what you're saying about defamation Matthew, but if it walks like a duck and it quacks like a duck, while it may take additional scrutiny, it is probably a duck.

Hey Matthew, are you familiar with the term 'Dead Man Switch' ?

Could you please explain to me, how Pirate's Dead Man Switch works exactly ?
I wouldn't want to be accused of saying anything that would run the risk of being defaming.

Remember, when Trendon told everyone about the Dead Man's Switch ? and said we would all be OK ?

I am just unsure who, or which party exactly, is required to be dead, in order for the switch to engage. Clearly it has been over 2 weeks since BTCST defaulted now and if this Dead Man's Switch actually DID exist, how exactly did/does it work... in an 'end times' type of scenario...?

Cheers.

Do you have single bit of evidence or found similarity in my actions or appearance to make this claim?

You're omitting the fact that 86% of Sun readers are retards.

You're a faggot child raping tax evading meth smoking pedophile. Prove me wrong. If I was wrong, no harm done. I mean, it's not like people listen to what others say, that what they say can affect business, and that we have defamation laws for that exact reason. 

This reasoning is flawed, BTCS&T has every single attribute of a Ponzi scheme, down to collapse triggered by withdrawals, so everyone has a right to call it what it is, until proven otherwise. If they're wrong, then no harm done and there is something new to learn for them, and if they're right, hopefully few people not totally blinded by greed will be saved from losing their bucks. If one approaches any investments of unknown nature which looks and smells like a Ponzi scheme with thinking maybe my reasoning is sick and pedantic and this is totally legit, then I suggest investment in luxury cardboard while you can still afford it, so you can live like a king once you find yourself homeless under a bridge.