Is BTCTS (Pirate) considered to be in default?

bitlane

sr. member

Activity: 462

Merit: 250

I heart thebaron

Quote from: Raoul Duke on August 29, 2012, 12:31:48 PM

I suggest that someone who doesn't get paid in full, principal and interest up to yesterday, only accepts partial payment if any income he makes deriving from this matter, (books, movies, interviews, whatever) goes towards the repayment of the amount still owed.

I will ONLY accept what I am owed, as per my account balance plus interest.

I have already come to terms with what could be.....so all he needs to do is 'roll the dice' on his end and try his luck.

Raoul Duke

legendary

Activity: 1358

Merit: 1002

I suggest that someone who doesn't get paid in full, principal and interest up to yesterday, only accepts partial payment if any income he makes deriving from this matter, (books, movies, interviews, whatever) goes towards the repayment of the amount still owed.

bitlane

sr. member

Activity: 462

Merit: 250

I heart thebaron

I am holding out for Week#69. My BTC Account will be worth a small fortune.

AndrewBUD

hero member

Activity: 1078

Merit: 502

What's this default talk? I thought Pirate was just a huge scam? Cheesy

Snapman

sr. member

Activity: 291

Merit: 250

BTCRadio Owner

DDDDEEEEFFFFAAAAAUUUULLLLTTTT..... its pretty clear cut.

axus

full member

Activity: 129

Merit: 100

Quote from: herzmeister on August 27, 2012, 05:59:51 PM

I think there is a law that concedes a payment delay of 14 days, at least here in Germany.

But Bitcoin is of course a) lawless and b) child of the hyperspeed information age. Cheesy

He'll lose a 5k BTC bet if he misses payment by 14 days.

DeathAndTaxes

donator

Activity: 1218

Merit: 1079

Gerald Davis

Quote from: Gabi on August 27, 2012, 03:01:06 PM

Didn't he say 1-2 weeks?

If when the closed down, after the fact promised to repay people in 10-20 years would that also prevent a default until 7,301 days have passed?

The contract specified funds could be withdrawn (in full and with all accrued interest) on demand. People demanded funds and they were not provided, as soon as that happened (11 days ago) he was in default . Had he specified in the contract that "upon demand funds will be delivered within 14 days" he wouldn't be in default for at least three more days. Of course had he done that less people might have ~~"invested"~~ gambled.

He defined the terms of his own investment, terms he wasn't able to honor.

Littleshop

legendary

Activity: 1386

Merit: 1004

Quote from: ?? on ??

Quote from: gilgil on August 27, 2012, 11:50:59 AM

Before I cast my vote, when was his payment due?

He was supposed to give withdraw for some people on August 17. On August 18, according to his own terms, he defaulted.

He then explained he's closing shop, and starting the pay back process on August 20, stating that it would take him 1 week.

Quote

Did anyone get paid back yet?

Yes, some accounts were paid back on August 22 and August 23.

The amount paid back is nothing more then a rounding error.

herzmeister

legendary

Activity: 1764

Merit: 1007

I think there is a law that concedes a payment delay of 14 days, at least here in Germany.

But Bitcoin is of course a) lawless and b) child of the hyperspeed information age. Cheesy

SMTB1963

member

Activity: 100

Merit: 10

Quote from: DeathAndTaxes on August 27, 2012, 11:20:29 AM

A more controversial question would be "Is the earth flat?". Uneducated opinions to the contrary the earth is not flat.

Likewise, uneducated opinions to the contrary Pirate has defaulted.

I LOL'd

No vote tho, b/c I haven't read the "contract". Late to the party, so can someone point me to it [the contract]?

Gabi

legendary

Activity: 1148

Merit: 1008

If you want to walk on water, get out of the boat

Didn't he say 1-2 weeks?

DeathAndTaxes

donator

Activity: 1218

Merit: 1079

Gerald Davis

Quote from: 420 on August 27, 2012, 02:54:02 PM

this isn't decided yet

http://betsofbitco.in/item?id=433

Only because it is defined so foolishly vague.

Quote

Editor's note: "Default" is defined as keeping people's bitcoins for a period of time and not applying pre-advertised rates of interest or not letting withdrawals. Change of interest rates for future periods is not a default as long as they let people to withdraw funds before the new period.

Ok keep people's bitcoins for a period of time. CHECK. Well 1 nanosecond is a period of time, so in 20 trillion years. So sometimes between 1 nanosecond and the end of time the bet can be decided depending on how much time the editor considers a "a period of time".

420

hero member

Activity: 756

Merit: 500

this isn't decided yet

http://betsofbitco.in/item?id=433

Dalkore

legendary

Activity: 1330

Merit: 1026

Mining since 2010 & Hosting since 2012

Pirate is in default. He could ask for redemption and work towards a settlement where his creditors would get something less that 100 cents on the dollar for their debt claim. I do hope he does write that book he mentioned. So many unanswered questions.

Dalkore

mp420

hero member

Activity: 501

Merit: 500

Quote from: BadBear on August 27, 2012, 12:13:37 PM

Doesn't mean he isn't paying back the loans, just means that he hasn't yet. It's an expensive wait though, interest so far on 500k btc is 65k, almost 3/4 of a million dollars. His time must be very valuable.

The funny thing is, if he wanted to appear legit, he could have just reduced the interest rate to zero (or to real-world interest rate levels) on the moment he closed shop. Letting the astronomical rates accrue isn't convincing anyone's logical side, at least.

The only reason to do that is to cater to the creditors' emotional side. Imagining their investment growing all the time might counter and soften the anger and frustration they're feeling because of the default.

BadBear

legendary

Activity: 1652

Merit: 1128

Yes he is in default. He defaulted on Friday, August 17th when he closed down BS&T and denying withdrawals. He promised bitlane to pay by Monday the 20th. He never did, and if he wasn't already in default he would be at this point.

Doesn't mean he isn't paying back the loans, just means that he hasn't yet. It's an expensive wait though, interest so far on 500k btc is 65k, almost 3/4 of a million dollars. His time must be very valuable.

layyen

full member

Activity: 172

Merit: 100

will be paid until week, not paid in week,

my vote, defaulted..

szuetam

sr. member

Activity: 377

Merit: 253

I'm wondering the same?

P4man

hero member

Activity: 518

Merit: 500

Quote from: Gabi on August 27, 2012, 11:56:45 AM

Quote from: gilgil on August 27, 2012, 11:50:59 AM

Before I cast my vote, when was his payment due? Did anyone get paid back yet?

I'm wondering the same thing.

Whenever the lender requested their coins back:

You can withdraw your balance at anytime, but I do request that you give me a couple hours to insure I have coverage for the next order.
https://bitcointalksearch.org/topic/m.605957

Gabi

legendary

Activity: 1148

Merit: 1008

If you want to walk on water, get out of the boat

Quote from: gilgil on August 27, 2012, 11:50:59 AM

Before I cast my vote, when was his payment due? Did anyone get paid back yet?

I'm wondering the same thing.

gilgil

member

Activity: 60

Merit: 10

Before I cast my vote, when was his payment due? Did anyone get paid back yet?

symbot

member

Activity: 118

Merit: 10

Nobody accepts bitcoin on the moon.

Seems clear to me that he has defaulted and that's how I voted above.

proudhon

legendary

Activity: 2198

Merit: 1311

Quote from: DeathAndTaxes on August 27, 2012, 11:20:29 AM

A more controversial question would be is the earth flat. Uneducated opinions to the contrary the earth is not flat.

By any possible definition Pirate has defaulted.

Yeah, why does the default question keep coming up? There's just no question that he's in default. The question is whether he will pay anything at all back at this point.

DeathAndTaxes

donator

Activity: 1218

Merit: 1079

Gerald Davis

A more controversial question would be "Is the earth flat?". Uneducated opinions to the contrary the earth is not flat.

Likewise, uneducated opinions to the contrary Pirate has defaulted.

Coincomm

newbie

Activity: 28

Merit: 0

"In finance, default occurs when a debtor has not met his or her legal obligations according to the debt contract, e.g. has not made a scheduled payment, or has violated a loan covenant (condition) of the debt contract."

Without a doubt.

Come-from-Beyond

legendary

Activity: 2142

Merit: 1009

Newbie

I've posted it here to know the opinion of our community. Everyone is able to change the vote at any time as the situation progresses and more info becomes available. Do it, please, to keep the opinion up to date.

PS: For those who is uncertain what "default" means - http://en.wikipedia.org/wiki/Default_(finance).

Topic: Is BTCTS (Pirate) considered to be in default? (Read 3347 times)