PI - page 3. | Bitcointalksearch.org

burnside

legendary

Activity: 1106

Merit: 1006

Lead Blockchain Developer

Quote

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.

ShadowAlexey

donator

Activity: 968

Merit: 1002

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?

ShadowAlexey

donator

Activity: 968

Merit: 1002

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

burnside

legendary

Activity: 1106

Merit: 1006

Lead Blockchain Developer

Quote

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.

ShadowAlexey

donator

Activity: 968

Merit: 1002

So, if he pays interest for this week as well, you wont pay it to us?)
Dont u think that this is smt not very polite?
At my opinion if u want to finish this quicker, u should pay interest for this week as dividend and buy back all bonds at 1.055 for interest of previous week. Or again this is not what was said at the contract, but please take into account that u will also may get interest for this week, which should be payed at next Tuesday...

piotr_n

legendary

Activity: 2053

Merit: 1356

aka tonikt

Quote from: dust on August 21, 2012, 11:55:31 AM

You don't have to sell now if you want to wait for interest.

I wish Goat was the one who said that Tongue

dust

hero member

Activity: 840

Merit: 1000

Quote from: Gladamas on August 21, 2012, 11:50:34 AM

Quote from: ?? on ??

Quote from: ianbakewell on August 17, 2012, 06:21:54 PM

When can we expect you to begin buying back the shares?

A nice bidwall @ 1.0 is what that gold casascius coin was shown off in this thread for. Assurance you would cover.
It has been made clear pirate is done. Looking at a bid of 3 @ .5 is insulting. It should not have taken you this long to redeem a code.

No word from pirate about the interest and it has been about 4 days since I requested my last withdraw so it looks like a default for this bond.

1 BTC buy wall is going up soon. The BTC are now on the way to GLBSE.

Thanks.

Lying to make a profit? I now accuse you of spreading FUD. This is not acceptable. Pirate clearly stated in IRC and elsewhere that it will take a few days to pay everyone back, and he is doing it as fast as he can.

You don't have to sell now if you want to wait for interest. Goat is handling this bond very well.

Gladamas

sr. member

Activity: 294

Merit: 250

Bitcoin today is what the internet was in 1998.

Quote from: ?? on ??

Quote from: ianbakewell on August 17, 2012, 06:21:54 PM

When can we expect you to begin buying back the shares?

A nice bidwall @ 1.0 is what that gold casascius coin was shown off in this thread for. Assurance you would cover.
It has been made clear pirate is done. Looking at a bid of 3 @ .5 is insulting. It should not have taken you this long to redeem a code.

No word from pirate about the interest and it has been about 4 days since I requested my last withdraw so it looks like a default for this bond.

1 BTC buy wall is going up soon. The BTC are now on the way to GLBSE.

Thanks.

Lying to make a profit? I now accuse you of spreading FUD. This is not acceptable. Pirate clearly stated in IRC and elsewhere that it will take a few days to pay everyone back, and he is doing it as fast as he can.

piotr_n

legendary

Activity: 2053

Merit: 1356

aka tonikt

Quote from: ?? on ??

Quote from: ianbakewell on August 17, 2012, 06:21:54 PM

When can we expect you to begin buying back the shares?

A nice bidwall @ 1.0 is what that gold casascius coin was shown off in this thread for. Assurance you would cover.
It has been made clear pirate is done. Looking at a bid of 3 @ .5 is insulting. It should not have taken you this long to redeem a code.

No word from pirate about the interest and it has been about 4 days since I requested my last withdraw so it looks like a default for this bond.

1 BTC buy wall is going up soon. The BTC are now on the way to GLBSE.

Don't buy it people - don't be stupid! Pirate was very specific about the interests:

Quote

The moment your account is closed you’ll receive your coins plus any interest accrued up to the hour it was sent.
https://bitcointalksearch.org/topic/bitcoin-savings-and-trust-home-closed-50822

And moreover, yesterday my BS&T account's balance was increased by the last weeks interest - so I am sure that Goat's account has been increased as well...

He's just selling small lies to you, as he always does. That's his business model

piotr_n

legendary

Activity: 2053

Merit: 1356

aka tonikt

Quote from: ?? on ??

Quote from: jamesg on August 19, 2012, 07:16:45 PM

To be clear, are you purchasing back bonds at 1 BTC each before pirate pays out?

Yes, because this is an insured bond. The face of 1 BTC is guaranteed no matter what pirate will do.

and because, if pirate does pay out, whoever cashed the bonds early will not be entitled for the last week's divs.

jamesg

vip

Activity: 1358

Merit: 1000

AKA: gigavps

Quote from: ?? on ??

About the only "secret" info I had was that at some point in the future Pirate would be lowering rates. However I had assumed it was months away. Him closing up shop this quickly I had no idea. Since I don't know if pirate will pay or not I can't count this as a win or a loss.

But I will pay out either way and have bought all the bonds at 1 BTC and have placed a small amount of coin there to take extra sales.

Good luck!

Hi Goat,

To be clear, are you purchasing back bonds at 1 BTC each before pirate pays out?

btharper

sr. member

Activity: 389

Merit: 250

Quote from: ?? on ??

Quote from: wirmola on August 19, 2012, 07:23:36 AM

I guess you knew btcst was shutting down.. Too good timing for making this bond :/

No, I did not know. Also I'm still not 100% sure Pirate will pay.

I won't know until the coins hit my wallet.

My understanding, and as far as I can tell Goat had about the same information, is that when pirate reduced rates there was a huge run on withdrawals (fearing total loss of coins, ponzi, whatever) that put a strain on his free coin. He has since decided just to close down completely, possibly to re-open later. I think he mentioned revealing some very basic information about his operation. On another note, the price of bitcoin has also dropped under $8. For anyone betting long on BTC or Pirate, now's the time to make some great returns.

wirmola

member

Activity: 111

Merit: 10

I guess you knew btcst was shutting down.. Too good timing for making this bond :/

ShadowAlexey

donator

Activity: 968

Merit: 1002

You dont have any plans of investing this funds in other fonds to get interest?)

organofcorti

donator

Activity: 2058

Merit: 1007

Poor impulse control.

Quote from: Bitcoin Oz on August 17, 2012, 08:06:39 PM

Goat doesnt have to pay out till Pirate defaults which would be tuesday. It would be a shame to destroy such a nice coin needlessly

from the locked BST thread:

Quote

When will I get my coins?
Starting Monday I’ll begin systematically closing and withdrawing accounts as coins are transferred. I don't expect the entire process to last longer than a week.

So Goat won't have to pay out until Tuesday week if Pirate defaults.

stochastic

hero member

Activity: 532

Merit: 500

Quote from: Smoovious on August 17, 2012, 10:18:42 PM

Quote from: Bitcoin Oz on August 17, 2012, 08:06:39 PM

Goat doesnt have to pay out till Pirate defaults which would be tuesday. It would be a shame to destroy such a nice coin needlessly

Just because pirate is shutting down doesn't mean he defaulted.

He announced the shut down, and if everyone gets back the coin they are owed, then it is a clean shutdown. No default.

-- Smoov

Bitcoin Oz

hero member

Activity: 686

Merit: 500

Wat

Quote from: Smoovious on August 17, 2012, 10:18:42 PM

Quote from: Bitcoin Oz on August 17, 2012, 08:06:39 PM

Goat doesnt have to pay out till Pirate defaults which would be tuesday. It would be a shame to destroy such a nice coin needlessly

Just because pirate is shutting down doesn't mean he defaulted.

He announced the shut down, and if everyone gets back the coin they are owed, then it is a clean shutdown. No default.

-- Smoov

Of course.

Smoovious

hero member

Activity: 504

Merit: 500

Scattering my bits around the net since 1980

Quote from: Bitcoin Oz on August 17, 2012, 08:06:39 PM

Goat doesnt have to pay out till Pirate defaults which would be tuesday. It would be a shame to destroy such a nice coin needlessly

Just because pirate is shutting down doesn't mean he defaulted.

He announced the shut down, and if everyone gets back the coin they are owed, then it is a clean shutdown. No default.

-- Smoov

Bitcoin Oz

hero member

Activity: 686

Merit: 500

Wat

Goat doesnt have to pay out till Pirate defaults which would be tuesday. It would be a shame to destroy such a nice coin needlessly

mcris444

newbie

Activity: 58

Merit: 0

Quote from: ?? on ??

Quote from: ianbakewell on August 17, 2012, 06:47:51 PM

Quote from: El Cabron on August 03, 2012, 03:04:42 PM

Want an insured Pirate (BTCST) bond that you know the insurance money is really there and not dependent on bond prices on GLBSE or maybe even loaned to pirate himself? Well now you can!

75% of the insurance money will be stored offline. The address will be made public.

IPO will be this Sundayish however the first payment of 5.5% will not be made until August the 14th

I will only be selling 1337 of these in the first round. I -might- add more bonds later.

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.
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.
Please see the forum thread or contact Chaang-Noi directly for updated information.

Please give a detailed explination to what you mean when you say

Quote from: ?? on ??

Remember that coin is for if Pirate defaults and so far he has not.

Thanks.

Pirate has announced his closure. The contract you created states my shares are worth 1 btc each.
The coin was proof of insurance on that contract value.

What happens between you and pirate is your business, I am not involved.
I am however a holder of these "insured" bonds that you are not currently taking back.

I understand wanting to avoid the pain of peeling the hologram, but alas, this is what that is for.

Unless of course you continue to pay interest on the bonds while we wait for your delayed payout in trying to save your coin?
I would accept that, you can continue to tie up the money as long as you continue to pay the interest.

Yes, Pirate said he will pay interest so yeah, I will pay out interest too just like the contract says. I do not understand why you are so irrational about this. Calm down please. Nothing to worry about lol.

If Pirate fails an interest payment then I will buy back at 1 BTC. That would be on Tuesday. You have nothing to cry about until then.

If Pirate pays out before then I get to keep my coin. I hope you know they are not cheap, I'm not going to destroy it (and not follow the contract) just cuz you want to rush things along.

Take a chill pill and we can all watch how this plays out together.

Peace.

I completely agree.
Its only been a few hours. Calm down. Watch what happens.
I for one trust Goat.
If I were in his position I wouldn't want to touch that coin and its beauty.
He will do what the contract says.

Topic: PI - page 3. (Read 13781 times)