Topic: Putting your money where Pirate's mouth is. - page 14. (Read 73398 times)
witnessed. (from team ponzi, just to be fair)
Hey, I thought we were being impartial?
FYI, here is my interpretation.
Since the existing ToS includes the provision for pirate's ability to change interest rates "with notice", this latest change in interest rates does not violate the terms of the bet contract, even though it did not itself have a 30 day notice. The term "interest rates" was only used as an example of terms that may change in ToS; the list of examples was not intended to be either exhaustive or necessarily-inclusive. The point of the ToS changes section and advance notice thereof, was to make sure that users are given ample notice for any unexpected material changes.
For your easy reference, link to bet contract:
https://bitcointalksearch.org/topic/m.1013589
witnessed. (from team ponzi, just to be fair) Since the existing ToS includes the provision for pirate's ability to change interest rates "with notice", this latest change in interest rates does not violate the terms of the bet contract, even though it did not itself have a 30 day notice. The term "interest rates" was only used as an example of terms that may change in ToS; the list of examples was not intended to be either exhaustive or necessarily-inclusive. The point of the ToS changes section and advance notice thereof, was to make sure that users are given ample notice for any unexpected material changes.
For your easy reference, link to bet contract:
https://bitcointalksearch.org/topic/m.1013589
FYI, here is my interpretation.
Since the existing ToS includes the provision for pirate's ability to change interest rates "with notice", this latest change in interest rates does not violate the terms of the bet contract, even though it did not itself have a 30 day notice. The term "interest rates" was only used as an example of terms that may change in ToS; the list of examples was not intended to be either exhaustive or necessarily-inclusive. The point of the ToS changes section and advance notice thereof, was to make sure that users are given ample notice for any unexpected material changes.
For your easy reference, link to bet contract:
https://bitcointalksearch.org/topic/m.1013589
Since the existing ToS includes the provision for pirate's ability to change interest rates "with notice", this latest change in interest rates does not violate the terms of the bet contract, even though it did not itself have a 30 day notice. The term "interest rates" was only used as an example of terms that may change in ToS; the list of examples was not intended to be either exhaustive or necessarily-inclusive. The point of the ToS changes section and advance notice thereof, was to make sure that users are given ample notice for any unexpected material changes.
For your easy reference, link to bet contract:
https://bitcointalksearch.org/topic/m.1013589
witnessed.
Well, anyone that doesn't believe pirate will default would get paid better to invest in him directly. Anyone that believes he will default won't have anyone to counter bet against. That being said, the nays outweigh the yeas by 8:1.
FYI, here is my interpretation.
Since the existing ToS includes the provision for pirate's ability to change interest rates "with notice", this latest change in interest rates does not violate the terms of the bet contract, even though it did not itself have a 30 day notice. The term "interest rates" was only used as an example of terms that may change in ToS; the list of examples was not intended to be either exhaustive or necessarily-inclusive. The point of the ToS changes section and advance notice thereof, was to make sure that users are given ample notice for any unexpected material changes.
For your easy reference, link to bet contract:
https://bitcointalksearch.org/topic/m.1013589
Since the existing ToS includes the provision for pirate's ability to change interest rates "with notice", this latest change in interest rates does not violate the terms of the bet contract, even though it did not itself have a 30 day notice. The term "interest rates" was only used as an example of terms that may change in ToS; the list of examples was not intended to be either exhaustive or necessarily-inclusive. The point of the ToS changes section and advance notice thereof, was to make sure that users are given ample notice for any unexpected material changes.
For your easy reference, link to bet contract:
https://bitcointalksearch.org/topic/m.1013589
Why is everyone on about prison? Why do we protect stupid people? Why don't we throw them into prison? If you put more money than you can afford to lose into ANY investment then you are stupid, and by my new logic should be in prison.
Why don't we also throw weak people in jail too while we are at it? Damn old lady got mugged by a punk. Stupid bitch had 80 years to train hapkimudo or something (like this old man http://www.youtube.com/watch?v=jiSltVex840) and she has not. Totally her fault, rigth?
Agreed, as long as its not put into effect pirate has another 10 days left to avoid a cut in his profit margins by 5000 BTC....
It doesn't cut into his profit. Why should the pirate even think about a bet he intended to lose all along?
How do you know what pirate's intentions are/were?
Because they are so obvious.
They may not be obvious to someone who believes he can get rich by handing over his money to some anonymous guy who promises 3,300% interest, but they are obvious to me and to you. We just have opposite intentions. I would like to see you serve a jail term in the cell next to pirateat40.
Agreed, as long as its not put into effect pirate has another 10 days left to avoid a cut in his profit margins by 5000 BTC....
It doesn't cut into his profit. Why should the pirate even think about a bet he intended to lose all along?
How do you know what pirate's intentions are/were?
Because they are so obvious.
They may not be obvious to someone who believes he can get rich by handing over his money to some anonymous guy who promises 3,300% interest, but they are obvious to me and to you. We just have opposite intentions. I would like to see you serve a jail term in the cell next to pirateat40.
lulz
Agreed, as long as its not put into effect pirate has another 10 days left to avoid a cut in his profit margins by 5000 BTC....
It doesn't cut into his profit. Why should the pirate even think about a bet he intended to lose all along?
How do you know what pirate's intentions are/were?
Because they are so obvious.
They may not be obvious to someone who believes he can get rich by handing over his money to some anonymous guy who promises 3,300% interest, but they are obvious to me and to you. We just have opposite intentions. I would like to see you serve a jail term in the cell next to pirateat40.
Agreed, as long as its not put into effect pirate has another 10 days left to avoid a cut in his profit margins by 5000 BTC....
It doesn't cut into his profit. Why should the pirate even think about a bet he intended to lose all along?
How do you know what pirate's intentions are/were?
Agreed, as long as its not put into effect pirate has another 10 days left to avoid a cut in his profit margins by 5000 BTC....
It doesn't cut into his profit. Why should the pirate even think about a bet he intended to lose all along?
Somehow I wonder if this is what pirate does for entertainment. Funer than craps. Get an argument ready then gamble on what the outcome would be.
In BTCST ToS, it says the rates can be changed at any times. Pirate didn't change his ToS.
The bet says the rates not the TOS. If the rates change with less than 30 days notice he loses.
I guess we wait to see when the rates actually change before calling it.
It says ToS. It's all about interpretation, it is confusing.
If pirate changed ToS 30 days ago: I can change rates at any time. Does it override the bet? Looks like to me.
Quote
BTCST has the right to change the terms of its outstanding deposits at any time, as long as there is advance notice of at least 30 calendar days. Such changes may include changes in promised interest rates (as long as interest rates do not go below zero), changes in interest disbursement frequency (not to exceed 1 month intervals), interest tiers, forced withdrawals. Such changes shall not be construed to be a default event.
The event of dissolution of the BTCST business and return of all owed funds to all account holders, also shall not be construed as a default event.
The event of dissolution of the BTCST business and return of all owed funds to all account holders, also shall not be construed as a default event.
In BTCST ToS, it says the rates can be changed at any times. Pirate didn't change his ToS.
The bet says the rates not the TOS. If the rates change with less than 30 days notice he loses.
I guess we wait to see when the rates actually change before calling it.
In BTCST ToS, it says the rates can be changed at any times. Pirate didn't change his ToS.
Does anyone want to make a statement? Van, nano, pirate? 
It is almost like it was planned:
- Don’t concede the wager and chance the outcome of Aug 14th.
Ah! There it is. I knew that was a plea to let him out of the bet before he lost it.
That doesn't make any sense though, at that time pirate had the opportunity to announce the changes. Why wait?
It appears to me Pirate has lost his bet with Vandroiy now.
===Change in BTCST ToS===
BTCST has the right to change the terms of its outstanding deposits at any time, as long as there is advance notice of at least 30 calendar days.
Yep, well, this bet ended even quicker than I had expected.
Nanotube is the final arbiter, but this seems like a clear cut win to Vandroiy, according to Pirate's own terms.
If Pirate cares, (and wants to) could he salvage the bet for now
by retracting the previous announcement, and issuing a new one with proper 30 day notice,
before the lower rates before the lower rates are put into effect?
If not: Congrats to Vandroiy on his 5000 BTC (64000 USD) winnings!
Does anyone want to make a statement? Van, nano, pirate?
Vandroiy won the bet because pirate changed the terms it doesnt matter if he changes them back.
I'm afraid you are mistaken. Pirate will lose the bet only if he changes the terms without the required notice - not if he announces a future change of terms without the required notice. The new terms do not come into effect until 8.20.2012 - therefore the terms have not yet changed. If the terms were in effect now, pirate's depositors would already be receiving the lower rate of interest, which clearly they are not.
Agreed, as long as its not put into effect pirate has another 10 days left to avoid a cut in his profit margins by 5000 BTC....
Wasn´t it right that he wanted to avoid by changing terms??
Wasn´t it right that he wanted to avoid by changing terms??
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