It appears to me Pirate has lost his bet with Vandroiy now.
"New Rates Effective 8.20.2012":
https://bitcointalk.org/index.php?topic=50822.0But the "bet agreement" says:
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.
AFAIK he did not announce these new rates on 7.21.2012 or earlier.
I just noticed this yesterday.
That means he changed the rates within less than 30 days after announcing them. Which is a clear violation of the "bet agreement".