If you're betting that Pirate
will pay out, you can invest in
https://glbse.com/asset/view/TYGRR.BOND-PIt is a bond worth 1BTC stake in BS&T.
Since Pirate has defaulted the bonds are not currently being bought back and are priced around 0.6-0.7BTC
But if Pirate repays then the bond will return to 1 BTC.
Just out of curiosity, if Pirate does default, will those bonds become not backed by anything, and basically be like fiat currency?