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 back by anything, and basically be like fiat currency?
Worse than fiat currency, because they are backed by entirely nothing (not even the force of the government)
and run the risk of being delisted, effectively removing its value as a store of value. Imagine money that not only nobody wants, but may also disappear whenever.
So... like a Monopoly board game box that someone left precipitously balanced on the edge of a toilet bowl Ok.