There is literally no reason a perpetual mining bond needs mining equipment at all. I knew this a year ago when I thought about how to get a cheap loan in bitcoinland. The answer is to issue mining bonds based on difficulty which is basically a loan with reducing interest rates.

Its not ethical but theres nothing you can do about it unless mining equipment is specified in the contract. I guess goat doesnt have the same ethical boundaries as most of us. Or he just wanted a really cheap loan. Actually you may never get paid back what you lent him  if difficulty ramps up dramatically