Those taking TF's offer are basically giving the network* a blank 100 BTC cheque in exchange for a 1 BTC cheque that TF never really says if he'll ever honour. Since he's said repeated that he thinks IOUs in general are worthless ...
*the network of those holding TF's BTC IOUs
*the network of those holding TF's BTC IOUs
And those who have good BTC (from Bitstamp, Weexchange...) are giving a gift to that network
