We are stating that it would have been more profitable to simply invest that 960 BTC in Pirate.
Investing the 960 BTC in Pirate instead of running PPT.A, not in addition to.
Sorry, I just assumed, since this is the PPT thread, that we were talking about PPT.
Mia culpa.
Case 1 - Sell 1 share of PPT at 1+x (if sold at 1.038 then x=.038)
no default: PPT makes x+.03 (.03 is the extra you get for compounding)
You seem to assume they'll invest no more than one BTC / share. If they sell for more than 1 BTC / share, why wouldn't they invest it all?
Less loss if BS&T defaults.
Please explain this. They believe in Pirate and want to maximize their profit, right? They are not risking the (1 + x) BTC / share, it's not their money. You are risking that money, they only risk the insurance.