Bitcoin Forum

Economy => Securities => Topic started by: Namworld on August 16, 2012, 07:42:44 AM



Title: [GLBSE] Kraken Pass-Through (Default)
Post by: Namworld on August 16, 2012, 07:42:44 AM
Quote
PLEASE GO HERE FOR GLBSE CLOSEDOWN CLAIMS INFORMATION:
https://bitcointalk.org/index.php?topic=129362.0 (https://bitcointalk.org/index.php?topic=129362.0)

KRAKEN SPREADSHEET REPORT (https://docs.google.com/spreadsheet/pub?key=0AvwwyRGyc1WgdGliN3R3R0hvSWp2Y2hnUzZxM1pwVlE#gid=0)

Jump to default information post (https://bitcointalk.org/index.php?topic=101012#msg1329023)

Hello,

Since PatrickHarnet will not issue on GLBSE and will only accept 100 BTC slices, I created a pass-through for his Kraken Fund (https://bitcointalk.org/index.php?topic=100913.0 (https://bitcointalk.org/index.php?topic=100913.0)).

Watch out for the new issue with ticker KRAKEN on GLBSE.

Price of shares: 0.01BTC each
Current weekly dividend: 0.000225 BTC (2.25%)
Buy back: Possible if Kraken Fund cease operation.

Rate is variable, 2.25% assumes the weekly target 2.5% is met.

This pass-through offers no guarantees. You will have to trust PatrickHarnet for returns. ;)


Title: Re: [GLBSE] Kraken Pass-Through
Post by: Bitcoin Oz on August 17, 2012, 02:35:34 AM
Did you ask Patrick if this was ok ?


Title: Re: [GLBSE] Kraken Pass-Through
Post by: Namworld on August 17, 2012, 02:43:11 AM
Yes, I asked him. He was thinking about it apparently but didn't want to issue on GLBSE. I proposed to make a pass-through and he was okay with that.


Title: Re: [GLBSE] Kraken Pass-Through
Post by: PatrickHarnett on August 17, 2012, 03:26:13 AM
Did you ask Patrick if this was ok ?

Yes he did.  It wasn't within my current plan, and about 30 minutes before he contacted me I had I wondered how long it might be before someone did a pass through.  Thus I found it quite funny when his pm popped up.  I wish him well.


Title: Re: [GLBSE] Kraken Pass-Through
Post by: Bitcoin Oz on August 17, 2012, 06:07:46 AM
Did you ask Patrick if this was ok ?

Yes he did.  It wasn't within my current plan, and about 30 minutes before he contacted me I had I wondered how long it might be before someone did a pass through.  Thus I found it quite funny when his pm popped up.  I wish him well.

Thanks Patrick.


Title: Re: [GLBSE] Kraken Pass-Through
Post by: Namworld on August 20, 2012, 05:01:07 AM
Now live on GLBSE.


Title: Re: [GLBSE] Kraken Pass-Through (Now Live)(1k Total Limit)
Post by: Bitcoin Oz on September 01, 2012, 03:19:15 AM
How long after Patrick pays interest do you wait to pay dividends on this security ?


Title: Re: [GLBSE] Kraken Pass-Through (Now Live)(1k Total Limit)
Post by: PatrickHarnett on September 01, 2012, 03:38:43 AM
Said in a Patrick Star voice

"yeah, how long?"

(disclosure, purchased 1000 of these for fun  :) )


Title: Re: [GLBSE] Kraken Pass-Through (Now Live)(1k Total Limit)
Post by: Namworld on September 01, 2012, 04:17:05 AM
Paid.

Paid per 100 BTC block: 0.5319BTC
To pay per KRAKEN share: (0.5319BTC / 10000) * 0.90 = 0.000047871 BTC
Rounded up: 0.00004788 BTC per share

41618 shares paid at 0.00004788 BTC per share = 1.99266984 BTC

Quote
Edit:Who bought 1000 shares one second before I submitted my dividends   ???

Had to recalculate now. Should make 0.00004788 BTC per share total.


Title: Re: [GLBSE] Kraken Pass-Through (Now Live)(1k Total Limit)
Post by: katie.mckinley on September 08, 2012, 08:30:40 PM
What about payments for what Patrick paid out today :p

If I had enough Bitcoin I'd be in the waitlist for Kraken #2 but alas I am not rich in Bit...


Title: Re: [GLBSE] Kraken Pass-Through (Now Live)(1k Total Limit)
Post by: LoweryCBS on September 08, 2012, 08:56:22 PM
Said in a Patrick Star voice

"yeah, how long?"

(disclosure, purchased 1000 of these for fun  :) )

Wait... so as part of your Kraken fund investment strategy, you purchased Kraken pass-throughs? (KPTs)

Makes sense, because if Kraken is a good investment, KPTs are a smart buy, so if KPTs are profitable Kraken is a...

http://i.stack.imgur.com/oCOsf.jpg

(just kidding, I know you bought them for a chuckle)


Title: Re: [GLBSE] Kraken Pass-Through (Now Live)(1k Total Limit)
Post by: Bitcoin Oz on September 08, 2012, 08:58:33 PM
Said in a Patrick Star voice

"yeah, how long?"

(disclosure, purchased 1000 of these for fun  :) )

Wait... so as part of your Kraken fund investment strategy, you purchased Kraken pass-throughs? (KPTs)

Makes sense, because if Kraken is a good investment, KPTs are a smart buy, so if KPTs are profitable Kraken is a...

http://i.stack.imgur.com/oCOsf.jpg

(just kidding, I know you bought them for a chuckle)

Its a meta joke  :D


Title: Re: [GLBSE] Kraken Pass-Through (Now Live)(1k Total Limit)
Post by: PatrickHarnett on September 08, 2012, 09:53:47 PM

Wait... so as part of your Kraken fund investment strategy, you purchased Kraken pass-throughs? (KPTs)

Makes sense, because if Kraken is a good investment, KPTs are a smart buy, so if KPTs are profitable Kraken is a...


I personally purchased a few, rather than the fund.  Otherwise that would be a bit weird.


Title: Re: [GLBSE] Kraken Pass-Through (Now Live)(1k Total Limit)
Post by: Namworld on September 09, 2012, 01:32:21 AM
Paid.

Paid per 100 BTC block: 0.5 BTC
To pay per KRAKEN share: (0.5 BTC / 10000) * 0.90 = 0.000045 BTC

43792 shares paid at 0.000045 BTC per share = 1.97064 BTC


Title: Re: [GLBSE] Kraken Pass-Through (Now Live)(1k Total Limit)
Post by: Namworld on September 16, 2012, 02:12:47 AM
Paid.

Paid per 100 BTC block: 0.5 BTC
To pay per KRAKEN share: (0.5 BTC / 10000) * 0.90 = 0.000045 BTC

40792 shares paid at 0.000045 BTC per share = 1.83564 BTC


Title: Re: [GLBSE] Kraken Pass-Through (Now Live)(1k Total Limit)
Post by: Namworld on September 24, 2012, 09:22:58 AM
Paid.

Paid per 100 BTC block: 0.48262 BTC
To pay per KRAKEN share: (0.48262 BTC / 10000) * 0.90 = 0.000044358 BTC
Rounded up = 0.00004436 BTC

40792 shares paid at 0.00004436 BTC per share = 1.80953312 BTC


Title: Re: [GLBSE] Kraken Pass-Through (Now Live)(1k Total Limit)
Post by: Namworld on September 30, 2012, 02:34:19 AM
Paid.

Paid per 100 BTC block: 0.46876 BTC
To pay per KRAKEN share: (0.46876 BTC / 10000) * 0.90 = 0.0000421884 BTC
Rounded up = 0.00004219 BTC

40792 shares paid at 0.00004219 BTC per share = 1.72101448 BTC


Title: Re: [GLBSE] Kraken Pass-Through (Now Live)(1k Total Limit)
Post by: Namworld on November 11, 2012, 09:14:37 AM
Patrick defaulted @50% on capital, breaking a few terms of his offer:

This sits in "Securities" rather than my usual lending section thread because it is a little more aggressive in approach and not as reliable.

Based on some work I have been doing I believe there is space for this particular fund and because it is a little different labelling it Kraken seems appropriate.

Basic parameters:
  • Fund commences 19 August 2012.  
  • Investments may be made in multiples of 100BTC.
  • Withdrawals may be made in multiples of 100BTC.
  • Contributed capital is backed by my personal funds.
  • Returns will be paid weekly (currently planning on Fridays) - no compounding or automatic reinvestment.
  • Target and maximum return 2.5% per week. (for the ponzi people, that would be 361% annually, but it's only 130% because it is non compounding.)
  • Minimum weekly return 0% - any losses will be funded personally.

You will need to request a unique deposit address and supply a unique return address.  I will have a sensible limit on the number of investors because I don't want to spend my whole life doing weekly payments.
Returns obtained over and above 2.5% are taken as my fee - that's how I can afford to support the minimum return and "insure" the capital.  If I have coins sitting idle, they don't lose money, but impact on the average return.

Obviously the question is "What am I doing with the coins?"  
If I was to provide a simple answer like buying 50 BFL singles and going mining, or putting 10,000 coins into XYZ asset on GLBSE then there wouldn't be much science in that and it would ruin the market that I am looking at.
Also, I do expect people to assume funds might simply be going into BS&T and accuse me of feeding an illegal activity.  Due to the vitriol that goes with that, this will not be an open thread because there will be no point debating that.

So what am I going to use funds for?  Some will be going into my "vulture" capital business interests, some into some long-term BTC investments I have held in real-life ventures (such as an equipment manufacturer), some in BTC assets, a small amount of futures trading, some into various risk/reward adjusted investments that are available in the bitcoin world.

Edit: Currently 25 registered users.  18 currently paid.
Edit 19Aug: The largest commitment made was 1000 coins, and that was before the closure of one of the largest (and smartest) BTC operations.  In fairness, I consider a 1,000 maximum per account is appropriate making the absolute maximum size of Kraken Fund 25,000.

Kraken Fund#2 wait list (several):
HonsetBob, Rolo TonyBrown Town, BinaryMage, aghori, EskimoBob, Onichan, LoweryCBS, coinft, Mousepotato, Goelmer, CecilNiosaki, bruiser, Gigavps, "pm page 122", Electricbees, Macboy80, Brunic, Coin.Karma, Litecoin, Simonk83, DeadTerra, mb300sd, ScottJ, REF, nave, Soros Shorts, ShadowAlexey, Cobra

265.8065 BTC currently held on wallet. Forfeiting the pass-through's 10% cut on interest.

See KRAKEN SPREADSHEET (https://docs.google.com/spreadsheet/pub?key=0AvwwyRGyc1WgdGliN3R3R0hvSWp2Y2hnUzZxM1pwVlE#gid=0)

Claimed holding (note it adds up to 81%):
https://i.imgur.com/VOOmE.png


Title: Re: [GLBSE] Kraken Pass-Through (Default)
Post by: GeoRW on November 11, 2012, 12:14:12 PM
so Kraken was really just an investment into Pirate Debt, LOL
What a fail


Title: Re: [GLBSE] Kraken Pass-Through (Now Live)(1k Total Limit)
Post by: LoweryCBS on November 11, 2012, 09:14:25 PM
Patrick defaulted @50% on capital, breaking a few terms of his offer:

Would you post the message he sent announcing this please - thank you.



Title: Re: [GLBSE] Kraken Pass-Through (Default)
Post by: Namworld on November 11, 2012, 09:51:03 PM
Excerpt from the latest report sent to shareholder:
Quote
The realisation of value out of the bulk of the Kraken portfolio proceeds at
glacial pace.  That is, of course, extracting something back from the BS&T
assets.

The most likely course of action that I have been advised of is pursuing
Trendon via the SEC.  Although providing an affidavit and details to the US
government is not my preferred choice, and there is no guarantee that it will
help, it becomes part of the process.  Additionally, I expect it to remain a
slow process largely in someone else’s hands.

Because of the slowness in extracting and returning funds, and being mindful
of several outstanding requests, I have done some work on getting additional
liquidity.  Again, this has not been particularly easy with assets locked up in
a non-functioning exchange and a variety of other places.

What I have managed to organise is an option for anyone that wishes to exit
during November at 50% of the face value of your Kraken investment.  The
alternative is to wait and see how the SEC process pans out.

This is not a development that I anticipated, and makes use of an investment
that I have managed to “cash in” after holding for six months.   
 

He then sent 50%, not leaving an option to stay.

This was not really what I expected from his offer. Anyone could have bought those debts themselves directly (and would have known better than to buy those specific things.)

Since Patrick Harnett was managing the PPT that he insured and paid for personally, that would mean he bought himself out of this debt. It seems those PPT represent 50% of the fund and he paid back 50%. His charts show half PPT after the default and he started to pay insurance. Paying anything less than 50% would have been quite...

In any case, I'll inquire further if that's the reason he defaulted paying back 50% and if the remaining is due to payb.tc debt and mining assets which might be locked or not with GLBSE (I do not currently know where or what those mining assets are.)

Hopefully the mining assets are in GLBSE and locked and we can recover another 25% if GLBSE ever decide to transmit data.

He did break his promise to cover any loss personally. This is already being discussed on this thread about the Kraken Fund default and another default owed to MPEx: https://bitcointalk.org/index.php?topic=121915.240 (https://bitcointalk.org/index.php?topic=121915.240)


Title: Re: [GLBSE] Kraken Pass-Through (Default)
Post by: Namworld on December 06, 2012, 12:18:59 AM
Quote
PLEASE GO HERE FOR GLBSE CLOSEDOWN CLAIMS INFORMATION:
https://bitcointalk.org/index.php?topic=129362.0 (https://bitcointalk.org/index.php?topic=129362.0)