Bitcoin Forum

Maintained for documentation purposes:

The BTC Trading Pass-Through Fund (BTC-TRADING-PT) is an exchange-traded fund that trades on the BTC Trading Corp exchange. The fund holds shares of BTC Trading Corp (LTC-GLOBAL) and issues its own shares that represent the assets held by the fund. LTC-GLOBAL shares are traded on the LTC-GLOBAL exchange and are denominated entirely in LTC. This fund enables investors to effectively own and trade shares of BTC Trading Corp denominated in BTC, as well as to receive dividends from LTC-GLOBAL denominated in BTC.

Each share of BTC-TRADING-PT represents 1/10th of a share of LTC-GLOBAL. Shares do not represent ownership of the fund or ownership of John Galt Asset Management. Shares of BTC-TRADING-PT are issued only for shares of LTC-GLOBAL actually held by the fund.

The fund accumulates dividends paid by LTC-GLOBAL, converts them to BTC, and distributes the proceeds (less fees) to shareholders once per month. Details are explained below.

Highlights

• Shares represent 1/10th of a share of LTC-GLOBAL
• Shares are traded on the BTC-TC exchange and are denominated in BTC.
• Shares can be redeemed for shares of LTC-GLOBAL, and vice-versa.
• Shares normally trade at 1/10th of the current price of LTC-GLOBAL but can be higher or lower.
• Shareholders have limited LTC-GLOBAL voting rights.

LTC-GLOBAL Voting Rights

Shares of LTC-GLOBAL grants the shareholders special voting rights. While these rights are granted to John Galt, an effort to extend and transfer limited rights to shareholders of BTC-TRADING-PT is made.

Voting on LTC-GLOBAL motions: When feasible, an identical motion will be filed for the BTC-TRADING-PT security and shareholders may vote on the motion. The outcome of the motion determines how the fund manager votes in the actual motion. If this is not feasible, the fund manager may vote according to its own interests.

Voting on new security listings: Ownership of LTC-GLOBAL shares grants shareholders the right to approve new securities on the LTC-GLOBAL and BTC-TC exchanges. This right is extended to shareholders of BTC-TRADING-PT in a limited way. Whenever a new security is listed, a motion will be filed allowing shareholders to vote to approve the new security. At least 200 shares must vote YES or NO for the motion to be considered valid. If the motion passes or fails by at least 100 shares, then the fund manager will vote according to the outcome of the motion. The voting will close in 5 days for IPOs and 7 days for existing securities. Shares of the fund owned by John Galt or the fund will not participate in the motion.

Dividends

BTC-TRADING-PT normally receives a dividend once per month from the LTC-GLOBAL shares it holds. It is typically paid after the end of the month. The monthly management fee is deducted from the proceeds and paid to the fund manager. The remaining proceeds are converted to BTC and distributed to BTC-TRADING-PT shareholders within 5 business days of receiving the dividend from LTC-GLOBAL.

Fees

John Galt charges a normal fee of 1% of the value of the assets per year, paid as 1/12 of 1% each month based on the value at the time of payment. The fee is deducted from the fund's income, and any amount that exceeds the income for the month is waived.

Redeeming shares

Shares of BTC-TRADING-PT can be redeemed for shares of LTC-GLOBAL. Please contact John Galt Asset Management at the email address above, or by sending a PM to "John Galt" on the LitecoinTalk forums (http://forum.litecoin.net/) or "JohnGalt" (note the missing space) on the BitcoinTalk forums.

• Shares are redeemed in multiples of 10. Each 10 shares of BTC-TRADING-PT is redeemed for one share of LTC-GLOBAL. The minimum number of BTC-TRADING-PT shares that can be redeemed is 100. The person redeeming the shares must have an account on the LTC-GLOBAL exchange in order to receive the LTC-GLOBAL shares.
• There is a redemption fee of 1% based on the value of the shares redeemed, payable in BTC or LTC to John Galt Asset Management.
• The LTC-GLOBAL shares are transferred as soon as the BTC-TRADING-PT shares have been transferred and the fee has been paid.

Depositing shares

• 10 shares of BTC-TRADING-PT are issued for each share of LTC-GLOBAL. The minimum number of LTC-GLOBAL shares is 10.
• There is a redemption fee of 1% based on the value of the shares deposited, payable in BTC or LTC to John Galt Asset Management.
• The BTC-TRADING-PT shares are transferred to the depositor as soon as the LTC-GLOBAL shares have been transferred and the fee has been paid. The depositor must have an account on the BTC-TC exchange in order to receive the shares.

Current Financial Information

Detailed information about the financial state of the fund, including a description of the assets, the number of shares issued, and the NAV, can be found in this spreadsheet:

https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE

The fund's assets can be viewed on this page: https://litecoinglobal.com/portfolio/gbw4

If the fund closes

John Galt reserves the right to close the fund for any reason after giving 30 days notice. The management fee is waived during this period. All assets of the fund, including undistributed dividends, will be distributed to shareholders after the end of the 30 day period.

Shareholders can choose how to receive the distribution:
1. Multiples of 10 shares of the fund can be exchanged for the shares of LTC-GLOBAL that they represent. There is no minimum and no fee in this case.
2. All remaining shares of LTC-GLOBAL will be sold and the proceeds will be distributed to the remaining fund shares as a final dividend.

Acting as a Market Maker

John Galt intends to act as a market maker in order to improve liquidity by posting buy and sell orders simultaneously. In general, the bids and asks will be priced at the LTC-GLOBAL highest bid and lowest ask prices (approximately); however, the prices will be no closer than +/-5% of their average in order to reduce price and currency fluctuation risk and to avoid disrupting normal trading.

Sounds solid - when it's approved I plan on buying a few shares.

BTC-TRADING-PT is now trading. There are currently 1000 shares outstanding and I will initially be posting asks of 100 shares at a time at the average of LTC-GLOBAL's bid and ask prices until a market develops. If you want to buy shares and none are available, send me an email or PM.

More information on voting.

When a new security is submitted for approval, the fund manager will submit a motion to shareholders to vote on approval of the security. The voting will close in 5 days. As stated above, the fund will only vote as long as the motion passes or fails by a margin of at least 100 shares. Shares owned by the fund or fund manager will not participate in the motion.

When the fund obtained the LITECOIN_GLOBAL shares that it holds, it gained the right to vote on approval all of the securities listed on the exchange (not just the ones currently awaiting approval). This means that shareholders of BTC-TRADING-PT will be able to vote on motions to approve these securities. However, since there is no urgency (as they have already been approved), the fund manager will submit motions for only a few of these at a time, starting with the most recently listed.

Unless there is strong objection by shareholders, the fund manager will begin submitting motions for approving securities once 500 shares are owned by the public. Since the fund only gets one chance to vote, this will make the vote available to more people, although it will prevent participation of the fund in the approval process for some securities currently awaiting approval. Waiting for more shares to be sold will also help to ensure that the votes are not dominated by a single person.

I'd suggest doing it a bit differently - only voting once doesn't allow changes to the vote (obviously).  Sometimes a No vote may be cast for a specific reason - if addressed the vote should be able to be changed.

What I'd suggest is that (if feasible - don't know how well the system handles loads of votes but why not find out?) you open a vote for each asset with an end date say way into the future so it effectively never ends.

When some minimum number of votes has been reached and at least a day has passed since the motion was made you vote if there's a 100 or more excess of votes in favour of either option.  If not enough votes (or margin is under 100) then you abstain.  Thereafter vote can be changed if you notice the voting has swung other way or if someone notifies you of it (so you don't have to keep checking all the votes).  Maybe require a 200 margin to change the vote other way (once a vote is cast one way it shouldn't ideally go to an abstain).

Your votes (including abstentions) should be marked with some public identifying tag (e.g. "BTC Trading - PT") or text so that there can be no disputing that you voted the way investors chose.

I think a one-time vote is short-sighted - assets that start off weak can improve and (unfortunately more often the case) ones that start off well can fall by the wayside.  Investors should have some way to register changes in opinion about an asset - leaving the vote open indefinitely allows that: there's no reason why a vote for this purpose needs to have a fixed end point.

I'd further propose that you change the definition of margin of votes needed.  At present it's 100 - that could end up insignificant.  I'd suggest "The larger of 100 and 10% of outstanding shares" and then "The larger of 20 and 20% of shares" to reverse a vote - any change of opinion needs to be very clear.

Thanks for the suggestions. LTC-GLOBAL shareholders can change their vote as often as they like, but I don't think there is a reasonable way to pass on that ability. Using motions to vote indirectly is a little bit of a hack, but I think it can still provide some value.

I like the idea of the on-going motions, except for the part where I have to monitor them. What I can do as a compromise is to extend the motion to two weeks and update the approval vote during that period, and then afterward allow shareholders to request a motion to re-vote if the contract changes.

I can use the public comment feature to show how the vote was cast.

For now, I am going to stick with the 100 vote margin. It is simpler and it already happens to be 10% of the outstanding shares (though that number can change).

Sounds like a decent compromise.  Obviously there's other reasons they may want to revote than just contract changes - e.g. missing dividend payments, obviously lieing or (on other side of the coin) starting to produce proper accounts/records when previously they hadnt.  But yeah - leave it in their hands to request a new motion.

Saturday, December 29, 2012

Overview

Asset Information
Assets: 100 shares of LTC-GLOBAL
Shares Outstanding: 1000
NAV: BTC 0.13370 (Based on the LTC-GLOBAL 7 day average price of 237.47 LTC)

Dividend Information
Weekly dividend (per share): BTC 0.00010382 (paid on Tuesday)
Weekly Yield: 0.08%
Annualized Yield: 4.04%

Management Fee: 4.7494 LTC (0.02% of assets based on LTC-GLOBAL 7 day average price)

Detailed information can be found here: https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE

Commentary

Strong demand for LTC-GLOBAL shares together with a limited supply has driven the price from about 200 LTC to 299 LTC. Meanwhile, the dividends paid this week were much higher than average (which probably spurred the demand for shares), so the yield has increased as well to 0.08% (4.04%, annualized).

Of the 1000 shares of BTC-TRADING-PT outstanding, over 200 have been sold in the first week. The dividend is scheduled for Tuesday at 00:00 UTC, so there is still time to buy shares and receive that dividend.

Saturday, January 5, 2013

Overview

Asset Information
Assets: 100 shares of LTC-GLOBAL
Shares Outstanding: 1000
NAV: BTC0.13666 (Based on the LTC-GLOBAL 7 day average price of 260.8 LTC)

Dividend Information
Weekly dividend (per share): BTC0.00001805 (paid on Tuesday)
Weekly Yield: 0.01%
Annualized Yield: 0.69%

Management Fee: Waived

Detailed information can be found here: https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE

Commentary

Strong demand for LTC-GLOBAL shares continued last week. Although prices didn't reach the previous week's high, volume increased and the trading range decreased as the average price rose. The dividends paid this week were average, so the yield has fallen back to 0.01% (0.69%, annualized). Despite the rise in the average price of LTC-GLOBAL shares, the value of LTC relative to BTC continues to drop slowly. As a result, the NAV rose only moderately from BTC0.134 to BTC0.137 (+2.2%).

Of the 1000 shares of BTC-TRADING-PT outstanding, over there are still many that have yet to be sold. Much of the problem has been due the to wide bid-ask spread along with the low voume. The spread is smaller now, but volume is still low.

This week, in order to get more shares into public hands I will fulfill bids that are at the 7 day average price for LTC-GLOBAL. I don't normally do this because it shuts out sellers, but I believe it is acceptable as there are currently very few sellers and there are several bidders. One possible way to take advantage of this action might be to buy BTC-TRADING-PT shares, exchange them for LTC-GLOBAL shares, and then list the LTC-GLOBAL shares at the higher ask price on LTC-GLOBAL.

Previously, I wrote that I would open up voting on new LTC-GLOBAL and BTC-TC securities when 500 shares have be sold to the public. That still remains; however, I plan to open up voting beginning next week regardless of the number of shares sold. There are now enough sold for a vote to win by a margin of 100 shares.

Saturday, January 12, 2013

Overview

Asset Information
Assets: 100 shares of LTC-GLOBAL
Shares Outstanding: 1000
NAV: BTC0.14719 (Based on the LTC-GLOBAL 7 day average price of 296.16 LTC)

Dividend Information
Weekly dividend: BTC0.02938
Weekly dividend (per share): BTC0.00002938 (paid on Tuesday)
Weekly Yield: 0.02%
Annualized Yield: 1.04%

Management Fee
Normal Fee (%0.02 of assets): 5.9232 LTC
Waived: 1.2558 LTC
Fee Paid: 4.6674 LTC

Detailed information can be found here: https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE

Commentary

Strong demand for LTC-GLOBAL shares continued last week as the price has reached a new high of 343 LTC. Despite the rise in the average price of LTC-GLOBAL shares, the value of LTC relative to BTC continues to drop slowly. Still, the NAV rose strongly from BTC0.137 to BTC0.147 (+7.3%). The dividends paid this week were above average, the yield was 0.02% (1.04%, annualized).


Starting this week, I have begun posting motions for voting on approval of LTC-GLOBAL and BTC-TC securities. Each week, I plan to put up two issues from BTC-TC and three issues from LTC-GLOBAL until all existing securities have been voted on. Shareholders should have received notifications for motions to vote on the approval of the following securities. Voting closes next Saturday.

Ticker	Exchange
GSDPT	BTC-TC
MININGCO.ETF	BTC-TC
HASHING.MINING	LTC-GLOBAL
LHPOOL	LTC-GLOBAL
EMIF.LTC-TRADING	LTC-GLOBAL

Saturday, January 19, 2013

Overview

Asset Information
Assets: 100 shares of LTC-GLOBAL
Shares Outstanding: 1000
NAV: BTC0.1359 (Based on the LTC-GLOBAL 7 day average price of 342.75 LTC)

Dividend Information
Weekly dividend: BTC0 (LTC-GLOBAL paid no dividends this week)
Weekly dividend (per share): BTC0 (paid on Tuesday)
Weekly Yield: 0%
Annualized Yield: 0%

Management Fee
Normal Fee (%0.02 of assets): 6.8160 LTC
Waived: 6.8160 LTC
Fee Paid: 0 LTC

Detailed information can be found here: https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE

Commentary

Demand for LTC-GLOBAL shares continued last week as the price has reached a new high of 450 LTC. Despite the rise in the price of LTC-GLOBAL shares, the value of LTC relative to BTC dropped dramatically, and the NAV fell from BTC0.147 to BTC0.136 (-7.5%) as a result.

No dividends were paid this week. Dividends are generally low and are not paid on a regular schedule, but this is unusual.

Voting

The fund has motions for voting on approval of the following securities. Please don't want until the last minute to vote. The voting times are not displayed correctly, so you may be too late.

Ticker	Exchange	Deadline	Notes
GSDPT	BTC-TC	Closed	Approved 467-0
MININGCO.ETF	BTC-TC	Closed	Approved 465-1
HASHING.MINING	LTC-GLOBAL	Closed	Not approved 461-0
LHPOOL	LTC-GLOBAL	Closed	Abstained
EMIF.LTC-TRADING	LTC-GLOBAL	Closed	Abstained
S.BBET-PT	LTC-GLOBAL	2013-01-22	IPO, new
S.DICE-PT	LTC-GLOBAL	2013-01-22	IPO, new
CREATE	BTC-TC	2013-01-22	IPO, new
OPCU	LTC-GLOBAL	2013-01-27	new
LTCI	LTC-GLOBAL	2013-01-27	new
GOLD	BTC-TC	2013-01-27	new

Sunday, January 27, 2013

Overview

Asset Information
Assets: 100 shares of LTC-GLOBAL
Shares Outstanding: 1000
NAV: BTC 0.12906 (Based on the LTC-GLOBAL 7 day average price of 337.85 LTC)

Dividend Information
Weekly dividend: BTC 0.11403
Weekly dividend (per share): BTC 0.00011403 (paid on Tuesday)
Weekly Yield: 0.09%
Annualized Yield: 4.59%

Management Fee
Normal Fee (%0.02 of assets): 6.7570 LTC
Waived: 0 LTC
Fee Paid: 6.7570 LTC

Detailed information can be found here: https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE

Commentary

Demand for LTC-GLOBAL shares has slowed considerably and the average price has dropped slightly from BTC 342.75 to BTC 337.85 (-1.5%). In addition, the value of LTC relative to BTC continued to fall (despite the popping of the BTC bubble), and the NAV fell from BTC 0.136 to BTC 0.129 (-5.1%) as a result. Please note that the NAV is only an estimation of the value of the shares. The trading volume is low and the bid-ask spread is very high, so the actual value of a share can vary quite a bit.

A single dividend of 36.67 LTC was paid by LTC-GLOBAL to the fund at the beginning of the week. After subtracting the management fee of 6.7570 LTC, the dividend paid to fund shareholders this week is BTC 0.11403, or BTC 0.00011403 per share, for a weekly yield of 0.09% and an annualized yield of 4.59%. This is a healthy dividend and let's hope that it continues, as it validates the current price of the shares.

Voting

The fund has motions for voting on approval of the following securities. Please don't want until the last minute to vote because the exchange may not display the dates correctly, and you may be too late.

Ticker	Exchange	Deadline	Notes
B.YABMC	BTC-TC	2013-01-28	IPO
SILVER	BTC-TC	2013-01-28	IPO
TABITA	LTC-GLOBAL	2013-02-01	IPO
BTC-BOND	BTC-TC	2013-02-02
RSM	BTC-TC	2013-02-02
MOB	LTC-GLOBAL	2013-02-02
BOTMINER	LTC-GLOBAL	2013-02-02
LTCCOPPER	LTC-GLOBAL	2013-02-02
-
S.BBET-PT	LTC-GLOBAL	2013-01-22	Approved 448-0
S.DICE-PT	LTC-GLOBAL	2013-01-22	Approved 488-0
CREATE	BTC-TC	2013-01-22	Listing was cancelled
OPCU	LTC-GLOBAL	2013-01-27	Abstain
LTCI	LTC-GLOBAL	2013-01-27	Approved 541-3
GOLD	BTC-TC	2013-01-27	Approved 541-3

Ouch, managing all that sounds like a monster task.

Perhaps this is why basing a Bitcoin exchange with a litecoin company is a bad idea..

BTC Trading Corp is the company.  The shares are traded as LTC-GLOBAL because the site and dev work was done there several months before the company incorporation was completed.  Until the GLBSE went down I was just writing a LTC exchange so I could issue divs on LTC-MINING in LTC.  ;)  Crazy how quickly things change sometimes.

In any case, forex trading against the wide BTC swings is a lot easier using LTC than USD, as LTC is a lot easier to move around.  I don't think the value of the exchange being held in LTC is any worse than if it were being held in USD, if anything it's probably better off.

Cheers.

Isn't the entire market cap of all LTC something like 50k BTC?

Something like that.  Plenty for me to trade back and forth, maybe not enough for the bigger fish.

I would have thought redundancy is a good thing. Including redundant cryptocoins and blockchains in case the bitcoin devs go nuts and decide to destroy bitcoin somehow or the unlikely event that all the exchanges are shut down or the devs go rogue etc.

No, it opens you up to more risks.

Current situation:

Litecoin becomes practically worthless for any reason? LTC-GLOBAL fully worthless.
Bitcoin becomes practically worthless for any reason? LTC-GLOBAL ~half worthless.

If BTCT was listed separately in BTC:

Litecoin becomes practically worthless for any reason? Doesn't matter.
Bitcoin becomes practically worthless for any reason? BCT fully worthless.

Im not sure what you are concerned about. If you arent a shareholder in the exchange why does it concern you how it divides its profits and sends them out to shareholders ? Unless you are saying burnside should issue more shares for bitcoins and screw over the people who bought them originally which would be rather stupid. I dont think it really matters how the company profits are paid out as long as shareholders can still easily exchange them for other currencies easily.

Not at all. Voting is done by motions and it completely handled by the exchange. I just put up the motions, report the results, and place the real vote. It takes a couple minutes each week (for which I get paid about $0.50 :))

The value of BTC Trading Corp (the company that runs LTC-GLOBAL and BTC-TC exchanges) is independent of the currency the shares may be denominated in. Shares denominated in a worthless currency could just be changed to another currency. If I sell gold for BTC and BTC becomes worthless, is the gold then worthless?

I'm not clear on your example because it is ambiguous. Let me "correct" it. First, please note that (AFAIK) roughly 50% of BTC Trading Corp's income comes from BTC-TC.

Whatever the situation is:

LTC becomes worthless: LTC-GLOBAL is worthless because nobody will use it. BTC-TC is unchanged. BTC Trading Corp drops 50% and relists on BTC-TC (if necessary).
BTC becomes worthless: LTC-GLOBAL is unchanged. BTC-TC is worthless because nobody will use it. BTC Trading Corp drops 50% and relists on LTC-GLOBAL (if necessary).

That the tracking of the shares and divs are paid out in LTC could be changed easily.  Same way BAKEWELL moved off BTC-TC, LTC-GLOBAL could move from LTC-GLOBAL to BTC-TC.  ;)


This is more my take on it.  We're on the two strongest crypto-currencies out there, essentially hedged against a failure in either one.  What's not to like?

So if I invest in this are the profits that the exchange makes in bitcoins converted to litecoins then paid out to shareholders (including this fund) and then converted back to BTC for you to pay out the shareholders of this fund?

If so it would be nice to get around that as the exchange makes a lot of BTC revenue.

You are correct. Currently, there is no way around it, though. You could ask burnside to add the ability to pay dividends in multiple currencies, or I could ask him to pay this fund's share of the BTC income separately and directly in BTC (but I don't think he would go for either).

Keep in mind that BTC-e charges only a 0.2% fee for currency conversion. I think it would be hard to justify setting up a special way to get around it.

I'd be worried that I'd screw up the math, honestly.  To properly pay dividends on the BTC side I'd still have to calculate in the income from the LTC side, then figure out how much to convert and which direction to convert it.  Maybe after things have calmed down a bit in terms of development, etc, we can look at it again.  For now I need to KISS or I'll lose my marbles.  ;)

Saturday, February 2, 2013

Overview

Asset Information
Assets: 110 shares of LTC-GLOBAL
Shares Outstanding: 1100
NAV: BTC 0.11408 (Based on the LTC-GLOBAL 7 day average price of 311.21 LTC)

Please note that 10 LTC-GLOBAL shares were deposited in the fund in exchange for 100 shares of BTC-TRADING-PT. This did not dilute the value of the shares. For more information about depositing assets, please see the OP, or contact John Galt Asset Management.

Dividend Information
Weekly dividend: BTC 0.02426
Weekly dividend (per share): BTC 0.00002205 (paid on Tuesday)
Weekly Yield: 0.02%
Annualized Yield: 1.04%

Management Fee
Normal Fee (%0.02 of assets): 6.8466 LTC
Waived: 2.5835 LTC
Fee Paid: 4.2631 LTC

Detailed information can be found here: https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE

Commentary

Demand for LTC-GLOBAL shares continues to abate and the average price has dropped from 337.85 LTC to 311.21 LTC (-7.9%). In addition, the value of LTC relative to BTC continued to fall, and the NAV fell from BTC 0.129 to BTC 0.115 (-10.9%) as a result. Please note that the NAV is only an estimation of the value of the shares. The trading volume is low and the bid-ask spread is very high, so the actual value of a share can vary quite a bit.

A dividend of 11.11 LTC was paid by LTC-GLOBAL to the fund during the week. After subtracting the management fee of 4.26 LTC, the dividend paid to fund shareholders this week is BTC 0.02426, or BTC 0.00002205 per share, for a weekly yield of 0.02% and an annualized yield of 1.04%. This is a meager dividend, but it is much higher than the typical dividends in previous weeks.

Voting

The fund has motions for voting on approval of the following securities. Please don't want until the last minute to vote because the exchange may not display the dates correctly, and you may be too late.

Ticker	Exchange	Deadline	Notes
MOO.COW.MINING	LTC-GLOBAL	2013-02-06	IPO
LGT	LTC-GLOBAL	2013-02-09
LTC-GAMING	LTC-GLOBAL	2013-02-09
PAJKA.BOND	BTC-TC	2013-02-09
-
B.YABMC	BTC-TC	2013-01-28	Abstain
SILVER	BTC-TC	2013-01-28	Not Approved: 528-0
TABITA	LTC-GLOBAL	2013-02-01	Abstain
BTC-BOND	BTC-TC	2013-02-02	Abstain
RSM	BTC-TC	2013-02-02	Approved: 122-6
MOB	LTC-GLOBAL	2013-02-02	Abstain
BOTMINER	LTC-GLOBAL	2013-02-02	Not Approved: 676-40
LTCCOPPER	LTC-GLOBAL	2013-02-02	Not Approved: 696-20

Burnside, do you actually go through an exchange to move the profit of BTCT from BTC to LTC, paying an exchange fee, or do you just move the numbers around accounting-wise, not having to pay the exchange fee?

Most of the time I already have the funds on one side or the other and will just look at the going exchange rate on BTC-e and do the math using the top offer.  When I do that I don't bother with the exchange fees, or withdrawal fees, etc.  Sometimes I don't and I have to exchange, which sucks because it takes a long time to move everything around.

Saturday, February 9, 2013

Overview

Asset Information
Assets: 110 shares of LTC-GLOBAL
Shares Outstanding: 1100
NAV: BTC 0.12081 (Based on the LTC-GLOBAL 7 day average price of 348.17 LTC)

Dividend Information
Weekly dividend: BTC 0.0 (LTC-GLOBAL paid no dividends this week)
Weekly dividend (per share): BTC 0.0
Weekly Yield: 0.00%
Annualized Yield: 0.00%

Management Fee
Normal Fee (%0.02 of assets): 7.6597 LTC
Waived: 7.6597 LTC
Fee Paid: 0.0 LTC

Detailed information can be found here: https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE

Commentary

Demand for LTC-GLOBAL shares picked up a little and the average price has rose from 311.21 LTC to 347.17 LTC (+12%). In contrast, the value of LTC relative to BTC continued to fall, but the NAV still rose from BTC 0.115 to BTC 0.121 (+11.6%) as a result. Please note that the NAV is only an estimation of the value of the shares. The trading volume is low and the bid-ask spread is very high, so the actual value of a share can vary quite a bit.

LTC-GLOBAL paid no dividends to the fund during the week. As a result, no management fees were paid and no dividends were paid.

Voting

The fund has motions for voting on approval of the following securities. Please don't want until the last minute to vote because the exchange may not display the dates correctly, and you may be too late.

Ticker	Exchange	Deadline	Notes
LTC-ATF.B1	LTC-GLOBAL	2013-02-16
ART	LTC-GLOBAL	2013-02-16	Please note that the motion has a typo. This security trades on LTC-GLOBAL.
BITVPS	BTC-TC	2013-02-11	IPO
S.BBET-PT	BTC-TC	2013-02-11	IPO
S.DICE-PT	BTC-TC	2013-02-11	IPO
S.MPOE-PT	BTC-TC	2013-02-11	IPO
-
MOO.COW.MINING	LTC-GLOBAL	2013-02-06	Abstain
GOLD	LTC-GLOBAL	2013-02-09	Approved: 833-3
LTC-GAMING	LTC-GLOBAL	2013-02-09	Not approved: 722-83
PAJKA.BOND	BTC-TC	2013-02-09	Abstain

Note: The new LTC-GLOBAL security PUNT that IPOed recently is a joke. We won't be voting on it.

Sunday, February 17, 2013

Overview

Asset Information
Assets: 110 shares of LTC-GLOBAL
Shares Outstanding: 1100
NAV: BTC 0.10774 (Based on the LTC-GLOBAL 7 day average price of 375.4 LTC)

Dividend Information
Weekly dividend: BTC 0.16642
Weekly dividend (per share): BTC0.00015129
Weekly Yield: 0.14%
Annualized Yield: 7.30%

Management Fee
Normal Fee (%0.02 of assets): 8.2588 LTC
Waived: 0.0 LTC
Fee Paid: 8.2588 LTC

Detailed information can be found here: https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE

Commentary

Demand for LTC-GLOBAL shares has been high although volume continues to be low. The 7-day average price has risen from 347.17 LTC to 375.4 LTC (+8.1%). Despite that, the value of LTC relative to BTC fell sharply, and the NAV dropped from BTC 0.121 to BTC 0.108 (-10.7%) as a result. Please note that the NAV is only an estimation of the value of the shares. The trading volume is low and the bid-ask spread is very high, so the actual price of a share can vary quite a bit.

LTC-GLOBAL paid a large dividend this week, making up for the lack of a dividend last week. The fund's dividend for this week was BTC 0.00015129 per share, or 0.14% weekly yield (7.30% annualized).

Voting

The fund has motions for voting on approval of the following securities. Please don't want until the last minute to vote because the exchange may not display the dates correctly, and you may be too late.

Ticker	Exchange	Deadline	Notes
LTC-DMF	LTC-GLOBAL	2013-02-23
LTC-ARCADE	LTC-GLOBAL	2013-02-23
BTC-MINING	BTC-TC	2013-02-23
S.WIHEE	LTC-GLOBAL	2013-02-22	IPO
S.MPOE-PT	LTC-GLOBAL	2013-02-22	IPO. Note: Same name, different issuer, different exchange.
COGNITIVE-PT	LTC-GLOBAL	2013-02-18	IPO
-
LTC-ATF.B1	LTC-GLOBAL	2013-02-16	Approved: 749-31
ART	LTC-GLOBAL	2013-02-16	Not approved: 40-159
BITVPS	BTC-TC	2013-02-11	Abstained
S.BBET-PT	BTC-TC	2013-02-11	Approved: 805-0
S.DICE-PT	BTC-TC	2013-02-11	Abstained
S.MPOE-PT	BTC-TC	2013-02-11	Approved: 805-0

Sunday, February 24, 2013

Overview

Asset Information
Assets: 120 shares of LTC-GLOBAL
Shares Outstanding: 1200
NAV: BTC 0.10774 (Based on the LTC-GLOBAL 7 day average price of 361.11 LTC)

10 shares of LTC-GLOBAL were deposited into the fund in exchange for 100 shares of BTC-TRADING-PT. This transaction did not the dilute the value of the shares or change the amount of the dividend per share.

Dividend Information
Weekly dividend: BTC 0.05934
Weekly dividend (per share): BTC0.00004945
Weekly Yield: 0.06%
Annualized Yield: 2.93%

Management Fee
Normal Fee (%0.02 of assets): 8.67 LTC
Waived: 0.0 LTC
Fee Paid: 8.67 LTC

Detailed information can be found here: https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE

Commentary

Demand for LTC-GLOBAL shares has fallen and volume remains low. The 7-day average price has risen from 375.4 LTC to 361.1 (-3.8%). In addition, the value of LTC relative to BTC fell sharply to BTC 0.00243. The result is that the NAV has dropped from BTC 0.1080 to BTC 0.0878 (-18.7%). Please note that the NAV is only an estimation of the value of the shares. The trading volumes of both LTC-GLOBAL and BTC-TRADING-PT are low and the bid-ask spreads are very high, so the actual prices of a shares can vary quite a bit.

LTC-GLOBAL paid a decent dividend this week and this has been passed on to shareholders (after conversion to BTC). The fund's dividend for this week was BTC 0.00004945 per share, or 0.06% weekly yield (2.93% annualized).

Voting

The fund has motions for voting on approval of the following securities. Motions must pass by a margin of 100 shares to be approved (a YES vote), or fail by a margin of 100 shares to not be approved (a NO vote). Votes within a margin of 100 shares receive an ABSTAIN vote.

Ticker	Exchange	Deadline	Notes
BASIC-MINING	BTC-TC	2013-03-02
ESECURITY-SA2	LTC-GLOBAL	2013-03-02
TRIPLE-B-MINING	LTC-GLOBAL	2013-02-28
-
LTC-DMF	LTC-GLOBAL	2013-02-23	Approved: 755-9
LTC-ARCADE	LTC-GLOBAL	2013-02-23	Not approved: 15-749
BTC-MINING	BTC-TC	2013-02-23	Abstain
S.WIHEE	LTC-GLOBAL	2013-02-22	Abstain
S.MPOE-PT	LTC-GLOBAL	2013-02-22	Abstain
COGNITIVE-PT	LTC-GLOBAL	2013-02-18	Approved: 646-150

Sunday, March 3, 2013

Overview

Asset Information
Assets: 120 shares of LTC-GLOBAL
Shares Outstanding: 1200
NAV: 0.8330 (based on the LTC-GLOBAL 7 day average price of 368.57 LTC)

Dividend Information
Weekly dividend: 0.0 BTC (LTC-GLOBAL paid no dividends this week)
Weekly dividend (per share): 0.0 BTC
Weekly Yield: 0.00%
Annualized Yield: 0.00%

Management Fee
Normal Fee (%0.02 of assets): 8.85 LTC
Waived: 8.85 LTC
Fee Paid: 0.0 LTC

Detailed information can be found here: https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE

Commentary

Demand for LTC-GLOBAL shares has fallen and volume remains low. The 7-day average price has risen only slightly, going from 361.1 LTC to 368.6 LTC (2.1%). In addition, the value of LTC relative to BTC has continued to fall, now down to 0.00226 BTC. The result is that the NAV has continued to fall, dropping from 0.0878 BTC to 0.0833 BTC (-5.1%). Please note that the NAV is only an estimation of the value of the shares. The trading volumes of both LTC-GLOBAL and BTC-TRADING-PT are low and the bid-ask spreads are very high, so the actual prices of a shares can vary quite a bit.

LTC-GLOBAL paid no dividend this week. These intermittent dividends are inconvenient. I will be asking burnside to start paying dividends regularly, perhaps monthly.

Voting

The fund has motions for voting on approval of the following securities. Motions must pass by a margin of 100 shares to be approved (a YES vote), or fail by a margin of 100 shares to not be approved (a NO vote). Votes with a margin of less than 100 shares receive an ABSTAIN vote.

Ticker	Exchange	Deadline	Notes
SYNERGY	BTC-TC	2013-03-09
ASICMINER-PT	BTC-TC	2013-03-09	IPO
AJM.MINING	LTC-GLOBAL	2013-03-09
LTC-ATF	LTC-GLOBAL	2013-03-09
-
BASIC-MINING	BTC-TC	2013-03-02	Approved: 689-1
ESECURITY-SA2	LTC-GLOBAL	2013-03-02	Abstain
TRIPLE-B-MINING	LTC-GLOBAL	2013-02-28	Abstain

Sunday, March 3, 2013

The price of LTC, both in USD and BTC has been extremely volatile today, rising more that 40% vs. BTC, including swings as big as 20% This activity is very unusual and has no obvious cause.

This volatility has a very big impact on the BTC-Trading Pass-Through Fund because the underlying assets (shares of LTC-GLOBAL) are traded using LTC, but BTC-TRADING-PT is denominated in BTC. As a result there have been very large changes in the price of BTC-TRADING-PT shares as a result of the changes in the relative price of the underlying assets.

As a side note, this volatility is affecting the prices of all securities on the LTC-GLOBAL exchange, as well as all LTC/BTC pass-through funds on all exchanges.

Until this activity subsides, please be careful. Please monitor your trades.

I have the worst timing.  I just issued the divs for Feb 22 - Feb 28.  Though I screwed up and included the asset creation fee on ASICMINER-PT which should have been a part of the next div for Mar 1 thru Mar ?.  

I cut it as of the end of Feb because I've been contemplating doing it monthly.  It's a bunch of work trying to put together the report on oddball days of the week/month, so once a month covering the previous month would be way easier.  I'll sleep on it a few more nights and let everyone know where we end up.

Cheers.

Sunday, March 10, 2013

Overview

Asset Information
Assets: 120 shares of LTC-GLOBAL
Shares Outstanding: 1200
NAV: 0.1593 (based on the LTC-GLOBAL 7 day average price of 320.49 LTC)

Dividend Information
Weekly dividend: 0.07238 BTC
Weekly dividend (per share): 0.00006032 BTC
Weekly Yield: 0.04%
Annualized Yield: 1.97%

Management Fee
Normal Fee (%0.02 of assets): 7.69 LTC
Waived: 0.0 LTC
Fee Paid: 7.69 LTC

Detailed information can be found here: https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE

Commentary

The big news for the week is the huge increase in the value of LTC relative to both BTC and USD. This increase has been reflected in both the NAV and the dividend.

The price of LTC-GLOBAL shares has fallen this week, primarily due to shareholders cashing out after the big LTC price jump, but also due to the continuing low demand for shares. The 7-day average price fell sharply from 368.6 LTC to 320.5 LTC (-13%). On the other hand, the value of LTC relative to BTC turned around has more than doubled, up from 0.00226 BTC to 0.00497 (+120%). So, despite the drop in asset value in terms of LTC, the NAV has has risen from 0.0833 BTC to 0.159 BTC (+91%). Please note that the NAV is only an estimation of the value of the shares. The trading volumes of both LTC-GLOBAL and BTC-TRADING-PT are low and the bid-ask spreads are very high, so the actual price of a share can vary quite a bit.

LTC-GLOBAL paid a dividend of 22.28 LTC. After subtracting the management fee and converting to BTC, the fund earned an income of 0.07238 BTC (0.00006032 BTC per share) that will be distributed as a dividend on Tuesday.

Weekly Reports and Dividend Payments

LTC-GLOBAL has decided to begin paying dividends on a regular schedule of once per month. As as result, dividends paid by BTC-TRADING-PT will also be changed to once per month. The schedule has yet to be determined. In the meantime, fund reports will continue to be published weekly until the next dividend is paid. After that, reports will be published monthly, coinciding with dividend payments. The management fee is unchanged at 1% of assets per year, but will now be paid at a rate of 0.083% monthly.

Voting

The fund has motions for voting on approval of the following securities. Motions must pass by a margin of 100 shares to be approved (a YES vote), or fail by a margin of 100 shares to not be approved (a NO vote). Votes with a margin of less than 100 shares receive an ABSTAIN vote.

Please note: There are several IPO securities up for a vote this week. These securities have earlier deadlines because approval is necessary to begin trading. Don't be late!

Ticker	Exchange	Deadline	Notes
CRYPTO-TRADE	BTC-TC	2013-03-13	IPO
CRYPTO-TRADE	LTC-GLOBAL	2013-03-13	IPO
LHCOIN	LTC-GLOBAL	2013-03-13	IPO
COGNITIVE	BTC-TC	2013-03-15
-
SYNERGY	BTC-TC	2013-03-09	Abstain
ASICMINER-PT	BTC-TC	2013-03-09	Abstain
AJM.MINING	LTC-GLOBAL	2013-03-09	Abstain
LTC-ATF	LTC-GLOBAL	2013-03-09	Abstain

None of the securities up for approval this week got more than 100 votes either way. This is probably related to the number of publicly-owned shares dropping significantly (below 400). The low number of shares makes approval of any security unlikely. So, if there are not enough votes this week, voting will be temporarily suspended until the number of publicly-owned shares has increased by at least 100.



EDIT: The decision to suspend voting due to low participation has been postponed.

Sunday, March 17, 2013

Overview

Asset Information
Assets: 100 shares of LTC-GLOBAL
Shares Outstanding: 1000
NAV: 0.233 (based on the LTC-GLOBAL 7 day average price of 158.18 LTC)

200 shares of BTC-TRADING-PT were redeemed for 20 shares of LTC-GLOBAL

Dividend Information
Dividends are now paid monthly

Management Fee
The management fee is now paid monthly.

Detailed information can be found here: https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE

Commentary

This week turned out to be a repeat of last week, extending the huge increase in the value of LTC relative to both BTC and USD.

The price of LTC-GLOBAL shares has fallen even more severely this week, probably due again to shareholders cashing out as a result of the big LTC price jump. The 7-day average price fell sharply from 320.5 LTC to 158.2 LTC (-51%). On the other hand, the value of LTC relative to BTC rose sharply from 0.0497 BTC to 0.147 BTC (+196%). So, despite the drop in asset value in terms of LTC, the NAV has has risen from 0.159 BTC to 0.233 (+47%).

Please note that the NAV is only an estimation of the value of the shares. The trading volumes of both LTC-GLOBAL and BTC-TRADING-PT are low and the bid-ask spreads are very high, so the actual price of a share can vary quite a bit.

Changes to Weekly Report, Dividend Payment, and Fee Schedules

LTC-GLOBAL has decided to begin paying dividends on a regular schedule of once per month. As as result, BTC-TRADING-PT dividends will also be paid once per month, after the dividend from LTC-GLOBAL has been received. In the meantime, fund reports will continue to be published weekly until the next dividend is paid. After that, reports will be published monthly, coinciding with dividend payments. The management fee is unchanged at 1% of assets per year, but will now be paid at a rate of 0.083% monthly. Current fee waivers will still apply, but will be adjusted to account for the change to monthly dividends.

The exact schedule has yet to be determined.

Voting

The fund has motions for voting on approval of the following securities. Motions must pass by a margin of 100 shares to be approved (a YES vote), or fail by a margin of 100 shares to not be approved (a NO vote). Votes with a margin of less than 100 shares receive an ABSTAIN vote. Motions that receive less than 100 votes will not be considered valid.

Please note the earlier deadlines for IPOs. Voting on IPOs ends sooner than established securities because trading on a security cannot begin until the security is approved.

Ticker	Exchange	Deadline	Notes
COG.F	BTC-TC	2013-03-21	IPO
LTC-GOLD	LTC-GLOBAL	2013-03-23
ESECURITY-SA	LTC-GLOBAL	2013-03-23
SYNERGY	BTC-TC	2013-03-23	Second try. Please vote
-
CRYPTO-TRADE	BTC-TC	2013-03-13	Abstain
CRYPTO-TRADE	LTC-GLOBAL	2013-03-13	Abstain
LHCOIN	LTC-GLOBAL	2013-03-13	Not approved: 1-150
COGNITIVE	BTC-TC	2013-03-15	Not approved: 20-135

Sunday, March 24, 2013

Overview

Asset Information
Assets: 100 shares of LTC-GLOBAL
Shares Outstanding: 1000
NAV: 0.180 (based on the LTC-GLOBAL 7 day average price of 211.09 LTC)

Dividend Information
Dividends are now paid monthly

Management Fee
The management fee is now paid monthly.

Detailed information can be found here: https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE

Commentary

The price of LTC-GLOBAL shares recovered somewhat after the price of LTC stopped rising and underwent a major correction, and the 7-day average price rose from 158.2 LTC to 211.09 LTC (+33%). On the other hand, the value of LTC ended it meteoric rise with a sudden fall from 0.147 BTC down to 0.00853 (-42%). So, in a complete reversal of the previous week, the NAV has fallen from 0.233 BTC to 0.180 BTC (-23%).

Please note that the NAV is only an estimation of the value of the shares. The trading volumes of both LTC-GLOBAL and BTC-TRADING-PT are low and the bid-ask spreads are very high, so the actual price of a share can vary quite a bit.

Changes to Weekly Report, Dividend Payment, and Fee Schedules

LTC-GLOBAL has decided to begin paying dividends on a regular schedule of once per month. As as result, BTC-TRADING-PT dividends will also be paid once per month, after the dividend from LTC-GLOBAL has been received. In the meantime, fund reports will continue to be published weekly until the next dividend is paid. After that, reports will be published monthly, coinciding with dividend payments. The management fee is unchanged at 1% of assets per year, but will now be paid at a rate of 0.083% monthly. Current fee waivers will still apply, but will be adjusted to account for the change to monthly dividends.

The exact schedule has yet to be determined.

Voting

For the last few months, the fund has made motions for voting on approval of securities on the LTC-GLOBAL and BTC-TC exchanges. This is a benefit and a responsibility of shareholders of LTC-GLOBAL that has been passed to the shareholders of BTC-TRADING-PT. The dramatic volatility in the LTC and BTC markets over the last few weeks has resulted in nearly all shares in the fund being sold back to John Galt. While public ownership has increased this week, very few votes were cast for the securities up for approval. As a result of the lack of participation, voting has been suspended for existing securities until the number of publicly-owned shares returns to a sufficient number to ensure a fair and effective vote. Voting will still be held for IPOs. In addition, the results of the motions voted on over the last three weeks will be invalidated, and the NO votes for LHCOIN and COGNITIVE will be changed to ABSTAIN.

Motions must pass by a margin of 100 shares to be approved (a YES vote), or fail by a margin of 100 shares to not be approved (a NO vote). Votes with a margin of less than 100 shares receive an ABSTAIN vote. The results of motions that receive less than 200 votes will not be considered valid.

Please note the earlier deadlines for IPOs. Voting on IPOs ends sooner than established securities because trading on a security cannot begin until the security is approved.

Saturday, March 30, 2013


Overview

Asset Information
Assets: 100 shares of LTC-GLOBAL
Shares Outstanding: 1000
NAV: 0.122 (based on the LTC-GLOBAL 7 day average price of 158.48 LTC)

Dividend Information
Dividends will be paid monthly

Management Fee
The management will be paid monthly.

Detailed information can be found here: https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE

Commentary

The price of LTC-GLOBAL shares fell sharply last week, and the 7-day average price fell from 211.09 LTC to 154.48 LTC (-25%). In addtion, the fall in the value of LTC against BTC continued, falling from 0.00853 BTC to 0.00770 BTC (-9.7%). As a result, the NAV continued its fall from 0.180 BTC to 0.122 BTC (-32%).

Please note that the NAV is only an estimation of the value of the shares. The trading volumes of both LTC-GLOBAL and BTC-TRADING-PT are low and the bid-ask spreads are very high, so the actual price of a share can vary quite a bit.

Changes to Weekly Report, Dividend Payment, and Fee Schedules

LTC-GLOBAL has decided to begin paying dividends on a regular schedule of once per month. As as result, BTC-TRADING-PT dividends will also be paid once per month, after the dividend from LTC-GLOBAL has been received. In the meantime, fund reports will continue to be published weekly until the next dividend is paid. After that, reports will be published monthly, coinciding with dividend payments. The management fee is unchanged at 1% of assets per year, but will now be paid at a rate of 0.083% monthly. Current fee waivers will still apply, but will be adjusted to account for the change to monthly dividends. The BTC-TRADING-PT dividend will be paid within 5 business days of receiving the monthly dividend from LTC-GLOBAL.

This change requires a change the contract. A motion has been posted. Please vote.



Voting

For the last few months, the fund has made motions for voting on approval of securities on the LTC-GLOBAL and BTC-TC exchanges. This is a benefit and a responsibility of shareholders of LTC-GLOBAL that has been passed to the shareholders of BTC-TRADING-PT. The dramatic volatility in the LTC and BTC markets over the last few weeks has resulted in nearly all shares in the fund being sold back to John Galt. While public ownership has increased this week, very few votes were cast for the securities up for approval. As a result of the lack of participation, voting has been suspended for existing securities until the number of publicly-owned shares returns to a sufficient number to ensure a fair and effective vote. Voting will still be held for IPOs. In addition, the results of the motions voted on over the last three weeks will be invalidated, and the NO votes for LHCOIN and COGNITIVE will be changed to ABSTAIN.

Motions must pass by a margin of 100 shares to be approved (a YES vote), or fail by a margin of 100 shares to not be approved (a NO vote). Votes with a margin of less than 100 shares receive an ABSTAIN vote. The results of motions that receive less than 200 votes will not be considered valid.

Please note the earlier deadlines for IPOs. Voting on IPOs ends sooner than established securities because trading on a security cannot begin until the security is approved.

April 6, 2013


Overview

Asset Information
Assets: 100 shares of LTC-GLOBAL
Shares Outstanding: 1000
NAV: 0.153 (based on the LTC-GLOBAL 7 day average price of 145.74 LTC)

Dividend Information
Dividend (paid 2013-4-6): 0.49740 BTC
Dividend per share: .00049740 BTC
Monthly Yield (based on NAV): 0.32%
Annualized Yield: 3.89%

Management Fee
Normal Fee (0.08333% of asset value): 12.15 LTC
Waived: 0
Fee Paid: 12.15 LTC

Detailed information can be found here: https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE

Commentary

As reported in previous weekly updates, the price of LTC-GLOBAL shares has fell sharply last month, probably due to the incredible rise of the value of LTC in both BTC and dollar terms. Despite the fall in prices, the value of LTC-GLOBAL has risen in terms of both BTC and dollars because of the rise in the value of LTC. The 7-day average price stands 145.74 LTC. In the end, the NAV at the end of the month is 0.153 BTC, which is approximately 50% higher than the value at the end of the previous month.

LTC-GLOBAL paid a monthly dividend of 59.52 LTC. After subtracting the management fee and converting to BTC, the fund earned an income of 0.49740 BTC (0.00049740 BTC per share) that was distributed today.

Please note that the NAV is only an estimation of the value of the shares. The trading volumes of both LTC-GLOBAL and BTC-TRADING-PT are low and the bid-ask spreads are very high, so the actual price of a share can vary quite a bit.

Voting

For the last few months, the fund has made motions for voting on approval of securities on the LTC-GLOBAL and BTC-TC exchanges. This is a benefit and a responsibility of shareholders of LTC-GLOBAL that has been passed to the shareholders of BTC-TRADING-PT. The dramatic volatility in the LTC and BTC markets over the last few weeks has resulted in nearly all shares in the fund being sold back to John Galt. While public ownership has increased this week, very few votes were cast for the securities up for approval. As a result of the lack of participation, voting has been suspended for existing securities until the number of publicly-owned shares returns to a sufficient number to ensure a fair and effective vote. Voting will still be held for IPOs.

Motions must pass by a margin of 100 shares to be approved (a YES vote), or fail by a margin of 100 shares to not be approved (a NO vote). Votes with a margin of less than 100 shares receive an ABSTAIN vote. The results of motions that receive less than 200 votes will not be considered valid.

Please note the earlier deadlines for IPOs. Voting on IPOs ends sooner than established securities because trading on a security cannot begin until the security is approved.

May 3, 2013

Overview

Asset Information
Assets: 100 shares of LTC-GLOBAL
Shares Outstanding: 1000
NAV: 0.215 (based on the LTC-GLOBAL 7 day average price of 67.80 LTC)

Dividend Information
Dividend (paid 2013-5-2): 0.30927 BTC
Dividend per share: .00030927 BTC
Monthly Yield (based on NAV): 0.14%
Annualized Yield: 1.72%

Management Fee
Normal Fee (0.08333% of asset value): 5.65 LTC
Waived: 0
Fee Paid: 5.65 LTC

Detailed information can be found here: https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE

Commentary

The price of LTC-GLOBAL shares fell sharply again last month, probably again due to the rise of the value of LTC in both BTC and dollar terms. The 7-day average price stands 67.80 LTC. Despite the fall in prices, the value of LTC-GLOBAL has risen in terms of both BTC and dollars because of the rise in the value of LTC. By the end of the month the NAV rose to 0.215 BTC (+41%).

LTC-GLOBAL paid a monthly dividend of 15.06 LTC. After subtracting the management fee and converting to BTC, the fund earned an income of 0.30927 BTC (0.00030927 BTC per share) that was distributed on May 2, 2013. Trading on both the BTC and LTC exchanges slowed considerably during the month,  probably due to the incredible spike and crash in both BTC and LTC prices (in dollar terms).

Please note that the NAV is only an estimation of the value of the shares. The trading volumes of both LTC-GLOBAL and BTC-TRADING-PT are low and the bid-ask spreads are very high, so the actual price of a share can vary quite a bit.

Voting


Motions must pass by a margin of 100 shares to be approved (a YES vote), or fail by a margin of 100 shares to not be approved (a NO vote). Votes with a margin of less than 100 shares receive an ABSTAIN vote. The results of motions that receive less than 200 votes will not be considered valid. At this time, voting for approval is only done for IPOs due to the lack of shares publicly held. Please vote. It is very important for the success of the exchanges and for the value of your shares.

Please note the earlier deadlines for IPOs. Voting on IPOs ends sooner than established securities because trading on a security cannot begin until the security is approved.

Ticker	Exchange	Deadline	Notes
ASICMINER-100PT	BTC-TC	2013-05-08	IPO
TAT.ASICMINER	BTC-TC	2013-05-08	IPO
-

I'd really wish there would be more volume and action. Investing in the plattform itself should be a good thing.

The fund has done very well in BTC and spectacularly in dollars. The original NAV on December 12, 2013 was 0.120 BTC (or about $1.60). In just 6 months, it has doubled in BTC and increased by 20x in dollars.

June 5, 2013

Overview

Asset Information
Assets: 100 shares of LTC-GLOBAL
Shares Outstanding: 1000
NAV: 0.357 (based on the LTC-GLOBAL 7 day average price of 155.81 LTC)

Dividend Information
Dividend (paid 2013-6-4): 1.68399 BTC
Dividend per share: .00168399 BTC
Monthly Yield (based on NAV): 0.47%
Annualized Yield: 5.64%

Management Fee
Normal Fee (0.08333% of asset value): 12.98 LTC
Waived: 0
Fee Paid: 12.98 LTC

Detailed information can be found here: https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE

Commentary

After falling sharply over the last couple months, the price of LTC-GLOBAL shares has recovered somewhat as the BTC-TC exchange has grown quite a bit. The 7-day average price stands at 155.81 LTC. Last month, the increase in the value of LTC in terms of BTC compensated for fall in the price of LTC-GLOBAL. This month, the stabilization of the LTC/BTC market and recovery of the price of LTC-GLOBAL has resulted in a dramatic increase in the NAV. By the end of the month the NAV rose to 0.357 BTC (+166%). Trading volumes of both LTC-GLOBAL and BTC-TRADING-PT continue to be very low.

LTC-GLOBAL paid a monthly dividend of 86.67 LTC. After subtracting the management fee and converting to BTC, the fund earned an income of 1.68399 BTC (0.00168399 BTC per share) that was distributed on June 4, 2013.

Please note that the NAV is only an estimation of the value of the shares. The trading volumes of both LTC-GLOBAL and BTC-TRADING-PT are low and the bid-ask spreads are very high, so the actual price of a share can vary quite a bit.

Voting

Motions must pass by a margin of 100 shares to be approved (a YES vote), or fail by a margin of 100 shares to not be approved (a NO vote). Votes with a margin of less than 100 shares receive an ABSTAIN vote. The results of motions that receive less than 200 votes will not be considered valid. At this time, voting for approval is only done for IPOs due to the lack of shares publicly held. Please vote. It is very important for the success of the exchanges and for the value of your shares.

Please note the earlier deadlines for IPOs. Voting on IPOs ends sooner than established securities because trading on a security cannot begin until the security is approved.

Voting for approval of assets has been temporarily suspended due to lack of participation.

In my opinion, trading volumes in LTC-GLOBAL on the LTC-GLOBAL exchange and BTC-TRADING-PT on the BTC-TC exchange are too low. I believe the primary reason is an excessive bid/ask spread. In a large part, this spread is due to the lack of volume-- in other words, the problem is self-perpetuating.

It is in the best interest of the fund to increase liquidity, so I (the manager of the BTC-TRADING-PT) act as a market-maker, providing a constant supply of shares to buy and sell. Normally, I set my bid and ask prices on BTC-TRADING-PT to be the same as the current bid and ask on LTC-GLOBAL. The idea is to avoid competition between the two securities and between myself and fund's shareholders, and also to limit arbitrage opportunities against my positions. However, now I am going to try something new.

I am going to price my bids and asks more aggressively and lower the spread on BTC-TRADING-PT compared to LTC-GLOBAL. I hope this will increase the trading volume. I believe that this move will also reduce the spread on LTC-GLOBAL to some extent due to competition and arbitrage.

The downside is that I will be competing against traders more than before. Traders will have to raise their bids and reduce their asks in order to get ahead of my large positions if they hope to trade. On the other hand, I feel that traders that place their positions up against mine are missing out on opportunities to trade as a result of their misguided attempt to maximize their spread. If they lowered their spread, they would trade more and make more money in the end. I am effectively forcing them to lower their spreads.

I believe that this move will be beneficial to everyone in the long run, and I hope that everyone agrees with me. If it has no effect or it causes problems, then I will return to the normal policy.

In my very humble opinion, which is certainly less informed than yours (no sarcasm), I think there are two problems much larger than that, which are actually its causes.

1.
The dividend is way too low.
Even if this month's dividend is a record, it's still 7.37% per year.
Now, if not for the dividend someone might buy it for the voting power, but obtaining a seat costs too much (~2400€).

2.
While the site has a very nice and handy theme, it still has so many bugs and quirks which may make people unconfortable, especially developers who may fear something might break badly.

Don't misunderstand me, btct.co is a really great platform and I'm very happy to be able to use it, still these are the reasons I guess why not many people are interested into buying it.

The alternate way of saying the same thing: the price is too high. The people who do not own shares do not agree with what the people who do own shares are asking.

7% is not low, it's pretty good for a non growing company. BUT btct is apparently growing tremendously, and long term shareholders will be rewarded by increasing dividends, and share price.

If the price of the shares were just too high, then people would sell and bring the price down. The problem is that the price is too high for buyers and too low for sellers. That is the problem I am trying to solve. If I can narrow the spread and increase the liquidity, then perhaps the price to buyers would fall to a level that you feel is appropriate, and the price to sellers would rise to a level that they feel is fair.

It is now one week later. Here are the results:

Not only did I actively narrow the spread on BTC-TRADING-PT, but I also used the fund to provide support for also actively narrowing the spread on LTC-GLOBAL. The results seem good; however, my program started a few days after dividends were paid, so it is not clear how much it contributed to the increased volume in both securities.

LTC-GLOBAL on LTC-GLOBAL
Burnside's 150 share ask at 149 LTC helped me a lot. It made it easier and less risky for me to narrow the spread. I was able to get the spread down to about 10 LTC (about 8%), which was much better than before, but still too high. Unfortunately, when Burnside's ask was removed, that was the end of my market-making with LTC-GLOBAL shares because the spread became too wide for me to affect with my relatively meager number of shares.

BTC-TRADING-PT on BTC-TC
Volume of BTC-TRADING-PT on BTC_TC is still better than before. My program to narrow its spread remains active (it is about 25%), and I have decided to become even more aggressive. This will probably open up some arbitrage opportunities (at my expense), but I'm going to go ahead and see what happens.

In a continuing effort to increase the liquidity (and decrease the spread) of BTC-TRADING-PT shares. I am considering a 10-for-1 stock split. I would like to get some feedback on the idea.

Basically, a stock split would work like this: for every share a person owns, they would receive 9 additional shares. They would now own 10 times as many shares, so each share would be worth 1/10th as much. In addition, each share would receive proportionally less dividends. In the end, there would be no change in the value to shareholders. It would be like holding 10 dimes instead of 1 dollar.

Currently, the value of a share is about $30 (up from $1.80 in December, woo hoo!), so buying or selling shares must be done in $30 increments, which is too high for many people. A 10-for-1 stock split would reduce the increment to about $3, making it easier to buy and sell.

The stock split would not affect fees because fees are based on total value rather than number of shares.

Any opinions?

Splitting the stock would not change the yield, so I do not think it would have a great impact on the asset. People who think it is too expensive will still think it is too expensive.

There's two different meanings for 'expensive' in this context - and I think you're talking about a different one to him.

You mean too expensive in the sense of "It's being sold for $10 but I don't think it's worth more than $9".
He means too expensive in the sense of "It's being sold for $10 and it's worth it but I only have $2".

His goal is to reduce the price per unit so more people can afford it - not to change people's perception of what it's worth.  A split also allows those holding a small number of units to sell off a small percentage of them.  Someone holding 2 units can't sell 10% of thier holding at the moment - they can only sell 0%, 50% or 100%.

Ok, I see what you mean now. It would make it more flexible for small investors, and increase the liquidity somewhat.

I am assuming that if this happens, the orderbook would be cleared out, otherwise people would suddenly find their 0.3 btc offers filled with shares only worth 0.03 btc.

Obviously all the offers would be multiplied as well.

We would lock the security, clear the book, multiply everyone's shares, then post a notification via the site and email to all shareholders.  Should be smooth and painless.

Cheers.

Casting my "vote" that I think a split would be a good thing. It's a cool fund and would be nice for the shares to be more accessible + easier to re-invest in from other dividend sources.

I agree

I agree too.

+1 for split. While the volume is that low, flexibility really is the keyword. Funny enough, this stock has the highest volume on LTC-Global.

I assume both 100x walls are from you. May I ask, why?

+1 split share would be a good idea to increase liquidity.

Yes. The walls are there to provide liquidity. I want to make sure that there is always someone to buy or sell shares. Normally, the walls are placed near the bid and ask prices of LTC-GLOBAL (the underlying asset), but I have reduced the spread somewhat in a recent attempt to jump-start the market. Read this post: https://bitcointalk.org/index.php?topic=131891.msg2391256#msg2391256

Soooooooo, any updates on the split? Things seem to be getting... pricey.

I agree.  The response has been 100% positive, so I am definitely going to do the split as soon as possible. There are some logistics involved, and I am working on them. I don't have a date yet, but I intend to do a 100:1 split. I will provide more information when I do the monthly update (which will come out after LTC-GLOBAL pays its dividend).

Any breakdown of the finances of this security?

Its based on trade volume essentially yes and listing fees

Here's a quick summary:

Technically, this security is a exchanged-traded mutual fund that holds shares of BTC TRADING Corp. (listed as LTC-GLOBAL on the LTC-GLOBAL exchange). The values of the fund and its shares depend on the value of the BTC TRADING Corp. shares that the fund holds. This fund pays a dividend around the beginning of each month. All dividends paid to the fund by BTC TRADING Corp. are distributed to fund shareholders. Normally BTC TRADING Corp. pays a dividend once each month around the beginning of the month, and the fund's dividend, which is based on that, is paid shortly afterword. I charge a fee of 1% of assets per year, paid monthly from the BTC TRADING Corp. dividend.

All the details are explained in the first post in this thread and in the BTC-TRADING-PT Details page on BTC-TC.

Now, I think your questions really pertain to BTC TRADING Corp.

BTC TRADING Corp. runs two exchanges: LTC-GLOBAL and BTC-TC. The exchanges are very similar, but one is denominated in BTC and the other is denominated in LTC. LTC-GLOBAL is the original, but BTC-TC has become much bigger than LTC-GLOBAL. Both exchanges make money by charging fees. The major fee is the trading fee which is charged whenever a person buys or sells shares. The fee is 0.25% of the sale. The other fee is the listing fee which is a fee for listing a security on the exchange. This fee is currently either 5 BTC or 150 LTC. I don't believe there are any other sources of revenue.

Net income generated by the business is distributed as dividends once per month after the end of the month to all shareholders. Burnside also publishes financial information at that time in this thread: https://forum.litecoin.net/index.php/topic,551.0.html

Finally, there are 10,000 shares of LTC-GLOBAL. This fund owns 100 of them or 1%. It has owned more than that in the past. While 1% is a small amount, I believe that burnside  owns 90%-95%, so it is likely that this fund is one of the largest shareholders.

Unless I'm mistaken, it's 0.2~0.25% both sides, for a total of 0.4~0.5%; it's 0.2% if you have 2FA on, and 0.25% otherwise.

0.2% of the sale and buy is my fee.Not only cost sale fee.

July 3, 2013

Overview

Asset Information
Assets: 100 shares of LTC-GLOBAL
Shares Outstanding: 1000
NAV (per share): 0.82953 (based on the LTC-GLOBAL 7 day average price of 260.86 LTC)

Dividend Information
Dividend (paid 2013-7-3): 2.51453 BTC
Dividend per share: .00251453 BTC
Monthly Yield (based on NAV): 0.30%
Annualized Yield: 3.64%

Management Fee
Normal Fee (0.08333% of asset value): 21.74 LTC
Waived: 0
Fee Paid: 21.74 LTC

Detailed information can be found here: https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE

Commentary

The price of LTC-GLOBAL shares has nearly doubled in the last month. I believe this is due to the fact that the exchange has grown a lot both in terms of the number of assets, the total value of all assets, and the transaction volume. The 7-day average price rose from 155.81 LTC to 260.86 LTC. Trading volumes of both LTC-GLOBAL and BTC-TRADING-PT continue to be low, but higher than before.

LTC-GLOBAL paid a monthly dividend of 98.32 LTC. After subtracting the management fee and converting to BTC, the fund earned an income of 2.51453 BTC (0.00251453 BTC per share) that was distributed on July 3, 2013.

Please note that the NAV is only an estimation of the value of the shares. The trading volumes of both LTC-GLOBAL and BTC-TRADING-PT are low and the bid-ask spreads are very high, so the actual price of a share can vary quite a bit.

Voting

Motions must pass by a margin of 100 shares to be approved (a YES vote), or fail by a margin of 100 shares to not be approved (a NO vote). Votes with a margin of less than 100 shares receive an ABSTAIN vote. The results of motions that receive less than 200 votes will not be considered valid. At this time, voting for approval is only done for IPOs due to the lack of shares publicly held. Please vote. It is very important for the success of the exchanges and for the value of your shares.

Please note the earlier deadlines for IPOs. Voting on IPOs ends sooner than established securities because trading on a security cannot begin until the security is approved.

Voting for approval of assets has been temporarily suspended due to lack of participation. However, in the next few days we will be voting to find out how many people would like to resume voting for asset approval. If a sufficient number vote to resume, then I will resume weekly voting on assets.

Other Important Information

I act as a market-maker in BTC-TRADING-PT. The goal to to ensure that there are always shares to buy and always someone to sell to, both at reasonable prices. Normally, I set the bid and ask prices to match the bid and ask prices of LTC-GLOBAL, but in the past few weeks I have been pricing bids and asks aggressively, attempting to narrow the spread and increase liquidity of the shares. I have also been acting as a market-maker in LTC-GLOBAL shares, but to a lesser extent. I believe that both these activities have increased the trading volume for both shares and also have contributed to the rise in values of both shares. I plan to continue this activity for the foreseeable future.

A few weeks ago, I proposed splitting BTC-TRADING-PT shares 100:1 as a way to increase liquidity and make it easier for people to buy and sell shares. The response was 100% positive so I am going ahead with the plan. I don't have a schedule at this time. Doing the split will take some coordination with burnside, and some effort on his part. When there is a date, I will make an announcement.

July 6, 2013

Regarding the proposed 100:1 split of BTC-TRADING-PT:


In the LTC-GLOBAL June Financial Summary, burnside notified everyone that he is in the process of splitting LTC-GLOBAL 100:1. The current plan is to synchronize the split of both securities in order to reduce any confusion or disruption. Both securities are splitting 100:1, so BTC-TRADING-PT shares will continue to represent 1/10th of a LTC-GLOBAL share after the split.

Oh, this is... bizarre.

Is there a reason why while he was at it, he didn't sync them, so that they would become 1:1?

After LTC-GLOBAL splits 100:1, each share is worth $6 - $7, and I would prefer them to be even cheaper. That is why I planned to maintain their 1/10th share value.

I considered splitting BTC-TRADING-PT shares only 10:1 so that they have the same value. That might be less confusing to investors. Is that what you are thinking?

Perhaps a better solution is for LTC-GLOBAL to split 1000:1 and BTC-TRADING-PT to split 100:1, making both shares have the same value -- $0.60 -$0.70 at current prices.

I'd vote for the last option - makes the math simpler. If LTC-GLOBAL does split (for whatever ratio) then I'm sure that it'll be made clear how many shares are required to participate in voting rights.

I am holding 11 shares of BTC-TRADING-PT...

11 at ฿0.8174

After the split, I will be holding 1,100 shares right?

1,100 at ฿ 0.008174

The total number of shares as of now is 100,000 (Market Cap of ฿ 81,740 or Ł 2,400,000).
This will increase to 10,000,000.

Yes. That is how a split works. Note also that after the split each share will represent 1/1000 LTC-GLOBAL shares (see below). That is why each share's value will be 1/100 of its previous value after the split. It is very important to understand that the total value of your shares (1.1 LTC-GLOBAL shares or 9.5854 BTC) is not changed by the split. A good analogy is that your $1 coin now becomes 100 pennies.

I must also point out that the plan is to split BTC-TRADING-PT shares at the same time that the LTC-GLOBAL shares split. The details are not available yet, but if LTC-GLOBAL splits 1000:1 (as I hope it does), then a BTC-TRADING-PT share will represent 1 LTC-GLOBAL share and not 1/1000.


The terminology is a little confusing because shares of this fund work a little differently from other securities on the exchange. The market cap is 1000 times the share price, not 10,000.

"Shares: Outstanding 1000 / 10000 Issued".

"Issued" shares are the number of shares issued by the exchange to the fund, and available to be issued to shareholders. They effectively represent the maximum size of the fund. Currently, only 1,000 of the 10,000 shares are active. These are the "outstanding" shares and they are all owned by shareholders (and John Galt). Each outstanding share represents exactly 1/10 LTC-GLOBAL share, so the outstanding number determines the market cap. The other 9000 currently represent nothing. The number of outstanding shares changes as assets are added or removed from the fund.

After the split, both of these numbers will be multiplied by 100. Since the assets held by the fund are not changed by the split, each share will be worth 1/100 of its value before the split and the market cap remains the same.

"Excessive wait trying to get lock on"  when trying to sell something

That 'asks' wall now going in opposite direction. So we must wait. Thanks!

The value of LTC has dropped compared to BTC, so the 288 LTC ask is worth less in BTC now.

ActiveMining is about to be the highest volume. Get a couple more ventures like this and these dividends here will go through the roof!

Wow... ฿ 0.0049 dividend per share! I did the right thing by buying up 9 more shares in July.  ;D

Now I have 20 shares.

August 6, 2013

Overview

The information below reflects the status of the fund on July 31, 2013. Changes since then are not included.

Asset Information
Assets: 100 shares of LTC-GLOBAL
Shares Outstanding: 1000
NAV (per share): 0.75149 (based on the LTC-GLOBAL 7 day average price of 272.28 LTC)

Dividend Information
Dividend (paid 2013-8-5): 4.91322 BTC
Dividend per share: .00491322 BTC
Monthly Yield (based on NAV): 0.65%
Annualized Yield: 7.85%

Management Fee
Normal Fee (0.08333% of asset value): 22.69 LTC
Waived: 0
Fee Paid: 22.69 LTC

Detailed information can be found here: https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE

Commentary

BTC Trading Corp exchanges grew tremendously this month as demonstrated by the record dividend payment. It must be noted that despite now taking a back seat to its younger brother, the LTC-GLOBAL exchange continues to grow strongly, showing that LTC remains a viable currency (at least in the investing world). The 7-day average price of LTC-GLOBAL rose from 260.86  LTC to 272.28 LTC. Trading volumes of both LTC-GLOBAL and BTC-TRADING-PT are rising, but are still low. Liquidity remains a problem.

LTC-GLOBAL paid a record monthly dividend of 204.89 LTC, more than doubling last month's dividend. After subtracting the management fee and converting to BTC, the fund earned an income of 4.913222 BTC (0.004913222 BTC per share) that was distributed on August 5, 2013.

The assets of the fund remain at 100 shares of LTC-GLOBAL, but the portion of the fund not owned by John Galt has risen to about 80%.

Please note that the NAV is only an estimation of the value of the shares. The trading volumes of both LTC-GLOBAL and BTC-TRADING-PT are low and the bid-ask spreads are very high, so the actual price of a share can vary quite a bit.

Voting

Voting for approval of assets has been temporarily suspended due to lack of participation. Last month, I stated that I would take a poll to find out how many people would like to resume voting for asset approval. I have delayed that action because the number of shares owned by the public has until recently remained low.

Share Split

I intend to split BTC-TRADING-PT shares 100 to 1 in the near future. A share split reduces the value of the individual shares, but since the number of shares is increased proportionally, it does not change the value of your investment. Burnside intends to split LTC-GLOBAL 1000 to 1, and in order to reduce confusion, problems, and complications, we have decided to synchronize the splits of the two securities. Splitting LTC-GLOBAL requires paperwork and we are currently waiting for it to be processed. Stay tuned.

Other Important Information

As I mentioned last month, I act as a market-maker in BTC-TRADING-PT, and I have been pricing bids and asks aggressively, attempting to narrow the spread and increase liquidity of the shares. I have also been acting as a market-maker in LTC-GLOBAL shares, but to a lesser extent. I believe that both these activities have increased the trading volume for both securities and also have contributed to the rise in values of both securities. I plan to continue this activity for the foreseeable future.

20 shares of LTC-GLOBAL have been deposited into the fund in exchange for 200 shares of BTC-TRADING-PT. This has increased the size of the fund but does not change the value of the shares.

Anyone can exchange LTC-GLOBAL and BTC-TRADING-PT shares through the fund, but the benefits of doing so are limited at this point. See the first post in this thread for details.

I wish you'd charge something like 3% of the dividend, instead of 1% of the entire asset as a fee.

Thanks for your input. Can you go into more detail?

I thought about how to structure fees when I set up the fund, and I felt that charging a fee based on the value of the assets is most appropriate. Effectively, I am managing your investment for you and it seems natural that the bigger the investment is, the more I should get paid. I don't think it is appropriate to charge based on the dividend because I have no control over the amount of the dividend and my performance is not not related to it. The fact that I get paid out of the dividend is really more of a convenience than anything else.

I would also like to point out that anyone that has held shares in this fund for more than a couple months has made a nice profit just on the rise in value. And anyone owning shares since the fund opened has made a killing. When I started the fund 9 months ago, the shares were worth 0.12 BTC (about $1.65) and now they are worth 6 times that, 0.75 BTC, and more than 40 times that in dollar terms. My point is that a 1% fee is insignificant compared to those gains.

Charging a fee based on the actual dividend generated links the fee to an objective measure of the fund's success. Basing the fee on the price is open to manipulation, there could be no dividend and the price could be in a bubble.

This fund's success is not related to the dividend. Please don't confuse the success of the fund with the success of the its assets. The fund's success is measured by the advantage of owning the PT shares over owning the actual shares. There is no direct way to measure that success, but the next best way is by measuring the amount of money invested in the fund.

Also, consider a fund such as a gold fund, from which no dividends are paid. How do you measure the success of a fund that pays no dividends?

I think the management fee is well designed for a pass through on this type of asset. Why do you calculate value by the 7 day average rather than the 30 day average?

Great question.

I base the NAV on a moving average rather than the last sale price because trading volume is very low and the price is very volatile. I prefer the 7-day moving average because, compared to the 30-day moving average, it is more responsive to significant price fluctuations and there is less lag.

I base the fee on the NAV. I could base the fee on the 30-day moving average instead of the NAV, and that seems like a reasonable thing to do. I will consider it. It is probably a change that shareholders must vote on.

I've been looking at BTC-Trading for a while. The yield (and lack of liquidity) has historically been quite low, which dissuaded me from buying. My analysis is that this is about to change, so I bought some BTC-TRADING-PTs today. Well, I suppose the yield could stay low, but only if the price moves up, so either way it's a win.

I feel that the company's competitive advantages (strong reputation, simple to use interface, network effects due to ease of trading between assets, volume of new assets being announced) mean that it has a bright future. It has joined AsicMiner as one of the stocks I think will be a long-term hold, but with more short-to-medium term upside.

I plan to resume allowing shareholders to vote to approve or not approve securities on the LTC-GLOBAL and BTC-TC exchanges, but first I would like to determine the level of participation and interest in this feature.

You should have been notified of a new motion. This motion allows you to indicate how much you think that you will participate in voting and will help me structure the voting process. Please vote on the motion to indicate your level of interest.

This motion is important. If there is not enough participation in the motion, it will indicate that shareholders are not interested in voting on securities.

30 shares of LTC-GLOBAL have been deposited into the fund in exchange for 300 shares of BTC-TRADING-PT. This has increased the size of the fund but does not change the value of the shares.

Anyone can exchange LTC-GLOBAL and BTC-TRADING-PT shares through the fund, but the benefits of doing so are limited at this point. See the first post in this thread for details.

Voting Poll

The results of the poll are in:

244 shares would actively vote on approval motions
20 shares would vote sometimes
9 (+ a few hundred that did not vote) are not interested in voting


Because 244 shares are only a little more than the 200 quorum, we will begin voting, but only on new and recent issues.

We will begin by voting on COG.F3 and CB.IDIFF-E. These shares are IPOs so they need to be voted on quickly. The vote will last 5 days.


Management Fee

Currently, the management fee is based on the 7-day moving average of the price of BTC-TRADING-PT, as reported by the BTC-TC exchange. Vexual suggested (I assume that it was a suggestion) that the fee be based on the 30-day moving average. That seems like a idea that is good enough to put to a vote. The long term effect is minimal. The short term effect is that as the price of the share goes up the fee will go be less than a 7-day average based feed.


Share Price Movement

There are some interesting dynamics right now that have been affecting the price of BTC-TRADING-PT shares. The price of LTC-GLOBAL has been rising quickly, but so has the value of BTC against LTC, and the result has been some unexpected movements in the price of BTC-TRADING-PT shares.

Not seeing the votes up yet - if it's because you haven't yet put them up no problem.

I hold some shares of this pass-through (held personally, not for LTC-ATF) and intend to vote on motions whilst I hold them.  I'll post a brief summary of why I'm voting the way I am (or not bother if you'd prefer I don't).

When I see the motions I'd vote :

YES for CB.Diff - it's a useful option to have and has been run well in the past.  Issuer is reliable.
NO for COG.F3 - it's a rushed job (still a reference to COG.F2 in it) and he hasn't yet even raised a motion with Cognitive shareholders to approve it.   Vote would change to YES if/when those issues are fixed (whilst I intensely dislike his past use of sock-puppets it's not QUITE enough for me to outright vote NO on everything he does given he's been reliable otherwise).

Management Fee

Voting for the management fee calculation change has closed and the motion passed overwhelmingly, 428 - 0. The calculation of the fee based on the 30-day average will begin with the August dividend.

Voting on securities

The fund voted YES on CB.IDIFF-E and NO on COG.F3. Voting has opened for ICEDRILL.ASIC and PETA-MINE. Both are new issues and voting closes in 5 days.
Edit: Due to a math error, COG.F3 was originally reported as ABSTAIN. This has been corrected and the vote has been changed to NO.

Other

100 shares of BTC-TRADING-PT were redeemed for 10 shares of LTC-GLOBAL. The fund currently holds 140 shares of LTC-GLOBAL and has 1400 shares outstanding.

Ummm.... COG.F3?


At least 200 votes: Check

Margin of 100 votes: Check

Result....  Abstain?

I'd like to know how that is possible, please?

I was about to tell you to "check your  math because 288 - 96 = ..." Thanks for catching that. I will fix it everywhere.

There are several new securities up for voting. Please take the time to look at the securities and vote.

Name	Exchange	Deadline	Forum
ICEDRILL.ASIC	BTC-TC	2013-09-02
PETA-MINE	BTC-TC	2013-09-02
RENT1SPB	LTC-GLOBAL	2013-09-05	https://forum.litecoin.net/index.php/topic,4738.0.html
S.OPENRIGS	LTC-GLOBAL	2013-09-05	https://forum.litecoin.net/index.php/topic,5576.0.html

I understand that there is a problem with voting for securities on the Litecoin Global exchange. In order to see the information you have to log into the exchange, but many shareholders do not have an account on that exchange. I'll see what I can do. Suggestions are welcome.

My votes (with brief reasons) on these are :

ICEDRILL - NO.  Contract isn't up to date (it refers to a fixed 50 million shares for one thing which is no longer the case) and in any event this is a pass-through so the contract should be a simple pass-through one referring to the contract on the underlying asset.
PETA-MINE - NO.  No explanation of what happens with IPO funds - don't even know whether the need is to raise X USD or X BTC per share or what happens to extra if exchange-rate changes.  It looks like a PMB - but if so, why the shares allocated to management?
RENT1SPB - NO.  the contract looks nothing like a contract.  It's not clear what (if anything) investors actually own and are entitled to - and the accounts are opaque.
OPENRIGS - YES.  Some areas of the contract could do with improvement but the basics are there and if the website and full documents are looked at (along with comments from those dealing with him) this is a real venture and the entitlements of investors are fairly clear.  It's a slightly begrudging yes vote (as it's one of those horrible not-quite-a-share, not-quite-a-PMB things) but a yes vote nonetheless.

September 7, 2013

Overview

The information below reflects the status of the fund on August 31, 2013. Changes since then are not included.

Asset Information
Assets: 140 shares of LTC-GLOBAL
Shares Outstanding: 1400
NAV (per share): 0.94779 (based on the LTC-GLOBAL 7 day average price of 499.10 LTC)

Dividend Information
Dividend: 0 BTC. No dividend was paid this month
Dividend per share: 0 BTC
Monthly Yield (based on NAV): 0%
Annualized Yield: 0%

Management Fee
Normal Fee (0.08333% of asset value): 39.93 LTC
Waived: 39.93 LTC
Fee Paid: 0 LTC

Detailed information can be found here: https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE

Commentary

The BTC Trading Corp exchanges again grew tremendously during the previous month. Transaction volume and the number of new assets continued to increase rapidly on both exchanges. The 7-day average price of LTC-GLOBAL nearly doubled from 272.28  LTC to 499.10 LTC. Trading volumes of both LTC-GLOBAL and BTC-TRADING-PT are rising, but are still low. Liquidity remains a problem.

burnside decided to use all of the operating income to fund a retainer for legal services. While revenue grew about 40% from the previous month, there was no profit this month and no dividend.

The assets of the fund increased to 140 shares of LTC-GLOBAL and the number of shares increased to 1400.

Please note that the NAV is only an estimation of the value of the shares. The trading volumes of both LTC-GLOBAL and BTC-TRADING-PT are low and the bid-ask spreads are very high, so the actual price of a share can vary quite a bit.

Voting

Motions must pass by a margin of 100 shares to be approved (a YES vote), or fail by a margin of 100 shares to not be approved (a NO vote). Votes with a margin of less than 100 shares receive an ABSTAIN vote. The results of motions that receive less than 200 votes will not be considered valid. At this time, voting for approval is only done for IPOs due to the lack of shares publicly held. Please vote. It is very important for the success of the exchanges and for the value of your shares.

Please note the early deadlines for IPOs. The voting period for IPOs is short because trading on a security cannot begin until the security is approved.

Ticker	Exchange	Result
COG.F3	BTC-TC	Not approved 288-96
CB.IDIFF-E	BTC-TC	Approved 407-0
ICE.DRILL	BTC-TC	Not approved 289-63
PETA-MINE	BTC-TC	Not approved 290-65
RENT1SPB	LTC-GLOBAL	Abstained
S.OPENRIGS	LTC-GLOBAL	Not approved 241-133

Share Split

I intend to split BTC-TRADING-PT shares 100 to 1 in the near future. We are still waiting on BTC Trading Corp. Stay tuned.

Other Important Information

I continue act as a market-maker in both BTC-TRADING-PT and LTC-GLOBAL, and I have been pricing bids and asks aggressively, attempting to narrow the spread and increase liquidity of the shares. I believe that both these activities have increased the trading volume for both securities and also have contributed to the rise in values of both securities. I plan to continue this activity for the foreseeable future.

"Trading is currently frozen on this security."

Could you explain?

...would be my guess.

Wow.. that is great news!

I can't explain because I don't see it. Are you still getting that message?


As for the split, we are still waiting for Ethan to proceed with the plan for splitting LTC-GLOBAL. No word yet on the progress of that. Sorry.

Here are the results of recent voting:

Ticker	Exchange	Result (Yes-No)
COMINING	LTC-GLOBAL	Abstained 180-115
HOSTED-MINING	LTC-GLOBAL	Abstained 181-115
CIPHERMINE-PT	BTC-TC	Approved 293-4
CIPHERMINE.B1	BTC-TC	Approved 150-48
TAT.NEOBEE	BTC-TC	Approved 387-48
ET-DIFF	BTC-TC	Abstain 137-88

Whats the logic/thought pattern of voting 'no' for a benign futures instrument?

No. Now everything is OK.

Most likely it was just some maintenance occurring on the site - when that happens trading gets briefly disabled on everything.  Usually there's a box at the top which says Maintenance is occurring but if you're already on a security when it starts then you don't get to see that unless you refresh.

I'm looking at investing in this asset and have noticed that the share price has basically halved in the past 2 weeks. Is there a logical reason for this decrease, such as a contractual change/operational change, etc?

I can't see any notices about anything changing, but I did come across a comment about divs not being paid last month and the funds being used to hire legal advice. Was that just a one time thing? Will divs be getting paid again as usual this month?

Any other info that I should know about to help make my decision?

The stock is overpriced. Even with regular dividends, the expected APR is considerably lower than pretty much every bond/loan that is on offer on the exchange. I'm not sure why it has held up its price for so long. I guess that a fair number of shares isn't moving since people hold these (on LTC-Global) to have a moderator-vote on new assets.

To expand on that: LTC-Global (the asset for which BTC-TRADING-PT is the passthrough) is currently valued at ~$5,000,000 (10000 shares @ 250 LTC per share @ $2 per LTC, roughly), which is completely out of sync with its income. Make no mistake, the site makes a fair amount of coin from trade fees, but not enough to justify the current valuation. This is mostly a consequence of market forces though, whatever they may be, as the IPO was at 25 LTC per share back in sept 2012, when LTC was worth not nearly as much as it is now. Since then, both $/LTC and LTC/share have gone up considerably.

Looking at the history, dividends seems to be increasing significantly over the last few months and there's been a hell of a lot of trading of Labcoin shares on BTC-TC over the last couple of weeks. The last div was basically double the previous one and if the they've doubled again by the next payout (2 months after the last one), then the divs would be around 0.01 BTC/share - or around 1/4 that of AM for about 1/3 the price.

I think I'll need to do a bit more research before investing though, but it's seems to be looking good so far. If the price falls to 0.4 BTC per share and the next div is 0.01 BTC per share, then that's on par with AM now.

While you're reasoning makes sense, it remains to be seen if the super-high trade volume keeps up. The exchange can't keep milking LABCOIN forever. Either the issuers prove they're legit and things settle down or they're outed as a scam and the whole thing comes crashing down. Either way, it'll probably happen soon. In addition, there have been fair amount of medium-to-large IPOs recently that benefit the overal trade volume (and fees), but that's not something that lasts.

There's definitely potential for decent profits, but it's fairly uncertain right now.

Can anyone tell me what's on that page as I can't view it? I need an LTC-GLOBAL account but registration is currently disabled.

It's a public portfolio for user "BTCTRADINGPT". The page shows that it owns 130 shares of LTC-GLOBAL and has a 0 LTC balance.

130 LTC-GLOBAL shares can back up to 1300 BTC-TRADING-PT shares due to the 1:10 ratio between the original and the passthrough. And there are exactly 1300 PT-shares outstanding, so all PT-shares are backed properly by shares of the original security.

It would be nice if this link (https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE#gid=0) contained more than the current and previous months data.

Mabsark,

Rannasha's answers are accurate, although I disagree with his belief that the stock is overpriced. The exchanges are growing and I believe they will continue to grow. Increasing profits justify a higher price.

I don't provide a history because that information can be obtained elsewhere already (including in this thread), and because I'm lazy.

BTC-TRADING-PT is passive and only hold shares of LTC-GLOBAL. Its price closely follows the price of LTC-GLOBAL, but it is denominated in BTC. Ignoring recent events, it has dropped over the last several weeks because the price of LTC in terms of BTC has been falling (20% or so).

Looks like the problem is a little bit bigger than that. Luckily my trading strategy caused me to avoid a 50 BTC loss, as I had only picked up 20 or so shares above .90. Still, an 8-10 BTC loss with little to no warning is pretty bad.

I didn't actually realize that LTC-GLOBAL had stopped allowing new users. Looks like BTC-TC has too. That's an extremely troubling sign. I'm going to have to look into that. I'd say shares of LTC-GLOBAL are worth IPO right about now (20 LTC) not 300 (or 450+ for that matter).

@usagi, @Rannasha nice move :D

Thanks on these discount. BTC Trading Corp (BTC-TC) is biggest  virtual currency stock exchange and  growing. Remember that.

P.S. Good luck with bond/loan with bigger APR than LTC-Global.

You were saying? ^^

That was quick. Sorry guys. I was wrong.  ???

I had 22 shares bought at 0.9 BTC. Now they are worth 0.01 BTC apiece.

what's going to happen with these shares after the closure of BTC-TC and LTC-GLOBAL?

I guess their value drops to 0?

They shouldn't, if everything is handled correctly. If the assets of the company are liquidated and distributed accordingly I would guess the shareholders would still receive something, no?

True, but I don't know how many assets the company has. Its main "assets" were the companies that were listed on the exchange and the trade volume they generated and that's all gone.

There may be some code and some hardware left at the end of it, but that's it.

What about cash? There surely must be something in the bank from all the trading fees

Profits were paid out monthly as dividends. So I can't imagine there's much more than a month worth of that in the bank.

So the stock price shouldn't collapse all the way down to zero, but it will be many times less than what it traded at yesterday.

In any case, I think burnside should have left the door open for a transfer of the business to some other manager instead of ruining his investors this way. I'm sure there are people out there willing to take over and even pay something for it.

I guess that if he closes down instead of selling / handing over, it must be because the trubles are so deep he isn't allowed to do that.

Well, it was fun ...

Due the upcoming closure of the BTC-TC exchange, this fund will also be closing. Trading will remain open until trading is halted on the exchange.

BTC-TRADING-PT holds 130 shares of LTC-GLOBAL and these share constitute 100% of its assets. The closure of the LTC-GLOBAL and BTC-TC exchanges affects the value of the LTC-GLOBAL shares, and thus the value of the fund's shares. The value of the shares of the fund will be difficult to determine until the dust settles, and it is possible that the value will be 0.

Any distribution to LTC-GLOBAL shareholders will be passed on to shareholders of the fund as soon as possible after it is received. If you have not registered a BTC address with the exchange, you must do that now. Any distributions by the fund after the exchange has closed will be made to these addresses only.

For those that have an account on LTC-GLOBAL and want to own LTC-GLOBAL shares directly, the exchange of the fund's shares for LTC-GLOBAL shares is still open. There will be no fee. 10 shares of BTC-TRADING-PT can be exchanged for 1 share of LTC-GLOBAL.

If you have any questions, feel free to send me an email or a PM.


John Galt Asset Management

OK.... one final doubt.

Out of the 10,000 LTC-GLOBAL shares, Burnside was owning less than 90%, which means that he had sold 1,000+ shares to others. At an average rate  of 10 BTC per share, that corresponds to 10,000 BTC. Is there any chance that this amount can be paid out as compensation to the shareholders?

That's not what happened unfortunately.

The shares were sold, if I recall correctly, at 15 LTC each back when LTC was worth about .003 BTC.

So the 1K shares old only raised about 45 BTC for him - and BTC were only about $5 back then so it didn't actually pay for anything.

Remember the shares were sold when only LTC-Global existed, not BTC-TC, and LTC was 1/10th of what it is now vs BTC.  He hasn't benefitted from the rise in price at all - unless he sold more shares (believe he did sell a few more to get this pass-through started - but I know that due to a cockup he also bought back a bunch at 150 LTC).

I need to clarify. The fund will continue to hold its assets after the exchange has closed. Any distributions to the fund will be passed on to shareholders of this fund even after trading has been halted and the exchange has been closed. However, sometime after the exchange closes on October 31, I plan to liquidate the fund's assets (if possible) and distribute the proceeds to shareholders. The exchange does have assets of value, but the value of those assets has yet to be determined.

Here are your options:

• 1. Sell your shares on BTC-TC (currently at approximately 2 LTC each) until trading is halted.
• 2. Redeem 10 shares for 1 share of LTC-GLOBAL until the exchange closes.
• 3. Wait for a disposition of the shares after the exchange closes and receive any remaining value.

Edit: As of October 8, options #1 and #2 and no longer available.


If you have any questions, feel free to send me an email or a PM.


John Galt Asset Management

In short, there is nothing new to report.

The fund still owns a number of shares of LTC-GLOBAL and we are waiting for Burnside to determine the remaining value (if any) and to make a final distribution to shareholders. When this happens, the fund will pass the final distribution along to its shareholders and will close. If it is determined that the LTC-GLOBAL shares owned by the fund have no value, the fund will simply close. If there is an opportunity to liquidate the fund's LTC-GLOBAL shares, it will be evaluated.


If you have any questions, feel free to send me an email or a PM.


John Galt Asset Management

thanks!

I'm willing to buy BTC-TRADING-PT shares at 0.025/ea.  This roughly reflects my 20 LTC/ea offer for direct shares.  This offer is good while the LTC/BTC rate stays in the 0.012-0.014 range.

I am not yet certain what will happen with outstanding shares that I do not buy back.  There is a small chance (since I am using personal funds to buy them back) that I will have to use these funds for defense down the road.  In other words, I may not be able to maintain the offer indefinitely.

Current assets:  (rough)
 - 2 BTC
 - 2600 LTC
 - The site code

Current liabilities:
 - Legal issues, guessing ~2 months remaining to settle?  I estimate at a cost of $40,000 in addition to everything paid to date.
 - A 504 BTC loan

I can't focus on selling the site code until I have finished getting everyone's coins and assets taken care of.  The constant rise in BTC price has worked against me.  All of the offers (offers being considered were in the 600 - 1000 BTC range) I gathered are no longer good.  I had some very interested parties, so they will likely re-submit bids, but they are going to reflect the new exchange rates.  In addition, there is much work to be done in order to package it in a clean fashion.  (IE, to strip out anything sensitive from the config files, codebase, etc, and to assemble a "package" with sql schema, bitcoind code, and apache configs that can be used to install it elsewhere)

Any proceeds from the sale of the site code will be applied in the following order:
  - to pay legal expenses
  - to repay the loan  (which was taken out to pay legal expenses)
  - finally, what is left will be distributed amongst remaining shareholders.

Hopefully that is enough information to help those involved make an educated decision.  Please let me know if there are any questions.  I am happy to answer whatever I can.

John, with your permission, I am also prepared to send this out to BTC-TRADING-PT shareholders via the site news system.

I'm very surprised.
Why did you get a loan denominated in BTC? O_o

Several factors... it was better thought out than it sounds:

- The loan was essentially a gift from yours truly, at the time very likely never to be able to be repaid because it was expected that the company would actually need a larger loan.  Had BTC prices remained the same we would have needed another 500 BTC relatively shortly.  Instead BTC prices rose and now it's unlikely to be repaid because the BTC value has spiked.  Either way, the result is the same... debt larger than revenue because of the forced shutdown.

- It was -immediately- available.  It was needed ASAP to retain representation.  Had we not moved quickly, the orderly shutdown would not have been possible and liability would have been immense.

- Part of the company's defense is that it -had never touched- (and still hasn't) a single dollar of USD.

- Banks won't work with Bitcoin based businesses.  (At least in my neck of the woods.)  And anyone else with all the facts in hand would never have given us a loan.

Cheers.

I'm very relieved this does make sense, thank you for explaining it!

 how to do...

what can i do for  BTC-TRADING-PT? How  do ?
thanks.

At this point, I consider your offer to be the best that can ever be expected.

I would appreciate it if you sent that info to BTC-TRADING-PT shareholders.


John Galt Asset Management

Hi all.

JohnGalt and I worked out a single large payment in order to allow him to distribute funds and close down the PT.  The funds have been sent and are in his control.

Cheers.

The assets of BTC-TRADING-PT have been liquidated. The remaining 44 shares of LTC-GLOBAL were sold back to Burnside for 11 BTC. I feel that this is the best (if not the only) offer that we will receive for these shares.

There are 440 shares of BTC-TRADING-PT outstanding, so each share will receive a final distribution of 0.025 BTC each.

I will send an email to each shareholder showing the number of shares held, the amount of the distribution, and the payment address. If there is anything wrong with your information, you will need to contact me immediately. Once the final distribution is sent, it is final and irreversible. Several people have not supplied a payment address. They will not receive a distribution.


John Galt Asset Management

Hi, John.
Excuse...i'm sorry ,sorry.
I 'm  waiting... i want to buy some XPM..if No problem ，can you sent to my payment address today?
thank you very much .
thanks again.

I'm still waiting...  i want to buy XPM... :'(

what about what happened today?

I got litecoin dividends from my shares of litecoin global, I don't recall getting anything from this fund?

Now:  LTC/BTC:  0.024... :-[

Hi. Currently I have (or had) 2 shares of BTC-TC and 2 shares of LTC-Global.

Today I received 40 LTC for my 2 shares of LTC-Global.

That is 20 LTC per share.

So we should be getting 2 LTC for each BTC-TC shares also. Don't we?

Currently LTC is trading at 0.025 against BTC.

A payment of 0.025 BTC / share means only half the price the LTC-Global holders are receiving.

YES!  Time=Money   i am still waiting...i wish a fair for me

Such is the nature of currency rate changes.  It could have gone the other way too.  (and probably eventually will.)

On the bright side, both have gained against USD.
 

It is unfair.Everyone who buy btc-trading-pt have lost more money in it.Now the LTC/BTC=0.0324,And you use 0.025BTC to buy 2LTC.
Why you don't ask people the LTC address and send them LTC.

I am happy to answer your questions and address your concerns.

The 44 LITECOIN-GLOBAL shares owned by the fund were sold back to Burnside at the price of 20 LTC per share, or a total of 880 LTC. At the time of the liquidation, 1 LTC = 0.0125 BTC, so the 880 LTC were immediately converted to 11 BTC.

This is a bitcoin-denominated fund and only holds or transacts in bitcoins. The fund avoids LTC/BTC exchange rate risk by immediately converting from LTC to BTC. This is the safest policy because I can neither control the exchange rate nor predict it.

The fund now has 11 BTC. The fund consists of 440 shares, so each share gets 0.025 BTC.

I am sorry that you have to wait. The reason for the 30 days is to allow each shareholder enough time to ensure that their bitcoin address is correct, and that they have enough time to fix it if not.

If you wish to receive your distribution earlier, please send me an email from the email address associated with your BTC-TC account and sign it using the the public address associated with your BTC-TC account. Both the email address and the bitcoin address are in the email that was sent to you. Your email should include the information that I sent you and state that it is correct. Please keep in mind that there are many shareholders and processing these emails will take time.



John Galt Asset Management

??????

If you wanted to directly get LTC you could have just bought shares of LTC-GLOBAL instead of this passthrough, whose sole and only purpose was to be able to trade it in BTC instead of LTC...

Nothing much can be done now. Each BTC-TC shares were worth 2 LTC at the time of liquidation of LTC-Global.Equivalent to 0.075 BTC at today's exchange rate. But we'll be getting only one-third of that. Bad luck.

The assets of the BTC-Trading Pass-Through Fund will be distributed to shareholders in less than 24 hours.

Please contact me immediately if you want your share of the distribution sent to an address other than your public address on record.



John Galt Asset Management

The assets of the BTC-Trading Pass-Through Fund have been distributed to shareholders. The fund is now closed.

I wish it didn't have to end like this, but it was fun while it lasted.


If you have any questions, you can email me at john.galt.asset.management@gmail.com.