Bitcoin Forum

Open to new depositors! (https://bitcointalk.org/index.php?topic=82772.msg1012247#msg1012247)

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Cross-posting from here: https://bitcointalk.org/index.php?topic=82572.msg911809#msg911809

For the first 1700 BTC, you get exactly what you'd get if you deposit with Pirate.


EDIT 24/5/12: I now have 2000 BTC in deposits with BS&T so those who have already deposited will receive 7 % per week (less the first week because I didn't have a full week at over 2000 BTC). Further deposits will now receive 6.75 % interest. Also, the minimum deposit is now 50 BTC.
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EDIT 25/5/12: Closed to new depositors. GLBSE listing (https://bitcointalk.org/index.php?topic=83590.0) coming soon for smaller investors.

EDIT 6/7/12: Open again: https://bitcointalk.org/index.php?topic=82772.msg1012247#msg1012247 (https://bitcointalk.org/index.php?topic=82772.msg1012247#msg1012247) Minimum deposit: 100 BTC.

when would the cycle begin ?

From now until next Monday, I will process deposits as of 12 pm UTC, then I'll do it weekly on Mondays from then. Interest to be paid within 48 hours of Pirate paying. I'll pro-rata payments for this week, and then only pay whole weeks from then on.

Can u create a tally of how this is going? I would like to know what intest rate level u are getting if I was to invest in this.

Sent 60BTC.
http://blockchain.info/address/1MwKBUZ7UEWV3Ub9XrgzCSE8bZfJCzkHZ8

Address for payments 1PmDRxc5hV9t2d5mcfx7333iUJUNrb46qN.

Thank you.

This sounds awesome, very interested.

We are up to tier 2.

Some points of clarification: My offer is technically only fee-free until I get up to 2000 BTC. After that, the interest reduces to 6.75%, so there will be an effective 0.25% fee for late-comers. I reserve the right to further decrease the rate of interest paid paid once I have full capacity, depending on how many users I get, but you will always get the interest rate current at the time of your deposit for that deposit. I will not make retroactive changes. I will probably also increase the minimum deposit amount once we have full capacity.

If you are concerned about the privacy of PMs or that it may be compromised in the future, you may use my public PGP key to encrypt messages, and also supply your own public key or contact me through a authed OTC nick so that I can respond to withdrawal request outside of bitcointalk. You may also require that I only respond to instructions signed by your key.

If the above step is not taken, I will respond to instructions in this thread or by PM and bear no responsibility or liability should your bitcointalk account be compromised and used to issue instructions.

See also this thread by Sukrim: https://bitcointalk.org/index.php?topic=82784.0 and post or PM your interest or ideas. It's not a forgone conclusion yet, and I'm already getting a bit of demand here anyway. We may be able to have an option for current private depositors to migrate to the GLBSE offering should they wish.

I'm in for 200BTC.
Can you confirm with deposit address?

Is it correct that this by default gets reinvested and that interest could be withdrawn without affecting my good standing and top interest rate earned in the future?

Deposit address: 1HXNBVyXeB4jdbZ5oLRV2GKLECSc85sDcC

No, I get my interest paid out each week. I find it a good indicator that things are still in order with Pirate. I don't think I could get partial interest reinvestment with Pirate, so I will pay out all interest to depositors. They may redeposit it, subject to the minimum deposit amount at the time, and it will be treated as a new deposit with regards to the applicable interest rate.

Please supply an address for interest payment and withdrawals.

I'm also in with 30BTC, interest to be paid @ 1KkPJazq5E4xYfpaLX2EtM1yj2N7yxL2MV
Can you provide a deposit address?

very clear, thanks.
My deposit and interest as follows:
16Zfse91oGbg4Rv56hUipEN3pmbuinUk2x

Will get round to depositing later tonight.

19xr9vmCeUtRtwL8NXD4Txn9emYLvBgjRv

Received.

Acknowledged and quoted.


Quoted for posterity. Will keep an eye out for it.

sent: https://blockchain.info/tx-index/6479229/ab109976ea2c2f666401da0a0af8a949495ac1be923d4fb508cc75209b7505b2 (https://blockchain.info/tx-index/6479229/ab109976ea2c2f666401da0a0af8a949495ac1be923d4fb508cc75209b7505b2)

Just under 1000 BTC left fee-free.

I'm in with ***BTC, my payback/interest address is ***
Can you provide me a deposit address?

1zEeDhVcMq6na4brG41Aw6FQSkDyPXk6g

I'll toss in 80, interest to be paid to 1DQbqLjZXhphUZtWCTt7Dnu2Rtfnxc8S4B.
Where can I send the BTC?

1NSC38ikEzWnCLR5wFLYd1ih1zyT1cQmrp

Thanks Brendio.
http://blockchain.info/tx-index/6532816/fb4b5c8943708cb014c623ff462a9f4a00197d5be29af112a021081563b2db30

Received.

Update: We are now over the 1000 BTC mark. There is also 470 BTC in "pledges". For the removal of doubt, I will be counting when deposits are received, not when promised, for the purposes of determining interest rate once we get over 2000 BTC (i.e. those who are in before we reach the limit get 7%, those after get 6.75 %).

100 BTC waiting for a deposit address.

Interest/withdrawal: 1CZpJ6SGRBxjLyVaLTLFXvTa7oYwmqxFYb

Deposit address: 19QBT8FharCn3YBnt7eKdvBMWTo6NfxBWQ

Thanks, the coins are sent http://blockchain.info/tx-index/6554091/729fea16be1deaecdd315badf941b14b455682ce4c3380375630bc6e0e61370a (http://blockchain.info/tx-index/6554091/729fea16be1deaecdd315badf941b14b455682ce4c3380375630bc6e0e61370a)

Received.

Just over 750 BTC 'til we reach tier 3, and there are 420 BTC in "pledges".

100 coins sent - http://blockchain.info/tx-index/6561284/62bd332f72fa6c4f04ccac61cdb6569eec4bdee2cba234b1e9e9e77d4979bd40

 8)

Received.

I have a Pirate account, but not getting Tier 1 interest, so I'm in too with 194 BTC :) .

Deposit address please.
You can pay interests to 1rEPaYbh2hHLak54cBeS8Li8v374EbaeV .

Deposit address: 1CXYUbsErpBHEh5FFii3f95hFQkaLVzo6N

Done, thanks :) : https://blockchain.info/address/1CXYUbsErpBHEh5FFii3f95hFQkaLVzo6N

Received.

mrkent (https://bitcointalk.org/index.php?action=profile;u=43172) has asked me to acknowledge here that he has deposited 50 BTC with me.

By my count that's 406BTC left in fee-free deposits. Those 420 in pledges better get them in quick. ;)

Just to clarify, after initial 1700 btc you'll pay 6.75% on every deposit or just the last ones (those after 1700 btc)?

Payment made :)

Thank you sir.

As per the OP, I'll pay 6.75 % on those after the 1700, but the first 1700 will continue to receive 7 % until withdrawn. Or until other withdrawals take the aggregate below 2000 BTC, then everyone will receive 5.6% until it gets back up again (But hopefully that won't happen. It's one reason I set a minimum one month term). Or until pirate lowers rates or defaults etc.

It's down to 192 BTC now. We're almost there. I won't say how much is pledged/considering deposits, but only to say that it far exceeds what's left fee free.

Thanks for clarifying. Too bad there's the one month term which is a dealbreaker for me.

I'm reconsidering a GLBSE listing. Current depositors would have the option to transfer their deposit over to it (but wouldn't have to). That would allow more liquidity without giving me more work. I wanted to make sure demand was there before I do anything though. I may close the private offering, or limit it further once we reach the top interest level. Still weighing up options.

As much as I love GLBSE I don't think it's particularly well suited for this, as the price of the bond cannot be kept constant.

We now have 2000 BTC in. Further deposits will earn 6.75 % weekly.

Sent another 40BTC for a total of 100BTC.
http://blockchain.info/address/1MwKBUZ7UEWV3Ub9XrgzCSE8bZfJCzkHZ8

Thank you.

I think it would be great if we could buy the bonds direct for the fixed price, and GLBSE is just used as a way to pay the dividend. Using a setup like this would allow for the creator to very easily pay however many account holders there are instead of going through and sending multiple interest payments each week.

Interesting idea. I have ideas for something that I will try to nut out in the next couple of days.

When will you pay the interest? will everyone get it on a specific day (every sunday for example), or will you do it every week based on the day we deposited.

Also how do you intend to handle depositing additional funds? If I made my first deposit on Tuesday, and I make another deposit the following Thursday, will I just get a single interest payment each week, or one for each deposit on the day the deposit was made.

No. See my earlier response.

See:


I'll make my best efforts to make interest payments sooner than 48 hours, but I make no promises because I am sometimes away from Internet access. Everyone will get their interest at the same time.

From Monday next week, deposits will be credited before the Monday 12 pm UTC cut-off or they start from the following week. Current deposits accrue interest from the day deposits were made. Withdrawal requests (after the minimum one month term) need to be made by the Monday 12 pm UTC cut-off and will be paid within 48 hours of Pirate processing it.

Also, one thing to add if I haven't already is that should pirate partially return funds because his capacity is full, they will be returned to depositors in reverse chronological order of that in which they were deposited.

I want to try to keep this as simple and hassle free as possible.

Watching.

Minimum deposit is now 200 BTC.

I'm working on a GLBSE listing. Look out for it soon.

My GLBSE offer (https://bitcointalk.org/index.php?topic=83590.0) is launching on Monday. My private offer here is now closed to new depositors. Current depositors may still add to their accounts.

Also note provisions for depositors to convert their holders.


If you choose to convert, you will still receive your pro-rated interest for this (part) week.

I take it my deposit is safely in your hands and accruing interest as I write :)

One quick point for my simple mind and hassle free managing of this.
Can I add to my deposit with you on a weekly basis by depositing to my same address before 12pm UTC on Mondays ? 12pm is thus noon right?
and if so is the minimum increment of 200BTC ? I receive some interest weekly and others monthly and am interested in how to move them around efficiently and some with you.

Yes, your deposit is busily accruing interest with pirate.

I'll reduce the minimum additional deposit amount for current depositors back to 50 BTC. Your main deposit is earning 7 %, but any additional deposit will earn 6.75 % from noon UTC on Mondays.

Okay, depositors, I've got the interest payment from BS&T, but I need to do some calculations and triple check things before sending out, so please bear with me. The pass-through interest is less than the full 7% because it goes on the average balance. We got the 5.6% level on 22/5 and 7% on 24/5. It requires a bit of figuring out and cross checking.

Pro-rated first week interest payments have gone out. I'm looking forward to the coming weeks when the calculation will be easier.

https://docs.google.com/spreadsheet/pub?key=0Amnus1l1SKuwdGE1N3JraG8tMGxLMHBUX0JXdjFla2c&single=true&gid=2&output=html

:o You have a single depositor with 10k BTC invested? I'm surprised they don't have their own account.

A depositor pointed out a (minor) mistake in my spreadsheet. I did a "sort by date" command, and it looks like some of the 7% depositor accidentally got put in the 6.75 % group. I have to head out now, but I'll have a look at it tonight and send the difference to those affected.

As I said, I'm looking forward to easier calculations from next week onwards.

Sent out the extra and updated spreadsheet.

I've just sent out this week's payments. Sent within 2 blocks of the interest coming in from BS&T. Don't count on me always being this fast.

Is the payments coming to the GLBSE too?  ???

Yeah, but it has to wait for another 6 confirmations, and unfortunately, my bed might not wait that long.

This week's payments sent. The GLBSE issue is waiting for confirmations.

Got it. Thanks again for the speedy payment.

This week's payment has been sent out to depositors.

Payments sent.

Pirate paid earlier than usual this week. Payments sent.

Thanks :)

Ideas about new pirate's conditions after August 1st? If you can get trusted account @5% and give to your depositors something like 4.3-4.5% would be nice.

Let's be more realistic.

The August 01 terms of BS&T are that the Trusted accounts get a MINIMUM of 5%; the top end is not publicly known. For all we know it is still 7%. It means the pass-throughs will compete for interest rate ... and they may very well end up being near what they are offering right now (i.e. 6.75-6.90%). The 3.9% is for those who want to deposit with BS&T directly; it is low (with a high minimum balance) because BS&T wants to discourage many small accounts; they would rather have a very small number of very large accounts, hence the favourable rates given to the Trusted pass-throughs.

I'm hoping the new lending environment will allow pass-through rates to remain near what they are now; i.e. near 6.75%. It all depends on the rate Brendio (and others), as a Trusted account, can get from BS&T.

My take is this: At this time all we know is that they will get AT LEAST 5%, and likely more. A 0.10-0.25% profit for the Trusted account holder is reasonable, so if BS&T is still giving them 7% then our rates should remain at 6.75%.

In the worst case, if BS&T is offering only 5% to the trusted accounts (not likely to be this low, however), then we can expect 4.75% to 4.9%.

Hi all. I will wait until more details are given before I make an announcement. With four weeks until the change, there is no need to rush decisions, but I will do my best to keep depositors in the loop.

Regards,
Brendio.

One thing that needs to be clarified is how the security deposit works. For example, does this deposit earn interest or not? If not, then the effective rate of interest on 5000 BTC would drop from 5 % to 4.5 %. I hope to have answers to questions such as these in time.

Yes, how the security deposit is handles will affect things. Fortunately, as you mentioned, there are 4 cycles before the new conditions kick in ... so there's no need to panic, needlessly speculate, or rush anything.

Okay, as a preliminary update, I should be able to keep rates as they are for my private deposits come August. I'm in need of some more funds to stay at that level (on my current balance, rates would drop 1 %), but I am in discussions with investors to bring in the extra funds we need.

I'll announce more information about BS&T Trust Subaccounts in the middle of the month, once the new portal is in live beta and I am comfortable with how it works. If it's all good, I'll migrate investors there and you will better be able to track your investment! I'll probably open things up to new investors then also. In the meantime, if you have 500 BTC plus to invest, PM me.

I'm reopening to new depositors. Interest rate shall be 0.25 % below the tier of my account (so currently 6.75 %).

Minimum deposit: 100 BTC
Interest paid: weekly
Insurance: none.
Deadline for deposits: Mondays 12 pm UTC (I'll pay prorata interest, for the number of full 12 h periods, for the next couple of days until the deadline.
Minimum term: no minimum term, but there will be a 1 BTC withdrawal fee if funds are deposited for less than 4 weeks.

PM me for a deposit address and include an address for interest/withdrawals.

Depositors will be eligible for a BS&T Trust Sub-Account when they launch in August.

This week's interest has gone out.

See post above if you want to get in on the action.

This week's interest has gone out.

My offer of BS&T Trust Sub-Accounts is still open.

Interest payments went out earlier today.

Also, a bump to highlight that deposits are open at the moment:

did you send info on your PPT clients to pirate as he had asked for?

I sent him a list with your balances as at the last actual interest payment, your regular interest/withdrawal address and a sha256 hash of your forum username. I did not want to release usernames without permission, and really the withdrawal address should be enough should pirate wish to pay directly, but the hash will allow verification should someone later claim not to have been paid. I can't see why else pirate needs my client's usernames.

I have irc PMed pirate and now emailed him twice (on two different known addresses) asking him to confirm whether the information I have supplied is sufficient. So far, like many, I have received no reply from pirate.

Please advise me (via PM) if you are okay with me revealing your username to pirate.

Also, I am still trying to work out what the expected accumulated, unpaid interest on accounts should be. The calculation is not trivial. My initial calculations did not correspond with the balance now showing on my BS&T account. I need to do some more investigation of the formula that should be used and the time periods to which interest should apply.

IIRC FOO.PPPPT is also managed by you. how is this going?

At the moment it's not really going anywhere. Pirate has not paid and is unresponsive. There's a separate thread for FOO.PPPPT.