Bitcoin Forum

tl;dr: The Bitcoin Investment Bank (BIB) BitVPS GLBSE Depositary Receipts allow investors on GLBSE to invest in BitVPS (https://bitcointalk.org/index.php?topic=76506.0). Each depositary receipt represents one share of the underlying S.BVPS BitVPS shares on MPEx.


Contract

Bitcoin Investment Bank (BIB) BitVPS GLBSE Depositary Receipts

Ticker: BIB.BVPS

1. Holdings: Each (1) depositary receipt (BIB.BVPS) represents an investment in one (1) share of the underlying security BitVPS, trading under the ticker S.BVPS on MPEx.

2. Dividends: The holder of a depositary receipt is entitled to the dividends of the underlying securities.

3. Audited accounts: At all times, holdings in BIB.BVPS shall be backed by holdings of S.BVPS shares by BIB's authorised representative. BIB.BVPS securities may be issued or bought back and cancelled at any time, such that at all times all outstanding BIB.BVPS securities are backed by the underlying S.BVPS security in the ratio stated in clause 1. GPG-signed account statements shall be provided by BIB's authorised representative to a third-party auditor to verify that BIB.BVPS are indeed backed by the underlying securities.

4. Liquidation rights: In the event of liquidation of BitVPS, proceeds of liquidation shall be distributed holders of depositary receipts by either a dividend or a buy-back offer by BIB.

5. Terms of the BVPS shares: Investors should familiarise themselves with the IPO agreement for BitVPS published at http://polimedia.us/bitcoin/mpex.php?mpsic=S.BVPS before making an investment decision. BIB does not guarantee the investment performance or credit worthiness of BitVPS.

6. BIB is in no way associated with BitVPS and no representation is intended or implied. Rapeghost (rg) was contacted prior to issue and has expressed no concerns about this offer.

The ticker has been registered and the asset is due to launch on Monday.

While the financials can be found on the BitVPS website, I have found it more helpful to summarise them in a spreadsheet (https://docs.google.com/spreadsheet/pub?key=0Amnus1l1SKuwdElBSks1VFJUbGVTTnZDa1FTQjdZYVE&output=html).

ditto

Is there some kind of control of the content inside your servers?? Was thinking of kiddie porn and stuff like that..

Well there's your problem.

Thanks, Blazr for answering the question.

For those who missed it:


Please direct operational question regarding BitVPS to rapeghost (rg). You can try the OP for the underlying security here (https://bitcointalk.org/index.php?topic=76506.0), but you're probably more likely to get a response chatting to rg on IRC.

Just under 24 hours to go until launch.

How many shares are you offering at the IPO?

I will be issuing 70,000 depositary receipts. Of these, the Bitcoin Investment Bank will retain a long standing investment of around 20,000 and 27,680 will be transferred to an investor currently holding BitVPS shares through my brokerage service. That leaves just over 20,000 shares to be offered for sale upon listing.

What premium will these be offered at over the price on the other exchange ?

The premium will vary depending on demand and market conditions.

Originally I was planning to make the premium 10-15 %, as I need to make back the 8 BTC listing fee before I even start turning a profit. The recent rise in the price of S.BVPS, no doubt in anticipation of a GLBSE listing, means I can lower the premium to closer to 5 % or so, which is in what I charge for my private brokerage service. I will be looking to commission a trading bot at some stage, and this increase in efficiency should allow me to offer lower spreads.

And we're live.

12507 DRs left at 0.0045 BTC each.

I left it quite late in arranging for auditing of my MPEx account, but I have been in contact with someone and hope to have it sorted out soon.

And we're sold out.

Owing to popular demand, I have purchased more S.BVPS on MPEx and issued more BIB.BVPS. Get in quick!

Huh. Well you just saved me 20 BTC :)

Dividends of 4033 Satoshis per depositary receipt have been paid out of the June earnings.

The results are posted on the BitVPS website (http://www.bitvps.com/investor-relations/june-earnings-report/).

LOL! Why did you not want to use this puny little number 0.00004033 BTC?

BitVPS now has a blog (http://blog.bitvps.com/) to help keep clients and investors up to date with the latest news.

IPO details can be found here: http://polimedia.us/bitcoin/mpex.php?mpsic=S.BVPS

Answer: 1 million shares.

Copy, just to be sure it is available for later ;)



Have you received the list form James?

any news how to claim the shares?? thank you

Brendino, what's up with this silent treatment and lurking?
We put our trust in you, did you forget that? You get paid for that and now you are holding our dividends. 
You have the list, what is your plan getting this mess cleared up?

I believe he did get shareholder info from GLBSE earlier in December...

This is starting to stink like another scam.

Lets see now

brendio is hiding and is not responding to PM's. He has not published any information nor has he transferred the shares to any new exchange (or bought back the shares).

I have not seen ANY dividends after GLBSE closed. He has the shareholders contact information

Unknown. No known way to verify.


He has not published any information nor has he transferred the shares to any new exchange (or bought back the shares).



As of now, he has kept all the dividends
He has not contacted any of the share holders (do you know any?)
He has not made any announcements of his plans.
Has not distributed any dividends received from mpwx
Has not bought back the share.

brendio has failed on 5 out of 6 in his contract....

Texted Brendio.

Dear BIB.BVPS DR holders,

Following the disorderly demise of GLBSE, we have now been provided with a list of depositary receipt holders for BIB.BVPS. There are some discrepancies in the data, but in the absence of more reliable data and given the wish for a timely conclusion to the uncertainty we are prepared to proceed on the basis of the data provided.

I do not believe that having all assets of a user pay out to the one bitcoin address is the best practise, and so wish to give holders the opportunity to change their payout address provided they can satisfy me that they are in control of the bitcoin address or email address in the list provided.

Users will have until January 19 to change their payout address. Following this, accrued dividend payments will be sent.

A further announcement will be made in due course with arrangements for those who wish to exit their investment. Currently, there is no plan to relist elsewhere.

Regards,
Brendio.

Welcome back :)

Please e-mail me and I'll send you a new BTC address for the missing dividends.   
If you want, I can sign a message with my BTC address to confirm, it sure is me.

BTW, there is another option. Maybe someone can take it over from you and relist it on btct.co or bitfunder?
I am not going to sign up to that horribly overpriced bazaar run by pompous gypsy scumbag.

I already emailed holders right before I posted here.

Brendio, CoinBr.com hereby offers a possibility to help with BIB.BVPS claims - by converting them into S.BVPS holdings on CoinBr accounts. First BTC withdrawal would be free of charge (for customers that want just to liquidate). This is only a preliminary offer, for it to realize Brendio must decide.

Advantages are clear - CoinBr unburdens you from the claims/payout process and users will be able to sell their holdings directly at market prices, or further keep them as they wish.

Could holders please post or IM if you are interested in this offer. I am prepared to offer this option it if there is sufficient interest.

Sound OK to me if there is a way out without getting ripped off by broker fees.  :P

Any news? I like to rid my self from this crap ASAP.

Waiting patiently  :D

Any relevant comments on this announcement, so nicely hidden at the end of a dead thread?
https://bitcointalk.org/index.php?topic=76506.msg1457231#msg1457231

Obviously this makes prospect of migrating to CoinBr moot. And why the new BitVPS owners Namworld & co. are not releasing any statement in this situation, is beyond me.

Well I released an answer today, same day it was posted. I can't be around 24/7 unfortunately. brendio will be able to claim the shares once we get a list one month from now, as announced by MPEx.

So we wait another month - lovely...

The symbol isn't locked, shares can be traded freely as it is.

What is the point of waiting for a month? Halt the trading now, get the shareholders list and move BitVPS out form muppet popesku bazaar for good.

Trading BIB.BVPS on GLBSE?!?

Oh, oops. Right you are.

What is going on with this?

Are people who had shares on GLBSE going to receive shares on BTCT?

I had something like 33,848 shares.

We should be getting an e-mail from BTC-TC with our user/pass and PIN.  Haven't seen it yet...

There's two seperate securities.

BitVPS itself - this is relisted on BTC.CO now (by namworld, one of the new owners).  Only way you'll get shares in that in the immediate future is if you held shares in the original BitVPS on MPEx - and you'll have to present namworld with the GPG signed statement of ownership to do that.

This pass-through this thread is for was listed on GLBSE.  Namworld has no way of knowing who had shares in it - only brendio would know that (if he got the list from nefario).  For you to get shares in namworld's listing on BTC.CO a few things would need to happen:

1.  Brendio prove to Namworld ownership of the underlieing MPEx shares and be allocated shares in namworld's new IPO.
2.  Brendio decide to close the pass-through and transfer to you namworld's shares equivalent to your holding in it.

Whether he'll do that or not I have no idea - but you definitely WON'T be getting auto emails from BTC.CO any time soon.  And you won't get anything at all unless brendio shows up - namworld has no idea who owned shares in the pass-through and wouldn't be expected to do anything about it anyway unless/until brendio shows proof that he actually held BitVPS shares on MPEx (if brendio was selling naked shares then that's in no way the problem of namworld - as the pass-through is only a contract between investors and brendio with BitVPS uninvolved other than some of their shares being held to back the issue).

Ah, thanks Deprived.

Brendio will indeed need to sign a statement with the key associated to his share. He will be given share on BTCT.co upon doing this. Until then, I can't currently know if he has any shares at all.

He may then transfer those to your BTCT.co account. We don't know of GLBSE accounts ourselves.

Thanks, that is kinda what I thought was going on.

Brendio: Could you give an update? Seems that the simplest thing to do would be to claim the shares from MPEx/BTCT and just transfer each pass-through holder shares on BTCT? There is not really any reason to continue the pass-through now that the underlying security is moved from MPEx to BTCT.

Any update here?

I actually just sent him an e-mail. He is active on his social accounts, but not here in bitcoinland. We'll see.

He has claimed his shares according to Namworld.
So, when can this be cleared up?

I just checked my records. I had 33,848 shares, At last traded price, right now on BTC-TC, that's worth 148.9 BTC.

As you know I need that money back very badly to pay back NYAN.A investors. I would of course make the entire payment immediately upon receipt. I am sure you and other NYAN.A investors would love that.

You will be happy to know that brendio replied to me today and told me he has been busy because his home was hit by several tornadoes and there was a lot of flooding so he has been cleaning mud out of people's houses. So at least he is still around. he told me he would write a multipayment script and work out how to transfer shares on BTC-TC.

I am so happy i can get those shares, it means another big payment will be made on NYAN.A soon.

How's the mud business? It's March now and still nothing.

Anybody heard from Brendio? Could Namworld give any information on the status of this situation?

Burnside should probably lock brendio's account. I asked him to do this a couple of weeks ago but he just told me to talk to namworld about it :/

His shares remains untouched until now.

Seems he hasn't done anything with it.

I is better to do something to stop him running off with the money before he tries to do so ...

The problem is that to lock his account I'd also have to lock him out of all of his shares on other assets.  Plus even if he put up all the shares for sale, there's not enough bids up to gain much.  Historically he's been fairly responsible, so it was decided to ask Brendio if we could just get a copy of the shareholder list so that we could transition shares around as necessary on his behalf.  It gives him an easy (no work on his part) way out.

Cheers.

so what exactly is the latest as i kinda want to know what is happening with my shares

Any word about the status of the old GLBSE passthrough?

Dead quiet

https://btct.co/security/BITVPS

When are the PT shares converted and distributed?

I dont think ever. I think this is dead.

Actually I've been pushing to contact Brendio as of last week. I've contacted Namworld and burnside. Apparently namworld has his contact info and is now trying to call him. I also have Brendio's contact information in Australia. It cost me a pretty penny to get that, but private investigators do have their uses.

I live in the same quadrant as Australia but it's still a little far. What we need to do right now is get Brendio to come online and start transferring shares to people. It's been almost 6 months and I chief among many really need the shares back now. I can't wait another month or two for him to stop being busy at his new job....

While I can pretty much guarantee I will be going after him to the extent that he owes me shares/money (in a legal sense, of course) I am not going after him in a general case or representing anyone else. I just need NYAN's 33,848 shares of BitVPS so I can pay it out to shareholders and close my company. If someone wants to sell (i.e. give) me their shares on a pro bono basis I'll give 60% of whatever I get, negotiable depending on # of shares. Good luck.

idk even know how many shares I have but i am quite sure I had in the thousands. How can I check?

We need the list from GLBSE. We're not getting any info/answers however. We have no way of knowing without it and brendio is not answering at all. We only know how much shares brendio held.

Well, that's true to a point. But in my case, I had published the number of shares I held. In the months up to the GLBSE collapse, my securities were under intense scrutiny -- as everyone knows -- and every fact and figure was questioned. In fact, in some cases people were even questioning whether or not I held the shares I said I held. If I did not hold 33,848 shares of Brendio's BitVPS passthrough, it is certain that this would have come out one way or another. But out of all the things that I got accused of no one could say I was lying about how many BitVPS shares we held.

Yes this means I'm gunning for burnside to transfer the shares if we can't contact brendio. Unfortunately for people like starsoccer there's no record, but in NYAN's case there is a very public record.

indeed, it does suck. As glbse was a long time ago and I really have no idea of what exactly was held there. Tho I do belive they never even paid me my .07btc that was in my balance.

any update guys?

We have his contact info and he's not answering his phone.

About 4 days ago I asked burnside for a statement on whether or not he will intervene on brendio's behalf or not. Of course it's a pretty cut and dried situation, he's completely unreachable, it's been months, and everyone knows the shares are not his but that he ran a passthrough. But it looks like it will turn out to be burnside's decision. I'll post an update when I get one

I cannot intervene without a copy of the asset holder list from Nefario.  :(

I don't suppose Nefario would be willing to assist?  Or is he completely gone now too?

Nefario isn't going to help, I doubt it. This may have even been done intentionally to enable scams, since he could have just as easily sent everyone their CSV file. But in this case, I have well-accepted proof of how many shares I held and brendio had responded to me earlier confirming my ownership. Everyone knows NYAN held 33,848 shares because we had published that number publicly for months and it had been quoted numerous times.

If you are going to state that we need to get Nefario's help on this, what happens if we can't reach him? I agree that it is fair to ask a reasonable amount of time to be spent contacting nefario. But I need a path to resolve this. Ultimately, you are final authority here. That's why you need to define the way this gets resolved. If Nefario does not comment on this and we cannot contact Nefario for 30 days will you transfer the shares?

I hate to say it, but I think when a person disappears, it usually takes a death certificate to release such things.

Just playing the devil's advocate for a second; if I transfer the shares, and find out later that the number was incorrect, or they were in dispute, what am I going to be held liable for?  Rough back of the napkin math tells me worst case ~$13k USD?  And more every day that BTC rises.

Say I do release your shares.  What do I tell the next guy that comes along wanting me to release his shares?  Do I start taking claims for all of the shareholders?  If I do, how do I vet the claims?

I really (really) want to help here, but those are some big risks.

I just sent him a message on facebook.  Hope he sees it.  Facebook charged me for delivery!

I agree nefario won't assist - he's on the hook for a lot of money himself which he won't return (presumably because he hasn't got it).

Not sure how you see this as being an issue for burnside though.  It's namworld's asset - so up to namworld to issue shares as he sees fit.  Burnside should only intervene if the actual operator of an asset defaults - not if someone they deal with defaults.  If brendio had listed an asset it would be different.

You should be providing a link to an old record of NYAN's holdings and asking namworld to issue you the shares.  If burnside starts intervening in assets without any assertion that the asset owner has done wrong then we're in a right mess.

Incidentally I'm not clear which Nyan held them - I assume when you say Nyan you mean nyan.a (as actual Nyan itself sold all its holdings not long before GLBSE closed down).

My case is special because we had published that we held 33,848 shares and this number was placed under intense scrutiny. It's as close as you can get to a confirmation from Nefario, because no one could contest the number. I'm sure you know they would have if they could have.

I get what you are saying though. I have to ask because this is about appeasing my shareholders. If this is out of my hands, then as long as everyone understands that I did everything I could do to recover the money I'll stop pursuing it. Perhaps a better use of the funds we raised from the liquidation would be to hire a PI and track brendio down. Unfortunately I already paid it out to shareholders, and with the sort of ridiculous comments left on CPA by LTC-GLOBAL moderators there's absolutely no incentive to throw personal money into it anymore.

Any LTC-GLOBAL moderator reading this should look at the ratings on BMF, CPA, etc. in light of this and the BAKEWELL case (and ART and BITCOINRS etc.) With no incentive to go after people like Ian and Brendio there will be no way to pay out any more money to shareholders. This is going to be the final nail in CPA if the assets are not approved, and soon.

I know your intentions are good but you don't know what is going on here. For one, just for one, the shares have already been issued to brendio. I won't discuss the rest of it in public with you, there's no point. But I'll try one last time to contact brendio before this is over, and I'll post the results here. This may take some time; then again, $10,000 is a lot of money, and last I heard from brendio he was planning to get online and transfer me the shares as soon as he could.

would be great to finally get some shares. Ive been waiting on them for a while now. As soon as I get them im probally selling anyways tho.

I have some great news!

Brendio and I have been working together to get the BIB.BVPS shareholders taken care of.  He provided me with a copy of the GLBSE csv and I have used it to transfer all of the BIB.BVPS pass through shares directly to shares in BITVPS.

For each shareholder, a new account has been created, the shares moved into it, and an email with access details sent.

As with previous btct.co imports, I wouldn't be surprised if a lot of our emails get filtered.  Please make sure to check your spam folder.  If you held BIB.BVPS and you can't find this email anywhere, please PM me and I'll do what I can to assist.

Cheers.

this is very good thanks. Does he plan to distribute dividends that were missed aswell?

Thanks to you and namworld.

Well, trading is currently frozen on the security, I validated my email  ::) and have been able to confirm NYAN's 33,828 shares (I thought we had 20 more -- no biggie). Thanks again.

Nice to see a happy ending for once.

Brendio is aware of the dividends issue.  I've given him a list of the newly created accounts w/ share amounts so in theory he could distribute them using internal transfers.

When that will happen, I am not sure.  He may also choose to script a distribution from the csv using the BTC addresses in the csv.

Cheers.

okay thanks. I would just simply ask that he tells us once he does it. as i dont want to think i never got payment when i actully did jut didnt know it was dividends

If he does it via btct.co internal transfer it'll send you an email automatically.

Cheers.

oo okay cool. Thats fine. I just didnt want it to be sent to my btc address with all my other coins and not notice and still be requesting them is all

Hi all,

The accumulated dividends from October through to January have now been paid. Sorry for the delay. There's a lot of stuff going on in my life at the moment, which doesn't excuse the delay, but I hope will help you be more understanding of it.

Regards,
Brendio.

Thank you for getting it taken care of!  Much appreciated.

thank you very much also, just to confirm it went to our bitcoin address not our btc-tc accounts

Hello,
can you please resend the email for account details BITVPS-QmWG6 . I didn't get the email or probally went into spam mail.
Sorry for the trouble, and thank you  very much.

Kind Regards,
Handy

okay, can somebody explain to me what made the price shoot up from 0.00010 to 0.0030 in one day?

Well first dividend since it got out of MPEx. Albeit honestly, not sure why it's so high. This is not the official thread however.

see new thread here: https://bitcointalk.org/index.php?topic=141262.0

I am a bit confused too. It is not like this dividend is really a surprise, a couple months ago one could have predicted that we would get a dividend this month, and I had thought that was priced in, but I guess some people got really excited about the little dividend and bought the share price up.