Bitcoin Forum

Hello,

BTC-BOND is a true bond. A straightforward loan.

This is a 0.03% daily interest loan bond.

Free Insurance
Assuming catastrophic turn for bitcoins & all the bitcoin market, your investment will keep a 1 USD per bitcoin value, limiting a potential complete loss of it's value.

Contract

*Reserved*

Please give an exclusive list of assets that will be used as backing. I'm honestly suspecting that you would use this to funnel money to BTC-MINING, another GLBSE asset of yours.

The assets are indeed backed by my shares of BTC-Mining currently but the funds were not planned to go toward BTC-Mining. The loan will be used outside of GLBSE. I also plan to diversify the backing assets.

I added an auditing link. You may keep an eye on it and see if it becomes diversified enough in your taste should you be interested in secured bonds.

I may convert at some point later to automatic updates. I use 2 step verification and I want to verify if API allows to put in trades anyway. I don't want to allow API if it does. Will ask nefario about that first.

Can't see the auditing link :p

Ah, sorry, there was a typo in the BB code. Fixed.

Interest paid.

Interest paid.

'Secured Loan Bonds'? More like "7% insured bonds"

Uhmm? A secured loan bond is simply a loan bond where the issuer pledge a specific asset as collatoral. In this case, GLBSE assets.

What's with the last '200% collateral' one? Not enough takers?

The majority of the holdings are BTC-MINING and GIGAMINING.
BTC-MINING - pays 1% / week, pretty low risk
GIGAMINING - pays near 2% / week, prices are going down as we speak, prob. will collapse soon

This is essentially a BTC-MINING / GIGAMINING pass through. Instead of investing into BTC-BOND where they promise you $1 per BTC (lol)

If GIGAMINING value drops (which it will), btc-bond will turn into ****. If asic is a failure and mining related stocks collapses, again btc-bond will turn into ****.

This isn't necessary a bad investment, it's just that you can cut the middleman and get 2x-4x while the middleman provides nearly no security.

And again - if BTCs are worth nothing - this is the only case where you will get your lowball $1 / BTC - what's to prevent Namworld from running away? Nobody would care, the mods of bitcointalk.org will probably shut down the servers, and you won't ever get your 7% insurance.

The thread in the long term deposit forum is just a notice for those looking for deposit options. Although this is on GLBSE, it works similar to a deposit.

The first and official thread is this one.

1. The "middleman" here provides at least 50% of the total portfolio value to hedge against any loss. This guarantee that unless the portfolio loses more than 50% of the total value, there is still be 100% of loan value in collateral as assets. As such, Gigamining going to 0 BTC would not result in a loss for BTC-BOND holders.

2. Although the loan can be used outside of GLBSE, the contract stipulates that there should at least be 200% of loan value in GLBSE assets to back up the loan. The portfolio value is updated regularly. If you see the portfolio losing too much value for your taste, going near or under 200% of loan value, people are free to request to redeem their bond.

3. The $1 guarantee is an extra guarantee that if Bitcoins should fail due to any issue (loss of confidence, etc.), you have the option to redeem $1 per BTC loaned. I will pay $1 per BTC regardless if they are rendered unusable/valueless.

Any news on this?  Have you heard anything from Nefario?

Not yet, other than balance being paid. Asset information will probably be forwarded after GLBSE pays all balance.

So what are the next steps?  How is this all going to get settled?

Yeah. I own a share on BTC-mining and would like to know when I would get my dividends...

BTC-BOND has just been approved to move to BTCT.CO

I'll provide you instructions.

@TradeFortess, wrong thread. But I haven't heard anything from Amazingrando lately. I'll still try to get it relisted on BTCT.CO too for now.

Transfer to BTCT.co almost complete. Most have already been transferred or repaid, with interest accrued since GLBSE closed paid.

No legal requirements, processed during the holidays upon receiving the final list (and some prior), no fuss.

Hey, thanks for the "extra" dividend to all shareholders today - very cool!

(And thanks for the relatively smooth transition from GLBSE as well)

Well another coming up today and for the next 4 days.

1 BTC per day on top of usual coupon.

Awesome ;D

I'm curious - how long are you expected to keep this bond going...a few months? Years?

Were/are the proceeds converted to fiat or are they staying in BTC-denominated assets?

Thanks!

Mostly staying in BTC denominated assets.

There's no time period for the bond. I sell more or buyback as needed. Every holder can also request to redeem on request.

I would like to redeem?  How do I go about this?

PMing you

I cannot waive the fees. It is not my website.

This did not make sense, if btct.co waived the fees for the traded shares, then they would not support the site. The fees are pretty low, if you are not making enough money in trading and dividends to basically ignore the fees then you are doing something wrong.

I think I might be missing something here.

Your listing on btct.co states:

So the value of each share is 0.01BTC.
The daily interest payment history shows daily payments of 0.00000300BTC

0.03% of 0.01BTC = 0.003BTC, not 0.00000300BTC.

Assuming your percentage is based off of USD/BTC conversion;

Right now, to be conservative, BTC is trading for $120 per 1BTC.
0.01BTC = $1.20.  
0.03% of $1.20 is $0.036

$0.036 = 0.003BTC
0.00000300BTC != 0.003BTC

What am I missing?

You're misreading the percentage.  It's three one-hundredths of a percent a day (principal * .0003).

So .0003*.01=.000003

Indeed, 0.03% and not 3%.

x 365 days, it comes to 10.95% per year that I pay on that loan.

FWIW... in Excel, (POWER(1 + (0.000003/0.01), 365.249) - 1) = 11.5785%

That's compounding - namworld's figure is non-compounding.

If you have DRIP switched on (or manually buy more with dividends each day) then you'd get nearer your value (to get exactly it you'd have to receive dividends that could precisely be reinvested for a full number of shares every day).

If you don't reinvest then you get namworld's figure.

From Namworlds perspective, since he is not selling more of the bonds right now, it makes more sense to use the non-compounding formula, since that is what he is actually paying.

This is about the same APR that I have on my credit card, which is reasonable for a personal line of credit (as opposed to some people who think 7% per week is more reasonable because ... bitcoin!).

*facepalm.   

Thanks for the clarification.  I thought I was losing my mind.

Given the upcoming changes to remove 'dust' from transactions, I'm curious how this will affect the daily dividend pay out?

It's on BTCT.co, there's no microtransaction needed.

To expand on this because I'm not sure everyone will understand what you mean, the only things that go onto the blockchain (where dust rules are in effect if nodes stick with the default configuration) are deposits and withdrawals, everything else is handled by the exchange locally in a normal database. Dividends are just added to the site's information about your current balance.

Bump.

Anyone? Would like to get the remaining bonds sold.

Now that Deprived has opened his bond paying 60% more than yours on btct, it will be hard to get people to buy your bond.

There's much more to it than yield. Frankly, offering such a high rate is the only way Deprived can compete with an issue like BTC-BOND. Namworld has been around a lot longer than Deprived. He has a lot more under management, and runs a serious productive business vs. a bunch of churning investment funds. Compare their contracts -- although I presume it is unlikely, it is clearly more likely that Deprived asset will blow up. And Deprived is very clear about where the liability lies (with the shareholders). I.E. Deprived will not pay you back (he is very clear about this in his contract). These are all justifications for offering a higher rate of return. It's likely the only way he can issue debt given his recent negative publicity.

There is a lot that would have to go wrong before BTC-BOND doesn't pay back. I for one have relied on BTC-BOND for years to provide a reasonably safe place to store 20-30% of my capital. When I ask myself, is it logical for me to assign the same level of credibility to Deprived, I have to say "no". That is why Deprived is offering more money. Because it's the only way he can compete with BTC-BOND.

p.s. I just bought some BTC nam, will be buying more BTC-BOND for BMF. Thanks!

It seems to offer less guarantees of solvency, albeit it is quite well designed overall.


I was wondering where those daily dividends on BMF were coming for. Guess that answers it.

Lol. I only wish I had that much BTC-BOND right now.

I find the question of where BMF's money comes from deserves a little more light as I haven't touched upon it yet, though. https://bitcointalk.org/index.php?topic=229036.msg2753905#msg2753905 -- thanks for raising that issue :)

I was not saying that btc-bond was a bad investment, just that the typical bitcoin investor who barely glances at the surface of investments would jump on a higher yield bond first. I agree that Namworld has been very consistent with this.

Yup I agree.. I love Deprived's securities for their yield, personally. I especially like LTC-ATF.B1 which is a shining star in the world of LTC investing.

I have sent my shares to Namjies for redemption

Paid out.

Bump.

Seems pretty dead. I suppose there's not much speculation to be had on this loan.

It is just that it is trading in a very tight range (smaller bid-ask spread than the fee to buy and sell a share), so there is not much profit to be made from trading it. And there are other bonds which pay a higher daily rate, so nobody is going to buy up large amounts.

2013-09-15 22:47:07   Market Buy   12154     ฿0.01      ฿121.54

 ::)

Yes, I suppose I'm settled now.

Do you plan on issuing more shares anytime soon?

Honestly, I don't think I will. I have more than enough BTC to place orders on stuff that matters. Will keep it at that until the day I buyback.

So...what's the plan now that BTC-TC is closing?

I am also requesting status updates.

BTCT is just GLBSE with a much better closedown situation
http://chromaticcreative.net/meme/img/1379947255435.png

I'd also like to know.

Anybody know a way to contact Namworld? He is one of the few asset issuers who has not made any statements since the BTCT shutdown was announced, and he certainly missed a huge opportunity to buy back this loan at much less than face value.

As of this moment, his profile shows he hasn't been active since 21 September. I tried PM-ing yesterday as well as emailing the address specified on the BTC-BOND details page just a few minutes ago, but no luck so far...

Hmm, is Namjies in Asia? Hurricane Usagi o_o

Thats like 2 days ago in Hong kong, thanks for "your" arrive. No wonder familiar name.

EDIT: Skyped him

EDIT 2: Would someone mind calling him (the whois phone no.). I am at hong kong and this would be very expensive

EDIT3: Done VOIP, not on phone, popped to msg box.

Edit 4 http://gyazo.com/798f30a2e5ec43997b5df33f19c8f450

He is alive :)

Hello,

I've been away this weekend. I'll look into requests to redeem and where to transfer when I'm back.

I still have 573 BTC-BONDs but now trading is frozen and I can't internally transfer to the issuer to get my money back.

What am I supposed to do?

You can wait for Namworld to get back this week and see what will he do on moving exchange or claiming asset. Or you can do private asset transfer between people if you are going to liquidate your asset in urgent.


EDIT I wonder how you manage other people money with this level of knowledge and attention on your own asset

I don't think you can transfer the assets, since the asset is currently locked. But I suppose you could make a private agreement with somebody where you promise to transfer the shares as soon as it is unlocked?

Nice, we can trade it publicily again.

I assume it will process both asset migrating and liquidating at 10/7 from the announcement.
It would be a good solution if a vote is taken to measure the user option on the above choices just to keep things butter smooth. Thanks :)

Why would you need a vote? You get to chose the option that you like, there is no need to force other people into an option that does not work as well for them!

I dont mean those follow the crowd vote, what I mean is the collect the option data from your customer vote that Namjies and deal with different guys in different ways.
like address 1 vote Yes for redeem and he got 300 shares and address 2 vote No for transfer so that he can have exact value to know to liquidate.

A public statement by Namjies is needed now.

Namjies please get the userlist before you can't. Trading should be halted soon

I currently receive users list by email twice a day as an issuer, last dating from 2 AM today. Once trading halt, the website itself is supposed to run until the 30th. I'll wait for more news from Ethan.

Any news on BTC-BOND since the BitFunder news? I sent a PM to Namworld a few days ago but I haven't heard a response and dividends are not being paid on BTCT. I think it should move to havelock if possible to avoid any problems with US residents.

Skype or phone him. In my past connection to him he seldom replies mail. Phone will be the phone on his whois of namword.com. And Skype will be on his profile that one

I did send him a PM to, i guess he will check them sooner or later, maby i should try sending him an email to ?

https://i.imgur.com/kXitW5k.png (http://imgur.com/kXitW5k)

btc bond coins lost. owner scammer
EDIT: This post was done by a hacker that took control over my account. I had not changed my password on bitcointalk and I had an easy one. I have no regained control over the account. Ignore this post.

Okay

News sent to shareholders:

What about BITVPS?

Yea what about BITVPS, i was woundering that to ?
I guess cryptostocks would probably accept most things to get listed at there site but i doubt many people would like to have any significant amount of btc there until kumala(the owner of cryptostocks and majority owner in vircurex) pays what he owes his shareholders in vircurex and proves he dident steal the 2500 btc + 20 000 usd or whatever the amount "missing" was...

There currently is no site good enough to hold stocks, IMO.
I see no alternative to direct shares.

ok, i want to turn my 30 shares to direct shares with 1% per month.

public btc address for payment
18otxBLcwMHHwr2VLa6fiRSoE5Wb2WtNMw

ROFLOL This was 500BTC loan, I would suspect that large holders would have to have at least like 5k shares (Fidy bitcoins).

Imagine Namjies to handle random 300 dust payment in hiss wallet with sendmany every month...

I'll probably buy back at full price + interest anything under 25 BTC, really. I have yet to make a decision.

Do you get all the share holder information from btct or do we need to act somehow?
I added a public BTC address on btct and I would like to sell you my shares (<=5 BTC) back with interest.

I already have all the info. You can still update BTC address on btct.co

Make sure you don't lose that address. I will wait until no more changes can be made to addresses.

Any decision on the buyback? Its only a few days before btct.co closes.

When btct.co closes and doesnt allow changing anything anymore ---> Buy back at face value plus the interest he own you (unless you are hold more than 25BTC of BTCBOND and you can direct loan to him with 1% payment per month.)

Thats all, very clear

Finally BTCT is blocking logins and make changes to account. :)
We can finally have our coins liquidated here
And BTCT will be processing those withdrawl bits before Nov 8

How are we coming along on this?

Redemptions have started going out.

Please email support@btcmining.ca and confirm amount of bonds and your email address for me to compare with my list and proceed with payment. Please email me from your email address on file with BTCT.co

I have received my redemption (~1500 shares).

Thanks,

How fast are redemptions going out? I have still not received mine.

I recieved my redemption a few days ago, guessing by the number of confirms i have on that transaction it was probably sent around 3,5 days ago, thanks Nameworld.

I recieved my redemption a few days ago, thx.

My account was taken care of a few days ago also.

No complaints from me.  Thank you Namworld.

Has anyone else not received their bond repayments? I'm missing a redemption of ~1300 shares. I've E-Mailed and PMed Namworld several times without a response.

Hey tehelsper,

Pretty much everyone wants to redeem. But my assets are mostly locked away with both BTCT.co and BitFunder closing at the same time (as in, not tradeable). I do have more than enough assets to redeem everyone, might just take a while to get sorted.

Thanks for the reply.

Edit: My shares were redeemed today (Nov. 13)! Thanks!

Hey, I sent you an email last month at around the time BTCT.co closed, but I still haven't received any response. Are you still working on processing refunds?

Same

no details?

Has anyone had success getting Namworld to reply to PMs? His profile said that he's been active the past few days, but he hasn't replied to the PM that I sent him.

Hello,

please send me an email once again if you have not been paid. So far I have processed payments for all claims received in my inbox.

Had PM you.
amount:4417

I've sent you an e-mail back in November and received no payment.
I've re-sent it 3 days ago with copy to PM.
It could be that the email fell into spam folder ... but why no answer to the PM?

Hello, I can confirm I've received your two claims. I will process them as soon as possible.

Ok I just emailed you again as well.

Can you tell me when will you redeem my BTC-BOND ? I've waiting for that more than 6 moths.

I'm sorry. Buyback has ground to a halt. Coinroll was supposed to get IPOed early winter with a brand new website and tons of new features. Unfortunately, it never happened and Scrat has gone missing. Fortunately he transferred ownership to new owners prior to disappearing. Everything was going smoothly until then.

I still owe 178.44 BTC out of close to 400 BTC, of which 162.93 are owed to 3 large creditors and the remaining 15.51 BTC is owed to 37 small creditors who mostly haven't claimed.

I will need to talk to my 3 large holders. I would like to renegotiate the deal with the large holders and get approval to simply pay smaller creditors first.

I've been emailing current creditors for a while. In case anyone is watching this topic but hasn't checked their BTCT.co email in a while, please get in touch.

I would like to close all outstanding debts.

 ???

I'm talking about the small holders I'm repaying immediately. I have not forgotten about you. I'm going to PM you.

Is nice to see there are people who dont run when a project is bad times, trying to look solutions and dont run and  leave no one like a bagholder,

Congratulations BTC-BOND issuer it is not very usual in altcoin universe

Hello! Namworld:

I sent you a email 5 months ago but didn't get any reply from you. Are you okay ?
it's a hard time for me right now due to the FTX event. I hope you can pay back my BTC. I appreciated even you would pay partially.

Regards
Keven

Lol I was reading the first post without checking the date, thinking it was posted today. What a blast from the past... capping Bitcoin at $1 to "avoid a complete loss."