Bitcoin Forum

Any idea of what could be your level of pirateat40 and GLBSE exposure?

First we will answer all possible questions and complete this document as our contract with our investors. After that we will announce the pre-IPO fase and we will register with GLBSE. After that FDBF will be live!

Our pre-IPO fase has been started. All investors who like to pre-order there shares can pm me of PsychoticBoy. The pre-IPO fase will last till the end of next week (25/26 august).

In the meantime we will issue the IPO at GLBSE and we will let the account be verified by nefario before we will start.

Wow, that was fast, 48 hours to answer all possible questions? :)

Today FDBF has been launched!

Pre-IPO ~2900 shares sold.

Thank you for the confidence. We are working to make Flying Dutchman Bitcoin Fund a success!

What information are you willing to make public?
We will make a public spreadsheet  (google docs/drive) that will public show:
-  the available funds.
-  the weekly incomes, costs and profit
-  the calculation of the weekly dividend
-  the assets we hold, including their initial price, the number, and their dividends paid
-  the loans we make, including the volume, the interest rate, and the repayment date
-  the shares paid to the management of the fund
-  the results of motions

Please post a link to the spreadsheet, thanks!

As promised we will. The spreadsheet is under construction, I will post the link today for the first (beta) version. Please let us know your comments about the spreadsheet.

Beta version of our dashboard is https://docs.google.com/spreadsheet/pub?key=0AkzS_thDsmwudHVKcFdMRXg5cjY3eklqNmxHeGlIeXc&single=true&gid=0&output=html (https://docs.google.com/spreadsheet/pub?key=0AkzS_thDsmwudHVKcFdMRXg5cjY3eklqNmxHeGlIeXc&single=true&gid=0&output=html)

Please let us know your comments.

Update:

Flying Dutchman Bitcoin Fund had a good startup period. We spread our investments in various GLBSE and lending assets. Because we are completely transparant (in contrast to some other funds/companies) you can monitor our progress and choices at our public dashboard. Comments or questions are always welcome.

Tomorrow we wil pay the first dividend.


Regards,
Flying Dutchman Bitcoin Fund

Paladon & PsychoticBoy

Really good looking.
+10 for style, +50 for diversification, +100 for transparency
... -160 for... me not being the first to notice it  ;D Sadly, you might well be the best fund ever, but buying your bonds at 30% more than your NAV seems a bit too much.

Thanks for thumbs up ;)

The NAV will only grow, in this first week it is logic the NAV is under share price, this is because of transfer fees (transfering shares cost btc on GLBSE) and other initial costs, like IPO start-up etc.

Sincerely,
PsychoticBoy and Paladon

First, I think the OP needs to be updated (still contains Pre-IPO info).
I also think the OP (and the GLBSE asset) needs to have a more concise category applied to FDBF.
For example: Is this a low-risk, medium-risk or high-risk fund?
"Flying Dutchman is a medium-risk Bitcoin fund," etc.

I like the Google Docs Dashboard. The information and charting is great.

In the "Weekly income and costs" section, I would like to see a column called "Dividends Reinvested" that shows the other 30% of the dividend with a total at the bottom. Its not hard to figure it out, it would be quicker if the dashboard had this info.

Also, in the loans section, I would like to see an "Amount Outstanding" column with a total at the bottom. Again, it's not hard to figure out, but having it on the dashboard would give the info quicker.

Thanks and keep up the good work.

Thanks Carnth.

I have one more dashboard suggestions that I forgot to mention in my last post:

The pie chart shows GLBSE Assets... but can we also add the Loans to this Pie Chart.  Then we can call it "Total Assets" or something.
This would easily show that Loans make up about 3-4% of the total assets in the fund.

Knowing the percentages of each asset (including the outstanding loans) can help investors better assess the risk profile of the entire fund.

Beside the current pie chart, I added another one with the total assets, including BTC and given loans.

Beta version of our dashboard is https://docs.google.com/spreadsheet/pub?key=0AkzS_thDsmwudHVKcFdMRXg5cjY3eklqNmxHeGlIeXc&single=true&gid=0&output=html (https://docs.google.com/spreadsheet/pub?key=0AkzS_thDsmwudHVKcFdMRXg5cjY3eklqNmxHeGlIeXc&single=true&gid=0&output=html)

Please let us know your comments.

Would be nice to see percentage of exposure to each investment. Sure one can always take the total and divide by it, but there is really no reason not to include it directly.

The percentage of exposure of each investment is visible in the graph of assets (under the graph of weekly profit). I hope this is what you mean. If not just let me know and I will try to add it.

Regards,
Paladon

Yes it is, sorry -I have an extension to block cross-site requesting, so I just saw blank rectangles!

It would be nice to have this info next to the others, though.

Thanks for the fast answer  :)

Done  :). Check the Dashboard.

Regards,
Paladon

Dear investors,

Second dividend has been paid!

7.06406050 BTC paid over 3,865 shares.
Payment a share 0.00182770 BTC.


Regards,
Flying Dutchman Bitcoin Fund

Paladon & PsychoticBoy

The Flying Dutchman Bitcoin Fund managed to sell our OBSI.HRPT today for a good price. We do not have enough confidence anymore in this bond.

Dear investors,

The Flying Dutchman Bitcoin Fund managed to sell our OBSI.HRPT today for a good price. We do not have enough confidence anymore in this bond. The risk profile of FDBF is now lowered and we do feel this is better for our investors. Check our dashboard for details and let us know if you have anymore questions.

Regards,
Flying Dutchman Bitcoin Fund

Paladon & PsychoticBoy

One more thing to add to the dashboard!
Please add a NAV (Net Asset Value) column to the Weekly Income and Costs table.

That way we can see the value per share increase/decrease on a weekly basis.

Hello all,

Answering emails, etc is taking larger amounts of my time and I am tired of emailed scam accusations. I tried to setup a profitable endeavor for both you and I, but it was easier and more profitable mining alone.I have decided to begin buyback of the shares. I have many great investors, but they are overshadowed by constant emailed personal attacks as being a scammer. I am done dealing with that. I will review the buyback plan so that i can give the most value to shareholders, especially considering the large price declines of late. I don't want anyone to feel cheated. I will release a motion in the next week, so please be watching for it for any upcoming news.

The dividend is halted immediately. Please watch for upcoming motions.

Regards.

8.69197428 BTC paid over 5578 shares.
Payment a share 0.00155826 BTC.

I would love to know your future plans on FPGAMINING as things develop.
I know things are difficult with them right now. Communication is key.

Besides the FPGAMINING disaster there is another problem with our deposit at RustyRyan.. he has not paid interest this week... and not responding at our calls..

Surely you knew that was coming, though? Didn't you pull out your initial capital in time?

-MarkM-

Sorry but if we knew it, we would have sold it... Just after the news was called we try to sell but price was already dropped dramatically and there were not enough bids. As you see we (PsychoticBoy and me) are very often online and did not see this coming unfortunately.

Sorry but if we knew it, we would have sold it... Just after the news was called we try to sell but price was already dropped dramatically and there were not enough bids. As you see we (PsychoticBoy and me) are very often online and did not see this coming unfortunately.

Could you post here if/when you get in contact with RustyRyan or if there is any news as to the situation with him?

Dear investors,

moparguy528, issuer of FPGAMINING, stated in a motion on GLBSE that he will slowly buy back all FPGAMINING shares.
This is the motion as viewed on GLBSE:

Motion ID:144
Ticker symbol: FPGAMINING

Effective as of midnight September 25th, 2012: Due to the closing of this bond the interest as spelled out in the contract is null and void. Until all shares are bought back by the issuer, interest in the amout of 1% of the remaining outstanding shares, at a par value of 0.8BTC per share, per month will be paid at the end of each month. Once all shares are bought back by the issuer via the market or share buyback process, no further interest will be paid. Any further information will be released via future motions.


Hopefully this disaster ends with a whimper.


Yours sincerely,

PsychoticBoy and Paladon

9/30/12

Effective immediately,

I am defaulting on my BDK.BND debt. Beyond this, I will no longer be honoring the contract in the form I originally laid out. I previously intended to empty my non-legal wife's (we personally consider ourselves married, but legally, we are individual and thus have rights we'd otherwise forfeit) 401(k). I obviously did not want to do this, but it became clear it was necessary as I was looking at $200-250/wk interest on this single debt while having been financially raped by loans to various members of the community (No, Pirate is not the primary cause of my distress. Please don't turn this into some Pirate discussion.). After weeks of tha stress, on top of previous stress... heated arguments... -- this is no longer an option. I do not think her response to my actions is unreasonable (she's already effectively lost tens of thousands due to my actions), but this clearly affects my ability to repay within what I'd consider a reasonable time-frame. I currently have a negative net worth excluding my residence which would be protected under a personal bankruptcy filing which I will not pursue unless a suit is formally filed against me. I'd advise against taking action on potential cynicism, and suggest you give me at least a couple months to confirm I am indeed making a decent effort toward repaying what I owe.

I am unable to pay interest on my current BDK.BND debt. It's impossible for me to keep up with that, living expenses, and interest on other debts which are small enough where I can close them - and I apologize, in a sense, for the unfairness of how this is being handled. BDK.BND-holders, who I've always wanted most protected from risk, are now getting the shaft. I cannot subject my wife to more loss, and will be forcing BDK.BND holders to suffer as a result of my unwillingness to liquidate my residence. I apologize for the trust I've violated, the business mismanagement, and this default as a result. If I were unable to compartmentalize, I would be unable to write this. I am truly and deeply sorry. I also apologize for not having the emotional fortitude to prevent what I'm also about to announce: I will not be communicating much, if at all. I will likely not read anything written in this thread beyond this post for months. I just can't handle it when there are many things I need to do to get the situation in order. I will not be responding to phone calls, Skype messages, nor responding to emails. I will not be clarifying what I've written, and will not be responding to questions. I just can't right now, and understand how bad that looks and is. Again, I apologize. I will post an impersonal message each time I make a dividend payment.

All BTC I currently own will go toward BDK.BND payments. These will come in the form of irregular, unannounced dividends -- there will no longer be .001BTC/bond dividends each week. I will never buy BDK.BND back, and that section of the contract can be considered practically void. I can do nothing but assure everyone that I have no intent to make any purchases of BDK.BND units, and will allow them to trade freely on GLBSE as people value them given I have absolutely no information on when, and in what amount, these bonds will be repaid. However, I promise I will repay the debt as it stands, as I'm able. So long as GLBSE is active, I am alive, and earning income, I will continue to make dividend payments on BDK.BND units as a gesture of goodwill (and appreciation for not suing me into bankruptcy) beyond the .101BTC "hard debt" I currently consider as existing. Basically - I will be making larger, more rapid payments until dividends beyond this date reach .101BTC/bond. After that time, I will continue paying irregular dividends in a way which is appropriate for the gratitude I owe, and possible for the amount I need to live. I am unable to provide a repayment schedule or dividend schedule. Essentially - I'm giving what I can without forcing an unreasonable amount of loss (beyond what I've currently caused) onto my non-legal wife, and I naively hope everyone trusts me to be doing exactly what I'm saying I will. I'll provide instructions in my will to give an update (with death certificate) on this forum in the event of my death. Though things have been pretty shit lately, I am not at all suicidal -- just gave the info in that last sentence as an FYI.

-Ben

(Additionally... Someone may remember I recently posted assets/liabilities on my side. This included many of my non-legal wife's assets. The CU/bank assets have been largely emptied to repay CD-holders and my mother, who fronted us money to purchase this house [I've since defaulted on that loan, too, after a partial repayment so I could repay CD-holders]. There is still one outstanding CD-holder who has been excessively generous in providing me time to repay.)

(Many individuals have my home address [NOT the Spring Arbor address. That is a family member's house. DO NOT release that address.]. I would prefer my home address not be released publicly, but would also not consider public release of that information unwarranted. If you are coming for a visit, I would like at least a voice message a day or two prior. Harm toward family's off-limits, and I would physically object to bodily harm which may result in my stay in a hospital, as that'd further impede repayment. I am armed, so please keep ideas of physical violence in check.)

Thought shareholders might want to know about this... The dashboard currently states we have 115 shares of BDK.BND bought at an average price of 0.09937826   

On another note, on the dashboard maybe you should highlight (red?) the loan receivers who have not paid their interest/outstanding BTC?

How many BTC are being held hostage by GLBSE?

Any idea why they haven't been returned?
(have all requested hoops been jumped through?)

Thanks for the information.

I think it's a great pity that the FDBF was forced into failure by JM, as you were doing such a great job. He has a lot to answer for.

Can you say, even roughly, what the total balance you are expecting to reach before you start the payout.

Dear Investors,

PGM bought all claimed shares back, we had 6 shares of PGM so 0.66 btc is added to  1Cctovagc8UzJoz5PERpHVNkBnWhbwcQUV  (http://blockchain.info/address/1Cctovagc8UzJoz5PERpHVNkBnWhbwcQUV)

Piggy bank total is now: 52.14 BTC

I, and many others, have received payments simply and efficiently from SS.

If you haven't received any SS payout, I would suggest contacting smickles, Michael Carver, at xiberphim@gmail.com.

See:

https://bitcointalk.org/index.php?topic=74216.msg1385017#msg1385017

Good luck with all the debt collection. There are clearly a lot of rotten apples in this barrel!

Payout received.

Thank you very much for all your work, communication, tranparency and professionalism in dealing with this.

Good luck with your future ventures.

Payout received..thank you so much and happy new year!.

A total of 2.44779395 BTC is added, Piggy Bank Total is: 40.39755397 BTC

Is the correct Piggy Bank total: 43.32034792   ?

Is the correct Piggy Bank total: 43.32034792   ?

I'll bet that was a typo - the correct amount is 43.32

PsychoticBoy: There's enough coins to justify another distribution. Would you make this happen?

We still have 115 shares in Giga, though it references the questionable steps. What is the plan for those? Will the fund go through the claims process so that we will get Tera divs?

Dear Investors,

FDBF has paid out the  Piggy Bank!  (http://blockchain.info/nl/address/1Cctovagc8UzJoz5PERpHVNkBnWhbwcQUV)
Paid out 0.8680524 BTC over 5640 shares.
Payment a share 0.00015391 BTC.

This is the tx with the payment:  c28b5fc7502c1b7314ae52b802165d5c85a923392f91f5678906819402393d3b  (https://blockchain.info/nl/tx/c28b5fc7502c1b7314ae52b802165d5c85a923392f91f5678906819402393d3b)

The 15 unclaimed shares (0.59955432 BTC) + the outstanding dividends have been paid out to the 5640 remaining (claimed) shares!

The list with all assets we own can be viewed in post  #147  (https://bitcointalk.org/index.php?topic=100521.msg1709072#msg1709072)

The Assets that are for sale are in post  #109  (https://bitcointalk.org/index.php?topic=100521.msg1440328#msg1440328)


Sincerely,
PsychoticBoy