Bitcoin Forum

I have a proposal for a way to manage 100%* Insured Pirate Pass Through bonds on the GLBSE.

I am interested in speaking to anyone confident in BTCST who has the capital to insure bonds. This would be more feasible with a larger account balance, and therefore higher interest rate, which is why I am seeking a third-party insurer.

Please don't shrug this off as me trying to dump the risks off on someone else, PM me if interested.

Will explain how this would be done privately to potential insurer, until PPT announced*

-Reserved-

So basically this is a copy of the YARR business model?

I would, when announced, share my model and how I am able to insure the bonds.

I am not going to be claiming that I have backers, without providing details as to who they are and proof that the coins are ready to be sent to the GLBSE account, to purchase back stocks.

Insuring this product is a service that I and lenders would very much appreciate, it is not something that would go unrewarded.

Best of luck to you. Transparency like you are suggesting will be very good for the market. What will really allow you to charge a better premium is to eliminate the 1.3 forced buyback that Usagi has.

I wasn't even aware of YARR, when this idea crossed my mind. I'm not sure what role you think I would play that would cause me to lose money.

I will indeed be paying money one way or another to insure the shares, but unless I overlooked something, it shouldn't impede me in any way.

The point is, why would any one ever insure PPT? There is no benefit. Well there is one benefit, the operator of such has an excuse to run his own ponzi. Just like CPA. You can spend 5 mins to make a terrible site and be as credible as they are.

You are taking the full risk of pirate deposits, but instead of taking full reward you graciously give out partial profit to investors, why? The risk is entirely yours, unless of course you don't even have bs&t accounts and plan to just run your own ponzi, if pirate defaults you disappear. They have your fake ID on glbse so you claim to be "verified" but anyone with sense knows it's useless. You are already too late with this scam, the other guy beat you to it.

Have you ever been through the glbse verification process ? if you think its a simple matter of handing in a fake ID you are sadly mistaken.

I was intending to verify with GLBSE anyways. I have/had no intention of running with anyone's money.

If you are 100% confident in Pirate, the only rate you would rationally be willing to accept to put up collateral is exactly the same as Pirate's rate. That would leave you with 0% interest. This is transparently obvious--work it out, plz.

The only way someone would insure for less than the rate Pirate pays is if they intended not to pay up if the bottom falls out.

I'm looking for someone interested in increasing the confidence the public has in Pirate. They might not get a larger return from being the insurer, but the better people think of investing in Pirate, perhaps the longer Pirate can continue to operate at such high interests.

All businesses we don't understand or don't like are ponzi schemes now. Did you not get the memo? (I'm sure I have a copy somewhere)
:D

In the event that I am unable to attract an insurer... (I am still looking for an insurer! so if anyone is interested, please PM me)

Would anyone be interested in a system where the %insured increased over time? My system will still work without a 3rd party insurer, but would start out insured only up to a certain point.

I also thought of something that would pay out for example 5% per week and the remaining 2% are put into an "insurance pot" - once the pot is larger than the outstanding shares, more shares can be issued and/or a better rate can be paid out... You can of course kickstart this by allowing donations (or donating yourself some coins) to this pot or changing the percentages - still the required amount of BTC in pirate's "trust" alone to get these 7% is something that's not easy to "insure" at all.

I would by the way ONLY trust any insurance if it lies on a dedicated address and you post a message signed with this address.