Weekly Report Monday, May 27, 2013 OverviewAssets: 0.05 oz. Shares Outstanding: 5 NAV: 0.1075 I regret to inform shareholders and anyone else that may be interested that I have decided to close the fund. The reason is that the participation in the fund has been much too low to justify its existence. I am surprised that the interest in owning gold is so low, but I suppose that it just can't compete with bitcoin in terms of return on investment. The fund will remain open until June 29. At that time I will do a forced buyback of any remaining shares at the spot price (of gold). In the meantime: - Shares can continue to be traded until June 29, or until I have bought back all remaining shares.
- I will buy back any shares at the current spot price. We must both be present to do this.
- I will buy any ask priced at or below the current spot price.
- I will continue to post a bid for the remaining shares at about 95% of the spot price.
- I will no longer accept gold deposits in exchange for shares.
If anyone is interested in buying the fund's gold (or any other gold), please send me an email or a PM. If you have any concerns, questions, or comments, you can post them here or send me an email or a PM. |
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I'd really wish there would be more volume and action. Investing in the plattform itself should be a good thing.
The fund has done very well in BTC and spectacularly in dollars. The original NAV on December 12, 2013 was 0.120 BTC (or about $1.60). In just 6 months, it has doubled in BTC and increased by 20x in dollars. |
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I am also having a problem with them. I sent money to OKPAY and the status of the transaction is listed as "error". The money has been deducted from my MtGox account even though it was never sent.
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Unable to send money due to Insufficient Funds.
Address: 1FNVVMrZzsRmCkngjm8pZvSCUDp76DbEHj
Perhaps you need sufficient funds ... |
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I handed out a very large number of the blanks at the end of the conference. If you grabbed a handful and you found a good use for them, consider sending Mike some money for them.
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Weekly Report Saturday, May 18, 2013 OverviewAssets: 0.05 oz. Shares Outstanding: 5 NAV: 0.1143 I regret to inform shareholders and anyone else that may be interested that I have decided to close the fund. The reason is that the participation in the fund has been much too low to justify its existence. I am surprised that the interest in owning gold is so low, but I suppose that it just can't compete with bitcoin in terms of return on investment. The fund will remain open until June 29. At that time I will do a forced buyback of any remaining shares at the spot price (of gold). In the meantime: - Shares can continue to be traded until June 29, or until I have bought back all remaining shares.
- I will buy back any shares at the current spot price. We must both be present to do this.
- I will buy any ask priced at or below the current spot price.
- I will continue to post a bid for the remaining shares at about 95% of the spot price.
- I will no longer accept gold deposits in exchange for shares.
If anyone is interested in buying the fund's gold (or any other gold), please send me an email or a PM. If you have any concerns, questions, or comments, you can post them here or send me an email or a PM. |
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Weekly Report Saturday, May 11, 2013 OverviewAssets: 0.05 oz. Shares Outstanding: 5 NAV: 0.1179 I regret to inform shareholders and anyone else that may be interested that I have decided to close the fund. The reason is that the participation in the fund has been much too low to justify its existence. I am surprised that the interest in owning gold is so low, but I suppose that it just can't compete with bitcoin in terms of return on investment. The fund will remain open until June 29. At that time I will do a forced buyback of any remaining shares at the spot price (of gold). In the meantime: - Shares can continue to be traded until June 29, or until I have bought back all remaining shares.
- I will buy back any shares at the current spot price. We must both be present to do this.
- I will buy any ask priced at or below the current spot price.
- I will continue to post a bid for the remaining shares at about 95% of the spot price.
- I will no longer accept gold deposits in exchange for shares.
If anyone is interested in buying the fund's gold (or any other gold), please send me an email or a PM. If you have any concerns, questions, or comments, you can post them here or send me an email or a PM. |
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I just looked over this investment.
Looks like it has been well run. The odd thing about it is the timing. I'm actually thinking that now and possibly for the next few weeks / months it might be useful to own gold or silver instead of BTCitcoin.
BTCitcoin is relatively high priced and gold or silver are relatively low priced.
Are you sure you want to (continue to) shut this down now?
-MikeMark
After about 6 months of running the fund, I decided that it is not worth my time to continue running it and hoping that someday people will become interested. I was expecting the assets to exceed ten ounces of gold, but the fund never even came close to one ounce. If the situation changes in the future, I can start it up again. |
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Weekly Report Monday, May 6, 2013 OverviewAssets: 0.05 oz. Shares Outstanding: 5 NAV: 0.1563 I regret to inform shareholders and anyone else that may be interested that I have decided to close the fund. The reason is that the participation in the fund has been much too low to justify its existence. I am surprised that the interest in owning gold is so low, but I suppose that it just can't compete with bitcoin in terms of return on investment. The fund will remain open until June 29. At that time I will do a forced buyback of any remaining shares at the spot price (of gold). In the meantime: - Shares can continue to be traded until June 29, or until I have bought back all remaining shares.
- I will buy back any shares at the current spot price. We must both be present to do this.
- I will buy any ask priced at or below the current spot price.
- I will continue to post a bid for the remaining shares at about 95% of the spot price.
- I will no longer accept gold deposits in exchange for shares.
If anyone is interested in buying the fund's gold (or any other gold), please send me an email or a PM. If you have any concerns, questions, or comments, you can post them here or send me an email or a PM. |
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For instance, feathercoin is the exact same as litecoin appart than it has more coins, but since we deal with float number that are divisible, who cares? What do you mean by "float number"? I took a quick look at the code and it looks like it uses 64-bit ints with 8 fractional digits, just like BTC and LTC. I don't mean that it is using the "float" type of C++, I mean that the possible values are float numbers with up to 8 digits after the point. So it does not really matter if you have 10 times more or less coin, as long as you don't reach such tinny value that you're limited by the 8 digits. Unless you reach that point, there's no rational to say that "more coins" is an advantage (or a weakness neither)! Sorry for being pedantic, but that is not what "float" means. "float" is "floating-point" which is the opposite of "fixed precision". It is a term in computer science describing how a number is stored. A floating-point number has an exponent that specifies where the decimal point goes. Scientific notation is a natural way to write a floating-point number. I think the proper term to use here is "non-integral", which means that it can have a fractional component. You could also call it a "rational" number, but the meaning is very broad. I think "non-integral" is the best. |
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I should be receiving a roll of 0.5 BTC coins soon. The cost of a coin from Casascius is 0.27 BTC over the value so there is no way you will get it for 0.75 BTC (below cost). I'll send you one when I get them, but it will cost 0.85 BTC (shipping included).
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Monthly Report
April 2013
May 3, 2013 OverviewAsset InformationAssets: 100 shares of LTC-GLOBAL Shares Outstanding: 1000 NAV: 0.215 (based on the LTC-GLOBAL 7 day average price of 67.80 LTC) Dividend InformationDividend (paid 2013-5-2): 0.30927 BTC Dividend per share: .00030927 BTC Monthly Yield (based on NAV): 0.14% Annualized Yield: 1.72% Management FeeNormal Fee (0.08333% of asset value): 5.65 LTC Waived: 0 Fee Paid: 5.65 LTC Detailed information can be found here: https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEECommentaryThe price of LTC-GLOBAL shares fell sharply again last month, probably again due to the rise of the value of LTC in both BTC and dollar terms. The 7-day average price stands 67.80 LTC. Despite the fall in prices, the value of LTC-GLOBAL has risen in terms of both BTC and dollars because of the rise in the value of LTC. By the end of the month the NAV rose to 0.215 BTC (+41%). LTC-GLOBAL paid a monthly dividend of 15.06 LTC. After subtracting the management fee and converting to BTC, the fund earned an income of 0.30927 BTC (0.00030927 BTC per share) that was distributed on May 2, 2013. Trading on both the BTC and LTC exchanges slowed considerably during the month, probably due to the incredible spike and crash in both BTC and LTC prices (in dollar terms). Please note that the NAV is only an estimation of the value of the shares. The trading volumes of both LTC-GLOBAL and BTC-TRADING-PT are low and the bid-ask spreads are very high, so the actual price of a share can vary quite a bit. VotingMotions must pass by a margin of 100 shares to be approved (a YES vote), or fail by a margin of 100 shares to not be approved (a NO vote). Votes with a margin of less than 100 shares receive an ABSTAIN vote. The results of motions that receive less than 200 votes will not be considered valid. At this time, voting for approval is only done for IPOs due to the lack of shares publicly held. Please vote. It is very important for the success of the exchanges and for the value of your shares. Please note the earlier deadlines for IPOs. Voting on IPOs ends sooner than established securities because trading on a security cannot begin until the security is approved. | Ticker | Exchange | Deadline | Notes | | ASICMINER-100PT | BTC-TC | 2013-05-08 | IPO | | TAT.ASICMINER | BTC-TC | 2013-05-08 | IPO | | | | | | - | | | | | | | |
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Weekly Report Saturday, April 27, 2013 OverviewAssets: 0.06 oz. Shares Outstanding: 6 NAV: 0.1107 I regret to inform shareholders and anyone else that may be interested that I have decided to close the fund. The reason is that the participation in the fund has been much too low to justify its existence. I am surprised that the interest in owning gold is so low, but I suppose that it just can't compete with bitcoin in terms of return on investment. The fund will remain open until June 29. At that time I will do a forced buyback of any remaining shares at the spot price (of gold). In the meantime: - Shares can continue to be traded until June 29, or until I have bought back all remaining shares.
- I will buy back any shares at the current spot price. We must both be present to do this.
- I will buy any ask priced at or below the current spot price.
- I will continue to post a bid for the remaining shares at about 95% of the spot price.
- I will no longer accept gold deposits in exchange for shares.
If anyone is interested in buying the fund's gold (or any other gold), please send me an email or a PM. If you have any concerns, questions, or comments, you can post them here or send me an email or a PM. |
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And reading their ToS, it looks like we're all $#% out of luck too... Although the fact they had a DB error it's kinda their fault...unless they are blaming bitcoin then they are not responsible for that either according to their ToS.
According to their Terms of Service: If an order cannot be filled by Coinabul we will either: provide a substitute product of your choice of equivalent value, or provide a refund, minus any market loss incurred and at our discretion.
That's pretty bad. If they are going to lose money on a sale, they just refund you, but keep the amount of money they would have lost. Basically, it means they can steal your money. |
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Can anyone spare some?
It is very easy to mine. If you want to try mining, install cgminer and feathercoin. |
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Something that automatically generated a new address, and then once it got a deposit, transferred it to the main address would be very convenient.
That's not how it works. There is no "main address". You can use a single bitcoin address for your "main address", but the wallet is free to move the bitcoins to another address without telling you any time it needs to. Your wallet keeps track of actual locations of the bitcoins. |
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For instance, feathercoin is the exact same as litecoin appart than it has more coins, but since we deal with float number that are divisible, who cares? What do you mean by "float number"? I took a quick look at the code and it looks like it uses 64-bit ints with 8 fractional digits, just like BTC and LTC. |
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Create a different payment address for each order.
Thanks for your help! Does this mean we need to monitor each of these addresses separately for payments? Or can we still see all of them in one wallet? There is another issue too, which is that we can't (unfortunately) make order-specific changes to the automatically generated order confirmation email that our customer receives. So we can't really automate a system that always gives the client an order specific bitcoin address. If we sent all the emails manually, then it would be no problem. Do we have any other options? I'm especially interested if there would be a way that would allow us to simply announce one public wallet key for the customer in the automated email he/she gets. Ps. Cool nickname  I hope you won't stop the motor of the world! Your wallet will generate the address and keep track of it. Since the address is only used for the one order, you don't want to see it again after the order is completed, so you would want a wallet that allows you to archive addresses. I don't know if one exists, but it would be great if there were a wallet designed specifically for this kind use. You can present the unique address for the order at the time of the order and have them pay immediately. Send the confirmation when you see the bitcoins arrive. Then you don't need to send the address in a confirmation email. I guess that still requires customization of your ordering systgem. Note to software developers: You could make quite a bit of money developing and selling software that does something like this. |
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Create a different payment address for each order.
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One thing for sure is creating a successful business is not easy but never give up. I have been doing hair for years and my husband and I decided to open a hair salon a little over two years ago. Online marketing coupled with great customer service has allowed our business to pay us back our initial investment and now is growing to possibly a second location. I like to dabble in investing but nothing has paid out better for me then a solid focused career which has now become a small business. As much as I love bitcoin and the possibilities the most sound advice for creating growing wealth is building a business.
I would like to suggest that you promote that you accept bitcoin for payment. Also, ask your suppliers if they might accept bitcoin for payment. I agree that the best way to become wealthy is to build a business. There are only maybe a couple dozen people that have built bitcoin related businesses (and they have already become wealthy), while thousands of people sit on their coins and hope something happens. The opportunities presented by bitcoin are wide open. The lesson to be learned is that the small number of people didn't get wealthy by just sitting on a pile coins. |
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