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It depends on what risk profile you want. Right now you have a pretty high risk but also a high reward kind of portfolio. There's nothing wrong with that as long as you aware of the risk.
//DeaDTerra
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If I have one chunk of money, borrow another, and invest one each into "EIEIO" and "BS&T", how is it a "Pirate pass through" any more than a "Mystical mining pass through"?
EIEIO must pay >2.5% weekly for this to be profitable. That alone makes it far too suspicious to qualify as insurance.
Does this mean I get your seal of approval  YAY!!!!!!! //DeaDTerra |
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All bonds have been sold (they sold out a day ago but I forgot to mention it xD) So all the 5000 bonds are now live and on the market //DeaDTerra |
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If ASICMINER beats BFL to production and complete units, How do you plan to address the 51% issue..
Example ASICMINER builds 30 T/hs of equipment. BFL 0. Network is at say 15 T/hs.
ASICMINER will then be 66% of the network..
This could be a problem....
Yea that won't be a problem. The network is huge, even with massive production of ASICS it won't reach 51% and even if it would, they would have no incentive to attack the system as their whole investment is based on the Bitcoins they mine and that they can sell them off to make a profit. If they each 51% I suggest mining a p2pool. //DeaDTerra |
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I have to wonder... after this thread, why did people buy BDT? I was initially interested, but the incompetence in promise-keeping steered me away rather quickly I'll bite... I was initially very leery of a bond issued primarily by Alberto (no offense Alberto). But with DT, and now Meni promoting it, I was willing to buy in. I realize Meni has no real say over things, but if he's willing to put his name on it I believe that he believes its on the up and up. If Meni starts promoting Dank's bank, I'll sell fast. As for the slowness and drama on Rebate, I'm not convinced it was all Alberto. I've known and worked with plenty of overly-optimistic people over the years. I'm not backing BDT, but if anyone wants out while its still frozen, I'm willing to buy at a non-vulture price (props to theymos for trying) e.g. .95. And just so it doesn't get edited away, I'm quoting Alberto's statement: Anyone, please ignore the speculators bids, the situation is going to be cleared up very soon. I'm currently waiting for Nefario to come up with some sort of communication with me. It seems that the freezing of BDT wasn't even worth a phone call, as i didn't receive any from him. I'm waitin for further contact, for now i've just received an email stating that i am connected with REBATE IPO and i'm liable for fraud and similar stuffs.
First of all, i would like to clarify that i've developed REBATE and Kronos.io during a timeframe of partnership with Jonathan Ryan Owens, the actuator of REBATE IPO, and the recipient of most of the 5000 bitcoin raised from that operation. The last time we spoked about this he said he was going to buy back all shares from investors, so i believe that's what will be happening. I'm not accusing anyone of running with customer funds.
As for what concerns me personally, i'm an entrepreneur and web developer, and it's normal for me to have multiple projects running at the same time. I do no think i have done any wrong doing and i should not be held responsible for an asset that i even don't own on my account. BDT is an healthy security with dividends paid fully until now. I see no reasons for keeping my account frozen.
Thank you
Alberto Armandi
Founder - Bitdaytrade Ltd
+393421048844
I wasn't promoting it xD, I was simply saying don't panic sell as this won't effect Alberetos project or his capabilities to pay out  Also if someone wants to sell a 1 BTC bond for 0.7 BTC I am not going to say no xD //DeaDTerra |
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Good answer, but I would like a little further clarification just because I don't see the answer-
Someday (in non-default based future), Pirate will drop his service and return all deposits. What happens at that point? I assume since you got all the deposits returned to you, you will turn around and buy back all shares @1 btc. Correct?
How big does someone have to be to ask for a direct withdrawal? Is there any price point of GIPPT where you would consider initiating a small pirate withdrawal specifically to buy back shares on GLBSE and cancel out the shares? If you don't do this then I think you are earning interest yourself on value that is no longer present in the market you created... it's an interesting position to be in.
Apologize if these are dumb questions, I like your fund.
Thank you-
I think the bonds are worth hell of a lot more then they are currently, which is kind of sad to see  You guys don't like the asset? The bonds are worth more than 1.2 BTC, by my math. The market is simply saturated. 1 BTC is a joke for them, because then there's 0 risk for the investor of a pirate default. Pirate defaults, I don't lose anything. And that is why I pulled out of YARR and won't be buying Goat's bond. It is not zero risk. If pirate defaults, you have to hope that ineedausername and imsaguy, who are both heavily invested in pirate, do not default on the insurance. Remember this: Logic question.
Supposedly, someone offers to lock up 5k in escrow and then insure 5k pirate coins with it, paying 2.5% interest to customers on them. If the same person were to just place the 5k into BS&T and take the whole interest himself, he would never have more risk, but always more profit.
I don't see why anyone would make such an offer.
This is indeed something you must believe otherwise only 5% is risk free. But it can't get much safer except 100% in a offline wallet. I have not 1, not 2 but 3 people that need to default for the bonds to reduce in value and in that case you still get my 5%  //DeaDTerra |
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There are no reason to panic guys! Albertos assets are just locked until Nefario knows what's going on, this is only a short term thing it will not effect BDT or Albertos ability to pay you guys, To be honest I think Albertos assets should not have been frozen as he has been up front with me and wanting to finish this situation in a nice way. He has keep in touch and has been willing to compromise. So I feel it's a bit unfair but I guess Nefario didn't have a choice, as he needs to lock the assets for investigation. I would also be happy to buy anyone that wants to panic sell  pm me //DeaDTerra |
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Good answer, but I would like a little further clarification just because I don't see the answer-
Someday (in non-default based future), Pirate will drop his service and return all deposits. What happens at that point? I assume since you got all the deposits returned to you, you will turn around and buy back all shares @1 btc. Correct?
How big does someone have to be to ask for a direct withdrawal? Is there any price point of GIPPT where you would consider initiating a small pirate withdrawal specifically to buy back shares on GLBSE and cancel out the shares? If you don't do this then I think you are earning interest yourself on value that is no longer present in the market you created... it's an interesting position to be in.
Apologize if these are dumb questions, I like your fund.
Thank you-
That is correct then I will either ask nefario for a force buy back or place a ask wall to buy all of them back I don't have any threshold but to withdraw from pirate, then transfer the funds to me then sending it to you after you transfered the shares to me, is just a hazzle okay. I would like to be able to offer this service for any amount, but my time is limited. So I won't say a limit, but keep that in mind I am sure the bids will bounce up again after a couple of weeks of dividends, I think the bonds are worth hell of a lot more then they are currently, which is kind of sad to see You guys don't like the asset? They are not dumb at all, there are no dumb answers Thank you very kind of you //DeaDTerra |
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Greetings,
I would like to ask:
Since these bonds are essentially a 1 btc pass-through to pirate, are they always worth 1 btc? If a buyer request a withdrawal is that allowed? Specifically I am worried that if pirate were to drops his rate to say... 1% then you would correspondingly drop yours to .5% or so and then the market value of the bonds might drop to much lower than 1 btc. I would prefer to issue a withdrawal at that point rather than lose face value.
Thanks-
+1 I will answer it like this. 1 BTC in pirate is worth 1 BTC on GLBSE once it's withdrawn. I can arrange for larger investors if they want to trade out. But I can't keep a bid wall up all the time. If there's need for one, then I will place once. I am fair towards my investors as I am one of them But I can't promise I will always keep a bid wall, as I don't have the capital to sit and root on GLBSE, sorry. //DeaDTerra |
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The issue at hand has been handed over to Nefario. I will be working closely with him to ensure this ends well.
//DeaDTerra
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I did my bit to move the price last week, and a buyback appears the only sensible option.
However, on top of that, the dividend (what ever it is) still needs to be paid.
Sounds like a motion to wind-up/buyback is in order.
That's what I am working for All I need is JRO to accept the buyback, he has control of the account and a majority of the equity raised. //DeaDTerra |
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Dividend was paid out at 21:02, 0.025 BTC per bond!
//DeaDTerra
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Sorry m8, I did the best with what I had. I have around 6000 shares in Rebate as well //DeaDTerra Sounds like you have good cause to buy more shares to move the average price to where it should be in case of a buyback. Don't have enough liquid BTC atm, unfortunatly. //DeaDTerra |
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So, do we buy it up to 0.2 and keep it there, or will the buyback be at 0.2 already?
It will be as according to contract, so it will be bound to the five day average of the bond. I am still waiting for confirmation from JRO for a buyback. //DeaDTerra Hmm.. so basically we are F***** since the price is around 1.2 . I understand there is a contract, but this "company" didn't even really start , didn't give div's , didn't do anything really.. oh well , beggars can't be choosers. Just will have to watch out from investing in startups. Sorry m8, I did the best with what I had. I have around 6000 shares in Rebate as well //DeaDTerra |
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hey guys! only 3 hours and 28 minutes left until the dividend is going to be paid out! So go get the last bonds while you can Only 700 left! //DeaDTerra |
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Yes, however I rather like focussed funds, not "we cover all markets/jack-of-all-trades" funds. It seems at least people with ~10k BTC in total think differently, so the idea certainly is also worth something...
Using GLBSE for far over 1 year now I a fairly confident that Nefario won't pull a Bitcoinica anytime soon.
I thought about investing, however I am unhappy with the move away from GLBSE and into ventures like ziggystar (a badly paying PPT imho) - but good luck with your fund nevertheless!
Its not good to have all your eggs in the one basket in case something happens to glbse. Yes, however I rather like focussed funds, not "we cover all markets/jack-of-all-trades" funds. It seems at least people with ~10k BTC in total think differently, so the idea certainly is also worth something...
Using GLBSE for far over 1 year now I a fairly confident that Nefario won't pull a Bitcoinica anytime soon.
One reason I like this fund is it's limited exposure to GLBSE. I'm not worried about Nefario, I'm concerned about some regulatory agency getting involved. I've got the bulk of my own at-work coins on GLBSE, and don't personally have the off-GLBSE connections that a large fund manager has access to. I think once the BTCST matter settles (Ponzi or not, it can't go on much longer: the math just ain't there) there will be people with coins looking for investments. I'm sure that the current withdrawls from GAMMA are pirateat40-rate-seekers. Gamma Bitcoin Funds strength is that it's diversified, too lower risk of high loses from defaults and such. Hence one of the things I wish to do is to reduce out GLBSE exposure, but this doesn't mean that we shouldn't invest in GLBSE, we should there are tons of good deals on there. But maybe in smaller volumes and only a select amount of share/bonds I trust Nefario, he is one of the most public person in the bitcoin community. The chance of him running away is slime to non. I am currently working on a deal that might help us liquidate some of our assets //DeaDTerra |
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So, do we buy it up to 0.2 and keep it there, or will the buyback be at 0.2 already?
It will be as according to contract, so it will be bound to the five day average of the bond. I am still waiting for confirmation from JRO for a buyback. //DeaDTerra |
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I am shutting down withdraws for the next two up and coming weeks...
//DeaDTerra
I agree with your temporary withdrawal shutdown. Also consider doing some additional promotion to add investors. Thanks for the all work and attention you put into this! Wouldn't it be better to allow for new investors again instead of shutting down withdrawals?  New investors are currently open due to the many withdraws and yes that would be the most optimal way to do it, but unfortunately the amount of new investors are lower then the amount of old investors leaving. //DeaDTerra |
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...
Hence I am shuting down withdraws for a while
...
//DeaDTerra
It's a Ponzi, I knew it! How could we have been so stupid... On a serious note, I trust you this time as well. Expecting some BS post form Micon anytime now though hehe;) Yea I am a bit sad that I was not yet invited to Micons party I mean I must be a ponzi right? xD //DeaDTerra |
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Hey guys! I have a fun story and a semi sad news for you guys. What to start with first? hm, let's go with the story first Okay, so today I got called up by the first bitcoineer, he was a nice Swedish guy that wanted to know about the fund. It was kind of scary that it's so easy to find my phone number online but it was quite fun xD We had a nice chat about, Gamma, Pirate, the bitcoin economy and in the end we decided to meet at the London conference I have to say though, please email me before you call it's kinda creepy being called by a unknown number, a lot nicer if I am prepared for it But thanks for the call I appreciate it! Okay to the semi sad part, I am shutting down withdraws for the next two up and coming weeks, (might be more might be less). Before you come at me with the pitchforks and the torches screaming "PONZI!". let me explain, firstly calm down, you know me I am not planning on running away or defaulting on you guys! The case is as follows, you know GBF is currently struggling with the Bitcoin price increase and the bearish GLBSE market. It's normally fine as I can do manual flip trading to keep us over 0% profit boundary. But the recent couple of weeks I have been getting 1000-2000 BTC withdraws each week with only a couple of hundred btc in deposits. I am doing my best to try to liquidate fast enough from GLBSE, but anyone that has been there recently knows how hard it is to liquidate a couple of thousand btc without crashing the market. It's not something that can be done within a couple of days. Hence I am shuting down withdraws for a while, to let me get some breathing air. To get a buffert of liquid btc, that I can flip/margin trade with and payout withdraws with. Once I have a good amount I will start paying out withdraws again, I know this is a leap of faith and that some of you might doubt me, might want to get out as fast as possible. But think of this, you have already taken the biggest step, trusting me from the start! So I am asking you, trust me once again on this one, I need to build up a buffert and to do this I need time, please give me that time. All withdraw request sent previous to this post will be paid out. //DeaDTerra |
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