Like I said, I am actively building more rigs and seeking more deals for mini rigs.
If you do not like my honesty about where I am at, then by all means please sell your bonds.
I think he is merely trying to get a more accurate sense of your income statement and balance sheet to better judge your credit worthiness and more accurately value the GIGAMINING bonds. The main value of the bonds is, of course, the dividend/payment stream. Obtaining additional information on the balance sheet and cash-flow statement would provide some additional information, but I expect Giga has more than just mining underpinning the payments he makes. As a borrower, I have provided a number of loans/financing to Giga and have no particular concerns about his liquidity or ability to repay. For his mining bonds (inclusive of a very good upgrade path) there are different ways to support such a business, and from my discussions with him he accounts for things pretty sensibly. As for the size of the balance sheet, income, mining hardware/assets, that is not required to be public, but I can understand the desire to have some third party look at it and express an opinion. You do realise, of course, that if a credit rating for Gigamining comes out looking good, it is likely to affect the price. |
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A rough and quite arbitrary/subjective guide:
How do you get a five starfish rating like Giga? Borrow multiple thousands several times and repay on time/in full/no fuss.
How to get a four-Starfish rating like Slider1978? He has completed two loans ( a few hundred coins each) running more than half a year. Good communication, prompt payments. Extremely solid track record.
A three-starfish rating would require a decent OTC or referral from one of the other regular lenders. i.e. a track record. Strangely enough, I've done quite a few transactions with Bitlane (even if he is mad as batshit sometimes - see zero starfish below), but he's been reliable in my trading with him.
A two starfish rating would require a decent amount of ID, plus something that you have that is at risk like your online reputation. Particularly useful for people like forum staff, those that have bitcoin businesses or a ton of posts about sensible things. You might have completed a small trade/loan with someone else.
A one-starfish rating means worth risking a small loan, but not established.
How to get a zero-rating? Complain about having to provide any information and that Bitcoin should be anonymous - forget it. Previous default, dodgy dealings, or just being a pain in the ass generally.
Copied from a message I prepared for someone last week:
Ok, the usual stuff is for you to email me some information - better if it's from a work email or a non-free account, but I understand people have gmail accounts - send to <email> (and yes, this stuff is confidential, and what I would ask for doing a loan)
Date of birth, phone, address, photo ID showing address and/or DOB is good (might be more than one doc). A passport can be handy.
Do you have a job and who? (Basically, that's evidence to help identify you with an address and a person.)
Online presence - personally I don't use facebook, but many do. What other online communities would verify/vouch for you.
Trading? On the forum, OTC-web of trust? What are you putting at risk if you fail to repay a loan?
(i.e. some people have invested years building reputation and pulling a simple scam for a few coins wouldn't be worth it)
Repayment ability - how are you going to manage this? Do you mine, have some sort of fancy trading strategy, or simply going to put money from day-job into coins to cover things. Can you provide collateral?
Essentially, the more you can prove you are real and honest, the better. Some people on the forum don't understand that, and some ID elements can be faked.
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I personally think now, after purchasing the ppt.div shares and luckily selling them without too much of a loss, these shares were designed so that the some of the original members off ppt could make silly money easily.
Basically when initially sold, some of these shares we're being sold for 1.4+ btc this allowed the original members to make money, on the prospect of future dividends. Yes it looked rosy, hence why I owned quite a few for a while. But with the fact that these share were not protected by the initial investment into ppt means that they needed several years to break even.
I do feel sorry for Patrick, as he has helped keep up the price of ppt.div and probably owns a lot more than he should. But some of the members of the original group, made some silly money on these shares. The fact that these shares never really had any chance to make back money is crazy.
Even if they were backed by the value of ppt coins invested by the original partners they should not have been selling for more than what 0.45 or maybe more?
Phil
Going back some months I actually thought a reasonable value was 1.0 and higher but it was not appropriate to say so. I did sell some, but I was also buying - simple trading unrelated to the underlying, just the value of the dividend stream. But with the proliferation of the other PPT schemes, the dividend fell to 0.02 and that made the payback much longer. Also remember, there was some silly money being offered and we had several requests from people wanting to be within the original group. Anyway, don't feel too badly for me, there were some pluses and minuses and while I'm probably down overall (and still have a 4000BTC contingent liability on this) it's part of the market. And I still have my 3,791 DIV shares. Patrick |
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There will be a small dividend next week. After that, the plan is uncertain.
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PPT.DIV distributed a short while ago.
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Are you planning to call PPT.E earlier that the original maturity date 8/25/12?
No. PPT.E, PPT.A and PPT.B will all run to their expiry. At this stage there is not a reason to change that. |
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Why isn't hashking listed?
HK hasn't done a credit rating yet. |
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There is nothing stopping me from duplicating it, and it's not illegal at all, but it would take a lot of time and effort. I am sure Pirate is happy to be winding it up and being able to get away from it for a while.
Also, not all PPTs are gone, I still have one, just with zero volume until I work out a reincarnation for it.
Are you suggesting that you might start a business similar to what Pirate was doing? I don't have the right mix of contacts. Plus there are some other things that enabled him to execute efficiently. Even if my conclusions are wrong about what P@40 was doing, it doesn't prevent it from being done. Anyway, back on topic, working my way through the lending section - deposit offerings are pretty scarce. |
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I don't see you on the "Who Pays What?" thread anymore. Are you shutting down all the lending?
Needs to have published credit rating metrics to be listed in WPW. HK has not done that (yet). |
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good thought... basically i'm willing to trust Patrick Harnett when he says "I purchased xxxyyy account". But other than him, much verification would need to occur first and might indeed end up being too much work.
Also, I would be providing copies of the pm's and trade deals to Payb.tc |
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At least those of us with our BTC can sell it right now... And we owe Vandroiy our gratitude, even if it will likely cost him 5000 BTC when everyone ultimately gets paid.
Why? Don't you believe in the value of Bitcoin? Better to have 2000 bitcoins at $7.7 than 1000 bitcoins at $15.40.  what have $$ got to do with it?? I agree with psy, better to have 2000BTC than 1000BTC |
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I would like to provide some insight into what was going on as I mapped out the mechanics of what I thought was going on to Pirate last week. It had taken me a while to work out the money flows, and he confirmed that I had it pretty much straight. For the doubters, they would say he was simply lying and stringing me along, but that could be said of most people on the forum.
As for disclosing it, I do not consider it my place to do that. It was something confidential I discussed with someone, and it stays that way until Pirate wishes to make it public. There is nothing stopping me from duplicating it, and it's not illegal at all, but it would take a lot of time and effort. I am sure Pirate is happy to be winding it up and being able to get away from it for a while.
Also, not all PPTs are gone, I still have one, just with zero volume until I work out a reincarnation for it.
Anyway, as I wasted most of yesterday, I didn't re-do the OP - I'll do some work on that now.
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After that - kaput.
Aye aye - it seems as if we shall be sunk to the bottom, to sail the friendly seas no more. As a starfish, you may have some coping mechanisms. As a land-dweller, I might be able to use a few tips in sea-floor survival.  edit: spelling While my on-paper position halved this weekend, it's still not terrible. win some/lose some Yesterday while doing some nothing I was thinking about PPT.x and the DIV shares (and I have 246BTC reserved to do tomorrow's payment) and was thinking that it might be able to be "repurposed". After all, the assets cost 8 coins each to put in place. What I need to work out is how/what would fit into the current structure. This is just an idle idea at the moment so please don't read anything into it. |
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Starfish et al peaked around 58k. With the wind out of the PPT.assets it should be back closer to 35k quite soon. Depends on how the next week and month play out.
Anyway, the MoveTo Fund is an important part of the economy.
The Starfish seal of approval! Woooooot! I backed my opinion with an investment a few weeks ago. Only a few hundred, but have placed money not just words on this. |
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?? I don't think either of those two are likely.
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You're welcome Offtopic: you can also supply width and/or height:  Given the inspiration from Nimda, I've put a couple of sample names/ratings into post#2. |
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I'd be interesting in a one or two hundred BTC slot in Kraken 2 if it becomes a reality and the returns of Kraken The Original are decent.
(currently 19-Aug 16:00 (UTC+12) deposits of 2900. income secured(approx): wk1 49.2, wk2 53.4, wk3 91.4) Please bear in mind that creating value and returns is a tricky business. As I explained to someone earlier today, with potentially 500k coins coming out of BS&T and looking for a new home availability of funds will be less of an issue. Yesterday I secured the returns for Kraken#1 with 3000 of my own coins ahead of deposits, and there would also be good business buying up some undervalued BS&T accounts/bonds. However, if I had 100k BTC, the few hundred coins profit would be spread much thinner and look like a 0.25% return rather than a 2.5% return. I have some time over the next two weeks to look at this more seriously as I'm taking a break from my day-job and determine where some sustainable ventures for BTC might provide the stable and superior returns that BTC provides. This time will also give me a chance to do some work on 7Seas which has been neglected over the past few weeks. |
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Starfish et al peaked around 58k. With the wind out of the PPT.assets it should be back closer to 35k quite soon. Depends on how the next week and month play out.
Anyway, the MoveTo Fund is an important part of the economy.
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We should start a few new ponzis one denominated in carrots and another one denominated in psychic powers.
Where can I buy popcorn futures ? I'll sell you some if you first send me your bitcoins....lol.... I only have carrots. |
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