Great compromise and much appreciated!

As far as I understand the various "GOLD/SILVER/RAREEARTH/..." Tickers, you are NOT investing in the commodity listed (in this case rare earths) but these are BACKED by rare earth assets. The actual business (that returns 0.77% per week) is potentially completely unrelated and unknown so far.

You could display the assets the fund is currently invested in, the amount + price of trades however only get released after a set time (between 0 and 28 days). This would at least immediately show that something fishy is going on.

As far as I understand it: He mostly (not only, he reserves the right to sell himself) will sell shares in bulk to people who invest at least 200 BTC + his fees + GLBSE fees. These can then keep the bonds or sell them on GLBSE, potentially at a premium.

As there are fees involved I guess the minimum price for these bonds to buy on the open market will be ~1.01 BTC, if not higher.

One of the extra risks is that brendio will only buy back from initial market makers, not everyone - so even if you buy 1k bonds FROM market makers, you (weirdly) cannot redeem them with brendio, even though he charges a fee etc.

Market makers add no real risk, as payments are done by brendio, not passed on by them.

Well, seems like noone wanted to pay for them at all...

Locking the thread.

What's the ticker symbol and when is the IPO?

Would it still be possible to split bonds 1:10 or 1:100 so each represents 0.1 or 0.01 BTC in pirate's accounts for liquidity? Currently all pass through offers are for 1 BTC a piece or above, which makes it hard to reinvest mining income for example or to compound manually.

Also try to take a look at the money inflation BTC is currently at, with 50 new coins created every 10 minutes. (Slightly overpriced imho) mining bonds alone return ~2% per month.

7% per week however is a different beast, this is just to counter "everything above 1%/month is suspicious".

Just going to the city center, probably spending ~1 hour there with someone who is afraid that 3 confirmations might not be enough and I run off to double-spend his 5 BTC and the trade fees on exchanges mean that I could only do this as a hobby, not valuating my time invested. Otherwise I might earn more by sewing Nike shoes in Thailand...

Still waiting to receive my last pre-IPO bonus payment (https://bitcointalk.org/index.php?topic=76254.0)


I guess this being manual and all just takes a lot of time.

Interesting that people still seem to want to throw money at you - for 1.08 offers you only get ~18% per month, where other offers pay weekly and pay out over 28% compounded per month or 26% uncompounded. This would mean that everyone who bids more than 1.02 would be better off elsewhere. The only difference is the "insurance" - but this can basically be overcome by simply investing less in pirate and keeping some BTC for yourself.

Considering the competition, do you plan on changing your contracts soon (e.g. weekly payouts, no limit on share amount issued) or will you keep running like this?

A really noble gesture and thanks a lot for that experiment, even though it didn't work out as intended.

I already talked to Nefario about this (an open Ponzi on GLBSE) and he declined and said it would be taken down. My conclusion: If you want to Ponzi on GLBSE, claim some "proprietory business idea that noone should know about, not even investors!" and do it this way. Out in the open is a no-go, even for penny stock (as I intended).

Oh, and by the way - this should work with tens of thousands of BTC over months consistently, not a single transaction/deal once in a while that is especially profitable...

He intends to pay monthly, 50% of income as dividends - probably in ~1 week then. Currently this would mean he'd pay ~1MH/s PPS since the IPO launched...

Here are 2 Diablo III Guest pass keys:


If you used one of them, please tell here in the thread so others know. It would be cool if you give me a tip of any amount to 1u774EAK5PSEhvMzKLURBFtjhJqQUpb6r, but in the end it's up to you. I just don't like selling stuff that's supposed to be free...

Instead of _ please write the number four, this is just to make it a bit harder to copy-paste and to make sure you actually read the rest of the posting.

Oh, and I only had these 2, so if they are gone, that's it. Maybe someone else wants to give their's away as well here?

Paying out dividends/interest from deposits is also known as a "Ponzi" scheme. What fraction of initial deposits are we talking about and how "quickly" will you start real mining with at least the hash rate you are paying out? I won't touch a single share until then...

Könnte sein, dass er Paysafecards auscasht... dafür ist der Rabatt aber schon relativ hoch.

Werden die Coins oder auch nur Teile davon in "pirateat40"s "Bank" angelegt?

Well, there are even lower offers - if you really want to sell, place a sell offer 1 satoshi above current bids!

I agree, maybe it can be changed to weekly (or more frequently, if convenient) for now and put in the contract that payments occur between every 24 hours as the lower limit and 7 days as the upper limit, so you won't have to change it again if daily payments become feasible. Also you might want to ask the owner of JAH how he does daily payments - manually or maybe he already has an automated solution ready?

Additionally it might be useful to already come up with a script or program to do all the calculations and just leave the dividend payment part undefined, so you're ready to go asap. IKt would be great to have this as Open Source, so others can improve and proifit as well.