That's a tricky one, as usagi can default without Pirate defaulting, so I'm at more risk of having to pay out sooner than later.

... 10% per month. (1BTC of insurance for .1BTC per month)

ETA: Revision - I do not want to insure against YARR failing. Try another one on me.

Also seeking an insurer in case my policy-holders do not actually own the insurance they claim, which exposes me to extra risk as I'd be the first-layer insurer.

I am now offering insurance on your insurance. In most usage scenarios, insurance-insurance will be 30-80% cheaper than first-layer insurance.

In the event that a first-layer insurance provider does not pay out when he should, I will pay you out instead. For insurance-insurance payout, you need to first get a professional arbitrator's ruling stating that the first-layer insurance should have paid you out. If the first-layer insurer still does not pay out, I will then pay you out.


I also offer third-layer+ insurance. So, if you already have insurance-insurance, I will be willing to provide insurance-insurance-insurance. Please contact me with the insurance you'd like to insure against defaulting.

Cheers!

Sorry for being a bit slow. I try my best to verify ID as best I can, and daughter woke up right after he emailed the docs to me. I do not have money in GBF, though GBF does invest a bit in BDK/BDK.BND, and we do run into each other occasionally working on others' projects. I do not believe there is significant conflict of interest.

I reviewed a loan repayment confirmation from CSN with address, and two forms of government ID. All documents were consistent in information, and holograms look correct. It is my opinion that the documents he gave me are valid and he is the person he states. I will encrypt and store the documents, to be released were something to occur which would justified it.

Cheers!

I wanted to revisit this. I can have charity accumulation integrated into BDK-BLoC without too much problem.

For example, BDK could multiply interest due to a CD-holder by 1.1, and have the extra 10% go to a charity of their choosing from a list of my choosing. Additionally, something like 5-10% of interest from loans made can go to charity. I think an even better idea would be to match percentage, so someone could, say, deposit 100BTC @ 4%/month, and say the maximum BDK will match is 50%, so a CD-holder could choose to allot 50% of his interest toward charity, and I'll match the entirety of that, for an effective CD rate of 6% instead of 4%, but 2/3 of that interest goes toward charity with the CD-holder receiving only 2% interest on his deposit directly. All else the same, if someone chose to allot 100% of their interest toward charity, I would still only match 50% of that, but then 6%/month would go toward charity. The user could also choose to allot 0% of interest toward charity, in which case nothing would go to a charity, but the depositor receives maximum interest.

I like the idea of visiting the charities and meeting them face-to-face very much. I hate donating to organizations that spend obnoxious amounts of money soliciting donations - like... say I donate $50 to a political campaign, then over the course of a couple years, they spend more than that on postage and phone calls trying to pressure me into donating $500 while they're convincing me the money's being wasted on hassling me. It's infuriating. - Or in cases like Wikimedia where nearly 30% of what you donate to them goes toward administration and fundraising compared to 8% with the American Red Cross (though AMR operates much more like a business than a charity -- sales account for nearly 4x revenues over donations). For reference on some other major charities, Susan G Komen Foundation spends ~17.5% revenues on admin/fundraising, American Cancer Society spends 28% of its income on admin/fundraising, and the ACLU spends ~13% revenues on admin/fundraising.



Once BDK-BLoC is finished, I could have the dev work on a relatively simple website for charity interfacing. If you have something you want to sell at a discount or give to the charity (but have the BDK charity fund pay for postage on it), you could submit your item with image and/or description of the product with a price, which then appears on a list for the charity which displays something like eBay/Craigslist/BitMit. Charities don't need to ever touch the Bitcoin client, or understand what the Hell they are, just know they're being donated x coins, and they can spend these coins on items listed for them. BDK handles the work, charges nothing, and all charities need to do is browse through a list and purchase what they please with their coins hosted by BDK. There's no justification for fundraising or admin costs this way -- and they couldn't directly use BDK charity funds for salaries or fundraising efforts even if they wanted to (unless a cashout option were presented). Charities access funds through what is effectively an e-wallet. Donation pages can be done up nice, and it gives me a good excuse to visit and take pictures. Idunno... I think I'd like to get it finished first, then start organizing meetings with some small-time charities... Give them a rudimentary understanding of Bitcoin and why people would donate, have a demo charity account to show them the website from their PoV. ETA: Actually.... Maybe the BitMit dev would be willing to recycle a fair bit of the BitMit code to make this happen.

I'm not sure how to explain tax/reporting on this for them, though. Could be a sticking point.

Mixing coins. Thought I'd include an identifying communication with the transactions so everyone knows how cool I am on the Internet.

 

New bad loan posted. PM with whatever else you may wish to know.

Cheers!

ACHs are reversible for >60 days. It's a little more ballsy to fraudulently reverse an ACH transaction, but very possible. I wouldn't want to have hundreds of thousands of dollars effectively "pending" in the ACH reversal window. Fwiw.

Yeah, sorry for never replying. We've been looking at foreclosures since the beginning - even short sales.

I broke down and sent a contact request to my CU. Credit score's pretty decent (even with maxing out 0% APY credit cards), I have a fair sum with them, and have been a customer for years, so maybe I can lure them into giving me a now-elusive no-doc loan.

BDK-BLoC is expected to launch publicly some time in mid to late August (+-1month). BDK-BLoC will be issuing credit ratings for free within a few days so I can tweak my formulas more. There is a fine balance between being acknowledging that Bitcoin-centric businesses will be too new for a great score, and exposing myself to unjustified risk because too few businesses have a high-enough credit rating to take out a loan in an amount which could significantly impact a startup. Those who submit their financials during this free trial period will be welcomed to participate in BDK-BLoC closed beta. I expect closed beta to start some time late this month, possibly early next month.


BDK unit-holders who currently hold 1k or more BDK units: I am accepting applications for seats on the "Board." You will have no voting powers, but I'll listen to what you say very carefully and you'll be placed in a Skype room with me and the other Members. There is currently a limit of three Members. Unit-holders with a background in finance or web development are strongly preferred. You should have ideas to bring to the table to help BDK operate more effectively, both in increasing revenues and minimizing expenses, and communicating with investors. You'll need to use Skype and confirm your holdings with me by transferring shares to me on GLBSE, which I'll then transfer back (GLBSE currently does not allow Issuers to see who holds their security).

All BDK unit-holders are invited to sign up for the new mailing list which will regularly publish on the second and fourth Monday of each month if they wish to receive notification outside of this forum. It will include the critical stuff I post in this thread (monthly reports, what was going on when there was GLBSE drama, contract changes, BDK-BLoC being ready to be launched, etc), without some of the less-important stuff (weekly reports, ramblings about satellite funds, "biannual vs semiannual," etc). You can sign up @ http://eepurl.com/nfxz1 -- I may not send any of these out for a month or two.


Cheers!

http://coinworker.com/ do simple-ish tasks over and over for BTC. Usually involves sorting items into categories by picture for auction & item listing sites and similar web QC-type stuff.

-----BEGIN PGP PUBLIC KEY BLOCK-----
Version: GnuPG v1.4.7 (MingW32)
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=3FTe
-----END PGP PUBLIC KEY BLOCK-----


Satoshi wants us to get nose rings. With this knowledge, I was able to find that Satoshi is actually a poorly paid model for stock images.

Heh. Sorry.

TL;DR - https://bitcointalk.org/index.php?topic=77343.msg999596#msg999596 read new contract only, make sure it seems reasonable to you. https://bitcointalk.org/index.php?topic=77343.msg1001183#msg1001183 read only for summary of operations in June.

Summary of important changes in contract - BDK is being renamed IOU. Dividends will be paid monthly (first day of month) instead of weekly. Most other changes were either removing largely-irrelevant wastes of words, making things more clear, or cleaning up for post-August when buyback price changes.

2012 SA1 Report (January-June)

Semi-Annual Net Profit (BTC, non-adj) - ฿1,190.88
     Semi-Annual Net Income (BTC, non-adj) - ฿1799.49
     Semi-Annual Net Outgo (BTC, non-adj) - ฿608.59
Semi-Annual Net Profit (USD, with equity adjusted for exchange rate change over last two quarters) - $17,786.63


Semi-Annual %RoE (in BTC, non-adj) - 26.96%
Semi-Annual %RoE (in USD, adjusted for exchange rate change over last two quarters) - 67.89%

     Q1 %RoE (BTC, non-adj) - 3.19%
     Q1 Net Profits (BTC, non-adj) - ฿77.34

     Q2 %RoE (BTC, non-adj) - 23.77%
     Q2 Net Profits (BTC, non-adj) - ฿1,113.54




(fwiw, these numbers are not perfect representations of the truth. Equity amount changes over the quarter, and I use the "last" equity amount to adjust USD profits when determining USD gains. The adjusted calculations assume I had exactly the same amount of equity in January as April. It also assumes I bought or accumulated BTC at the last quarter's end (at the previous quarter's "EoQ BTC price"), which isn't true as I was rapidly acquiring BTC for BDK when it was entirely "my own" - from Q1 beginning to early Q2. So... adjusted profit numbers [this is a guess out of my ass] are probably artificially inflated by something like 10-30%.)

Additional information can be found on the spreadsheet @ https://docs.google.com/spreadsheet/pub?key=0Ao892S4MOoDZdGZSbjJVd1ZTbFVLZE5aRE95bE91NVE&output=html

ETA: Made a change to the September 4th contract to make my pay explicitly clear.

ETA2: Just to be clear -- The adjusted net profit # in USD is NOT realized. It's on-paper only, and not really a meaningful figure for anyone but myself in keeping track of how much my original investment is worth.

ETA3: No, I haven't started work on transferring everything to Excel, yet, and still have some work to do on BDK-BLoC mockup, formulas, and other stuff necessary for the dev to complete work. I should have Excel book completed within 20 days. I'd really like to make it nice and collect some information automatically instead of requiring I change a certain values around every day or so.

{ADJ info is now correct, I believe. Formula is (((%ChangeInBTCExchangeRate+1)*EoQEquity)+(Net Profits * EoQBTCexchangerate)) -- tell me if that's incorrect, please.}


2012 Q2 Report (April-June)

Quarterly Net Profit (BTC, non-adj) - ฿1,113.54
     Quarterly Net Income (BTC, non-adj) - ฿1706.55
     Quarterly Net Outgo (BTC, non-adj) - ฿593.02
Quarterly Net Profit (USD, with equity adjusted for exchange rate change over quarter) - $14,776.16


Quarterly %RoE (in BTC, non-adj) - 23.77%
Quarterly %RoE (in USD, adjusted for exchange rate change over quarter) - 60.23%

     April %RoE (non-adj) - 4.6%
     April Net Profits (non-adj) - ฿155.54

     May %RoE (non-adj) - 17.7%
     May Net Profits (non-adj) - ฿878.65

     June %RoE (non-adj) - 1.48%
     May Net Profits (non-adj) - ฿79.35

June Summary

Monthly Net Profit - ฿79.35
Income - ฿405.30

• Loan interest - ฿56.98
• Gratuities - ฿0
• Securities dividends - ฿257.82
• Securities sold at a gain - ฿86.41
• Misc - ฿4.1

Outgo - ฿325.96

• CD/BDK.BND dividends - ฿310.37
• Misc - ฿0
• Securities sold at a loss - ฿15.59

Other Info
Assets - ฿10,572.06 ($70,832.80)

• Loans (excl. default)   - ฿1,606.63
• Securities - ฿8,748.19
• Cash-on-Hand - ฿105

Liabilities - ฿5,218.36 ($34,962.99)

• BTC100 Pledge   - ฿10.85
• IBB Pledge - ฿1.24
• BTC Deposits - ฿3,783.2
• USD Deposits - ฿311.94
• Shareholder Div. - ฿1.84
• BDK.BND - ฿1,087.30

• Operator Pay Reserved in BDK - ฿22

Equity - ฿5,353.7 ($35,5869.81)
Operator Monthly Performance Pay (40% of net profits after shareholder dividends) - ฿25.544
Operator Monthly Performance Pay After Modifiers (Performance pay - IBB&BTC100 donations - Personal Expenditure) - ฿22
BDK Growth for Month of March (profit - shareholder dividends - operator performance pay) - ฿40.31

Drag application icon to startup folder - HOW THE FUCK DO I DO IT?!

If the prisons were publicly listed as the author claimed (technically, I think he only claimed a guy said "they would" become publicly-listed), this could be very easy to verify. Annual SEC Proxy Statements (form DEF 14a) require disclosure of 5%+ shareholders, though maybe they could get around this by owning only preferred shares? Idunno. If someone were interested, run a search on the SEC publishing website for some different websites and see if you can find connections between prisons and the music industry.

Looked up CXW for the Hell of it. Earliest 14A form EDGAR has is from '99. All significant shareholders are in construction, finance, or medicine/psychology. Didn't see any connection to the music industry, but it's one of many, and maybe the music industry was already out of prisons in the late 90s. I don't have the patience/time to search through all the sheets.

The auctions only last something like 50-500 seconds. Someone can bid higher, but then they risk someone bidding higher than them. It is a gambling site, effectively - or a kind of penny auction, depending if you consider the two different. You're betting nobody else will bid higher than you, essentially.

Highest bid is displayed at the bottom-right of the screen once you're logged in.

I will also state that BDK will be reverting direction. While there was an effort I announced two or three months ago to shift BDK's direction from primarily being a lender to dabbling heavy in securities -- this will no longer be the case.

All coins in securities will be slowly extracted and placed in BDK coffers to buy back current debt and "refinance" at lower rates, and to go toward making loans, both to individuals, and with BDK-BLoC - businesses. Businesses will be the primary focus within a few months, and efforts will be made, once BDK-BLoC launches, to keep an adequate reserve to fund all reasonable loan requests. BDK will be re-opening the doors for bonds and CDs once BDK-BLoC launches publicly.


Cheers!
-Ben