You didn't obviously point out that he was a scammer as you do in every thread where a loan is requested, so I was unable to make a wise decision. 

If someone's acting fraudulently, and they become aware of complaints which may lead to the security being frozen or punitive damages awarded, what incentive does that Issuer have to not take off and give investors absolutely nothing, given that Issuer has no qualms with defrauding investors? The IPO would be the important event for the unsavory Issuer. Once he has IPO investment money, he withdraws and disappears if GLBSE restrictions are too great. If that happens enough, the market will decide Issuers and their contracts need to be more closely examined, and it is indeed the investors' duty to perform this task, anyway - and a task they will perform otherwise if they get burned by jerk Issuers, but not a tast of GLBSE acting as the Bitcoin SEC - at least not while GLBSE lacks any serious competition (<- disclosure: not intended as threatening language. Hermes is not in development. Don't freeze me, bro!). Though creating barriers to entry prevent the petty thief, the major assholes will scam, take the next tram, and scram (sorry) until investors start raising the standard for what they invest in, and perhaps talk even more harshly/skeptically than many already do. But -- what I am ignoring are the Issuers who've made simple mistakes or oversights, who perhaps need to be reminded to be more mindful of their contract with a penalty. Are there complaints along those lines, or are they all "this dude's stealing my money, he's probably a scammer because he should quintuple my mining bond's MH/s value since others are doing it, and you should ban him from the Internet so my securities will be worthlesss."?

Funds could be audited by GLBSE staff, but funds make up a fairly small percentage of GLBSE trade volume. I don't think it's a bad idea, though. I'd volunteer for that.

Relevant cross-post:

Fwiw, the end goal is to re-release BDK.BND @ .65%/wk (roughly 2.625% monthly, little over 40% per year - assuming you reinvest dividends -- without reinvestment, ~2.6% monthly, 33.8% annually). I intend for this to be the one and only reduction in rates, and in the contract, 6 months will be required to elapse before I recall the bond. 1%/wk is doable for now, but I'd prefer to allow allow investors to "set it and forget it," and this rate should be acceptable for many months, perhaps years. Some extra breathing room makes me happy, too.

The future BTC CD rate is intended to be 3%/32D, 6.75%/63D. The future USD CD rate is intended to be 1.25%/32D, 3%/63D. Bonds and CDs will, in some way, be allowed to convert to each other once everything's sorted out for the re-launch, which probably won't be until early August (+- a month) -- buyback will occur as soon as I get the funds I've requested back, which should have been nearly a week ago....

The BTC prime rate (minimum lending rate, reflects only BDK's opinion) is expected to be set at 3.55% per month, ~0.1267%/day. The USD prime rate (minimum lending rate, reflects only BDK's opinion) is expected to be set at 1.6% per month, ~.057633%/day.

Thus, for USD loans, a most creditworthy business can expect to pay ~51.985% annually for BTC loans. For USD loans, that rate will be ~20.983% annually. For comparison, SMB loans in the US are typically made with the business paying ~6-10% annually in interest. Meanwhile, US credit cards, which are more in line with what BDK-BLoC seeks to compete with, charge ~11-23% annually (avg is 14% or so for business cards). We'll get there eventually.


-----


Additionally, I ended up finding a different dev for BDK-BLoC (due to no fault of the original). The dev costs have not been determined, but will probably be around 150-200BTC. He's expected to start work this Thursday. A designer will not be hired. Maintenance costs will be ~5.5BTC/month total for two VPS servers (through BitVPS) + domain hosting. I believe BDK-BLoC will be worth the costs due to me being able to go on "auto-pilot" for some of the more trivial-but-time-consuming stuff, while helping Bitcoin businesses, and forcing transparency into the Bitcoiniverse. I will feel much more comfortable being able to secure low-risk loans, and pleased the funds are going toward projects which will ultimately benefit every user of Bitcoin. As such, I will resume taking on debt (I've been fairly aggressively buying back debt the past few weeks), which I believe will ultimately result in an increased %RoE. With BDK-BLoC establishing a relatively low "minimal profits" Prime Rate, and forcing the lending market below "natural" rates, I believe BDK will continue to nurture long-term beneficial business relationships with the Producers of the community, as well as foster trust with those businesses enough for them to purchase CDs in times when they have excess funds, even though I do not offer the high yields of many other lenders accepting deposits. The benefits of being a mutually-beneficial business as opposed to a regretted "lender of last resort" far outweigh the cost of operating at reasonable (though ultimately sustainable) profit margins on coin-shuffling. I'm extremely bullish on BDK's mid-term prospects, enough to offer any investor interested July pre-IPO BDK units well above market price @ .22BTC each and feel generous about it. There is a limit of 4k units to be sold by July 2nd, and none of them will be posted on GLBSE. As always, if they don't sell, they don't sell, and I keep the units for a later time.

Dividends are now expected to be roughly .00031/share, though that may change for the better tomorrow. Securities re-valuation and monthly guesstimates for July will be posted sometime before the end of the week. Additionally, I'll try to remember to clearly state BDK's position in the various securities held when I post the re-valuation. My current sleep schedule allows me to be up while family's asleep, so I can get a fair bit done. First priority is to get BDK-BLoC mock-up and formulas complete, then I will re-vamp the public spreadsheet. After that, there's a lot I need to think about regarding Icehill and 20Mission. I'm extremely excited to be hearing everything in development, and progress being made. For everything "lost" in the ASIC mining bond panic sales, the Icehill equity gift.... well - BDK is undervalued by a fair bit, IMO, though it will be difficult to determine by how much until a few months pass. 

I'm pleased to be meeting so many new people lately. We have added new people to our lending group, including finance professionals and academics, who will surely help us act more efficiently. The more people I know, the more I can do, and the better it can be done. Money's great, but it's easy to squander when not gaining wisdom from co-workers and associates. So - thanks, everyone, and a special thanks to those who call me out and keep me in line.

Cheers!

In case anyone was wondering, it was I who sold a small quantity of bonds ~6h ago. 460 additional bonds were sold. 10773 bonds are now out in the wild. The sale does not reflect a change of my intention to buy back the bonds within a week (still waiting on large repayment), but I needed ~45BTC to finish covering a 250BTC loan to someone.

Dividends tomorrow (Monday). Cheers!

I remember eating a head of lettuce and watching the grass dance while wasting my time wondering why I enjoy adverse weather conditions. I was not impressed.

ETA: Oh -- I mean... Satan was dancing around, everything swirled in technicolor, I heard everything in super-tinny 8-bit, and the head of lettuce was actually a baby's arm because once you take acid, you're totally unable to distinguish reality from your imaginings. I entered an enormous cartoon gate to come to terms with childhood trauma in the form of my stepmother placing me in an iron maiden. While trying to get out of the iron maiden, and in an attempt to kill the purple bugs crawling out of my skin, I jumped off a skyscraper and died. Lesson: don't do drugs because they're way too cool.

"The median sentence for murder was 178 months, or less than 15 years, according to U.S. Sentencing Commission data for the last quarter of 2011.

Some believe such long sentences send an important message. Bart Chilton, a commissioner at the Commodity Futures Trading Commission, welcomed the 110-year sentence for Mr. Stanford.

"I'm pleased to see the justice system work," he said, "and put the baddest of the bad apples—guys rotten to the core—away for a long time."'

Alternately, a lot with all the fixins for a dwelling would be acceptable. The house's condition is largely unimportant, but it must be habitable. The house price I've given is the amount of funds I can immediately transfer. $29k additional can be paid within a year, and $55k or so will eventually come from a house sale -- so the best I could do is $25k down, with and extra $4k paid monthly -- an additional $50k or so could be paid, but when that money comes to us is a crapshoot.

Some ideas of what I'm looking for:
http://www.zillow.com/homedetails/5228-E-1750-North-Rd-Muncie-IL-61857/80285052_zpid/
http://www.zillow.com/homedetails/1446-S-Lake-Wilson-Rd-Hillsdale-MI-49242/106368338_zpid/
http://www.zillow.com/homedetails/4123-1-2-112th-Ave-Allegan-MI-49010/2124770494_zpid/


It must be in Indiana. NE Indiana preferred. Cash or BTC, or some mix can be paid. PM me.


Cheers,

Ben

I'll offer free escrow on this particular transaction for anyone here ends up buying.

FPGAs can be repurposed, depending on the design. Icarus/Lancelot boards definitely can. Will be interesting to see what uses are found for them.

GPUs have a good few alternate options to remain hashing in some form without mining BTC. GPUMax is allegedly ready or near-ready to allow those alternate options to be exercised.

Seconded + Luke-Jr.

I can at least confirm I didn't go for the double. Heh.

Once I have as much info as I'm able to gather, this debt will be posted for sale. PM me if you're interested, anyone. Amount owed is 110BTC (100BTC principal).

A MH/s now is worth multitudes more than a MH/s when BFL delivers their products and has competitors. July, August, September, October, November, possibly beyond.... Long time to mine without true ASICs skyrocketing difficulty. Everyone's placing their bets, and I can't imagine how someone could, with a straight face, call any choice a calculated risk rather than a gamble at this point in time.

It wouldn't solve someone wanting a large amount of BTC immediately to put into something else if the hot wallet's refill amount is less than the amount being withdrawn -- it'll always still require Nef manually refill the hot wallet. I think that's what is causing problems -- someone like Goat wanting the huge investment money to deposit in Pirate - and it results in massive losses for him to wait for the BTC. It would be nice if how many coins remain in the hot wallet were displayed on GLBSE so we can better-plan our withdrawals.

Please release any private information disclosed to you by Request to me ASAP. His debt was due on June 6th. He has not logged in since the end of May, and has not responded to any contact requests. I've sent him multiple PMs starting June 8th, and earlier today, sent an email to the address he listed. Forum mods/admin have been contacted and I've requested IP info to include with the sale of the bad debt. Any additional info would be appreciated.


Cheers!

Fwiw, the end goal is to re-release BDK.BND @ .65%/wk (roughly 2.625% monthly, little over 40% per year - assuming you reinvest dividends -- without reinvestment, ~2.6% monthly, 33.8% annually). I intend for this to be the one and only reduction in rates, and in the contract, 6 months will be required to elapse before I recall the bond. 1%/wk is doable for now, but I'd prefer to allow allow investors to "set it and forget it," and this rate should be acceptable for many months, perhaps years. Some extra breathing room makes me happy, too.

The future BTC CD rate is intended to be 3%/32D, 6.75%/63D. The future USD CD rate is intended to be 1.25%/32D, 3%/63D. Bonds and CDs will, in some way, be allowed to convert to each other once everything's sorted out for the re-launch, which probably won't be until early August (+- a month) -- buyback will occur as soon as I get the funds I've requested back, which should have been nearly a week ago....

The BTC prime rate (minimum lending rate, reflects only BDK's opinion) is expected to be set at 3.55% per month, ~0.1267%/day. The USD prime rate (minimum lending rate, reflects only BDK's opinion) is expected to be set at 1.6% per month, ~.057633%/day.

Thus, for USD loans, a most creditworthy business can expect to pay ~51.985% annually for BTC loans. For USD loans, that rate will be ~20.983% annually. For comparison, SMB loans in the US are typically made with the business paying ~6-10% annually in interest. Meanwhile, US credit cards, which are more in line with what BDK-BLoC seeks to compete with, charge ~11-23% annually (avg is 14% or so for business cards). We'll get there eventually.

Plutonium requires large facilities, skilled human slaves employees, or selling to some crackpot dictator. Lightning bolts.... I can shoot those at anyone I please. No cost, high-precision, and produces electricity. World peace, respected dictatorship, and as many virgins worshipers following my abstinence mandate as I please. Idunno -- what kind of relics do the different religions have? I mean -- that could be cool, too. I think the Jews had some type of fancy sand->bread machine after the Moses thing, Christians have the relic of Reagan politics getting the Baptists out of their fatalist political apathy and into a tizzy over abortion no politician would dare criminalize and give up as a tool, and Muslims have..... ..... Idunno.... libraries? I think they have some cloak of Mohammed the Taliban control to claim divine authority, but I don't believe it has any supernatural powers. Mormons have that bitchin' special underwear and that highly-convincing video about celestial sex.... Then Scientologists have a spaceship in a volcano or something cool.

Godly powers would likely have the ability to provide everything listed and much more (and unlike an IOU, can provide the ability-holder to produce whatever he pleases on-demand without needing to abide by a contract), and perhaps could be contained in as small a vessel as a human being. I imagine it being, by far, the most value-dense. "God" couldn't really be used as a store of value unless He suddenly decided not to enforce His will. Well.... OTOH, I guess God provides his blessings upon his subjects when they meet certain conditions........... Anyway -- yeah, consider it like an education or Cheney's metal heart, adding value to self.

potential value density...... the fuck. Well - an IOU could cover all of those and more, and there's potential for a fellow to honor his commitments even when doing so results in his death, so if we're going only for potential - that seems to be the obvious choice. Lowest potential? Plutonium or gold, I guess. Plutonium could be worth a lot, but certainly never more than food and water, except in cases where priorities are totally fucked, which is a proven possibility -- I guess plutonium can be thrown out, leaving gold, which is the only true luxury resource listed (ETA: that's not true, I guess - and, you know... maybe God would cut you a deal where if you bring him 6oz of gold, he'll give you his powers) -- but I could think of absurd scenarios where it's the only electricity-conducting element/alloy left, and you need to connect two devices together to save Earth or something... A human slave could be extremely valuable, since we're going for potential -- could be anybody...

I guess since we can make our own... worst would be... Idunno.... small quantities of dolomite. Best... being God?

Probably won't need a home loan at all, which is nice. Someone on the forum even offered me a free house (in need of some fairly large repairs/appliances [like... a furnace], but still crazy-generous). Figured out how to handle some tax issues in a brilliantly simple way... so everything's looking good.


BDK spreadsheets need a massive overhaul. It's not reporting enough information, and too much shit's lumped together when it should be split up, then all come together in the summary sheet. Google Docs is cumbersome and inadequate for complicated work. When I do the spreadsheet overhaul, I'll do my work in Excel, and publish sheets each week. I'm going back and forth from MI to IN to look at various houses, so haven't been around too much the past couple days, and will likely be only sporadically online for the next couple weeks. June 25th dividend guesstimate looks to be right on target ATM. Oh -- just noticed I messed up the last weekly report.... will fix that. ETA: Done.