Agreed. If it was migrating servers or something like it, he would have put it on there and would even have announced it before hand. The fact that he doesnt means he doesnt want to talk about the real reason yet. A SEC or criminal investigation seems like a good bet, and also matches with the fact Nefario hasnt been communicating for quite some time now.

Anyone have an idea how much money we are talking about here? The combined asset value?

Didnt you have a dead man switch in case your wife kills you?
And putting your life savings in bitcoin is dumb enough already, putting all of those on GLBSE.. well, you will deserve anything your wife throws at you.

What deprived said.
However, as a general concern, it is IMO valid if you replace mining gear with GLBSE assets. Is there anyway we can independently verify what a fund actually holds?

Thing is, an easy way to make money is start a fund and claim to invest in all the easy to spot loser shares, then claim your investors money was burned because X or Y defaulted or crashed, while in reality you never invested in them and the coins are safely in your wallet. For the record, I dont think usagi is doing this, because it would take some foresight and intelligence, and I doubt he has that. Unless he is extremely skilled at pretending he doesnt.

Gonna give this a bump and update the numbers and add the original quotes while Im at it. Makes the accusation of me somehow lying about this all the more hilarious








How is this for a lie:

52500 x 0.1 = 5250  
to
36160 x 0.034 =1229

and right now:

39080 x 0.014 =547

Only a liar or scammer would deny that is indeed a Great success!

How about an apology Usagi, for libelous claims against me?

No, but its your job to report honestly. Since you consistently fail to do that, Im doing it for you. No need to thank me.

See the bolded lines. Usagi doesnt keep his insurance premiums in bitcoins, he "invests them". And by his own charter, he shouldnt invest them in the same sector as the insured asset. In reality, he is not only doing that, he is investing in the very assets he is insuring.

Not a typo. Unless you accidentally typed the truth. BMF is insured by CPA as well!

 BMF ("the customer") will be indemnified (by CPA) against loss defined
   as a NAV (Net Asset Value) of less than 1 per unit.
http://www.tsukino.ca/cpa/customers/account-12/

edit: well, you know that since you mention it already, but it doesnt make it any less true,

Its even worse than that, CPA also insures Nyan.A.

NYAN ("the customer") will be indemnified (by CPA) against loss defined
   as a NAV (Net Asset Value) of NYAN.A less than 1 per unit.
http://www.tsukino.ca/cpa/customers/account-15/

In the case of Nyan, its.., braindead as you pointed out.
I dont believe Usagi is able to keep his 1 BTC buyback promise much longer. He is already not honoring the asks, and to use his own words: he is "desperate". Thats what you get when you buy the most worthless shit and fool yourself by falsifying your stats and constantly try to manipulate market prices, both of his own shares and other shares he owns to make those stats seem right. You buy paper value for a short while, but in the end you lose money. Lots of it.

Just over a week ago I calculated his actual NAV for all Nyans, and Nyan.A was in no imminent danger, it was only C which would be wiped out entirely and B would lose about 1/3 its NAV. Bad, but not catastrophic.  Today its getting so bad that B is in danger of being wiped entirely out if he actually did what his contract obliges him to (transfer assets from B to A to restore As NAV), or if he pushes ahead and liquidates and delists B before he full fulling his obligation to A holders. Both have the same effect, it would leave A with no credible protection.

In the case of BMF, there is another issue,  he risks diluting his existing shareholders. Well, he would be if he would actually sell those shares at 10% under NAV, which he wont, since he calculates NAV as GLBSE average * rand(1,10) + 10 / (atmospheric pressure in Tokyo + his shoesize) ^ his IQ. Despite his low IQ that still ends up way above any reasonable NAV estimate even after a 10% discount. IOW, he will probably not sell a single share to a large investor with an IQ bigger than his shoe size; but if he would, his existing shareholders should be pretty upset about it.

And what happens if BFL reduces its price by a factor 2x in December? They already increased the GH/$ by 50% without even shipping anything.


You seem to ignore or forget that when BFL and  other vendors reduce their price per GH, it directly affects your mining factor. And you can bet they will reduce the price every time  an equilibrium is approached, because an equilibrium would mean their sales are drying up.

With GPU's or FPGA's you cant keep dropping prices because these chips are expensive and there isnt much you can do about it unless you are AMD or Altera. These custom asics are a completely different kettle of fish; their marginal cost is close to zero, but their market value is extremely high (for now), and  determined solely by your mining factor; there is no demand for this chips besides mining, which isnt exactly true for FPGAs. And the price of these asics will determine the mining factor. Which will determine their market value.. see the loop? Its a race to the bottom, and it will only end once we approach marginal costs of these chips, or electricity cost becomes the determining cost of mining again. We are a very very long way from that today.

Clear enough, thx.
I do wonder if you were contacted by Usagi about his plan to delist CPA and how it would affect the insurance mentioned in your thread title?

Reality check with numbers from GLSBE, Butterflylabs and excluding things which arent assets like shipping cost:



Adding 200BTC  will increase the NAV to 0.36 - 0.39.  Returning 250 shares would add another 0.02 to the NAV.
Its a step in the right direction, but to get it to 0.5 would take a ~800 BTC infusion, or another 600 above what you have already pledged.

As for your "local rules"

Its not only Nyan. The same goes for all its other customers too. Thats why I said, you cant just close CPA and transfer its assets to its shareholders without making whole your customers and creditors first, and thats not so easy. CPA's assets are premiums paid by its customers to get an insurance, taking those funds and forgoing the insurance is theft.

Im not saying that (if you meant to ask why they should be better off); If  usagi uses common sense and acts in the interest of his bond holders, he will try to get out  of this ponzi for the best price he possibly can, however little that is likely to be.  Im advising anyone else to do the same.

But if instead usagi continues to act against the interest of his bond holders, and continues trying to cook his books by buying a few more shares of low volume worthless rubbish he already owns, to manipulate the price and his accounting, then V.HRL bondholders could make use of that. Its kind of a logical consequence if someone is trying to push up an already overvalued price, someone else can benefit from it by selling to him.


He might not do it for Nyan.C, or he might not do it because I predicted it now, we shall see. But he has done it several times, due diligence has nothing to do with it; its all about keeping up appearances. For less than 1 BTC he can often buy 100 BTC worth of fake book value, at least for a while. E.g., he bought AMB at 0.45 BTC, valuing their 1 BFL single at 450BTC.  That makes no sense, until  you realize it cost him only 0.45 BTC and let him put almost 100 BTC extra in his BMF NAV list, and much of that ended up in Nyan as well, and probably CPA too.

edit: I just notice he marked down his "real value" of V.HRL from 1 to 0.5 BTC, so you might be out of luck. Although Id take 0.5 BTC for V.HRL if I could get it. YMMV.

If you log in to this site, LKTechnik can store your password, and could potentially use it to empty your wallets at the real site, should it ever get back online. Or the new owner could claim LKTechnik emptied it.
Not a good idea IMO.

This is about CPA, not Nyan.

As for not being a scammer; until now, as far as Nyan is concerned, you are not a scammer in the sense that you are trying to walk away with everyone's money pirate style, no. But what you are doing is constantly misleading investors and misrepresenting reality, and as a result, Investors that believe you are getting screwed, time after time.

Why you do that? Its possible you have been funneling funds to cpa, which is a black box, and you will take your profits there by liquidating it. Its also possible, likely even, its by shear incompetence. But I rather think the biggest reason is simply your ego. You dont want to acknowledge all your funds and companies are utter failures. Instead of facing up to that, you keep digging deeper holes and doubling down on bets you already lost. And you are doing so at the expense of your investors, overvaluing stuff by 2x or 10x and  going as far as buying shares (with your investors money) at 10x any reasonable valuation only to delay the inevitable conclusion.

Barely a week ago I wrote this:


And you lol'ed at it.

The looney was right though. You have since shuffled assets between Nyans and bought back bonds, but per share your nav has sunk even further. If you were to transfer assets from B to A to restore its nav to 1 as you are contractually obliged, Nyan.B would have a NAV of 0.24 per share.

I said marginal profit:
marginal profit is the term used to refer to the difference between the marginal cost and the marginal revenue for producing one additional unit of production.

The development cost of the asic is a sunk cost.Yes its big, even if Im pretty sure the preorders alone will have paid for it, but its irrelevant. If BFL no longer sells any volume because these rigs are no longer profitable to miners (ie, difficulty is too high) or because their competitors undercut them significantly,  they, as well as other ASIC suppliers will lower price as long as price is well above marginal cost. And its orders of magnitude above marginal cost right now. That they may or may not recover their sunk costs doesnt matter here. Deepbit will probably be the last to join, perhaps they will not recover their investments, but that doesnt mean they will keep prices where they are now. Its better to sell something at a "loss" as long as its well above marginal costs,  than sell almost nothing at all.

Its always useful to have some meaningful numbers. So here is an update:

I might have been confusing MX2 with MX3. Have a look here, check the video:
http://www.hardwareheaven.com/reviews/986/pg2/arctic-mx-4-thermal-paste-review-thermal-compound.html

Meanwhile your 900 obsi.hrpt bonds have dropped from 0.1 to 0.003 and are paying out zero in dividend so your "4 weeks to regenerate" have just turned in to about 4 centuries.   Even assuming you ever owned those bonds and werent running your own ponzi. 

Now fortunately for V.HRL bond holders, there is still some hope; usagi is invested in this. In fact he owns over half the V.HRL bonds, and judging by other assets, at least for some time,  he will  gladly buy your (soon to be worthless) bonds if the price drops, to keep up the nav in his books. He is still valuing V.HRL at 1 BTC per bond in his books, I suggest other bond holders jump on the opportunity.

Strategy is simple: sell one or two bonds in to the nonexisting bid wall so GLSBE price collapses, then put the rest as asks just below current lowest asks and let usagi pick them up as he tries to restore the price. You will make a loss of course, but at worst you could recover ~50% which is not nearly as bad as when holding on to these. That loss will be carried by Usagi, or more precisely, Nyan.C bond holders.