Just noticed a minor error - the LTC-ATF.B1 were overvalued by .08 BTC (When I last sold some I obviously edited the description but not the amount).  It'll be fixed in tomorrow's report - not going to do redo report for that.

Sold   27
Swapped   0
Total   27
Price   0.03401
Total   0.91827
Less Fee   0.91643346
Man Fee   0.027493004

BTC Balance (BTC-TC)    910.70537265
11285 LTC-ATF.B1    112.93000000
Coinlenders CD 28/8    200.58810059
Coinlenders CD 13/8    101.25889728
Just-Dice Balance    154.02189508
TOTAL ASSETS    1,479.50426560
   
Outstanding MINING   43100
Outstanding SELLING   43100
Outstanding PURCHASE   2562
Effective Units   45662
   
Block reward   25
Difficulty   31,256,961
Hashes per MINING   5000000
   
Daily Dividend    0.00008045
50 days (Min Liquid)    0.00402236
100 days (Forced Close)    0.00804471
365 days (Buyback)    0.02936320
405 days (IPO)    0.03258108
400 days (Post SELLING div)    0.03217885
410 days (Pre SELLING div)    0.03298332
   
NAV Post MINING Div    1,475.83088908
NAV/U Post MINING Div    0.03232077
Days Dividend Post Div   401.76
SELLING Dividend    -         
NAV Post SELLING Div    1,475.83088908
NAV/U Post Selling Div    0.03232077
PURCHASE selling price    0.03394
PURCHASE buy-back price    0.03167
   
J-D House profit at report   2757

BTC Balance (BTC-TC)    917.12807919
11285 LTC-ATF.B1    112.93000000
Coinlenders CD 28/8    200.45008602
Coinlenders CD 13/8    101.19082091
Just-Dice Balance    154.04382236
TOTAL ASSETS    1,485.74280848
   
Outstanding MINING   43012
Outstanding SELLING   43012
Outstanding PURCHASE   2738
Effective Units   45750
   
Block reward   25
Difficulty   31,256,961
Hashes per MINING   5000000
   
Daily Dividend    0.00008045
50 days (Min Liquid)    0.00402236
100 days (Forced Close)    0.00804471
365 days (Buyback)    0.02936320
405 days (IPO)    0.03258108
400 days (Post SELLING div)    0.03217885
410 days (Pre SELLING div)    0.03298332
   
NAV Post MINING Div    1,482.06235261
NAV/U Post MINING Div    0.03239481
Days Dividend Post Div   402.68
SELLING Dividend    -         
NAV Post SELLING Div    1,482.06235261
NAV/U Post Selling Div    0.03239481
PURCHASE selling price    0.03401
PURCHASE buy-back price    0.03175
   
J-D House profit at report   2773

I bought ~200 BTC-worth of Labcoin on my personal account.  Have sold some - getting ~300 BTC back (after repayment of loan + interest) and have about 75K more left.  Could sell those now and be up ~300 BTC but not in any great rush.  Now I've got a little bit of profit locked in I can hold the rest for a while until I have time to do some proper math and figure out whether they're worth keeping long-term or should just be sold whenever it next bubbles up.

ActiveMining has been a cluster-fuck from start to finish.  There's major flaws that noone's even spotted/pointed out.  I've traded it a bit for LTC-ATF but never held on to them longer than I had to for an easy profit flipping.

BTCGarden I skimmed the contract and there were a few issues that put me off touching it.  If it gets near sold out I may try to flip some of the 1st load but at present I don't really want to risk holding them for any length of time.

In general I don't invest in securities other than my own - nor does my fund LTC-ATF.  There ARE other decent investments around but I've never seen the need to take on protracted CP risk when I can make more profit trading with less risk.

I've withdrawn 20 BTC of our J-D investment back to the BTC-TC wallet (it's not there yet but transaction is awaiting confirmations).

Had to do that to get our amount invested there down to the 10% max.  Total we've invested into J-D now (our principal) has dropped from 160 BTC to 140 BTC.  It's up about 1 BTC since yesterday's report - in total we've made about 14 BTC profit there.

Coinlenders investment is also right on its limit now - but I can't divest there anyway.  Will review that when next CD matures.  I doubt I'll be cashing out any more MINING+SELLING myself.

Issue was that when I sold LTC-ATF's Coinlab shares it managed to double-sell some of them, giving me ( more accurately LTC-ATF) BTC we shouldn't have had.  I PMed burnside and he confirmed there was a problem - and that mine was actually the worst case that occurred (it wasn't huge - only a 30 BTC or so error).  Don't think he's actually taken the cash back yet - though got to do some messy math now to work out what LTC-ATF's balance on BTC-TC actually should be.  Even drunk I noticed when the balance went up more than it should have.

I didn't say what the issue was last night - as I wanted to make sure burnside was aware of it and had a chance to fix it before telling everyone and having people try to exploit the issue then cash-out.

No such luck.  Cash is all back (with the interest) now.

A quick check of my spreadsheet shows that even after today's MINING dividend we'll be back over 400 days of dividend left.

I totally get the point.

On a side-note, at present there's potentially a huge problem on BTC-TC.  Am Pming burnside about it then off to bed (it doesn't jeopardise loan repayment).

I get that occasionally.  Generally a good solution is to:

1.  Type in the right code.
2.  Not re-use a code that was already used.

Hope that helps.

What I missed was that the IPO procedure wasn't the same as usual (it was all buried amongst pages of waffle).

Usually if X shares being sold at price Y then the issuer just places an Ask for Y shares at X and the top bids get filled.  I was happily bidding assuming that to be the case.  But that was NOT what was happenign - instead Y shares were being split evenly between all bids (over X) and all charged X each.

By time I noticed that it was under an hour until listed IPO time - plus there were majot issues with BTC-TC processing incoming tranbsactions (and no guaranteed enough blocks would be found anyway).

From my perspective I simply made a decision to give DMS 20 BTC to allow me to leverage my bid to buy what I would have bought anyway (or, as it turns out, slightly more - like 40 BTC worth more).  The cash I spent wasa cash I'd already mentally spent anyway (and so written off - any time I invest with anyone other than myself I first consider whether I'm willing to treat is as a total loss : if not I don't invest).  I think a lot of those complainign don't understand how the IPO worked and/or that the borrowed funds were (mainly) not ever going to ever do anything other than just sit in my wallet for a few hours.  As it happens last minute bids were below what I projected so I ended up running 40 BTC into the loaned cash - but tbh that's just a rounding error (and I'd prefer to have overspent than underspent anyway).

Really it's a simple case of would SELLING investors want a free 20 BTC or not?  With difficulty set to rise sharply even a total write-off wouldn't impact MINING.

EDIT: Fixed for drunken confusion between X and Y (they're next to one another on the keyboard - or at least on the same keyboard).

There's one more area where a potential conflict of interest could arise (unrelated to DMS) - between my personal orders and LTC-ATF.  I avoid actual conflicts here by always placing LTC-ATF's orders ahead of my own.

So LTC-ATF and my own buy orders were on same price - but with LTC-ATF's first.  And LTC-ATF already sold its shares off at .0025 (for a 150% profit) whilst when I tried to dump some at same price afterwards I got a lock error (loads of people trying to sell for a 150% profit I guess).

Occurs to me that I still haven't properly addressed the 'conflict of interest' point.  In theory one definitely existed - as I represented both myself and DMS when agreeing the loan.  To determine whether it's a practical conflict of interest you have to consider two things:

1.  Did I unduly rush in making a decision - i.e. could I have taken feedback, had a vote etc to put the decision in other people's hands.  I'd argue no to this - the time-scale was way too compressed for that.
2.  If a decision HAD to be made quickly was the decision made correct?  i.e. was lending the 400 BTC better than NOT lending it FOR DMS.  I believe the answer to that is unequivocably yes.

I'm open to arguments on why either of the above is wrong - or why I've missed some basic point.  One potential argument is definitely that DMS could have held out for more than 5%.  But I KNOW that wouldn't have worked - as I deliberately offered the max I was willing to pay, precisely to avoid that scenario (had I wanted to do it on the cheap I could have just borrowed the cash without saying so or done it via DMS buying LTC-ATF.B2 at .35% per week).  5% was the MAX I was willing to pay for a loan for under a day (if I'd had more than an hour I wouldn't have paid over 1%).

Oh and I'm officially drunk.

Just got stuck trying to work out some details of the Labcoin IPO.  Turns out I was reading a LabRat thread (some dickhead reselling BFL pre-orders).

Luckily it seems I sent the 350 BTC to the right place

On the last point I can only loan funds to people approved by a vote of SELLING investors.  Pre-approved such lendees are myself/burnside - any other exposure needs a vote to pass.

Looks like the sale went through, have transferred back 350 BTC, 70 BTC left.  Could have transferred more but it would have cancelled bids.  Will send back the other 70 btc in morning when I'm sober.

The accusation of being usagi-like hurts.  Deeply.  Please appreciate that my promises/guarantees aren't usagi-like ones (where 6 months later you haven't been paid - see Nyan.A where not only does he not pay what he promised he also keeps dividends from shares they already own).  If I'd noticed this IPO a few hours earlier I could have moved 400 of my own BTC in no problem - but I noticed it under an hour before official IPO time so couldn't be at all confident of getting funds in from elsewhere on time (BTC-TC was timing out most of the time by then).

It's effectively a free 20 BTC for SELLING/PURCHASE.  The amount is within what I can comfortably repay within a day even if the actual loan vanished.  5% per day seems a reasonable rate - by which I mean one that you can't really turn down when there's no default risk.  I DO agree that I'm sort of stretching the bounds of the contract by doing it - as short-term loans were never the intention.  But I'm not seeing who the victim is when there's no risk of default/delay (other than delay in IPO execution where extra interest would be paid).

Only 'risk' was if BTC-TC stole the funds (and everything else deposited there) - but in that situation DMS was no worse of as the cash would have been on BTC-TC anyway (though have to admit that particular scenario makes me shudder).

My overall strategy has always been to avoid risks - that's why I rarely invest (most BTC stocks are total shit - goof for flipping for a profit and leaving some sucker carrying the losses a year later).  To believe what I did is somehow aginst DMS' interests you need to conclude TWO things:

1.  That what I was doing could go wrong (this was definitely possible though unlikely)
2.  That I'd have problems repaying 420 BTC if it DID go wrong.

The 2nd point is where the case against loses.  If (as was the case) the IPO gos smoothly then total exposure is trivial anyway (under 100 BTC).  Even if it went wrong 420 BTC is NOT an amount I'd need more than 24 hours to raise.  That's why I dislike the usagi comparison - I don't say I'll pay something when I lack the funds to do so in a reasonable time-scale (i.e. days).  My expecteed exposure on this was under 100 BTC - but even if burnside fucked up his script and the while 420 BTC got spent AND the share price crashed I'd just sell a few things and move 420 BTC in.

There's no scenario in which DMS could have bought the IPO shares itself.  So the choice was between getting nothing and getting a safe 20 BTC.  You COULD argue that 5% for a <24 hour loan was weak - but then you COULD argue that the moon is made of blue cheese.  Conflict of interest?  Well - think of it as I offered DMS 20 BTC to borrow 400 BTC for under a day.  If I'd said NO I think that would have been a far worse decision for investors.  There was under an hour to decide in - so a vote was out of the question (had it been much over an hour I'd have been confident of moving funds in from elsewhere).

 I take the view that ignoring the possibility (because some people would be butt-hurt that I made some profit) would be far worse for investors than a 5% return for ~16 hours loan.  But maybe you or someone else can explain to me how investors' interests would have been served by me saying no?

This sort of opportunity is VERY rare.  I can only think of 3 IPOs in the last 6 months I'd have borrowed cash to buy into - and the other 2 I didn't need to as I spotted them early enough.  This one got approved much faster than I expected AND with a strange IPO procedure (they left cash on the table so as to piss off ALL investors a bit rather than the cheap-skate ones a LOT).  I decided I was happy to pay DMS 20 BTC to leverage my position - and that was allowed under the contract.  Principle's fine - but turning down 20 BTC just because it's me?  We lend 300 BTC to TradeFortress for under 30% per year.  I don't have a clue what his name is, what assets he has etc.  I know precisely what my name is - and what my assets are - but I should reject myself as a loan target because 'bitcoin'?

Having said all that I DO actually sort of agree with you.  Problem I have is simply that although I know there was no risk to DMS there's no way I can prove that easily.  All I can advise to investors is that if you think there's ANY risk (even a small one) that DMS investors could end up worse from making that loan than from not making it then you should NOT invest in ANY security I offer.  The loan was taken on the basis of being a secured loan (that's the only basis on which it COULD be made by contract) - if you believe it wasn't properly secured then you should not trust me with ANYTHING.

Personally I can't see any scenario in which the loan wasn't repaid - other than if burnside stole everything deposited on BTC-TC in which case it would have been lost anyway.  I just have too many sources I can pull relatively small BTC amounts from.

No gain is inevitable - what would happen if the ipo sold out, dms invested heavily then tbey vanished and the price fell to 0?  You can't get the gains without takung the risks.  If the ipo is a scam this way I personally take the hit.  Dms cant take it bevause mining dont gain from investment so no investment or risk can be taken which coyld jeopardise them.

If you're personally willing to escrow 420 btc in case it gos wrong then nect time we'll do it that way and dms can habe the profits without the risk.  Until then if I take the risk I get the profit.  Sure I likely make 500+ btc on this but I also risk losing a decent chunk.  if you think that risk can be ignored then feel free to sort out escrow - heck I have plenty more 'risk free' things you can cover if you want.  Sorry if this comes off as harsh or ride but tbh if you wont cover the 420 btc if it gos wrong then perhaps you should reconsider expecting me to (having had a few beers I'm proud of how restrained I was there).

At the pub at moment so can't access btctc acccounts - they use yubikey which doesn't work on my mobile.  Looks like ipo hasnt actually happened yet.  If it happens to take longer than a day for burnside to sort whatever the delay is then obviously I'll pay 20 btc per day interest. Looks like guitarist has replaced the broken string (only reason I bothrred checking) so back to beer & music for me.

Whilst I'm disclosing stuff may as well disclose that I also cashed in 5500 MINING and 5500 SELLING form my personal holdings.  Had been planning to hold them longer but am using the cash for that IPO.  I still have more value of personal DMS holdings left than that 170 BTC I just cashed out - that's one of the ways I could repay even in worst case scenarios.

Off out for beer/live music now - expect a nice boost in NAV/U tomorrow.

If it's not clear what the loan is being used for, it's being used to inflate a bid I make so I actually get to spend all (or msot of) my own funds.  The loan itself isn't being spent (or not much of it - I can't tell for sure exactly how much excess demand there is).

My guess is it'll be around a 2.5:1 over-suscription on the IPO.  So if I want to spend 100 BTC I have to put in 250 BTC of bids.  I want to spend more than that - but can't get cash there in time to bid excessively - so am just borrowing so I can spend my OWN cash then return the loan soon as my order is partly filled.  As it's possible the filling will run into the loan a bit I gave myself 24 hours - as I'm about to head out I won't be able to sort it anyway until tomorrow (will be drinking so not gonna risk moving significant sums around when I get back).  At present there's bids for over 17 million shares with only 7 million available - and there'll be more bids going up all the time until the actual sale.  So I may STILL not get to buy all I planned to anyway.

I have enough to cover in a few different places - just J-D is the fastest one to get cash out of.  I still have investment in DMS that would cover the whole amount that is being spent.  And my  personal LTC-ATF shares are worth a lot more .  Plus I have other investments, funds on Bitfinex etc.  Only way it vanishes is if BTC-TC takes it - in which case DMS has rather bigger problems anyway as ALL our cash would be gone.

To be clear, even if my personal J-D investment all vanished AND labcoin immediately scammed and their shares went to 0 the loan would be back before tomorrow's report.

Just giving disclosure of something.

Some of you may know there's over-subscription of the Labcoin IPO and that it's being done in a strange way (everyone getting orders partially filled at a fixed price).  That means you only get sales of a fraction of what you bid for - rather than the usual all-or-nothing approach.

I can't buy them with DMS - as would need investor approval to do so.  What I AM doing is lending 400 BTC to myself at 5% for 24 hours.  So 420 BTC will be repaid within the next day.

Most of it will never be used - it's just to bump my order so I actually get the few hundred BTC-worth I personally wanted.  Will send back most of it right after IPO processes - and the rest as soon as I sell a few.  If I don't get the price I want by midday tomorrow for some I'll pull the rest back from my personal J-D account.

So it's basically as safe a loan as you can get - most of it will never be used for anything at all and the bit that will be used is backed by my own cash.  It's a 20 BTC bonus for SELLING on their next dividend in effect.

EDIT: to be clear, when I say it's for 24 hours I actually mean it'll all be back before tomorrow's report.