Hi all;

I just saw the new order cancel right on the market view of litecoinglobal. Thanks for putting that in.

next, how about yubikey support?


require_once 'Auth/Yubico.php';
// ...
// Is it a Yubikey?
$otp = $GET_OR_POST...
$yubi = new Auth_Yubico('####', 'api-key');  // #### = pin, api-key is your key.
$auth = $yubi->verify($otp);

if (PEAR::isError($auth) == FALSE) {
   // Authenticated via YubiKey!
   $yubikey = hexparseOTP($otp);      // parse otp
   $key_id = $ret['uid'];                            // get the yubikey ID number (which you would store in your DB and use like a PIN.)
}
else if (GOOGLEAUTH==TRUE)
{
   // user is authenticated via google auth
} else if (IS_IT_A_PIN? == TRUE)
{
   // it's a PIN.
   // user is authenticated via PIN
}

What I really, really love about BTC-TC, and what makes me sad I couldn't list there right away, are the stats. I *love* stats. I love the analysis page on BTC-TC in "My Portfolio". A lot of investors like to get as much information as possible. I hope BitFunder can move in this direction too. Another thing I like is the PIN number system on BTC-TC. Very nice. It makes me feel more secure. One other thing BTC-TC could do though is copy BitFunder's "cancel" button right on the market view. In comparison BitFunder could add a "Fill" button like on BTC-TC's market view. But these are just usability concerns to save a few clicks here and there.

Getting back to the issue at hand, someone should create a bitcoin market stats site somewhere. What ever happened to stochastically.com? I'm talking, the bloomberg.com of bitcoin, you know what I mean? That would be cool. I'd donate to a project like that, if it was done right.

I see your point and I'll raise you a theory. In my view, it's about liquidity. Let's say I gave Nammie a short contract for TU.SILVER on BitFunder. Say a paper contract at 0.192 per share. If I then tried to raise the price by not selling shares at .192 but 0.25 (trying to force him to re-buy at 0.25) what's to stop other shareholders from stepping in and making money selling at demand price? Working the bid is even more dangerous IMO. If I set a high bid and try to buy back shares above NAV price, all I do is lower the NAV. Long term I would just be lowering the value of my company and this would play right into the shorter's hands.

But in an illiquid market things are different, as you said. So I wouldn't want to short (or buy) a position that couldn't turn over in a week or less.

FFS dude who do you think you are to tell me how to act in public?

Not really an ouch, i'm just ignoring MPOE-PR so I didn't see his question. His question doesn't belong in this thread, so I've taken the liberty of answering this in the correct thread. Thanks for pointing it out.

The guitar was put up for sale on July 1st, 2011 (see OP) and has nothing to do with SILVER.

Further, it was not 'sold' but placed as collateral in a private business transaction. Of course, this wasn't announced because it was a private business transaction. But for the record the guitar is no longer for sale. I don't blame you for not being aware of this because you didn't ask and it doesn't concern you. But since you asked, no, the guitar has nothing to do with SILVER. It's leaning against my wall right now.

Second, I'm not sure what you mean by the "advance against future pay at your place of virtual employment". There's too many assumptions here to enable an answer without exception. Could you please be more clear?

That's quite a spin, Peter. SILVER has 3 upvotes and 4 downvotes. Given enough time, a week or three, it's pretty obvious I would have been approved. However I decided to list on BitFunder instead. Both exchanges have their advantages. However, in this case I feel BitFunder was the better horse for several factors including security of the wallet and the newswire. Sure, BTC-TC has some advanced features as well. Perhaps in time burnside and Ukyo can work together on a shared system and the community would benefit from that. Perhaps not, it is just an idle thought.

Hmm. WRT your other comment. I didn't mention BTC-TC above so please don't put words in my mouth. I did not (and would never) talk smack about BTC-TC. I like burnside and I respect him.

I understand your concern, and others probably share your concern as well. So thank you for allowing me to point out my earlier response to
odolvlobo: "I'm lucky in that it does not take a lot of time to operate this fund. I'm already a silver stacker. I already have a safety deposit box at the bank with gold and silver in it." Please do not remain concerned. You may have noticed I am selling my personal gold and silver to offer a bonus package to my shareholders as I close down my companies. It actually saves me a lot of time to just issue these shares in SILVER (as announced) versus dealing with individual customers then driving all the way into the city to the post office to ship the silver by hand.

Please rest assured this will actually save me time and afford me more options to make my shareholders happy as I close down my other companies. At any rate, if you are concerned about BMF or NYAN's shut down process, please post your questions in the appropriate thread. I've taken the liberty of quoting your message and responding to your other question on the NYAN shutdown thread. Thanks and have a great day!

OH! Sorry about that, I didn't mean running SILVER is my "only" concern. I have to cook my dinner too But yeah, I get what you're saying, and you're right. Shutting down BMF and NYAN is a lot of work.

Actually a few asset issuers that I chat with have said to me, that they don't think I have been given enough time. And that this whole process on BTC-TC has been slightly unfair to me. They're right, I don't have enough time. That's why I took your advice and launched the auction in the first place. I would have preferred getting an extension as that would have allowed me time to get full value. But the community has spoken; the community prefers I am delisted from BTC-TC without sufficient time to chase down people like Obsi and get our money back. Those are the cards I have been dealt and I am dealing with them. But a lot of it is going on behind the scenes now and is not something that I generally announce on the forums. For example, I've been making private payment arrangements with several very large shareholders. But this is not something you would be aware of unless you had asked.

I also share your concern about "will contact asset issuer soon". The meaning of this is simple; I can't seem to get in contact with them and there are no material changes that haven't been announced somewhere else. Unfortunately, most of the companies on GLBSE don't want to do the right thing. They don't want to stick around and pay out what they owe like I am doing. If someone turns tail and runs it makes me look bad. I get blamed because someone doesn't answer his e-mails. It's cruel and unfair, but all I can do is make the best of a bad situation. I hope you can understand my position on that.

You will be happy to know I have sold over $4,000 worth of my personal gold and silver, and at my option my prized Gibson SG Standard guitar, to buy some of the securities we have for sale at full value for my shareholders. This is me buying time for my shareholders to make sure they get full value. I will also be making a gift payment to them and buying bitcoins out of my salary to complete payment on NYAN.A. As a result it is beyond my control how much time this will take, but those arrangements will be made privately with shareholders after delisting from BTC-TC.

I am doing a lot to close these companies down properly as you see; it's just that a lot of it is stuff you won't necessarily be informed of as a non-shareholder. So please don't feel disappointed. I am making the best of it.

Anyways I will be providing an update to the auction thread and editing the securities update thread over the weekend. You will notice only a small handful of bids appeared in the thread the week following the 13th, so there was no reason to provide an update on the 20th.

Hi Monster Tent, thank you for allowing me to answer this question today. Although you seem to have forgotten to quote the post you are responding to, I believe you are referring to this:


In the above post I clearly laid out a sequence of events:
1. assuming we get the votes (and list) by the end of the month
2. we will be able to get the silver
3. and begin trading around the second week of February.

This isn't a promise not to list "until after I shut down BMF..." etc. What the EDIT: states is simple; I was advised to clarify my earlier statement to point out we will not begin trading until after my other companies have shut down. Deprived gave me the advice, because he felt pointing that out might make some LTC-GLOBAL moderators vote YES. But it's clearly not a condition I placed anywhere on the application form or in the contract; it's just something that was going to happen because it was going to happen.

So why did we offer shares for sale early? Simple. We have 14 oz. of silver on hand right now. You will notice in my response to w. I stated we would be able to sell around 100 shares at launch based on silver we already had. I have provided photographic evidence of my ownership of this silver on BitFunder.

This actually works out better not just for the company but for people like you. You can see how we operate with a very small amount of silver (14 oz.) before I start buying monster boxes. You can use this time to make an evaluation of how I actually do business and if you see any problem, you can point it out now and we can correct it before it becomes a serious problem.

Thanks again for asking such a great question. Keep 'em coming, and together we can make SILVER the best asset in the community.

Sincerely,

usagi

p.s. A condensed version of this will be put up in the FAQ section. Please make sure to edit your quote of the FAQ post because it's out of date now.

Yes there are two votes. But I see a price crash in my crystal ball so I sold all my shares. Those aren't my votes

Now that I am on BitFunder, all I need to worry about is doing a good job with SILVER. That is my only concern at this point. In the past, along with my flaws I had many strengths. I set trends with daily dividends, weekly reports, and interviews with asset issuers. In the future, I plan to continue to set trends and do the best job I can with SILVER.

To the anonymous NO votes I can only say, I understand you don't like me, but you voted against your financial best interest. I aim to prove that by doing a good job with SILVER somewhere else. I respectfully consider it your loss. Maybe some other time ;-)

Silver has been LAUNCHED!

Welcome to the launch party. I will be looking around in the next few days for community websites to advertise on. If you have any suggestions please let me know. I will of course be advertising here on bitcointalk.org, and I will be paying for the first round of ads out of my own pocket.

I have 14 oz. of silver on my desk which I will use as an initial stock for 140 shares (http://kongzi.ca/silver). Our advisor will be given this information shortly.

Initial financial data which I am using is as follows:
S = Spot price is $31.66 from kitco.com
S+P = $33.25 from store.firstmajestic.com
MTGOX weighted average price $17.31682

This implies the cost to order silver bullion is 1.92btc/oz. After a small markup for trading fees, exchange fees, secure storage, etc. I think I can peg the market around 0.21 to 0.22/share at current silver prices. Keep your eye on the silver price! I will be using the following formula to come up with an approximate price and then adjusting slightly to meet demand:

[(S+P) / MtGox Weighted Avg.] + ~7%

Additionally I have launched with 10 shares available at 0.20/share and 10 shares issued at 0.192/share. This is a one time offer. We can't keep selling shares at spot or I won't be able to afford secure storage.

I am open to any comments on this pricing mechanism. I will attempt to analyze the demand and offer shares at a higher or lower price depending on demand (but not so cheap as we lose money).

And something else which I will say precisely once. Thank you to the community for giving me another chance. And now, it's party time! *cuts the red ribbon*

Yes, "...some securities which have recently listed may have paid out a catch-up payment, and therefore the dividend yield statistic is not a reliable indicator of dividend yield going forward."

Statistics is not easy. It seems a good idea to exclude the first "catch-up" payment and run a calculation based on that. But it would in fact be more flawed than what I did above. If you look at statistics from a shorter time period, the error from weekly payments creeps in. Some securities pay weekly, some daily, and on different days. This means if a company pays early or late by two days than another company, the numbers will be off by as much as 6 or 7%. Actually, using the 90 day statistic and leaving in the first payment is a better judge of which companies pay more dividend because it fairly compares companies over the same time period (since GLBSE closed down). So while the numbers themselves are almost certainly wrong, at least we can order them comparatively by their historical rate. This is a good start; the actual numbers may be different but now we can start at the top of the list and start analyzing other factors such as transparency and trustworthiness.

That's another valid point. Statistics are statistics -- a snapshot in time -- and don't necessarily reflect "right now". On the numbers I posted I listed January 23rd, a couple of days ago. How can you know if there wasn't some breaking news that raised or lowered the expected value of a company? Unless there's a newswire and a rule to report material information you cannot.

Actually as an aside GLBSE was about to implement a newswire for it's securities, and this is one area where BitFunder is clearly ahead of the competition. It has a newswire. It is for reasons like this that I've chosen to list my securities exclusively on BitFunder. I feel it keeps issuers honest. If something were to happen to a security on BitFunder and the issuer didn't disclose it, it would be tantamount to fraud. I know it's not seen that way now, but it will be soon. There needs to be a newswire for any exchange IMO.

If you are following KYC it appears to be possible. All someone would need to do is have a solicitor write a statement transferring beneficial ownership. It would cost a couple of hundred dollars. I guess it's not worth it, but I don't see how it's not possible.

You could also just post a bbcode table here.

The main issues are that it's difficult to calculate. Also, some securities which have recently listed may have paid out a catch-up payment, and therefore the dividend yield statistic is not a reliable indicator of dividend yield going forward.

Usagi's BTC-TC securities by Dividend Yield
Date:	January	23	2013
TICKER	7d AVG	30d	90d	Avg/mo/yr	PerMonth	PerYear
ESECURITYSABTC	0.79	0.02744684	0.09864411	0.36196926	3.82%	45.82%
LTC-MINING	0.4	0.00796200	0.0614681	0.17070820	3.56%	42.68%
SYNERGY	0.14	0.00200000	0.01559184	0.04318368	2.57%	30.85%
GSDPT	0.006	0.00020358	0.00020358	0.00162864	2.26%	27.14%
COGNITIVE	0.41	0.00483793	0.02830470	0.08563698	1.74%	20.89%
BASIC-MINING	0.33	0.00508942	0.00508942	0.04071536	1.03%	12.34%
BTC-BOND	0.01	0.00007991	0.00007991	0.00063928	0.53%	6.39%
BTC-TRADING-PT	0.14	0.00015125	0.00015125	0.00121000	0.07%	0.86%
RSM	0.01	0.00000000	0.00000000	0.00000000	0.00%	0.00%
MININGCO.ETF	0.5	0.00000000	0.00000000	0.00000000	0.00%	0.00%
GOLD	1.12	0.00000000	0.00000000	0.00000000	0.00%	0.00%
BTC-GOLD	0.05	0.00000000	0.00000000	0.00000000	0.00%	0.00%
BTC-MINING	0	0.00000000	0.00000000	0.00000000	#DIV/0!	#DIV/0!
PAJKA.BOND	0	0.00000000	0.00000000	0.00000000	#DIV/0!	#DIV/0!
BITCOINRS	0	0.00000000	0.00000000	0.00000000	#DIV/0!	#DIV/0!

You may be interested in this: http://charles-reace.com/Kindle_Hacks/csv2bbcode/

That's how I do it.

Update:

I need to hire someone to prepare financial reports for SILVER. The responsibilities are simple; I'll give you the order numbers, receipts, trading numbers, photos, etc. that you will need to prepare a financial assessment of the company. Then you can provide a nice looking spreadsheet detailing everything we do. I would want something like this done every month for the first six months then every six months thereafter.

I am estimating it will cost 5 BTC to prepare each report. It would depend on the time and information. 5BTC is a little rich if there's no change except a few shares sold and a few ounces bought. But it would be something like that. 1 or 2 BTC an hour or as agreed.

I've seen a lot of good looking reports done by community members. Deprived, DeadTerra, Namworld, and others do a great job on their spreadsheets and that is something along the lines of what I am looking for.

If you have been able to do anything like that and you are a forum member in good standing, you're hired! Please send PM.

It can take a while. For example I've just received a fourth vote on BMF after being up for an entire month. And SILVER only has two votes right now despite having a much better contract. The lesson seems to be that it depends on time more than anything else.

I suspect in your case it will be a faster process than for me ;-) But yes I agree it takes too much time and the voting system will probably end up in the trash bin because most moderators vote irresponsibly. But do your best and be patient I am pretty sure you will be able to list. Why not? YABMC was a pretty big asset. The trading fees would be good for LTC-GLOBAL. That alone should get you in.

Yes I can. First, if anything goes wrong I am personally liable, as stated in the contract. I have changed the contract to make this more clear. This is not just idle talk -- I have a proven track record here. I have given hundreds of my personal bitcoins to my companies in the past when they were in trouble, and again now that I am closing them. So that's how I justify clause #5 in the contract.

But I think what you are really asking is, how I plan to not get into that position in the first place. The answer is easy, I will only write covered calls if we have the cash on hand to pay for it. This is the meaning of rule 3a. You mention it below:


I didn't want to say how we would invest in covered calls at first because I wanted it to be a corporate secret. But how I will do it is to leave the cash position on BTC-TC as collateral for investments in silver covered call funds that have a good track record. This means I never expose the company to the unlimited liability of a price spike. That's the secret. Yes, there is a risk of loss to the cash position (the premium to purchase price of silver which we sell shares at) but in such a case the physical silver will be worth "a ton of money" and the loss of the cash position would become a "welcome loss". Example: If for some reason silver spikes from $30 to $100... a 15% cash position would be worth 4.5% or less on the books. It would then presumably go to zero. Yes, it is true that the company would have lost that 4.5% -- but the value of their shares would skyrocket because the physical silver would be worth 3x more than it was before. An estimate would be, if we sold the shares for 0.22, we would lose the 0.02 premium but the shares would be worth 0.6 (3x more value from the silver). [Edit: this does not mean the shares won't be worth 0.62 or 0.66. They very may well be. But in this example at least 0.6 would be guaranteed from the silver.]

On the flipside, if silver declines in price or remains stable we will be able to pay a reasonable dividend, and still guarantee to be able to exchange each ounce of silver.

It is for this reason I am so excited about running such a fund. But you are right, and thanks for pointing out, that saying "zero risk" is probably not a good idea. To clarify, what I meant was there is zero risk compared to just investing in silver. Good catch. My idea here is not to be greedy and risk the underlying position. There is no need to risk the physical position like that. I am not trying to get 1% a month on the total investment. I am just trying to cover secure storage fees and pay a small dividend.



Oops, that was an error on my part. Thanks for letting me clarify this. For those of you who didn't notice, I believe what odolvlobo is referring to is in "Business Description" I stated we would start with 100 oz of silver (1,000 shares). However, in "Financial Management" I gave a projection for an entire year and I had guesstimated we would sell 5,000 shares. In that, the 1,100 BTC assumed we would sell the shares for 0.22 each and assumed that spot price was 0.20 BTC/share. In actuality, I don't know what we will be able to sell shares at, but I do guarantee I will not sell shares at a loss or at a price that will not allow me execute on the business plan. Essentially the numbers in "Financial Management" were an estimate, or outline of what I wanted to do with the company in an ideal situation. Additionally I had mistakenly underestimated the profits at 120 BTC. I corrected it to 140 BTC.

My mistake above is actually a really good example of why I will be hiring an accountant to provide basic oversight and prepare financial statements ;-) I want to make it clear I have learned a lot from running my previous assets! I don't want to fall into the trap that I did last time where I make a simple mistake that gets taken out of context, or there's something I am inexperienced on and I end up causing unintended damage. Yes, there were flaws in my previous companies. I would like to believe I have learned from that and as a result I will do a much better job than someone who has no experience running an asset like this before.



About how profits will be distributed; I'm still thinking about that. All of the company's financial information will be prepared by whoever we hire (deprived? maybe smickles? Someone with skills). The net profit will be displayed on that statement and I will announce what will happen once people can see our financial statements. I'll run a shareholder motion if there is any controversy. But right now I am planning to distribute 1/3rd to shareholders, retain 1/3rd for the company's cash position, and 1/3rd to myself as management fees.

Why retain 1/3rd? More lessons from the past. When I ran BMF I had a policy to pay out 95% of incoming dividends. I realized this was a mistake after a few months because it starved the company of growth and the ability to respond to major market moves. So I will decide how to split profits up later but I am leaning towards the 33% - 33% - 33% model above.



I believe that after a while (6 months? 1 year?) there will be a significant amount of money made by this company. Based on my past experience as an issuer, we might sell 25,000 shares over the course of a year. At that size I am estimating 30 BTC a month in net profit. I'm lucky in that it does not take a lot of time to operate this fund. I'm already a silver stacker. I already have a safety deposit box at the bank with gold and silver in it. My bank offers vault storage and is an authorized Perth Mint dealer so I can also store silver in Australia as well as Asia. I already buy silver on a regular basis. What I gain from this is easy to see, if I can order 100 oz at a time I can save money on the silver. Also, I can split the vault fees with the company, which are cheaper than a safety deposit box for larger amounts of silver. Actually now that I think about it, it would be very convenient for me to hold my personal silver as company shares. That is ideal for me. That way I partake in the benefit of being able to trade the shares just like everyone else. That is very convenient for me!

There's one more benefit.. and not such an insignificant one.... if I am given another chance to run an asset I believe people will see I am in actuality a very trustworthy individual. I'm sure there are people that will eat their hat if I am allowed to list. But the truth is I really feel I deserve another chance. If I can just list this company I am certain I can change people's minds and build more trust here. Yes I was a jerk in the past to some people who I feel attacked me and said some pretty ridiculous things, but that doesn't mean I am a scammer or a fraud. As things turned out it's clear I am not a scammer or a fraud. So I see now it would have been better to just deal with those people nicely and let history prove I was right. That's what I have learned. So I will be honest I want to clear my name. That's probably 50% of it for me right there.



Yes that is precisely what I am doing, I am personally guaranteeing the value. But I want to make it clear that's not why I believe I can maintain the backing. I believe I can maintain the backing because the business plan is sound. Yet, I will remain there in case I am needed to pay out anything that is owed. Ok, I think I've answered most of what else you said above so I'll stop here. I hope you can see I'm very enthusiastic about this and I hope that tells you a lot about where I feel I can take this company. Thanks for the questions. I wish more moderators would give me a chance like you did!