Said in a Patrick Star voice "yeah, how long?" (disclosure, purchased 1000 of these for fun  ) |
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Hey Patrick,
I did not receive a newsletter you talk about in the thread. I know you have my email, could you please send me a copy?
Thanks
Sorry, was working off the ones that were sent to me recently. Sent now. |
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The newsletter is a bit rough because it's a first version (I should have proof read it too). I need to check the copyright on the image.
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Actually, today I've sent 0.5319BTC per unit on all the 56 units that have been paid as the first week returned 25BTC. This is explained in the newsletter that has been emailed to fund members. If you did not receive a copy, that is probably because you didn't provide an email address.
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Fair play Cytokine. Sorry if I was a little harsh on you but I needed answers on these issues. Thanks for the explanation. I am happy to see there are honest people around to.
Just as a comment, it's not just Cytokine getting it in the neck. There are a lot of nervous and panicky people around as they learn (rather rapidly) the economics of bitcoinland. Pretty much every person who has offered a fund/bond/deposit is getting it - some more than others. My observation is Moveto.Fund is being open about the situation even if that is painful and stressful exposing itself to additional criticism and that is a big plus. I have different questions over in Starfish BCB, but I beleive the approach is correct. |
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If you do a buyback for 0.32 then ofc all the info is gone concerning who had what.
Possibly you could give 0.32 as a dividend and IF P' does eventually payout something - buyback the bonds accordingly.
Not doing it in is some way would give you a very nice profit at the expense of your clients and you arent that type of person.
I know it's a mess as far as the contracts and stuff but we are in an unusual situation.
Or you can put bid walls @0.32, so those who want the liquid btc of the insurance now can sell, knowingly losing the rest if pirate finally pays out. And those who prefer waiting can keep their bonds, hoping for the buy back. That's how usagi is handling YARR... Thank you for the suggestion - I have put up a buy for 3000 at 0.32 and that should keep people happy as they can choose. I know that the number that will be sold will be modest as hold quite a few having purchased some during the past few weeks. Anyway, catching up on over-night developments (if any). |
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To date meeting withdrawal requests has still been achieved reasonably quickly (basically within a day). If I was to receive a request for 2k from one of my largest depositors, I do not see a good reason why that would or could extend beyond a couple of weeks allowing me to sensibly move or liquidate some assets. If everyone asked for their funds back (16k), that would take a lot longer.
Can you give a specific upper bound? What if you received a withdraw request from everyone, today? As discussed directly with you, and as set out above, a request to extract 16,000 BTC would take a long time. In order to generate returns to pay interest takes time and effort and perhaps it isn't appreciated that there are not simple quick tricks generating income. I have a diversified portfolio of investments, a good mix of customers and carry the risk from bad loans and the timing of requests. As such, it also requires me to carry higher liquid funds than something like a bricks and mortar bank. Also, as I have said above, the past two weeks have seen many more coins sent out than received. That is a mix of nervousness from people wanting to put coins under their mattress, my decision to largely halt deposits (although I have allowed some), and meeting commitments from my own funds. I am not going to set a "specific" upper bound as to do so would likely see it breached at some time in the future (say if the ten largest depositors decided to leave). If this is not acceptable, please send a withdrawal request and I will process it as rapidly as possible. |
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What will happen if the insurance is paid and P' eventually does pay out , lets say in 2 weeks?
Will there be any way to pay the difference?
No. I have had this question already and considered it. There are many reasons why the answer is "no" and not many why it should or could be yes. When I was pondering this issue again today I did think that you might be able to provide evidence from a GLBSE account that you were subject of the buy-back, but normally insurances don't pay out twice. Also, if P does eventually pay out, it might not be at full 1.28 value so any payment would be discretionary. Worth checking if/when it happens. |
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Thank you for you comment. I have the coins ready to pay for the insurance, but would hate to pull the trigger on that too early if for the sake of a couple of days I can return 1.28 rather than 0.32. I've seen big jumps the past week, but it's been a single wallet slicing off a few bitcoins (eg 35000 less one) repeated hundreds of times. Made for the 3.5M coin block. I wondered if it was a wallet associated with something like santoshidice or similar. There were three big addresses (35k, 17k and 9k) involved when I was looking at it, but every time it appeared to be only a few coins in each transaction. |
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There appears to be some movement in the BS&T drama today with (rumoured) some additional accounts being paid and the possibility of something happening in the next 24-48 hours. If there is no objection, it might be useful to delay the PPT.E insurance buy-back by 24 hours.
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Just on liquidity - because I was asked about this while processing a withdrawal just now, here's a summary of the last two weeks:
22 deposits for 1624BTC
21 withdrawals for 4053BTC
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Very comforting (and not surprising to me atleast) to see your exposure to BS&T is on the low end % of your totals. Hope all works out well there. Cheers While deposits are not exposed to BS&T, being backed by a mixture of long-term investments, assets and stocks on GLBSE, I do have a personal account with BS&T and that is no secret. I also have the wind out of the PPT.x series of bonds to take care of and that is making life more complicated this week as I have been honouring the commitments I have there and that has sucked a lot of my spare coins. I also consider my decision to restrict deposits over the past two weeks was the correct one to take, although that makes things tighter than I would have liked. I was asked directly today if I could provide a maximum pay-back time for deposits. As mentioned above, some of the backing is in the form of loans and these are various terms, some running monthly, some three months and I have some that run six months. Those are no able to be recalled on a moment's notice. The other important issue is that the liquidity in GLBSE is quite limited even for good quality stocks. Little buy interest means it is difficult to sell a large position and I notice DeadTerra was having this issue recently too. To date meeting withdrawal requests has still been achieved reasonably quickly (basically within a day). If I was to receive a request for 2k from one of my largest depositors, I do not see a good reason why that would or could extend beyond a couple of weeks allowing me to sensibly move or liquidate some assets. If everyone asked for their funds back (16k), that would take a lot longer. |
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Why hasn't anybody set up a Dank Bank Pass Through security on the GLBSE yet? Now that there is no Pirate, the 3% dank is offering seems pretty good !!! Maybe you could just reuse the PPTs as DBPTs?
Ok, I need to provide an unequivocal response - I will not be running a DankBank-PPT. May I ask, why not? Of course - amongst other reasons WifeofStarfish says "no" to directing funds to Dank. While I find Dank and his ideals entertaining, and I can wish him well, I don't think people would like me using him as an investment vehicle for their hard earned coins. P |
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Hashking - do you intend to seek a credit rating from Patrick at some point?
Do you mean the same Patrick who rated pirateat40 as "10 trustworthy" on the bitcoin-otc web of trust? I think that is correct, i.e. me. For the past eight months I've never had an issue with Pirate or trading/transferring of funds. The recent decision to shut down BS&T the way he did has proven messy, and that is preventing timely withdrawals which is pretty annoying, so I wait. |
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Well, as people probably know, yesterday Pirate confirmed that he is in default in terms of repaying funds. If that is simply a timing issue or a notice that there will be no repayments is not clear as no additional information was given and I'm still in the dark about what happens next from his side.
Given the lack of information from Pirate, I'd say the obvious play here is to invest the insurance fund in Dank Bank, and then buy everyone a mansion next year. Why hasn't anybody set up a Dank Bank Pass Through security on the GLBSE yet? Now that there is no Pirate, the 3% dank is offering seems pretty good !!! Maybe you could just reuse the PPTs as DBPTs? Ok, I need to provide an unequivocal response - I will not be running a DankBank-PPT. |
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Hello Patrick,
Have you considered adding Vescudero to the list? From his thread:
I already sent him my credit data and even got my postal address verified through senbonzakura that also vouch for me before Patrick. Nevertheless this was several weeks ago and as I said, I have not received any answer from Patrick since then.
Yes he did send data some time ago, and over the past day have updated for a couple of additional items - he is now listed in the OP. |
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Well, as people probably know, yesterday Pirate confirmed that he is in default in terms of repaying funds. If that is simply a timing issue or a notice that there will be no repayments is not clear as no additional information was given and I'm still in the dark about what happens next from his side.
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Hey Patrick, how's Trendon's Credit Rating doing ?
Do you need more info to get everything calculated ?
He hasn't asked for one. |
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