FAQ (post #2) updated with a new question from one of the LTC-GLOBAL shareholders.

You do not require a bitfunder account if you want me to pass-through dividends until the shares sell, but it's probably easier if you do have a Bitfunder account. Then I can just transfer the shares directly to you.

Yes, BitFunder does require you to use weexchange. It's a bit clunky at first but I've never had a problem with it.

Ok so he published his name and telephone number on the web. Now what?

[BitFunder] TU.SILVER FAQ:

Question 1 (from odolvlobo):
I just took a brief look and found  a problem. Your contract states, "SILVER will act to sell silver on the forums and in auction at a profit, and to sell covered call options against the physical position, to generate revenue and pay for secure storage fees." Are you doing this with the fund's silver? You can't sell shares and sell the silver, too! You can't sell covered calls, what if they get exercised? If this doesn't involve the fund's silver, then why is it in the contract?

A: I've answered this question by changing the Business Description of our security on BTC-TC to the following:

Primary Business: Silver Storage
To start the company we will convert 100 oz. of physical silver into 1,000 units of the fund. We will then sell these units into the market at a premium to face value, representing the need to pay for secure storage and the value from our secondary business model.

Secure storage costs 0.49% per year in Hong Kong (VIA MAT or G4S). Other vaults around the world have similar rates, although Switzerland is notably higher at 0.99% per year. I am planning to start with the vault in the local national bank so that we may inspect the silver at our leisure.

Secondary Business: Selling Covered Calls
We will write covered call contracts against the silver position in order to pay for secure storage fees and generate revenue for shareholders. This will allow
us to pay for secure storage fees on an ongoing, permanent basis, and to expand the fund.

Since storage fees are around 0.5% per year and selling deep, in-the-money covered calls are estimated to generate ~1% per month (long term) in profit,
this implies we only need to write calls against 6% of the position in order to pay for secure storage. As we will be selling each unit for 5% to 10% above face value, I feel there is zero risk of breaking the fund's model of retaining one tenth of an ounce of silver per unit. In short, should we get called on such a
small position, we will have more than enough cash on hand to settle with no risk to the holders. Failing that, please see clause #5 in the contract.



Question 2 (from Monster Tent):
(re: a response to wabashky)
So the promise to wait till all your other companies shut down before you started trading was complete horse shit?

A: In response to wabashky, I laid out a clear sequence of events: "The proposed launch date is anytime, but assuming we get the votes by the end of this month, (...) we will be able to get the silver and start selling shares around the second week of February. Before then I could only sell maybe 100 shares or so against the silver we have right now." (emphasis mine).

I did add an edit on the advice of Deprived; as stated in the post it clarifies the sequence of events by pointing out that we would have begun trading after I shut down BMF and my other securities. I can see how you might have thought this was a promise not to trade until after I'm delisted from BTC-TC, but it wasn't. I was quite clear about selling around 100 shares using silver I already had. I'm sorry for the misunderstanding and I will try to be more clear next time.

OP/Thread moved to: https://bitcointalk.org/index.php?topic=177747.0

It finishes on January 28th, 2013 UTC. In other words, if it's January 28th in UTC time, the auction is over.

As for anti sniper, ok, sure, the anti sniper rule is simple. After the auction ends, as long as at least one bid per hour is placed (according to the rules) the auction can continue until the 30th. So that means you will need to beat a previous bid by at least 1%. Should bidding die down and an hour pass between acceptable bids, no more bids will be accepted. At that point I'll post that the auction is closed and announce the results.

Discussion thread (please do not post comments or questions here, only bids. Thank you!)

In order to expedite the process of closing down my companies I am prepared to offer the following deal:

https://bitcointalk.org/index.php?topic=137448.0

Please only post bids in the auction forum. All questions or discussion on that thread can be posted here instead.

Using the same auction rules outlined in https://bitcointalk.org/index.php?topic=135543.msg1443907#msg1443907

I have need to sell the following securities. There is no reasonable bid. Each of these securities has value, please investigate them:
1. ABM is run by PsychoticBoy, a bitcointalk.org staff member, and pays regular dividends.
2. JAH is an extremely old and reliable security which has never failed to pay near-daily dividends (and fat dividends, too).
3. DMC owns over 1,000 shares of ASICMINER, and 1,000 shares of BITBOND iirc. And some other stuff. There's value there too. Diablo is also a mod here.

ABM    209    169    40    ฿25.08000000
JAH    731    661    70    ฿58.48000000
DMC    1,303    1,303    0    ฿64.88940000
Total Estimated Value*:    ฿148.44940000
*: Estimated value based off of last trade price.

Opening bid is 0.001 per share. Please see rules before bidding. Auction closes January 28th, 2013.

Eight of the 1/2 oz coins have been reserved by a buyer. There are 28 left. (14 oz.)

There are also 20 one ounce silver coins (+20oz) remaining. Current quote is 2.06BTC/oz and free airmail w/tracking to anywhere in the world. Thanks.

Frankly I think this is a terrible business idea.

However, as a LTC-GLOBAL shareholder I don't see why he can't list.

1. It's not our job to try and predict the future about what business can and can't be successful.
2. If it succeeds or fails, it will at least generate trading revenue for me, as a shareholder.
3. Garr has the right to try and make his business successful. I believe that.

So whatever I think doesn't enter into it. I say let him try. Garr is attempting to be a producer here, and run a real business vs. just another miner (or worse, fund). Sure there is room for more miners and more funds. But we also need producers and I think that sets this apart from the vast majority of new business ideas around here. I say kudos to Garr.

"The packaging facility would not let me take any pictures unfortunately and we did not visit the substrate factory floor."

This is a huge problem and needs to be addressed immediately. There's absolutely no reason why they couldn't come away with something. I'm a BFL supporter but this is not good. We need to see something. Anything.

Yes, you did reply in PM first but you want me to ship first. So I need to wait a few days and see who else wants to buy. Back in December there was no problem waiting, because I had over a month of time left on my BTC-TC listing. Even so, some people paid me first. It's just this time I can't wait. I need the money by the end of January to pay out on some of my companies because they are closing down. If there's still silver left after the end of the month I don't mind shipping first.

Oops sorry I was cutting and pasting an old post. I'll send you a PM.

I have a question. Where is the 0.6% per week interest coming from on your bond? I'm not saying your not making money, I'm just asking if it's profitable to run the bond. I'm considering investing in it since I.... (can't believe I'm saying this) like what your doing with ATF.

You're not going to believe this, but there is actually a law that states you cannot sue the U.S. Government without their permission.

BDK.BND 100 shares, @.01/unit.

Hello vrtrasura and thanks for giving me an opportunity to clarify what is going on with FPGAMINING.

I have been in contact with the FPGAMINING guy (I know his name, anyway, from his e-mail) and I had offered to buy all his hardware from him and take over the company. But I didn't get a response to that and being honest I just don't have time to worry about FPGAMINING, I have less than 10 days to wrap up the assets I *do* have access to. So there's nothing I can do short of paying him a visit, which I can't do since I don't live in America anyways.

So what to do with FPGAMINING. I have been placed in the unfortunate position of getting kicked off bitfunder due to a misunderstanding and not allowed to list on BTC-TC without severe restrictions (trading is frozen and forced de-listing on Feb 1st, 2013). As a result I can not give full value to my shareholders. I am currently in a mad rush to complete my fiduciary duty and liquidate the company before we get delisted at the end of the month. This makes me very sad because we have hundreds of BTC worth of securities which we haven't been able to sell. Not to mention securities like FPGAMINING which have clear value, but would just take some time and phonecalls to unravel. Unfortunately, I need to liquidate in the next week so there's no time or reason for me to track him down anymore. So in my case FPGAMINING is going to be a casualty of war. It will be auctioned off for less than 1 cent on the dollar. I mean hey, anyone wanna pay more? You're welcome to bid in the auction forum. That's the only way to establish market value since I am not allowed to trade.

To help soften the blow, I will be donating my entire personal stake in all my companies back to the shareholders. I will also soon be offering an exchange program for the remaining securities. It's either that or liquidate at 1 cent on the dollar and no one wants that. No one sane anyway.

The only way I would be willing to invest time and energy into tracking down FPGAMINING is if I was still running BMF. But as it stands there's no reason for me to do that, I can't keep running the company. It would take community support to change that. I need two votes more, to list BMF. That's it.

The truth is, it would be better for my shareholders (and FPGAMINING shareholders too, FWIW) if I could relist BMF. But even so, we're going to be getting more out of FPGAMINING than anyone else. It will be sold off for about a penny on the dollar.

UPDATE:

SOLD:
1 x 1/2 oz. gold coin.
2 x 1/4 oz. gold coin
5 x 1/10 oz. gold coin
4 x 1/2 oz silver coin
2 x 1 oz silver coin
1 x 2oz silver coin

REMAINING:
SILVER INVENTORY
36 x 1/2 oz First Majestic Business Strike Rounds (2012)
20 x 1 oz First Majestic Business Strike Rounds (2009)

I am selling for SPOT, and free shipping anywhere in the world.
At current prices that's 31.89 / 15.59 or 2.046 per ounce.

The whole deal then (38 oz) would be 77.75 BTC.

All coins/bars are in visually perfect condition. Pictures available at http://kongzi.ca/silver/

Back on Dec 28th when I made the OP I said I would send first if you had a good rep. Now that it's a month later I can't really do this anymore, because I am going to use the money to help make my shareholders in BMF and NYAN happy.

So please buy my silver.

Prices are "SPOT + FREE SHIPPING" to be agreed upon in PM or here before I ship. Spot price is a steal here -- newly minted coins like these, this size, routinely sell 10%+ over spot.

I am not responsible for VAT or any import duties you will face, then again I will not write "gold coinz inside!@#" all over the box. I paid such taxes myself to import these to my destination.

You know, I just took what you said and ran it through an ascii to binary converter, and I discovered that the result has 755 zeroes (divisible by 5). Weird. So I removed all the zeroes. That left 573 ones. Five hundred..... and seventy three? Weird, I thought. So I added the numbers and I discovered that 5 + 7 + 3 is 15, which is also divisible by 5. Wait a minute... 23... 2+3=5... OH SHIT ITS NOT ABOUT 23.. ITS ABOUT FIVE.....

OH MY GOD EVERYTHING HAS SOMETHING TO DO WITH THE NUMBER FIVE!!