The bonds are now being sold - you can buy at https://glbse.com/asset/view/BDT.

I'm not sure what exactly you're complaining about. What is supposed to happen if the company closes shop? You'll keep a position in a platform that doesn't exist? It's perfectly fair to liquidate positions at the price relevant to the time of closing, perhaps at a rate tweaked at the customer's favor.

POLY.10.-2 - https://bitcointalk.org/index.php?topic=86069.0

This doesn't offer much of an advantage over simply selling the BTC. Anyway there are also bonds tied to the USD, some of them offering coupons.

Yes, in your profile, go to "personal message options", and check "Save a copy of each Personal Message in my outbox by default."

"Noob" is considered derogatory, please stick to newbie or newcomer.

Deepbit (proportional) is hoppable. Slush's pool is somewhat hoppable but is a good pool other than that.

You're right, but some of the best pools happen to also be 0% fee, e.g. EMC, Ozcoin, maxbtc, Bitminter. BTCGuild is good if you're after PPS with a fee.

A larger pool will have less variance, but just as much long-term total payout.

I don't think it's needed at first to have functionality to enforce specific terms on a bond. These would be too limiting, unreliable, and suitable to only a narrow type of bonds.

But there should be the on-demand features required to handle all contingencies.

In particular, a buyback feature is very important, and placing a bid is only a crude approximation. The key issue is the propagation of information. One a buyback is declared the bond value goes up. People who have existing asks will have them executed at a loss by people who happen to hear about the buyback first. An instant, forced buyback makes sure all bondholders are treated fairly.

I haven't used cryptostocks yet, but if there's no such option already - please, make it possible to specify coupon payments by amount per bond rather than total amount.

Yes, Mt. Gox is used, the account uses 2-factor authentication and the API key has no withdraw access.

The IPO is to raise the funds needed to properly secure the site (and other things). Launching the site fully will not coincide with the IPO.

I don't think the current Bitcoin clients are very proactive in detecting double-spends, but in theory, for casual transactions you can get very good security waiting a few seconds.

If you want absolute security instantly, that can also be achieved with more advanced uses of the Bitcoin scripting system (some of which are yet to be finalized), depending on the particular use case. The basic idea is that some of the work of securing a transaction can be done before the payment is actually made.

I've used it a bit. There were a few bugs that needed fixing but it's working fine. Some more testing, as well as an external security review, will need to be done before it can be considered stable. Until then Alberto will limit activity (by restricting access to the more popular BTC/USD trading and/or limiting the size of positions) to keep any flaws that might turn up on a manageable scale.

It helps assess and build up demand, and gives earlier surety that at least a minimal number of bonds will be sold. It also gives an opportunity to be in touch with some of the more dedicated investors. It's not essential to do this, but it's fairly popular here and there's no real reason not to.

The first one looks like complete nonsense. The only parts that are somehow true are those that were copied verbatim from weusecoins.com.

This asset previously existed and Nefario disabled it manually, so we are waiting for him to relist it. I will link to it when he does.

The bond offering is relaunched, and has a new thread - https://bitcointalk.org/index.php?topic=93445.

(reserved)

FAQ

What is your (Meni Rosenfeld) role in this?
I am the IPO manager. I am designing the IPO, consulting for the issuer on matters regarding Bitcoin, GLBSE and the forum, and am the contact for any inquiries by potential investors. I am also in charge of looking into the issuer's background and sharing my impressions with the public. I have no involvement in the operations of Bitdaytrade itself other than as a consultant and creditor.

How did you come to be the IPO manager?
As some of you know, Alberto originally intended to make an IPO with DeaDTerra as the manager, but that didn't pan out due to dissatisfaction with delays in an unrelated project developed by Alberto (Bitcoinrebate, which has since been successfully completed). At that time I approached Alberto as a potential investor, and he offered me to take this role.

I believe it is vital to have a way for everyone to choose their desired BTC position regardless of the amount of bitcoins they physically hold, so being involved in the development of a margin trading platform is definitely something I am interested in. Alberto also offered to generously compensate me for my services, so I accepted.

Why was the IPO delayed?
When I assumed the position of IPO manager I noticed there are problems with some of the terms of the intended contract, and it would cause chaos if the IPO went forward without a cooldown period to make the necessary changes. Also, I wanted to take some time to look into Alberto's background before becoming publicly associated with him.

How can I be sure the contract will be upheld? Are you offering a personal commitment to cover Alberto's obligations in case he fails to do so?
No, the only one offering a personal obligation is Alberto. I don't make a habit of giving a $70K obligation for things that are outside my control.

However, over the past 3 weeks I have done an extensive due diligence process. I talked with Alberto about many things and I am confident he is committed to making bitdaytrade work, and even if it fails, to pay back every last satoshi of debt, bringing to the table his personal assets if necessary (of which he has enough to cover his obligations). He is also committed not to have the kind of security negligence we have seen in Bitcoinica.

I have documents verifying his identity, and I have confirmed his address by sending a physical letter. I have looked at his business plan, and while it has some challenging goals, overall it makes sense.

More details about him can be found in his Linkedin profile. Alberto has had some unsuccessful ventures in the past, but he is learning from the mistakes he made.

I can respond to additional queries via this thread or PMs. But I would like to emphasize again that it is every investor's responsibility to assess his own trust in Alberto.

What will the capital raised be used for?
Bitdaytrade is a margin trading platform now offering gold trading and which will soon expand to BTC/USD and possibly other assets. The money raised by issuing BDT bonds will be used for all aspects of developing Bitdaytrade, including:
 - Security consultation, software and auditing
 - Servers and infrastructure
 - Design and branding
 - Marketing and advertising
 - Reserves for trading

Update: Alberto is currently in default of his obligations.

tl; dr: Every BDT bond will have a face value of 1 BTC and will pay a weekly coupon of 3%. The funds raised will be used for the development of the margin trading platform Bitdaytrade. The IPO will be on July 19 2012, and initially a total of 10,000 bonds will be offered.

https://glbse.com/asset/view/BDT

Introduction. Bitdaytrade is a margin trading platform developed and owned by Alberto Armandi, where CFDs (contracts for difference) can be traded on the price of BTC and gold (BTC/USD is in closed beta), and in the future other assets. The platform is already up and running, but there is still much work to be done; to cover the cost of bringing it to the next level, Alberto is issuing bonds on GLBSE that will pay 3% weekly interest. A total of 8,950 BTC is expected to be raised with this offering.

Operation. The bonds will have a face value of 1 BTC and will be sold to the public at that price. Every week on Friday, at 20:00 GMT, bondholders will receive a coupon of 0.03 BTC per bond. The bonds do not have an expiration date.

If the coupon is not paid on time, a bonus of 0.001 BTC (1 mBTC) per bond will be paid for each calendar day between the scheduled date and the actual payment date. The delay will in no circumstance be longer than 2 weeks.

This is a callable bond. The issuer has the right to buy back all bonds for 1.2 BTC per bond (120% of face value).

The issuer, Alberto Armandi, is responsible for abiding by the terms of the contract.

IPO details. 10,000 bonds will be initially issued, with a total face value of 10,000 BTC. The IPO will be at July 19 2012 at 9:00 UTC.

1,000 bonds will be given to Bitdaytrade partners.

Up to 1,000 bond will be put up for pre-IPO sale. They will be sold at a 5% discount for 0.95 BTC each. This is only available to investors buying at least 100 bonds. Send me a PM to reserve your spot. (Sold out)

The scheduled coupons will be paid starting July 27. On July 20 a coupon of 0.005 BTC per bond will be paid as it is only one day after the IPO.

Update: All pre-IPO bonds have been reserved. Any further requests will be placed on a waiting list to be served if any of the first comers backs out.

Analysis. Unlike a deposit program, bondholders do not have the right to sell back the bonds for their face value; the capital will be used for both upfront payments and reserves, and bitdaytrade cannot commit to having the entire face value of the bonds on call.

However, the issuer does not have a right to change the interest rate. The coupons will be 0.03 BTC per week for as long as the bond is held; the bondholder has a guaranteed perpetual ROI, even if the typical interest rates in the Bitcoin lending market go down.

The issuer does have the right to buy back bonds (which he may do in conjunction with offering new bonds at a lower interest rate), but only by compensating bondholders with almost 7 weeks' worth of interest.

Since the issuer can buy back bonds for 1.2 BTC at any time, it is not advised to bid more than that on a bond in the secondary market.

Please note that the details of this IPO are significantly different from what was planned last month.

Contact information.

Alberto Armandi - Issuer
Email: info@bitdaytrade.com
GTalk: alberto.armandi@gmail.com
Forum: bitdaytrade
Linkedin: http://www.linkedin.com/profile/view?id=41459791

Meni Rosenfeld - IPO manager
Email: glbse@menirosenfeld.com
Forum: Meni Rosenfeld
Linkedin: http://www.linkedin.com/profile/view?id=99439111

No, the term "confirmed", and inclusion in the balance in the standard client, are after just 1 block.

What the standard client does do is put a nice "V" icon near a 6-confirmations transaction. Ascribing magical properties to the 6-confirmations mark is archaic, it really depends on the nature of the transaction. 2 is enough for almost all transactions.

Contract price was updated to 7.24699.

Update Aug 3 2012: Price refreshed to 10.5300.

By protocol you can send unconfirmed coins and the two transactions can appear in the same block, whether the client will allow you to do this depends on the particular client (the standard client doesn't).

I suppose you mean blockchain.info. Presumably it's waiting for a confirmation or several before allowing spending, but I'm not very familiar with it.