[LTC-GLOBAL] LTC-ATF.B1

[usagi]

Cut the attitude. I am a 12% holder of LTC-ATF.B1. You work for me, not the other way around. If you don't want to release your books publicly I will respect that despite your lack of respect for other's similar policy.

You're confusing debt with equity.

LTC-ATF holders have equity.  LTC-ATF.B1 purchasers own debt.  As a bond-holder you have zero say in how LTC-ATF operates - but an entitlement that your debt is paid off before equity holders get anything in the event of closure.

I don't work for you (I work for the holders of units in LTC-ATF) - I (in my role as the manager of LTC-ATF) owe you money.  The conditions of that debt are clearly laid out in the contract for LTC-ATF.B1.  They do NOT include that LTC-ATF actually makes any profit - but they DO include that LTC-ATF hold BTC-denominated assets worth more than total face value of all bonds issued and that total bond issued have a total face value of no more than 150% the NAV of LTC-ATF.

I can prove either of those conditions is met by showing just cash (that's not always the case - but is right now due to LTC being so high).

No, I'm not confusing debt for equity, bondholders have senior claim on the assets of LTC-ATF according to the contract.

Again, I'm not going to respond to your 6 posts essay other than to say that I am one of your major bondholders and you need to cut the attitude with me and realize who you are working for. If this is how you treat your other major bondholders when they ask questions you probably don't have what it takes to be a fund manager.

Just prove you have the money like you said you would, and after that just make sure you don't screw up the payment of your bond coupons and I don't see a problem. We just can't afford another screw up like pirate, and when you waltz in here swearing at people who ask you how you're making 1.56% a day it doesn't look very good.

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[Deprived]

Cut the attitude. I am a 12% holder of LTC-ATF.B1. You work for me, not the other way around. If you don't want to release your books publicly I will respect that despite your lack of respect for other's similar policy.

You're confusing debt with equity.

LTC-ATF holders have equity.  LTC-ATF.B1 purchasers own debt.  As a bond-holder you have zero say in how LTC-ATF operates - but an entitlement that your debt is paid off before equity holders get anything in the event of closure.

I don't work for you (I work for the holders of units in LTC-ATF) - I (in my role as the manager of LTC-ATF) owe you money.  The conditions of that debt are clearly laid out in the contract for LTC-ATF.B1.  They do NOT include that LTC-ATF actually makes any profit - but they DO include that LTC-ATF hold BTC-denominated assets worth more than total face value of all bonds issued and that total bond issued have a total face value of no more than 150% the NAV of LTC-ATF.

I can prove either of those conditions is met by showing just cash (that's not always the case - but is right now due to LTC being so high).

No, I'm not confusing debt for equity, bondholders have senior claim on the assets of LTC-ATF according to the contract.

Again, I'm not going to respond to your 6 posts essay other than to say that I am one of your major bondholders and you need to cut the attitude with me and realize who you are working for. If this is how you treat your other major bondholders when they ask questions you probably don't have what it takes to be a fund manager.

Just prove you have the money like you said you would, and after that just make sure you don't screw up the payment of your bond coupons and I don't see a problem. We just can't afford another screw up like pirate, and when you waltz in here swearing at people who ask you how you're making 1.56% a day it doesn't look very good.

Sorry - but you ARE confused.

Yes - bond holders have senior claim on assets and LTC-ATF have to maintain assets to cover the bonds.  But I am NOT working for bond-holders - what you get paid is entirely unrelated to how profitable my trading is or even whether I trade at all or not.  I work for LTC-ATF and LTC-ATF owes you debt.  If I borrow money on a credit card then I don't suddenly start working for the credit card company.  Same if I borrow money from anyone.

Here's a start on proof of cash.

LTC-GLOBAL.  Have placed a buy order for a further 50 units of LTC-ATF at 50 LTC each - so total buys for 150 units at 50 LTC each.
There's only 300 units of LTC-ATF total and I hold 160 of them (which I've put up for sale at 999 each).

So even allowing for the bid being a bit below NAV/U (currentl over 52 - but being cautious as rate is very volatile) there's enough LTC up there to buy back every unit owned by anyone other than me.

8K LTC = 264 BTC at current exchange-rate of 0.033.

BTC.CO we currently have 61 BTC in cash.  I've put 60 BTC of it up at .01 on :

https://btct.co/security/BTC-TRADING-PT

So we're already at all units of LTC-ATF and nearly half all bonds covered IN CASH on just 2 sites (the 2 it's easy to show cash on -as don't have to cancel all my other orders).

Other cash currently is: 

81 BTC on BTC-E (a mix of LTC/BTC - I have orders up on both sides of the book to balance our currency as price moves).
63 BTC on Bitfunder (nearly all committed on bids)
22.5 BTC on MPEx (via CoinBR)

Which would put me at about 60 BTC in CASH over total obligations to all bondholders and investors in LTC-ATF other than myself.  Pretty poor form if it's a ponzi.

Feel free to ask Ukyo whether I have 63 BTC there now (and haven't moved any in or out today).

If you want to see all of it on Sunday let me know - and I'll cancel all orders etc.  And do bear in mind, this is with nearly 30% committed to securities - usually we're even MORE cash heavy than this but bought back about 40% of all units in the fund this week.

[Deprived]

If the orders on LTC-ATF/BTC.CO aren't there it doesn't mean I'm lieing btw - just means one of my real orders got filled and these ones got auto-cancelled (probably only partly cancelled as did both with multiple bids).

[usagi]

Sorry - but you ARE confused.

I cannot be confused because I am asking a question. You can either answer it or not. Here watch, I'll ask the question again:

I am a 12% bondholder in LTC-ATF.B1. I have seen your financial reports, and they're rubbish -- you are claiming to have made 1.56% per day which is difficult to believe. After all, LTC-ATF is a fund; you don't produce anything. You just trade. I also trade. In fact I run a fund. I flipped a few hundred K of ZigGap for example, recently, for a 3 BTC profit. Yes, we all get lucky sometimes. But a 1.56% profit each and every single day even on average, over a 6 months period, is statistically impossible.

Here's why. You would need to double your money. That would be 100% gain. Then you would need to double your money again. That would be 300%. Then double again. 600%. Then double again. 1200%. And now, based on your 6500% gain comment, you have not only doubled your money again but again again after that. So in other words, you run an investment fund which doubles it's money each and every single month.

When looking around we see that you couldn't have possibly done this merely because there was no place for you to have done it. Maybe BTC has gone up, but your fund is denominated in BTC. So you couldn't have profited from the 1500% rise in BTC. No, the 1500% rise in BTC should have cut your portfolio by about 90%. You know, like it did to anything else denominated in an asset. Like a mining stock. Or an ART kiln security. Or a silver/gold fund -- like John Galt Asset Management's GOLD fund, for example. But no.

You GAINED 1500% during this time.

Okay. It obviously couldn't have come from the 15% invested position, so it had to come from the 85% of your holdings which are kept in currency. I get that. But you yourself state that when LTC rises in price your fund loses money. In fact you put a number on it; last week's rise in LTC price cost you 18%. So here's what I don't get. How did you make the money? I'll be honest with you. Pirate got all pissy when people asked him about it too.

What makes this whole situation deliciously ironic is, in fact, that you won't release your books. You participated in the theft of TU.SILVER's books and posted them online, which was the culmunation of six months of trolling and manipulating of my securities asset prices which were placed on line. But when put to the test yourself, it turns out you can't keep a straight book and I doubt if anyone is surprised.

At this point, if you are refusing to release your books to a 12% shareholder then you and your fund have serious problems. I will be liquidating my personal holdings in LTC-ATF and I can only advise all investors to avoid your security because it is beginning to look like a ponzi. Sorry Deprived, but no one makes 1.56% a day. Not even the guy who ran the trading desk at the Quantum fund.

So you see, it is you who is very confused. Proving you have cash proves nothing. Of course you have cash. You've sold a lot of very expensive shares to people. And I don't doubt you have your own money. But this is nothing to do with your business which cannot possibly have grown 1500% (sorry, 6500%, your words) in the face of a 1500% BTC price increase.

[usagi]

Another issue entirely is whether or not the 0.6% bond coupon is sustainable from operations. Cash on hand means nothing.

I will explain. If LTC-ATF is worth 100 bananas, and there is a senior claim to 50 of these bananas that demands a 0.6% interest rate, then looking at your portfolio logically you only need to make 0.3% a week to cover the bondholders. That leaves LTC-ATF holders with nothing. So on top of 0.3% a week (16.8% a year) just to pay your bond coupons, you're claiming thousands of percent for the fund itself. In other words you are claiming to be the best fund manager in the history of the entire world, but there's just one condition, you can't release your books.

If you want to see all of it on Sunday let me know - and I'll cancel all orders etc.  And do bear in mind, this is with nearly 30% committed to securities - usually we're even MORE cash heavy than this but bought back about 40% of all units in the fund this week.

But you have already been caught in a lie. You claimed to own 160/300 units of the fund personally, then just now said you bought back 40% of the units of the fund this week. So you're saying there's just 20 units of the fund outstanding? Then where is all the money coming from if the fund has no outstanding units? (i.e. no sales?) What secondary entity is operating separate from the invested funds? You're telling me 20 units of the fund are now worth 29,000 BTC? No, what has become obvious is you are mixing up your company's finances with your own. That is a major no-no. So showing you have a lot of cash is meaningless because it does not show that the business model and trading strategy you have is solvent.

Pertinent example. When Ian Bakewell defaulted on $100,000 in loans, BTCINVEST was going to crash. So I sold all of my personal stake in BTCINVEST immediately. I was the first to sell. I didn't follow up on it so I don't know if others did, but I got out with a long-term breakeven result. Later, in extensive discussions with TradeFortress I learned he was going to step in and defend his company with his own personal money. How valiant.

How admirable, I thought. But this is not ONLY what I look for in a company. I look for the fact that they failed in the first place. By hiding the books of LTC-ATF and lying about how much money you are making, you are essentially defrauding your investors because they cannot make a reasonable and informed decision on whether or not you are a competent fund manager. Sure, you use your own personal money to cover bond payments. But how long can you continue to do this? One day you will run out of money and it will all come crashing down like Bernie Madoff.

I'm sure you don't mean to scam but this is how it is turning out.

Just keep it simple. If you are not running a ponzi scheme then you need a clear cut reason why you shouldn't release your books right now. So carefully and calmly, explain that reason to us and let us think about whether or not it is good enough to balance the fact you are claiming to have made 6,500% over the last six months.

I can still make 1% per day on BTC no problem [...]
And don't short-change me - with this week's trading we're now at over 6500% growth in BTC and I guess an order of magnitude larger in fiat.

Do you see why people are starting to think you're running a bigger ponzi scheme than Pirate? Seriously Deprived, cut your rubbish attitude, stop pissing in other fund's threads, and deal with your own company's issues.

[Deprived]

But you have already been caught in a lie. You claimed to own 160/300 units of the fund personally, then just now said you bought back 40% of the units of the fund this week. So you're saying there's just 20 units of the fund outstanding?

WHy don't you JUST FOR ONCE look at figures before makng them up.

There's currently 300 units of the fund outstanding - of which I own 160.

At time of last report (on the weekend) there were 514 units outstanding.  214 of those (over 40%) have been bought back by the fund (i.e. were sold into the bidwall I maintain).  In fact 215 were bought back as I received 1 unit as management fee - so oustanding would have gone to 515 at that point.  Outstanding shares is reported every week - and anyone can verify just by looking at the details tab for the asset, so it's not something I COULD lie about.

Rest of your post seems based on this total lack of comprehension/spending 5 seconds checking a stat that's visible to the public.  On LTC-GLobal you can SEE how many shares are outstanding on the asset (Bitfunder only shows issued).

LTC-ATF has a stupid number of available shares (an arbitrary large number as no means of issuing new ones manually exists) - by contract I could currently sell up to 2500 total of them.  However unless/until LTC drops a lot lower no new ones will be sold.  Managing capital and exchange-rates is a key part of what I do to maximise profits.  Unlike most other funds I DON'T OFTEN SELL UNITS - and the number outstanding is the lowest now that it's been for ages (certainly this year - probably almost since start).

Now you figure out how I could be running a ponzi, buying back shares at 5-6 times original price, not selling new ones and still easily show cash to cover all remaining shares/bonds.  If LTC manages to stay around current value I'll be buying back MORE units (at a price including all the profit you think is imaginary) and not selling new ones.  Ideally at current price I'd like to buyback somewhere in the range of 50-100 more units (I'd sell back half of them myself and keep my holdings around the 50% mark).

[Deprived]

You're telling me 20 units of the fund are now worth 29,000 BTC?

No.   I asked earlier where this 29,000 BTC came from.  It's not a figure of ANY releveance whatsoever and I've no clue where you pulled it from.  Maybe you multiplied the number of units I'm authorised to sell by the value/unit - and got a meaningless result (units not sold have no cash backing and no value - other than in a few mismanaged funds that use shares/units to track somethign other than ownership).

Total assets managed by the fund are under 1000 BTC and oly briefly ever went over that earlier in week when LTC was at peak (and fell below it due to buying back units).  Already explained that the 20 units is just wrong.

If you pull one number (20) out of your ass even though the real value (300) is visible on the exchange then divide it into another number (29,000) that you pulled out of thin air then you get a result which has no relevance to anything.  Which may work for you when valuing your assets but doesn't do the job for me.

[Deprived]

Sorry - but you ARE confused.

I cannot be confused because I am asking a question. You can either answer it or not. Here watch, I'll ask the question again:

I am a 12% bondholder in LTC-ATF.B1. I have seen your financial reports, and they're rubbish -- you are claiming to have made 1.56% per day which is difficult to believe. After all, LTC-ATF is a fund; you don't produce anything. You just trade. I also trade. In fact I run a fund. I flipped a few hundred K of ZigGap for example, recently, for a 3 BTC profit. Yes, we all get lucky sometimes. But a 1.56% profit each and every single day even on average, over a 6 months period, is statistically impossible.

Here's why. You would need to double your money. That would be 100% gain. Then you would need to double your money again. That would be 300%. Then double again. 600%. Then double again. 1200%. And now, based on your 6500% gain comment, you have not only doubled your money again but again again after that. So in other words, you run an investment fund which doubles it's money each and every single month.

When looking around we see that you couldn't have possibly done this merely because there was no place for you to have done it. Maybe BTC has gone up, but your fund is denominated in BTC. So you couldn't have profited from the 1500% rise in BTC. No, the 1500% rise in BTC should have cut your portfolio by about 90%. You know, like it did to anything else denominated in an asset. Like a mining stock. Or an ART kiln security. Or a silver/gold fund -- like John Galt Asset Management's GOLD fund, for example. But no.

You GAINED 1500% during this time.

Okay. It obviously couldn't have come from the 15% invested position, so it had to come from the 85% of your holdings which are kept in currency. I get that. But you yourself state that when LTC rises in price your fund loses money. In fact you put a number on it; last week's rise in LTC price cost you 18%. So here's what I don't get. How did you make the money? I'll be honest with you. Pirate got all pissy when people asked him about it too.

What makes this whole situation deliciously ironic is, in fact, that you won't release your books. You participated in the theft of TU.SILVER's books and posted them online, which was the culmunation of six months of trolling and manipulating of my securities asset prices which were placed on line. But when put to the test yourself, it turns out you can't keep a straight book and I doubt if anyone is surprised.

At this point, if you are refusing to release your books to a 12% shareholder then you and your fund have serious problems. I will be liquidating my personal holdings in LTC-ATF and I can only advise all investors to avoid your security because it is beginning to look like a ponzi. Sorry Deprived, but no one makes 1.56% a day. Not even the guy who ran the trading desk at the Quantum fund.

So you see, it is you who is very confused. Proving you have cash proves nothing. Of course you have cash. You've sold a lot of very expensive shares to people. And I don't doubt you have your own money. But this is nothing to do with your business which cannot possibly have grown 1500% (sorry, 6500%, your words) in the face of a 1500% BTC price increase.

For the last time - the fund is NOT denominated in BTC, but in LTC.

Learn to fucking read please.

At time of last report, the value of a unit had grown by a bit over 500% in the 6 months it had been running (in LTC).  That's from 10 to 60-odd.

If you valued those shares in BTC then the rise is MUCH higher - as LTC was worth 3 times as much vs BTC at the time of report as at start of the fund.  SO obviously if it's value is now 6 times what it was in LTC it'll be 18 times as much in BTC just because of how exchange-rate has changed.

SInce that report, LTC again quadrupled vs BTC (now back down to a bit over treble) - so the value MEASURED in BTC has trebled again despite falling in LTC.

Either stop trolling or work out the VERY BASICS of how exchange-rate changes effect the value of something held in currency X if you choose to value it in currency Y.  At this stage I seriously think you may just be trolling - as you're misunderstanding an absolutely simple point (and still haven't grasped how the bonds actually work).

You also mentioned you'd like to liquidate your bonds.  Sure - you can either do it via market or by redmeption via me at 99% of face value.  Just transfer the shares back to me on LTC-GLOBAL and tell me whether you want LTC or BTC and I'll send it.  I'd recommend taking BTC then I won't have to explain to you how exchange-rates work and why you got the number of LTC you did.

[Deprived]

Actually, if you want to sell your bonds I'll take them personally off you at 2% over face-value (as I want some more myself but aren't issuing any on fund until I see where LTC price settles) - so you can even get out at a profit.  Send them to my personal account on LTC-GLobal (Deprived) and post here a BTC address you want the cash sent to + number of bonds.

Not sure how many you have - as the % you claim doesn't match what's on your email address.  Offer's limited to 25 BTC worth - which I'm sure covers you.  For clarity I'd be paying exactly .0102 BTC per bond.

[usagi]

Learn to fucking read please.
[...]
You also mentioned you'd like to liquidate your bonds.

I will be liquidating my personal holdings in LTC-ATF

I didn't say I would be redeeming my LTC-ATF.B1 bonds. Furthermore, as I've pointed out on several occasions you have a bad attitude. This is just a due diligence process I go through. There's no need to swear at your majority bondholders for asking to see some data backing your financial statements.

I must admit I'm tempted to liquidate all my bonds immediately simply because you get sand in your panties every time someone asks you how you are making more money than pirate; but so long as you prove you have the cash on hand (and can guarantee that this cash will be used to pay bondholders) that will probably do for now.

[usagi]

Announcement:

To help out the somewhat illiquid market on LTC-TC, I have decided to market-make LTC-ATF.B1. There's several reasons, not least among them,

a) I want to help out the Litecoin community and add to the liquidity of the exchange.
b) I want to make sure that people don't get ripped off when they buy and redeem units of LTC-ATF.B1.
c) Deprived has been breaking his contract in subtle ways and to me this is not acceptable so I will keep a very close eye on him going forward.

From today, you can expect a fair price for LTC-ATF.B1, within a few percentage points of their face value in bitcoins. I'll be checking in a couple of times a day as I make my rounds. I'm committing a significant amount of LTC to this, and chaining Deprived to his contract, so if you have any questions about the security and what the entry/exit price points are PM me and we can talk.

Good luck and happy trading!

[usagi]

With reference to the above, I am making a backup of Deprived's LTC-ATF.B1 contract as it stands, to make sure he doesn't change it.

Date of c/p: April 21st, 11AM JST

Ticker
BOND: LTC-ATF.B1

Moderator Score
7  (7/0)

Moderator Votes
YES 7 / 0 NO    (1 ABSTAINING -- Users with 10 or more shares of LTC-GLOBAL are allowed to vote.)

oZoNo voted YES with comment: Note: Although this bond never matures, the issuer promises to redeem bonds at face value (or greater) under certain conditions, including canceling the bond. Note: This bond is callable.
BTCTRADINGPT voted YES with comment: BTC-TRADING-PT shareholders voted to approve: 749-31

Shares
Outstanding 16037 / 100000 Issued

Issuer
DEPRIVEDASSET <deprivedltcasset@hotmail.co.uk>

Forum
https://bitcointalk.org/index.php?topic=129985.0

Issuer Detail
This bond is issued by the Fund operating under the ticker LTC-ATF on the
Litecoin Global Exchange. Further information about the issuer can be found at:

The listing for the fund at https://www.litecoinglobal.com/security/LTC-ATF
The LitecoinTalk thread for the fund at
http://forum.litecoin.net/index.php/topic,657.0.html
The Bitcoin forums thread for the fund at
https://bitcointalk.org/index.php?topic=112876.0

The threads in the last two links contain pretty much identical information (I
post all significant updates to both) so there's no need to read both.

Contract
DEFINITIONS

(The) Issuer / The fund trading with the ticker LTC-ATF on the Litecoin Global
Exchange.

(The) Manager : The individual controlling the user account
with the name "Deprived" on The bitcointalk forums.

The Bond : The security offered on Litecoin Global Exchange using the ticker
LTC-ATF.B1


OVERVIEW

LTC-ATF.B1 is a bond issued by the LTC-ATF. It is a sort of hybrid lieing
somewhere between a regular bond and a 'perpetual' bond. LTC-ATF is issuing
this bond rather than raising new capital via sale of additional units for two
primary reasons:

1. To allow LTC-ATF to trade in BTC-denominated securities without massive
exposure to the LTC/BTC exchange-rate.
2. To reduce the portion of future profits distributed to new investors - and
hence increase the profit retained by early investors. This increase in
retained profits comes with an associated increase in accepted risk (by existing
LTC-ATF investors, not bond holders).

The bond is primarily transacted in Litecoins (LTC) but has a face-value
denominated in BTC. Dividends are paid based upon this face-value. This means
that bond-holders are effectively making a BTC-denominated investment - with
transactions just happening to occur in LTC. This has advantages and
disadvantages for both investor and issuer - which should be carefully
considered before investing.

The bond pays a fixed-rate of interest weekly. This rate may be increased
without notice by the issuer but may not be reduced once increased. Bonds will
initially be offered paying a 0.6% per week dividend - then the rate will be
gradually increased as necessary until demand meets supply. Any such increases
apply to ALL outstanding bonds, not just to new ones sold after the date such
increase is announced.


FACE VALUE

Each bond will begin with a face value of 0.01 BTC. All Asks and Bids placed by
the issuer will be at approximately this face-value less (or plus in the case of
Asks) a 1% administration fee. The exchange-rate used by the issuer when
placing such orders will be the rate available for immediate conversion (i.e.
buying or selling into existing orders) on the BTC-E exchange.

In general the face value of bonds will not change. The exception to this is if
a platform on which LTC-ATF operates defaults, is hacked or otherwise loses
assets rightfully belonging to LTC-ATF. This is dealt with in more detail in a
later section of this contract.


REDEMPTION OF BONDS

The bonds have no expiry date - that is they are perpetual in nature. However
provision is made to allow redemption at any time (subject to certain
provisions) by holders.

Issuer undertakes to attempt to redeem at least 10% (or 1 BTC worth - whichever
is higher) of outstanding bonds on any calendar day on demand. This will be
conducted through two primary mechanisms:

1. Issuer will regularly check the LTC Global market for any Asks which are
priced at 99% of face value or less. Any such orders will be filled.
2. Any bond holder may directly redeem bonds provided at least 100 bonds are
redeemed in a batch. This is done by transferring the bonds to the manager
(DeprivedAsset). When manager notices such a transfer he will sell an amount of
BTC on BTC-E equivalent to the face value of the transferred bonds then transfer
99% of received funds (in LTC) to the holder.

Unfortunately, due to the bonds being valued in BTC but transacted in LTC it is
not possible for issuer to leave standing bids up on LTC Global in the manner
that is used to provide liquidity for LTC-ATF.

At his discretion manager may agree to redeem bonds by means of a transfer of
BTC on the BTC.CO exchange. Where this occurs, such redemption will be made at
99% of face value (with no exchange-rate relevant). This would need to be
arranged in advance and it established beyond doubt that the nominated BTC.CO
receiving account is indeed controlled by the same indivual as transferred the
bonds on LTC Global.

Manager may at his discretion sell bonds at below face value to existing bids on
the market. This would only be done if there were a specific very profitable
(and with short-term availability) opportunity available.


DIVIDENDS

Dividend payments are due at a nominal time of 23:59:59 GMT each Saturday. In
practice the dividend payment will be made at some time on either Saturday or
Sunday - typically just before weekly results for LTC-ATF are published. It is
not possible to schedule dividends in advance as the amount of the dividend (in
LTC) cannot be calculated without knowing the exact exchange-rate available at
the time of payment.

Dividend will be a fixed percentage each week. This percentage will be set at
0.6% per week when the bond is first placed for sale. Thereafter the rate may
be increased at any time without ntoice by the issuer. The rate may never be
decreased by the issuer whilst there are any outstanding bonds. Changes to the
interest rate will be published in the official threads for this security and in
the LTC-ATF threads. Any increases in interest rate apply to all oustanding
bonds, not just to ones sold after such increases.

When a dividend is paid the following procedure will be used to calculate the
amount to be dividended:

1. The BTC value of the dividend will be calculated - the number of outstanding
bonds multiplied by their individual face value multiplied by the current
interest rate paid.
2. a) If the issuer does NOT need to convert BTC into LTC to pay the dividend
then the exchange-rate used to calculate the LTC to pay will be the mid-point
between highest bid and lowest ask on the BTC-E LTC/BTC trade list.
b) If the issuer DOES need to convert BTC into LTC to pay the dividend then
an amount of BTC equal to the due dividend will be used to purchase LTC on
BTC-E. The LTC received from this transaction(s) will be the amount dividended.
3. The full amount of LTC calculated (or obtained) will then be dividended out.
No admin fees or transfer fees will be deducted from it.


MANAGEMENT FEE

No management fee is taken for maintaining operation of these bonds. The
manager expects to gain his reward from increased profits from his personal
LTC-ATF units and his 10% fee on LTC-ATF earnings.

The admin fees charged on purchases and sales are to cover (or reduce) the
various transfer and exchange-use fees necessary to conduct such actions.


RISK EXPOSURE AND MITIGATION

In general bond holders have senior claim against all assets of LTC-ATF (up to
face value of the bond). Most risks associated with LTC-ATF's operations are
carried by LTC-ATF rather than this bond. There is one specific risk which is
shared with bond-holders - the full or partial default of a platform (e.g.
exchange) on which LTC-ATF holds funds. This particular risk is share with
bond-holders for two reasons:

1. There is nothing LTC-ATF can practically do to mitigate this risk.
2. Bond-holders already accepted this risk when they deposited funds to LTC
Global to invest.

In the event that a platform on which LTC-ATF trades (or holds funds) loses (or
ceases to make available for use) assets belonging to the fund then the face
value of bonds shall (at the discretion of manager) be reduced by a percentage
equal to the percentage of asset value controlled by LTC-ATF lost (or made
unusable).

So if (for example) BTC-E vanished with all our funds on there, and those funds
amounted to 10% of the total assets managed by LTC-ATF then the face value of
all bonds would be reduced by 10% to 0.009 BTC.

If such a reduction occurs and LTC-ATF continues trading (rather than closes
down) then half of all future profits made (after payment of bond dividends and
before management fee is taken) would be applied to increasing bond face value
back up towards its initial value of 0.01 BTC.

Other than the above, all risks associated with trading (prices crashing, typoed
orders that lose money, investments that turn out to be scams etc) are carried
by LTC-ATF and do not affect the face value of bonds or the dividend payments
due on them.

So there are precisely two risks bond-holders have (other than that the issuer
scams them) :

1. Losses caused by default/theft from an exchange used,
2. That the value of LTC-ATF assets falls to a level such that the total assets
of LTC-ATF are less than the face value of issued bonds.

Here are specific risks associated with point 2 - and how they are addressed:

Exchange-rate changes : If all of LTC-ATF's investments were in LTC-denominated
securities and LTC suddenly tanked against BTC then LTC-ATF could end up with
insufficient funds to cover the face value of outstanding bonds. To counter
this the fund must maintain BTC-denominated assets such that outstanding bonds
amount to a liability of no more than 90% of such assets. So if we have 90 BTC
face-value of outstanding bonds then we must hold at least 100 BTC of
BTC-denominated assets. Funds will be exchanged between currencies as needed to
maintain this minimum ratio. This percentage will be included in LTC-ATF's
regular reports (usually, but not always, produced weekly).

Trading Losses : It is possible for LTC-ATF to accumulate trading losses such
that it no longer holds sufficient assets to cover outstanding bonds at face
value. This cannot be totally removed as a risk (as exchange-rate could) but is
very heavily mitigated through a few methods:

1. Every effort is taken to spread exposure rather than allow a single point of
failure (one asset issuer) to be able to cause massive losses to LTC-ATF. As
LTC-ATF expands back into BTC-denominated investment the range of securities we
can trade grows - and we can reduce exposure per security. Prior to bond launch
LTC-ATF has targetted a maximum exposure of 20% of assets to a single issuer.
After significant bond sales this target will fall to 10% (until a significant
number of bnds have sold this risk is irrelevant unless every investment
collapses at once). That's a target - not a firm commitment - but one taken
very seriously. Exposure to a single asset issuer includes indirect as well as
direct exposure - so holdings of investment companies traded ARE taken into
account. LTC-ATF never trades securities of investment companies that don't
disclose their holdings.

2. A limit is placed on the number of bonds that LTC-ATF may have outstanding.
This limit is defined as bonds with a total face value of 150% of LTC-ATF's own
NAV. So if LTC-ATF had 100 BTC of assets without any bonds then maximum bonds
it could issue would be 150 BTC worth. This ratio will also be included in all
regular reports of LTC-ATF. If this ratio ever rises above 150% then manager
will promptly ensure that it is reduced below 150% by either issuing more units
of LTC-ATF and/or repurchasing bonds from the market.

In practice there is no plan to ever intentionally get close to the two limits
defined above. However the first likely will on occasion need to be corrected
(if a few BTC investments suddenly fall heavily in value). The second is only
likely to need adjustment if LTC falls very heavily against BTC.

Despite the above mitigating actions risk cannot be totally eliminated. To
claim otherwise would be ignorant and/or deceitful. Investors should always
consider potential risks before investing - that is the case here as it is
everywhere else.


BOND RECALL

The issuer has the right to forcibly recall all outstanding bonds at will. This
must be done at 105% of face value - with the LTC payment made defined as the
LTC obtained by selling 105% of total bond face value (in BTC) on BTC-E. No
admin fee or transfer fees may be deducted from this.

Whilst there's no intention to ever do this, this right has to be reserved in
case trading conditions become such that supporting outstanding bonds can no
longer be justified. An example would be if BTC-denominated exchanges closed
down but LTC Global remained open - where LTC-ATF could continue but there'd be
no need or use for BTC-denominated capital.


FUND CLOSURE

In the event of LTC-ATF closing operations all outstandings bonds will be
redeemed at 100% of face value - with the LTC payment made defined as the LTC
obtained by selling the total bond face value (in BTC) on BTC-E. No admin fee
or transfer fees may be deducted from this.

Dividends remain due every week until such time as LTC-ATF is able to make such
a final payment.

If fund closure is announced then LTC-ATF may not repurchase any units or make
any payments of settlement to LTC-ATF investors until all bonds have been fully
redeemed. Bond holders have absolute seniority over LTC-ATF unit holders in all
claims on LTC-ATF assets in such a circumstance.


GENERAL ISSUES / FINE PRINT

In various places this contract refers to BTC-E when discussing currency
exchange. Whilst at the time of making this contract that is the exchange used,
such use is not intended to restrict issuer from using other such exchanges.
All occurrences of "BTC-E" should thus be read as "BTC-E (or such other exchange
as the issuer chooses to use)".

Changes may only be made by issuer to this contract if either:

1. There are no outstanding bonds,
2. A vote is passed approving the changes with 100% of bond-holders voting yes.

LTC-ATF may not hold outstanding LTC-ATF.B1 bonds itself (this is impossible to
do without use of a proxy account anyway).

For the purpose of this offering, BTC and LTC are considered virtual currencies
with no intrinsic value (akin to currencies in online games). This fund is
being run for the entertainment of the manager and investors with no expectation
of financial gain or loss for either party.
Executive Summary    This bond is a product - not a company. The business issuing the bond is
LTC-ATF - which I now give a brief rationale for.

WHAT IS LTC-ATF AND WHY DOES IT EVEN EXIST?

LTC-ATF is a small fund established to trade in securities denominated in
crypto-currencies. The fund's focus is very much on trading rather than
investment - it doesn't sit on investments waiting for them to (hopefully) make
a profit, rather it strives to buy and sell making profit in a much shorter
time-scale.

The obvious question to ask is "Why bother setting up a fund with such a small
amount of capital - couldn't you just use your own funds to trade?". There are
a range of reasons why the fund exists - hopefully the give some insight into
the rationale behind the fund and why it operates the way it does. In no
particular order :

Funding : Of course I have sufficient funds to use my own capital for an
operation this size. But if market conditions (range of securities and volume
traded) change such that a much larger operation is desirable then without a
track-record it would be hard to raise the funds to take advantage of that.

Fairness : I'm by no means shy about expressing criticism of other virtual
securities. It's therefore only fair that I run one myself and give opportunity
for those I criticise to reply in like manner. It's my hope (and expectation)
that my performance, fairness to investors, reporting standards and transparency
will make plain that - whatever else my faults may be - I'm no hypocrite when I
complain about others' lack of those same qualities.

Fun : It's far more enjoyable running the fund in public than it was when I just
invested my own funds in private.

Motivation : Having a responsibility to my investors causes me to put more
effort into my endeavours than I otherwise likely would. If I become lazy, lax
or careless then it will become a matter of public record - a great incentive to
do none of those.

Start Small : It's painful watching people attempt to create new companies in
areas they have no proven expertise in and trying to raise thousand or tens of
thousands BTC right from the start. I'm doing it (what I believe to be) the
right way - start small, prove you can do well whilst small, then and ONLY then
expand.


Business Description
This bond is issued by LTC-ATF. I describe here the areas of business LTC-ATF
operates in. The capital raised from sale of bonds is used in the execution of
these business areas.

WHAT SECURITIES DOES LTC-ATF OFFER?

At present LTC-ATF offers two securities on LTC Global:

LTC-ATF - This is the parent fund. Investors in this purchase units of the fund
representing a portion of the assets owned by the fund. This fund does not pay
dividends - all profits (or losses) are reflected in a regularly updated and
published fund valuation. Liquidity is provided via a constantly maintained
bid-wall just below NAV/U. Units of LTC-ATF are valued and transacted in LTC.

LTC-ATF.B1 - This is a bond issued by LTC-ATF. The bond's purpose is two-fold -
to retain as much of profit as possible for LTC-ATF investors and to allow
trading in BTC-denominated securities with greatly reduced exposure to fund
value changes casued by exchange-rate movement. This bond has a face value (and
pays dividends) denominated in BTC but transacted in LTC. Dividends are paid
weekly at a fixed rate which can be raised by the fund manager at will (but
never lowered again). Liquidity is provided via buying back through the market
at just below face value and by facilitating sell-back of larger quantities of
bonds through direct transfer.


Definition of the Market
The market for this bond broadly falls into three groups of investors. These
are now addressed in INCREASING order of importance :

1. Unsophisticated investors (mouthbreathers). These invest in anything which
pays dividends. They probably don't read contracts in full and definitely don't
do any analysis to determine whether an investment is likely to be profitable.
If they see this bond's price rise they'll assume it means LTC-ATF doing well,
if they see it falling they'll assume LTC-ATF is doing badly (price of this bond
is actually set 100% by exchange-rate and entirely unrelated to LTC-ATF's
performance). If you're reading this you probably aren't in this category.

2. Speculators. This bond provides a useful way to bet against LTC in the
medium term (short-term the admin fees wipe out gain, long-term you probably
shouldn't even be using this exchange). Speculators can also pick off orders
that aren't updated to reflect changes in the exchange-rate to make a fast profit.

3. More sophisticated investors. It's important at this point to consider WHY
people invest in specific securites. There are intangible reasons (want to
support community, think it's interesting etc) but one very tangible one which
applies to a lot of investors - to make profit.

But what does "profit" actually mean - and, more relevantly, how is it
calculated? Is an investor interested in increasing the number of LTC they own?
The number of BTC they can purchase? The purchasing power of their assets if
converted to fiat?

A more sophisticated investor may well opt not to put all their eggs in one
basket (for example investing/holding solely assets whose profitability is
determined in LTC). This is where these bonds fill a useful niche in the market
- they allow investors to effectively convert part of their LTC holdings into
BTC AND earn growth on them. That allows them to hedge against a total collapse
of LTC vs BTC. And they can do it without ever having to move any funds off of
LTC Global or use an exchange.

There's also two classes of investors for whom this bond is absolutely NOT suitable:

1. Ones who want to go "all-in" on LTC increasing in value faster than BTC in
the short to medium term (if they only want to gamble like that long-term than
the bond MAY make sense for them in the medium term).

2. Ones who want to hedge their investment portfolio against the devaluation of
BTC/LTC against fiat. This bond provides no such protection.
Products and Services    This bond is, itself, a product of LTC-ATF - it pays a fixed rate of interest
and does not offer any products or services.

At present it is the only offering on LTC Global offering a reasonable rate of
interest with the bond value tied directly to BTC. As such, it has no direct
competitors.


Organization and Management
This bond is offered by LTC-ATF. LTC-ATF is a one-man operation running a
virtual security for educational/entertainment purposes. Accordingly, no
licences or permits are required or held.

More information about the operations of LTC-ATF can be found in its contract
and discussion threads.


Marketing Strategy
Our target market is described in a previous section of this document.

Initially we are only releasing a very small number of bonds - so the
expectation is that little effort will be needed to sell them. Indeed our
requirement for funds isn't for all to sell at once anyway - so a slow pace of
sales is not some big disadvantage.

This bond has a fixed interest rate which can be raised at will by the issuer
(subject to a defined maximum rate). If our requirement for funds from bonds is
not being met then our marketting response is very simple - we raise the rate of
interest we offer until demand meets the supply we need to sell.
Financial Management    There is no relevant financial management required for the operation of this
bond - beyond that detailed in the contract. As a bond, the profitability or
otherwise of the issuer (LTC-ATF) has no bearing on the face value of the bond
or the size of dividends paid.

The regular reports of LTC-ATF (published in its thread on LTC and BTC forums)
will (from launch of this bond) contain the two ratios relevant to operation of
this bond:

The ratio of outstanding bonds (total face value) to unencumbered LTC-ATF assets
- which determines whether more bonds may be sold.

The ratio of capital raised from bonds to total BTC-denominated assets held by
LTC-ATF - which ensures no exchange-rate swing can make LTC-ATF unable to
service outstanding bonds.


Financial Management
There is no relevant financial management required for the operation of this
bond - beyond that detailed in the contract. As a bond, the profitability or
otherwise of the issuer (LTC-ATF) has no bearing on the face value of the bond
or the size of dividends paid.

The regular reports of LTC-ATF (published in its thread on LTC and BTC forums)
will (from launch of this bond) contain the two ratios relevant to operation of
this bond:

The ratio of outstanding bonds (total face value) to unencumbered LTC-ATF assets
- which determines whether more bonds may be sold.

The ratio of capital raised from bonds to total BTC-denominated assets held by
LTC-ATF - which ensures no exchange-rate swing can make LTC-ATF unable to
service outstanding bonds.

[usagi]

LTC-ATF.B1 REPORT CARD #1 : APRIL 21st, 2013
MANAGER'S GRADE: B (76.3%)


SHARE INCREASE
On April 21st, while market-making LTC-ATF.B1, I purchased a quantity of 244 shares at 0.455 and 0.46. The face value of 0.01 BTC converted into LTC going rate was 0.451 at the time. I then noticed the number of outstanding shares of LTC-ATF.B1 had increased from 15793 by 244 shares. Here's the relevant data:

DIVIDENDS:
2013-04-21 05:15    Ł 42.6411    15793    0.00270000    COMPLETE

TRADE HISTORY:
2013-04-21 05:20:09    Market    44    Ł 0.455    Ł 20.02
2013-04-21 05:20:04    Market    200    Ł 0.46    Ł 92

The relevant section of the contract covering this transaction has been quoted for your convenience:
Each bond will begin with a face value of 0.01 BTC. All Asks and Bids placed by
the issuer will be at approximately this face-value less (or plus in the case of
Asks) a 1% administration fee. The exchange-rate used by the issuer when
placing such orders will be the rate available for immediate conversion (i.e.
buying or selling into existing orders) on the BTC-E exchange.

It is my opininon that by entering a market order for 0.455, Deprived has not broken his contract. A+ (95%)



PAID THE CORRECT AMOUNT AT THE CORRECT TIME
The above-listed payment also conforms with the dividend policy, quoted for your convenience:
Dividend payments are due at a nominal time of 23:59:59 GMT each Saturday. In
practice the dividend payment will be made at some time on either Saturday or
Sunday - typically just before weekly results for LTC-ATF are published.

Secondly, the paid amount was within 0.1% of the stated amount:
Dividend will be a fixed percentage each week. This percentage will be set at
0.6% per week when the bond is first placed for sale. Thereafter the rate may
be increased at any time without ntoice by the issuer. The rate may never be
decreased by the issuer whilst there are any outstanding bonds. Changes to the
interest rate will be published in the official threads for this security and in
the LTC-ATF threads. Any increases in interest rate apply to all oustanding
bonds, not just to ones sold after such increases.

This earns Deprived another A+ (95%), but a C- for spelling 



MINIMUM BTC AMOUNT
"...the fund must maintain BTC-denominated assets such that outstanding bonds
amount to a liability of no more than 90% of such assets. So if we have 90 BTC
face-value of outstanding bonds then we must hold at least 100 BTC of
BTC-denominated assets. Funds will be exchanged between currencies as needed to
maintain this minimum ratio. This percentage will be included in LTC-ATF's
regular reports (usually, but not always, produced weekly). "

The outstanding shares are now 16037 as reported online, or 160.37 BTC. Divided by 0.9, we see a reserve requirement of 178.19 BTC. Deprived has stated he can prove he has the cash:

If anyone has serious concerns that the claimed funds belonging to LTC-ATF don't exist then it's actually pretty easy for me to prove otherwise.  Most of the time 80%+ of the assets managed by the fund are in cash.  I can, at any time, show all of that cash by placing pre-agreed bids on the various sites I trade on

His cash position is extremely unclear:

If you look at the LTC cash on LTC-GLobal it says 8048 LTC then reports that as being worth 8100 BTC!  Obviously what happened is that at some point I typed the LTC balance into the BTC-value field and never noticed.  The mistake has no ramifications other than being embarassing - the BTC-value there isn't used in any calculations of significance and doesn't impact on the final NAV.  If (and it HAS happened) I enter a wrong figure into a cell that actually matters then I tend to notice it immediately as it causes a massive unexpected move in NAV/U - which lets me know I just made a cockup.

he also claims to have a lot of cash (80% in cash?) but then says:

...I'd like us to be trading ASICMINER - but we don't really have the spare cash to do so.

Oh really, what about this:

Right now cash is around 500 BTC worth (15K LTC worth).  If LTC were to halve by then, it could be down to 300-350 BTC worth (20k LTC worth).

That's just WEIRD!


Deprived has time and time again lied about showing he has the cash:

1.  After this week's report I'll PROVE that I have all the cash I claim to have.

I can very easily prove I have the cash I claim to have.  

Sure - will do that.  I usually do reports Sunday evening - after this week's I'll flash the cash (place orders on all sites).

In general I give Deprived an A+ for how he's handled his security today. But on the point of showing us the cash I am forced to give Deprived an F (39%). The average grade is a B (76.3%). For the record I don't doubt he has the cash; I'm just a little weirded out by his caustic attitude, swearing at me every time I ask to see it, and launching troll threads in the Securities forum swearing at me. I also wonder about why he's releasing more shares right around dividend payment time. It's a very minor red flag. If we penalize Deprived 1% for that and 1% for swearing at bondholders and his ridiculous troll campaign his actual mark would be a bit less -- say 74.3%.

If you're going to put something in your contract, stand by it, and don't swear at people when they call you on it. Right?

[Deprived]

Just to address a couple of perfectly valid points raised.

1.  Me saying we haven't the cash to trade ASICMINER-PT whilst having 80% cash.

There's two seperate parts to how these two things reconcile:

A.  A significant part of cash is in LTC.  It can't be converted to BTC - as LTC-ATF is committed to holding around 85% of net assets in LTC.
B.  Whilst we have plenty of cash, it's committed to buy orders.  This is of particular importance on Bitfunder - where the same cash can't be applied to orders on different assets.  So right this instant I have 79.227 BTC cash on Bitfunder but under 0.2 BTC available to place on new orders - the other 79 is already commited to Bids.  So I can't bid on ASICMINER-PT there without cancelling other bids - and I don't want to cancel other bids or I wouldn't have them up in the first place.

2.  Me selling shares near dividend date.

Usually I don't do this - though see my next paragraph for the exception.  But 2700 were sold back to the fund by ThickAsThieves late in the week, so I was willing to sell a small number to replace the cash I'd used to buy his bonds back.

One a general point, do remember that I can't control the price you (or anyone else bids at).

So, for example, right now face value for a bond + our 1% markup is around .455 (I just sold into a few order slightly above that).  But if you had a bid up at (say) .5 then I'm not going to refuse to sell into it because it's more than 1% over face value.  If people place bids at high prices then rather obviously when I place an Ask at the correct price it'll fill their order - and there's nothing I can do to prevent that other than not sell bonds.  Which does lead to the other exceptions where I'll sell near the end of the week:

1.  If bids are up at 1.6% or more over face-value.  Then the purchaser is paying for the week's interest so the usual reason not to sell near end of week no longer applies.

2.  If there's little liquidity on the ask side on BTC-E and I need to convert BTC into LTC to balance currencies.  In that instance I can sell at 1% over face value and the 0.6% I lose on paying a week's interest for newly sold shares is balanced by me saving a 0.2% transaction fee plus having to convert at a less favourable rate (because of a lack of volume of asks near the current trading price).

In general my policy is to check LTC-ATF.B1 order book regularly while I'm online.  If I see Asks that can be filled at 99% or less of face-value (at the rate I could convert at) then I'll buy them back.  If I see Bids at 101% or more of face-value (and I'm looking to sell more bonds) then I'll fill them.

I don't tend to put up Asks myself unless the exchange-rate is very stable - a 1% margin is too small to leave orders up unattended in a volatile market (this is the one BIG disadvantage of having a bond denominated in BTC but transacted in LTC).

Anyway, thanks for market-making : eventually I'd like to get my bot to do it, but that's some way off.  I'm waiting for someone to start writing options on the bonds - it's possible to speculate on the BTC/LTC exchange-rate by doing that.  Do be aware there's at least two other people who do it (market-make) from time to time - though one of them only does it with tiny orders (1-5 bonds).

FYI at present I'll be selling bonds if/when orders exist up to about 180 BTC total face-value.  I'd indicated 200 BTC as a likely target in last week's LTC-ATF report but we won't need to sell that many as I've stopped trading a couple of thiings.  If you (or anyone else) wants to buy at face-value + 1% then feel free to drop me a PM after placing an order and I'll fill it soon as I notice (if exchange-rate hasn't changed).

[Deprived]

Deprived has time and time again lied about showing he has the cash:

1.  After this week's report I'll PROVE that I have all the cash I claim to have.

I can very easily prove I have the cash I claim to have.  

Sure - will do that.  I usually do reports Sunday evening - after this week's I'll flash the cash (place orders on all sites).

You ruined an otherwise decent post with this.  Read my whole response.  Further down in same post I say:

I'll need a pretty precise time agreed in advance for it plus a list of assets/site and you can give some 3 digit ending you want so you can see the bids are the size I state AND the right ending so are obviously mine (or someone else putting them up on my behalf I guess).

There's obviously no point me cancelling order etc unless I know you'll be around to see the bids I put up.  You made no effort to indicate a time at which you'd like to see the cash - and when I did, shortly after making that post, put up bids with our cash on  LTC-Global and BTC.CO (amounting to more than total cash outstanding in bonds) there was zero acknowledgement of it despite the bids staying up whilst I slept overnight.

That's why I want a time agreed in advance - so you can't pretend you didn't see the cash afterwards.

Offer's open for this week (later today) after doing weekly reports as well.  I'd like to modify it slightly however (giving you MORE information, not less).  For BTC.CO/LTC-GLobal I'll just sling up bids - as can do it there without cancelling anything.

For Bitfunder/CoinBR/BTC-E I'll show the cash over Teamviewer - so you can see the account name and balances.  You can also then verify that I do, indeed, have on CoinBR the shares backing the pass-thoughs and the extra float of shares I hold in each (which are declared in my report anyway).  The cash + those shares on CoinBR will likely add up to 85%+ of all LTC-ATF assets so whilst it won't prove my valuation is accurate it WILL prove that we have assets of around the claimed magnitude (and I assume you're not going to claim I hold zero securities - so you'd know it can't be too far off).

I just need a time to do it - somewhere between about 18:00 and 23:00 GMT would work best for me, then I can make sure to do the weekly report shortly beforehand.  

I'm open to other reasonable suggestions on showing the cash - I have absolutely no objection to doing so.  My only condition remains that you post here and confirm having seen it.  Obviously I can't do much if someone buys or sells to me between the report being produced and you viewing cash (I draw the line at cancelling all Asks in particular).  If that happens then you can obviously comment on that discrepancy when you report back - depending on which site and asset it is, I MAY be able and willing to prove that a transaction actually occurred changing cash on hand (some assets I don't particularly mind revealing trades in).

[Deprived]

LTC-ATF.B1 REPORT CARD #1 : APRIL 21st, 2013
MANAGER'S GRADE: B (76.3%)


SHARE INCREASE
On April 21st, while market-making LTC-ATF.B1, I purchased a quantity of 244 shares at 0.455 and 0.46. The face value of 0.01 BTC converted into LTC going rate was 0.451 at the time. I then noticed the number of outstanding shares of LTC-ATF.B1 had increased from 15793 by 244 shares. Here's the relevant data:

DIVIDENDS:
2013-04-21 05:15    Ł 42.6411    15793    0.00270000    COMPLETE

TRADE HISTORY:
2013-04-21 05:20:09    Market    44    Ł 0.455    Ł 20.02
2013-04-21 05:20:04    Market    200    Ł 0.46    Ł 92

Just noticed that you can't even get basic facts straight.

The 44 at .455 was actually ME buying, so I know for certain it wasn't you.  After the dividend went through I placed a buy order from my personal account (at face value + just over 1%) then sold into it and the 200 order at .46 (which WAS yours I believe).  So your claim that you bought 244 shares is incorrect.  You bought 200 bonds.

Not particularly important - but please pay some attention to detail before you end up making false claims that actually matter. 

At that time I had face-value at .4479 - minor difference from your .451 is likely because you're having to look at trade data whilst I was going by what was actually available on the exchange right that instant (as it was after dividend payment I obviously didn't convert funds - if you can't see why that's obvious consider what happens to cash balances in each currency, and hence to the ratio of assets per currency, when I pay the dividend).

[usagi]

TRADE HISTORY:
2013-04-21 05:20:09    Market    44    Ł 0.455    Ł 20.02
2013-04-21 05:20:04    Market    200    Ł 0.46    Ł 92

Just noticed that you can't even get basic facts straight.

The 44 at .455 was actually ME buying, so I know for certain it wasn't you.

No, I didn't say THAT 44 was me. You're misquoting me and putting words in my mouth -- that is a cut and paste from the public log of trading at https://www.litecoinglobal.com/security/LTC-ATF.B1 (see "History"). Yes, considering that trade, only 200 showed up on my trade history but that has nothing to do with what I bought and sold. The above quote is obviously from trade history and not my personal account or it would show fees and say BUY or SELL.

Anyways, I'm sorry you feel the post was ruined because someone thought you were doing a bad job. I should be thankful you're not swearing at me.

You'll be happy to know I made 50% profit trading LTC-ATF.B1 alone over the last 3 weeks (200 LTC and 300 shares up). I sent the trading logs to DeaDTerra already, and updated the spreadsheet for TU.SILVER. We may even consider taking our position to 50% someday, if you think you can handle it.

I'm waiting for someone to start writing options on the bonds - it's possible to speculate on the BTC/LTC exchange-rate by doing that.

Given what you've said about options in the past I have to wonder why. Well, tell me what kind of option you want and I'll go write one

[Deprived]

TRADE HISTORY:
2013-04-21 05:20:09    Market    44    Ł 0.455    Ł 20.02
2013-04-21 05:20:04    Market    200    Ł 0.46    Ł 92

Just noticed that you can't even get basic facts straight.

The 44 at .455 was actually ME buying, so I know for certain it wasn't you.

No, I didn't say THAT 44 was me. You're misquoting me and putting words in my mouth -- that is a cut and paste from the public log of trading at https://www.litecoinglobal.com/security/LTC-ATF.B1 (see "History").

Why do you lie just for the sake of it when it's obvious to everyone that you're lieing.

Here's the bit you failed to quote:

LTC-ATF.B1 REPORT CARD #1 : APRIL 21st, 2013
MANAGER'S GRADE: B (76.3%)


SHARE INCREASE
On April 21st, while market-making LTC-ATF.B1, I purchased a quantity of 244 shares at 0.455 and 0.46.

See - you DID say it was you buying them.  Just for once write a post without lieing in it please.  It gets silly when you make a post with a lie/error in it then go so far as to lie about what you said even though the evidence is still visible.

[usagi]

Why do you lie just for the sake of it when it's obvious to everyone that you're lieing.

I think that's a question you should ask yourself.

[Deprived]

Why do you lie just for the sake of it when it's obvious to everyone that you're lieing.

I think that's a question you should ask yourself.

Well I think it's because you have some mental problem where you've lost touch with the reality the rest of us inhabit.  I have no idea whether you believe your own lies or not.  You don't seem stupid enough to be unable to read your own posts and see what you said - yet you routinely lie about what you've said in the past even when it's in posts you haven't got around to deleting yet.  Maybe it's just some very severe memory problem.  I honestly don't know what the problem is, just that you have a very major one.