ciuciu's "guaranteed" bond

[gabbynot]

Started up a "guaranteed" bond back in July, then, of course, GLBSE imploded.

The difference is many GLBSE issuers are trying to make good on their assets by moving to another exchange after going through a claims process.  Namworld is a good example of this.  ciuciu is providing near-zero communication to his shareholders & looks to be simply disappearing.

This is the last notice we got from him - over a month ago:

"To all shareholders,

I have received a list from Nefario. However, I did not receive all the assets of the bond from Nefario.
At the moment of closing, CIUCIU.BOND had over 500 GIPPT and 37 BTC in the GLBSE acount.
This will be paid to the shareholders, when I receive them from GLBSE and the GIPPT issuers. The difference will be supported from my pocket.
As mentioned earlier, I will not be able to pay any divident from the moment GLBSE closed.
Regarding the payments I have to make, I'm sorry to tell you that they will be at a slow pace and it may take more than a year.

I understand this will not make all of you happy, but this is all I can do in the given situation.
I will go over the list and inform you if any verification steps will be needed.

Thank you."

https://bitcointalk.org/index.php?topic=95826.0

Bottom line - he's either a scammer or doesn't know what the definition of "guarantee" is.

[ciuciu]

Just to share my toughts with you. I will start repaying only when I recover my assets from GLBSE.

The main assets where GIPPT bonds which where sold by respected members of the community DeadTerra and INAU. As you can see GIPPT were guaranteeed and they did not return the shares yet. I haven't seen anyone complaining and DeadTerra and INAU are not marked as scammers yet.
https://bitcointalk.org/index.php?topic=96793.0

Again, you are asking me to repay something it was stolen from me by GLBSE, folowing a list given to me by the thief, which is GLBSE. I never guaranteed that GLBSE will not implode or steal the assets and I believe you shared the risk with me when you agreed to use GLBSE.

In conclusion, after I get the assets back I will start making payments as I recover the BTC from the issuers.

[gabbynot]

Good to hear - but you can understand our frustration when we haven't really heard from you in 5 weeks.

[ciuciu]

Good to hear - but you can understand our frustration when we haven't really heard from you in 5 weeks.

I have nothing new to say. You can follow GIPPT thread yourself. My last answer was 10 days ago not 5 weeks as you insist.

[gabbynot]

Good to hear - but you can understand our frustration when we haven't really heard from you in 5 weeks.

I have nothing new to say. You can follow GIPPT thread yourself.

I don't care about GIPPT.  You offered a guaranteed investment.  If you get zero from GIPPT it doesn't negate your commitment to your shareholders.

[ciuciu]

Good to hear - but you can understand our frustration when we haven't really heard from you in 5 weeks.

I have nothing new to say. You can follow GIPPT thread yourself.

I don't care about GIPPT.  You offered a guaranteed investment.  If you get zero from GIPPT it doesn't negate your commitment to your shareholders.

It is true. If GIPPT receives a scammer tag because it doesn't return the BTC, I agree to receive one myself, because at that moment I will be bankrupt (edited:in default).

[fbastage]

if you guaranteed it, but haven't paid up, you're already in default.  end of story.

[Deprived]

Here's how you described what your investments were before GLBSE died:

I invest in my mining farm, mining bonds and some private investment funds.

Then GLBSE dies and all of a sudden there's no sign of the mining farm or mining bonds - and private investment funds appears to have become singular.

How much do you owe - and how much are the GIPPT worth?  Why do you need to wait for GLBSE to repay the GIPPT before you repay the guaranteed difference between the two?

The possible difference between yourself and DeadTerra is that DeadTerra had disclosed where the funds were - and the funds are there but inaccessible.  You claimed where your funds were - but now it turns out they aren't there at all and, other than some GIPPT, there's no indication whatsoever of where the money has vanished to.

[ciuciu]

Here's how you described what your investments were before GLBSE died:

I invest in my mining farm, mining bonds and some private investment funds.

Then GLBSE dies and all of a sudden there's no sign of the mining farm or mining bonds - and private investment funds appears to have become singular.

How much do you owe - and how much are the GIPPT worth?  Why do you need to wait for GLBSE to repay the GIPPT before you repay the guaranteed difference between the two?

The possible difference between yourself and DeadTerra is that DeadTerra had disclosed where the funds were - and the funds are there but inaccessible.  You claimed where your funds were - but now it turns out they aren't there at all and, other than some GIPPT, there's no indication whatsoever of where the money has vanished to.

Yes, I think we can say I'm in default right now and if GIPPT doesn't pay I'm broke.

Deprived do you ever read the threads? Check the top post for where the BTC are, and how I plan to repay. The private investments were mainly with Hashking, so the value of them is 0 right now.
Deprived this is the last question I will answer to you, as you are just a troll deprived of attention and not a shareholder.

[publio]

Just to share my toughts with you. I will start repaying only when I recover my assets from GLBSE.

The main assets where GIPPT bonds which where sold by respected members of the community DeadTerra and INAU. As you can see GIPPT were guaranteeed and they did not return the shares yet. I haven't seen anyone complaining and DeadTerra and INAU are not marked as scammers yet.
https://bitcointalk.org/index.php?topic=96793.0

Again, you are asking me to repay something it was stolen from me by GLBSE, following a list given to me by the thief, which is GLBSE. I never guaranteed that GLBSE will not implode or steal the assets and I believe you shared the risk with me when you agreed to use GLBSE.

In conclusion, after I get the assets back I will start making payments as I recover the BTC from the issuers.

Rather than accusing others, it might be better if you make a statement of what you owe and have paid.  What needs to happen for investors to receive some compensation, what do you plan to do?

According to the topic you link to, Terra, with the guarantors, have paid out as dividends %54 of the principle for GIPPT.  This includes the %5 Terra was individually liable for.  I guess you didn't get any coins, because of GLBSE?  I have also received %5 of my principle in Gamma Fund, which had no guarantee.  It's not much, but it's more than some issuers have paid out.

I think nef had paid out some coins.  Did you receive any?

[usagi]

Started up a "guaranteed" bond back in July, then, of course, GLBSE imploded.

The difference is many GLBSE issuers are trying to make good on their assets by moving to another exchange after going through a claims process.  Namworld is a good example of this.  ciuciu is providing near-zero communication to his shareholders & looks to be simply disappearing.

This is the last notice we got from him - over a month ago:

"To all shareholders,

I have received a list from Nefario. However, I did not receive all the assets of the bond from Nefario.
At the moment of closing, CIUCIU.BOND had over 500 GIPPT and 37 BTC in the GLBSE acount.
This will be paid to the shareholders, when I receive them from GLBSE and the GIPPT issuers. The difference will be supported from my pocket.
As mentioned earlier, I will not be able to pay any divident from the moment GLBSE closed.
Regarding the payments I have to make, I'm sorry to tell you that they will be at a slow pace and it may take more than a year.

I understand this will not make all of you happy, but this is all I can do in the given situation.
I will go over the list and inform you if any verification steps will be needed.

Thank you."

https://bitcointalk.org/index.php?topic=95826.0

Bottom line - he's either a scammer or doesn't know what the definition of "guarantee" is.

Well, that would depend on what he did with all the money, and when. Now wouldn't it. We're talking what, 400 BTC here? What was the outstanding amount, does anyone know?

[gabbynot]

It doesn't really matter what he did with the money.  In his own words he said it was a guaranteed investment.  It's not like there was some fine print that said "guaranteed as long as everything works out perfectly for me."

[usagi]

It doesn't really matter what he did with the money.  In his own words he said it was a guaranteed investment.  It's not like there was some fine print that said "guaranteed as long as everything works out perfectly for me."

Oh yes I assure you it does matter what he did with the money. If he blew it on drugs (for example) it would imply he was intending it to be a fraud from the start. OTOH if his mother died (for example) and he needed to sell mining equipment to pay for her funeral that would be understandable.

What I am saying is, I believe I have information one way or the other, but I want to see an outstanding amount before I post it, because the outstanding amount will inform my reasoning. Thank you.

[gabbynot]

publio raises a good point.  Why aren't you passing along any BTC/assets you've received from GIPPT?

[stochastic]

It doesn't really matter what he did with the money.  In his own words he said it was a guaranteed investment.  It's not like there was some fine print that said "guaranteed as long as everything works out perfectly for me."

Oh yes I assure you it does matter what he did with the money. If he blew it on drugs (for example) it would imply he was intending it to be a fraud from the start. OTOH if his mother died (for example) and he needed to sell mining equipment to pay for her funeral that would be understandable.

Both scenarios would be considered fraud.

[ciuciu]

publio raises a good point.  Why aren't you passing along any BTC/assets you've received from GIPPT?

The last payment from GIPPT were paid before GLBSE closed and I no longer have them. I'm sorry I did not foresee that GLBSE will close.
I just ask you to wait until GIPPT confirm our holdings, then I will present you with a plan.

[mb300sd]

It appears that GIPPT has been paid 100%. Any updates?

[usagi]

It appears that GIPPT has been paid 100%. Any updates?

Yes, we don't know what he did with the money. This is extremely important. Did ciuciu claim he was running a mining farm, or not? What did he say he was doing with the money?

[Deprived]

It appears that GIPPT has been paid 100%. Any updates?

Yes, we don't know what he did with the money. This is extremely important. Did ciuciu claim he was running a mining farm, or not? What did he say he was doing with the money?

When asked what the funds were being used for he said:

"I invest in my mining farm, mining bonds and some private investment funds."

There's no sign of the mining frm/mining bonds and seems he spent what was repaid from GIPPT (before GLBSE closed down) leaving basically zero assets backing the bonds.  We don't know WHY he stole the money - just that he did.

Would expect there to be a distribution from him soon - but of excuses not BTC.

[MPOE-PR]

It appears that GIPPT has been paid 100%. Any updates?

Yes, we don't know what he did with the money. This is extremely important. Did ciuciu claim he was running a mining farm, or not? What did he say he was doing with the money?

When asked what the funds were being used for he said:

"I invest in my mining farm, mining bonds and some private investment funds."

There's no sign of the mining frm/mining bonds and seems he spent what was repaid from GIPPT (before GLBSE closed down) leaving basically zero assets backing the bonds.  We don't know WHY he stole the money - just that he did.

Would expect there to be a distribution from him soon - but of excuses not BTC.

Well at least he got to warn everyone against me & MPEx before disappearing.