[BitFunder] TU.SILVER -- News & Reports

[usagi]

Update:

I'm pleased to provide the latest TU.SILVER monthly report. You can read it online here:

TU.SILVER Monthly Report -- April 29th, 2013

We have paid distributions of approximately 7% this month; last month's distribution was once again increased by 10% (0.0015488/unit) and we have issued a secondary one-time distribution of 0.003 per share.

Please share your comments and criticisms of this week's report right here. Thanks and have a nice evening.

[1713985787]

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[1713985787]

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[usagi]

TU.SILVER Motion #1
Regarding our free shipping policy

BACKGROUND
We currently offer a free shipping policy. As a result we must retain approximately 7% of the value of our silver in BTC. This causes units of the fund to lose leverage to the price of silver and make us less attractive to new investment. The question has become; is the added value of free shipping worth keeping 7% of the fund in BTC? Maybe we should cancel this policy and return the money to our investors?

MOTION
Vote YES to retain the free shipping policy. No changes will be made to the free shipping policy if you vote YES.
Vote NO to cancel the free shipping policy. In such a case, we will revert to a shipping policy calculated on a per-order basis (contract will be updated). Additionally we will pay out a one-time distribution of 0.004/share, or approximately 7%, representing the amount of money we keep on hand to maintain the free shipping policy.

HOW TO VOTE
Open your bitcoin-qt or other client and enter the following message:
"<<DATE/TIME>> TU.SILVER-MOTION-1 VOTE YES" or "<<DATE/TIME>> TU.SILVER-MOTION-1 VOTE NO". Sign this message with the bitcoin key listed on the BitFunder asset list. Post your message and signature here, or in PM if you wish to vote anonymously. We will add a hash of your signature into this post so that the voting can be proven fair.

PASSING THE MOTION
A quorum of 50% is required or the motion will expire.
You have 1 week (7 days) from the timestamp on this post to change your vote.
Feel free to discuss your vote here and make arguments to others why they should change their vote.
All posts regarding this motion except this one will be deleted after the vote, however, noteworthy comments will be immortalized in a "best quotes" section in this post.

OTHER
by fiat.

GUIDANCE
If you don't plan to redeem units of the fund, you should vote NO because that will allow you to buy more units of the fund with your money, thus increasing the amount of silver you own.
If you do plan to redeem units in the future, you should vote YES, because we will be able to ship you your silver even if you find yourself in the unlucky situation of not being able to pay for shipping.
If you are a silver bull, vote NO, because you will be able to have a higher leverage to the price of silver when investing in units of our fund.
If you are a silver bear, vote YES, so that you will be protected against price declines by a larger position in BTC.
If you believe BTC will rise against the US dollar vote YES to maintain leverage to BTC in the value of your units.
If you believe BTC will fall against the US dollar vote NO to take profits on our BTC position and protect against loss on the way down.

[cusdog]

Although I have also posted this in my own thread, I figure it belongs here aswell;


I have just finalized the first set of financials for TU.SILVER. See the link below. The following things should be noted when reading these statements


-The underlying accounting for these statements is compliant with IFRS with the exception of the option valuation/trading which is handled at cost due to the low underlying value and degree of uncertainty with respect to the key inputs for an option pricing model.

-The disclosure (i.e. the statements) are not compliant with IFRS. The reason being that there are alot of nonsense requirements that are useless and will confuse unsophisticated readers. I have streamlined the notes down to those key points which I think are relevant to investors. If you have suggested for further disclosure you would like please post here.

-The statements are not audited. I hope to eventually move in that direction both with TU.SILVER and for any other entities that I can help out, but realize I need to make baby steps.

-There are already a few improvements that I intend to make for the May statements, such as including a cashflow statement and cleaning up some formatting/typo matters, if you notice any issues please post and I will attempt to incorporate any corrections in next month's statements.



http://www.pdfhost.net/index.php?Action=Download&File=44604fc9ed76c8d091848d4321d8624b

[usagi]

http://www.pdfhost.net/index.php?Action=Download&File=44604fc9ed76c8d091848d4321d8624b

I took a look at this and cusdog has done an amazing job. It looks like it checks out.

I am a little swamped these days at work but in about a week I will be able to get back on this and maybe we can chat a bit about what I can do to make the accounting easier (i.e. presenting the data in a modified form? a different organization of spreadsheets?)

Around that time I will be expanding the fund. I just need to wait for the silver we've ordered to arrive before placing another order. Perhaps I'm being a little too paranoid with that policy but, better safe than sorry!

[usagi]

I don't know what all of the securities invested in are, but disclosed ones are namworld's BTC-BOND and my LTC-ATB.B1.  Both of those have a fixed face value in BTC, pay fixed interest/dividends based on that face value and are redeemable at (or very near) face value.

I can confirm those are currently our only two investments. Nothing else i'm aware of fits our risk profile.

[usagi]

Update:

I'm pleased to announce, our recent order from Amagi Metals has arrived!

100x 1g Canadian Rounds (individually wrapped in tiny zip lock bags!)
20x 1oz Lakota Nation's "Crazy Horse" rounds
20x 1oz Freedom Girl Rounds

We have now placed a new order with Amagi Metals for:

80x 1/2oz Lakota National "Sitting Bull" rounds.
20x 1oz John Galt rounds (in honor of the closure of John Galt Asset Management)

600 units have been issued representing these 60oz. of silver.
The first 100 units (10oz.) have been placed on sale for cost + shipping only (i.e. no markup).

Happy stacking!

[usagi]

I'm pleased to provide the latest TU.SILVER monthly report. You can read it online here:

TU.SILVER Monthly Report -- May 29th, 2013

We are making a move towards daily distributions for June.

Please share your comments and criticisms of this week's report right here. Thanks and have a nice evening.

[usagi]

Dear Investors;

I am happy to report the results of our first week under the daily distribution policy! (next week)

Code:

2013-06-02 07:04:52 -- 1832 * ฿0.00001600 -- total payment of ฿0.02931200.
2013-06-01 02:35:42 -- 1832 * ฿0.00001500 -- total payment of ฿0.02748000.
2013-05-30 21:41:07 -- 1832 * ฿0.00001400 -- total payment of ฿0.02564800.
2013-05-30 00:44:43 -- 1832 * ฿0.00001300 -- total payment of ฿0.02381600.
2013-05-29 00:31:48 -- 1832 * ฿0.00001200 -- total payment of ฿0.02198400.
2013-05-27 23:49:36 -- 1832 * ฿0.00001100 -- total payment of ฿0.02015200.
2013-05-27 01:27:03 -- 1832 * ฿0.00001000 -- total payment of ฿0.01832000.

Good luck and happy stacking!

Sincerely,
usagi

[Ashitank]

Hey Usagi,

How come bids for tu.silver have been changed from 0.05000 to 0.03300 today , why such big a gap between bids & ask, are you holding people back from selling shares on bitfunder ?

[usagi]

Hey Usagi,

How come bids for tu.silver have been changed from 0.05000 to 0.03300 today , why such big a gap between bids & ask, are you holding people back from selling shares on bitfunder ?

I don't know about other people, but I have pulled my personal bids because I decided to try and flip some more VIRTUALMINER. If you're looking to sell contact me privately and I will see what I can do for you.

In a more general sense, TU.SILVER is traded on the market -- if no one wants to buy or sell shares there's not much I can do about it. I basically only step in when someone wants to redeem their shares for silver or the company sells new shares into the market.

Right now i've been doing what I can putting out weekly reports and paying a solid distribution (especially given the industry) in order to increase our visibility and liquidity on BitFunder, but these things take time and it doesn't look like it has increased volume on the stock yet. Another thing I have been doing for my shareholders is to sit on the bid with 100s of shares -- but I can't afford to do that all the time ;-) My advice is, come up with a price you feel you want to buy/sell TU.SILVER for, and then post a limit order. I check the order books each day and I'll fill personally it if it's a reasonable price. An example of an un-reasonable price (imo) is 0.033 and 0.099. The people with those orders up should be unlikely to get them filled!

[usagi]

Hey Usagi,

How come bids for tu.silver have been changed from 0.05000 to 0.03300 today , why such big a gap between bids & ask, are you holding people back from selling shares on bitfunder ?

Status update:
I've replaced my bid at 100 x 0.0525 (give you a little bonus ^^). It's a real bid, feel free to sell into it.

Again, sorry about having to cancel the bid earlier, I know it's not a requirement, but I do like to keep it up just in case someone needs to sell in a hurry. The last thing I want to see is someone forced to sell out far below fair value.

In the future, should you need to sell just send me a PM and I can make sure there's sufficient liquidity available for you (or just place a limit order and i'll see it within 24h). Thanks for your support!

[Ashitank]

Thank you Usagi

[Ashitank]

Do you ever plan on listing your asset on another exchange?

Check BTCT "AWAITING APPROVAL" tab -> Silver fund

[usagi]

Awesome! Now I can either wait for WeExchange to fix my issue or wait for it to be approved on my favorite exchange.

What's up with all the NO votes though? https://btct.co/security/SILVER

That listing was made before I signed with BitFunder. I'm not planning to list TU.SILVER anywhere else for the foreseeable future.

As for the NO votes, now you are beginning to get a picture of how much financial damage Deprived has caused me on these forums. He's been harassing me for about 10 months now.

[usagi]

Dear Investors;

I am happy to report the results of our second week under the daily distribution policy! (previous week | next week)

Code:

2013-06-09 12:40:53 -- 1832 * ฿0.00002300 -- total payment of ฿0.04213600.
2013-06-08 07:30:38 -- 1832 * ฿0.00002200 -- total payment of ฿0.04030400.
2013-06-07 01:07:06 -- 1832 * ฿0.00002100 -- total payment of ฿0.03847200.
2013-06-06 05:38:07 -- 1832 * ฿0.00002000 -- total payment of ฿0.03664000.
2013-06-05 00:30:18 -- 1832 * ฿0.00001900 -- total payment of ฿0.03480800.
2013-06-04 13:09:31 -- 1832 * ฿0.00001800 -- total payment of ฿0.03297600.
2013-06-03 02:31:56 -- 1832 * ฿0.00001700 -- total payment of ฿0.03114400.

This week's report will be delayed because I spent the entire weekend restoring some backups o_o

Good luck and happy stacking!

Sincerely,
usagi

[usagi]

Dear Investors;

I am happy to report the results of our third week under the daily distribution policy! (previous week | next week).

Code:

2013-06-18 08:24:04 -- 1832 * ฿0.00003000 per share -- Total Payment ฿0.05496000
2013-06-17 07:55:37 -- 1832 * ฿0.00003000 per share -- Total Payment ฿0.05496000
2013-06-16 06:12:50 -- 1832 * ฿0.00003000 per share -- Total Payment ฿0.05496000
2013-06-15 04:00:41 -- 1832 * ฿0.00002900 per share -- Total Payment ฿0.05312800
2013-06-14 08:28:24 -- 1832 * ฿0.00002800 per share -- Total Payment ฿0.05129600
2013-06-13 00:55:30 -- 1832 * ฿0.00002700 per share -- Total Payment ฿0.04946400
2013-06-12 05:48:09 -- 1832 * ฿0.00002600 per share -- Total Payment ฿0.04763200
2013-06-11 08:07:28 -- 1832 * ฿0.00002500 per share -- Total Payment ฿0.04580000
2013-06-10 14:43:20 -- 1832 * ฿0.00002400 per share -- Total Payment ฿0.04396800

Management Guidance: We are confident that we can maintain current cashflow into the forseeable future.

This week's report will be delayed again because I spent the entire week coding a new database schema for kongzi.ca and fixing up BMF. o_O

Good luck and happy stacking!

Sincerely,
usagi

Oh -- wait a minute. I almost forgot. There's just one more thing...

Our latest shipment has arrived, and new pictures have been added to our profile page on BitFunder!
Here's a look at some of the glorious new silver we've received today, which is backing YOUR shares of TU.SILVER!


Freedom Girl 1oz Rounds!


Canadian Maples (gram-sized!)


Lakota Nation "Crazy Horse" 1oz rounds!


... and "Sitting Bull" half-oz are available too!


We also carry John Galt rounds!


Please ask if you have any questions.
Make no mistake, TU.SILVER is the most trustworthy fund in the entire community, or my name isn't Tsukino Usagi!

[EskimoBob]

...
2. Here's another clue, doofus:

2013-06-25 05:21:40    BUY: (TU.SILVER):   1     ฿0.09090000/ea    ฿0.09090000   
2013-06-24 19:03:56    BUY: (TU.SILVER):   1     ฿0.09090000/ea    ฿0.09090000   
2013-06-23 22:10:04    BUY: (TU.SILVER):   5     ฿0.09000000/ea    ฿0.45000000   
2013-06-23 08:08:02    BUY: (TU.SILVER):   1     ฿0.09090000/ea    ฿0.09090000   
2013-06-23 06:51:00    BUY: (TU.SILVER):   1     ฿0.07000000/ea    ฿0.07000000   
2013-06-23 06:50:52    BUY: (TU.SILVER):   1     ฿0.07100000/ea    ฿0.07100000   
2013-06-23 06:50:44    BUY: (TU.SILVER):   1     ฿0.07200000/ea    ฿0.07200000   
2013-06-23 06:50:37    BUY: (TU.SILVER):   1     ฿0.07300000/ea    ฿0.07300000   
2013-06-23 06:50:30    BUY: (TU.SILVER):   1     ฿0.07400000/ea    ฿0.07400000   
2013-06-23 06:50:24    BUY: (TU.SILVER):   1     ฿0.07500000/ea    ฿0.07500000   
2013-06-23 03:20:55    BUY: (TU.SILVER):   1     ฿0.09100000/ea    ฿0.09100000   
2013-06-20 12:59:17    BUY: (TU.SILVER):   1     ฿0.07000000/ea    ฿0.07000000   
2013-06-20 12:59:00    BUY: (TU.SILVER):   1     ฿0.07600000/ea    ฿0.07600000   
2013-06-20 09:07:12    BUY: (TU.SILVER):   1     ฿0.09100000/ea    ฿0.09100000   
2013-06-19 16:58:39    BUY: (TU.SILVER):   1     ฿0.09100000/ea    ฿0.09100000   
2013-06-18 08:23:39    BUY: (TU.SILVER):   1     ฿0.09000000/ea    ฿0.09000000   
2013-06-18 08:23:38    BUY: (TU.SILVER):   1     ฿0.08100000/ea    ฿0.08100000   
2013-06-17 11:22:09    BUY: (TU.SILVER):   1     ฿0.09000000/ea    ฿0.09000000   
2013-06-15 22:20:33    BUY: (TU.SILVER):   1     ฿0.09099900/ea    ฿0.09099900   
2013-06-15 04:01:14    BUY: (TU.SILVER):   1     ฿0.09100000/ea    ฿0.09100000   
2013-06-14 00:52:59    BUY: (TU.SILVER):   1     ฿0.06100000/ea    ฿0.06100000   
2013-06-14 00:52:53    BUY: (TU.SILVER):   1     ฿0.06200000/ea    ฿0.06200000   
2013-06-14 00:52:45    BUY: (TU.SILVER):   1     ฿0.06300000/ea    ฿0.06300000   
2013-06-14 00:52:40    BUY: (TU.SILVER):   1     ฿0.06400000/ea    ฿0.06400000   
2013-06-14 00:52:35    BUY: (TU.SILVER):   1     ฿0.06500000/ea    ฿0.06500000   
2013-06-14 00:52:23    BUY: (TU.SILVER):   1     ฿0.06600000/ea    ฿0.06600000   
2013-06-13 22:02:31    BUY: (TU.SILVER):   1     ฿0.09100000/ea    ฿0.09100000   
2013-06-13 00:55:50    BUY: (TU.SILVER):   1     ฿0.09100000/ea    ฿0.09100000   
2013-06-12 05:48:21    BUY: (TU.SILVER):   1     ฿0.09100000/ea    ฿0.09100000   
2013-06-11 08:02:26    BUY: (TU.SILVER):   2     ฿0.09100000/ea    ฿0.18200000   
2013-06-11 00:47:15    BUY: (TU.SILVER):   1     ฿0.06500000/ea    ฿0.06500000   
2013-06-11 00:47:00    BUY: (TU.SILVER):   1     ฿0.07000000/ea    ฿0.07000000   
2013-06-11 00:46:48    BUY: (TU.SILVER):   1     ฿0.07500000/ea    ฿0.07500000   
2013-06-11 00:46:36    BUY: (TU.SILVER):   1     ฿0.08000000/ea    ฿0.08000000   
2013-06-11 00:46:28    BUY: (TU.SILVER):   1     ฿0.09000000/ea    ฿0.09000000   
2013-06-11 00:46:13    BUY: (TU.SILVER):   1     ฿0.09500000/ea    ฿0.09500000   
2013-06-10 23:19:59    BUY: (TU.SILVER):   1     ฿0.09900000/ea    ฿0.09900000   
2013-06-08 03:55:34    BUY: (TU.SILVER):   23     ฿0.05250000/ea    ฿1.20750000   
2013-06-08 03:37:33    BUY: (TU.SILVER):   17     ฿0.05250000/ea    ฿0.89250000   
2013-06-06 10:37:48    BUY: (TU.SILVER):   67     ฿0.05399000/ea    ฿3.61733000   
2013-06-06 10:36:44    BUY: (TU.SILVER):   33     ฿0.05399000/ea    ฿1.78167000   
2013-06-06 10:36:05    BUY: (TU.SILVER):   8     ฿0.05354000/ea    ฿0.42832000   
2013-06-06 10:35:26    BUY: (TU.SILVER):   1     ฿0.05354000/ea    ฿0.05354000   
2013-06-01 13:45:24    BUY: (TU.SILVER):   75     ฿0.04900000/ea    ฿3.67500000   
2013-06-01 10:58:41    BUY: (TU.SILVER):   3     ฿0.04900000/ea    ฿0.14700000   
2013-06-01 10:58:08    BUY: (TU.SILVER):   4     ฿0.04900000/ea    ฿0.19600000   
2013-06-01 09:49:59    BUY: (TU.SILVER):   1     ฿0.04900000/ea    ฿0.04900000   
2013-06-01 02:35:59    BUY: (TU.SILVER):   5     ฿0.04900000/ea    ฿0.24500000   

This is a snippet from my personal trading account. This is me buying back over 30% of issued shares at a price above book value. And there is a reason why I am doing it.

...

Hmm... you as a TU.SILVER using funds coin or you as a usagi, spending your own personal coin?

[usagi]

[...snip list of 200+ shares bought back over 0.055/share -- 20%+ over NAV...]

This is a snippet from my personal trading account. This is me buying back over 30% of issued shares at a price above book value. And there is a reason why I am doing it.

...

Hmm... you as a TU.SILVER using funds coin or you as a usagi, spending your own personal coin?

As I said -- personal trading account. I said "me" and that there is a reason why "I" am doing it. What precisely is the source of your confusion?

Keep in mind:

1. I do not have any power or control over what price other people place their bids and asks at.
2. I cannot force people to sell shares to me at NAV nor buy them at a price they feel it isn't worth paying.
however,
3. I can create market pressure.

Please ask yourself, there are more than 20 people holding more than 1,000 shares of TU.SILVER. Why don't anyone of them place an ask under 0.09?

All I can do is create pressure. I can pay out close to what we make from trading, which allows investors to set the value of TU.SILVER based on the income it generates. For example, investors can compare the payment of TU.SILVER to something like BTC-BOND. For example (just for example) if BTC-BOND is worth 0.01 per share and pays approx. 11% a year in interest, then what would TU.SILVER be worth if it paid 10x as much per day as BTC-BOND?

In theory, a payment of 10x per day what BTC-BOND would insinuate that all other things being equal, TU.SILVER would be worth 10x what BTC-BOND is worth. Creating pressure like that is all I can do. Unfortunately you and others have shown it is not possible to simply say "TU.SILVER is worth 0.05 per share" because then I get people posting fake spreadsheets telling people I scammed 8,000 BTC. It's not worth the trouble, sorry bro.

What would be wiser than paying out these distributions is for TU.SILVER to reinvest some of it's spare cash in the mining sector or in more silver, and really explode in value for it's shareholders. But it's our policy to let our holders decide what they want to do with the money. It is not company policy to run an investment fund, so we don't bother trying. Running an investment fund is a pain in the neck (trust me I know). I rather enjoy letting TU.SILVER alone and just making payments day by day.

[🏰 TradeFortress 🏰]

It's unfair to compare BTC-BOND with TU.SILVER. BTC-BOND is personal debt - it won't go up or down, whereas TU.SILVER is not.

[usagi]

It's unfair to compare BTC-BOND with TU.SILVER. BTC-BOND is personal debt - it won't go up or down, whereas TU.SILVER is not.

Granted, there is a giant pile of silver sitting between me and my investors. My point is that if you have an apple and an orange and they both pay you 1 BTC a year, which one is worth more. Of course in real life, it's never that simple!