[BitFunder] TU.SILVER -- News & Reports

[usagi]

TU.SILVER is operated in Asia by a non-US citizen. As such we are not under any US regulations regarding securities. However, to avoid offending our US brothers, effective immediately we will no longer process redemption orders destined for the United States. Further, all US citizens, regardless of their country of residence, are strongly encouraged to tender their shares for sale.

Please consider the following before buying or selling TU.SILVER:

1. I will strongly consider the discussions regarding the closure of BTC-TC and BitFunder to US customers in a final decision regarding the fate of the company.
2. No one is going to get screwed, the silver is there, so don't panic. The intent is merely to fill out all the forms, talk to all the lawyers, etc. that are needed to continue operating.
3. I have been in contact with a local lawyer over incorporation for quite some time. The goal is to open (or partner with) a local jewelry store. Such stores are common here and there is no problem selling over the internet. The question is how to structure the sales.
4. The easiest solution seems to be to bypass securities laws by restructuring as a pure silver store. This plan has been loosely outlined in our last monthly report. Under the current plan, TU.BOND would simply not be offered and the money would go towards free shipping and/or repurchasing units at or above a fair price.
5. In order to avoid screwing current investors the company will not repurchase shares below fair value, unless a market sale order is in place which we must fill before purchasing higher-priced shares. We therefore advise all current customers NOT to enter sale orders below our fair value.
6. The sunset clause for selling your shares under this repurchase plan is October 31st, 2013.
7. We will post the current fair value as determined by our internal company spreadsheets in our alert box on BitFunder. This will be updated on a daily basis.
8. There is no liquidity problem. If every share was offered for sale tomorrow I could probably buy them all back within 2 weeks.
9. After Halloween, TU.SILVER will be worth and worth only, the price of kitcosilver.com divided by the average of the mtgox average price and the last traded price. At that point we will be a pure silver store, and units on BitFunder will be treated as "warehouse receipts", and have no other value.

10. The fair price for TU.SILVER as determined by our internal company spreadsheet is currently 0.0540. The company will now begin repurchase by issuing bids for TU.SILVER at or above this price.

Your silver is located in Asia and is completely safe. I just want to make sure it stays that way! I welcome any discussion over this, but keep in mind the main decision seems to be going on in the BTC-TC and/or BitFunder threads. I'm going with the community on this one.

[chsados]

TU.SILVER is operated in Asia by a non-US citizen. As such we are not under any US regulations regarding securities. However, to avoid offending our US brothers, effective immediately we will no longer process redemption orders destined for the United States. Further, all US citizens, regardless of their country of residence, are strongly encouraged to tender their shares for sale.

Coward.

[usagi]

Coward.

Is it cowardly to protect my investors by placing a bid wall at 2x the public bid?

It would be a real shame if someone panic sold or made a mistake and lost money out of fear. I feel really bad for people who feel trapped in an investment and I want to offer them a very fair price. One of the cornerstones of TU.SILVER is it's amazing liquidity. I guarantee entry and exit within 0.25% of the NAV provided you advise me of the sale. As it stands now, I sleep easy knowing my investors cannot lose money if they need to sell Tu.SILVER in a hurry.

I look after my investors, you better believe it!

[EskimoBob]

Coward.

Is it cowardly to protect my investors by placing a bid wall at 2x the public bid?

It would be a real shame if someone panic sold or made a mistake and lost money out of fear. I feel really bad for people who feel trapped in an investment and I want to offer them a very fair price. One of the cornerstones of TU.SILVER is it's amazing liquidity. I guarantee entry and exit within 0.25% of the NAV provided you advise me of the sale. As it stands now, I sleep easy knowing my investors cannot lose money if they need to sell Tu.SILVER in a hurry.

I look after my investors, you better believe it!

is it above or below the book value?

[usagi]

Coward.

Is it cowardly to protect my investors by placing a bid wall at 2x the public bid?

It would be a real shame if someone panic sold or made a mistake and lost money out of fear. I feel really bad for people who feel trapped in an investment and I want to offer them a very fair price. One of the cornerstones of TU.SILVER is it's amazing liquidity. I guarantee entry and exit within 0.25% of the NAV provided you advise me of the sale. As it stands now, I sleep easy knowing my investors cannot lose money if they need to sell Tu.SILVER in a hurry.

I look after my investors, you better believe it!

is it above or below the book value?

I currently am sitting at the bid which has been placed at book value.

5. In order to avoid screwing current investors the company will not repurchase shares below fair value, unless a market sale order is in place which we must fill before purchasing higher-priced shares.

[supermono]

BitFunder announced on November 4 that it will be ceasing operations. (As of November 14 no user will be able to enter new positions or sell; as of December 2 all Bitcoins of all users will be transferred to their WeExchange accounts, and all assets will be transferred to the issuer; the BitFunder website itself will remain online until December 15.)

What are the plans for TU.SILVER? Do users need to do anything?

[usagi]

BitFunder announced on November 4 that it will be ceasing operations. (As of November 14 no user will be able to enter new positions or sell; as of December 2 all Bitcoins of all users will be transferred to their WeExchange accounts, and all assets will be transferred to the issuer; the BitFunder website itself will remain online until December 15.)

What are the plans for TU.SILVER? Do users need to do anything?

I think that if you are holding TU.SILVER shares, you should contact me and arrange to have your silver shipped to you. But there is no rush. I have a list of share holders, as long as you are able to sign a message with your address I will ship your silver anywhere in the world for free.

In fact if anything, NOW is the best time to move all your money into TU.SILVER. One of the beautiful things about TU.SILVER is that your silver is there no matter what. I am happy to say that TU.SILVER investors win in the long run. BMF, for example, after getting royally screwed by BTC-TC and then BitFunder in sequence, has been almost completely dessicated. At this point, without having any ability to invest it will have to shut down. But TU.SILVER investors are just peachy.

WRT the current "securities" situation, I think it is fair to say that the current environment is not supportive of any kind of website-based, bitcoin-based investment business. When it is, I will return in force, until then there's clearly no point trying. There's no reliable exchange. And there are few if any reliable investments. BitVPS is one of the only investments I value, because it has a consumable use.

The real world moves EXTREMELY slowly. I am still waiting on FedEx to clear silver shipments to me which I made 2 or 3 months ago. I am still waiting for MtGOX payments I requested 3+ weeks ago. The money and silver is there (I still have more than 50oz right on hand right now), it's just debatable how fast I am going to be able to box it for those who want it. 2 days? 3 days?

[usagi]

BitFunder announced on November 4 that it will be ceasing operations. (As of November 14 no user will be able to enter new positions or sell; as of December 2 all Bitcoins of all users will be transferred to their WeExchange accounts, and all assets will be transferred to the issuer; the BitFunder website itself will remain online until December 15.)

What are the plans for TU.SILVER? Do users need to do anything?

I think that if you are holding TU.SILVER shares, you should contact me and arrange to have your silver shipped to you. But there is no rush. I have a list of share holders, as long as you are able to sign a message with your address I will ship your silver anywhere in the world for free.

The plot thickens.

How much do you still owe to the Bitfunder and WeExchange users?

Anyone can redeem their silver at any time. The news release quoted above still stands. Nothing has really changed, which is why there has been no update. In fact i'm in the process of redeeming 14oz. of silver to a customer right now, it will be mailed out as soon as he gives me his shipping address.  Another recent redemption was for 49 oz.

Usagi, honestly I've still got warm fuzzy feelings for both you and Deprived, but after over a year, hasn't the whole Usagi-Deprived-knock-down-drag-em-out feud run its course?

I'd like that very much, and look forward to the day when my company news release threads are no longer trolled.

[Justin00]

speaking of deprived.
has s/he come back yet ?
if not... usagi = winner of this hole 'who is a scammer' debate thats been going on for years ?

i am interested in getting some silver... but I want the physical holdings... plus I need to test out my new walk in safe hehe

[usagi]

speaking of deprived.
has s/he come back yet ?
if not... usagi = winner of this hole 'who is a scammer' debate thats been going on for years ?

i am interested in getting some silver... but I want the physical holdings... plus I need to test out my new walk in safe hehe

We just shipped another 14oz. today.