[Smidge.Com] - A virtual, actively managed, multi-asset digital currency fund

[Bitsandbits]

Well this looks promising....

[xaviarlol]

Smidge did you go from 500 BTC NAV to 70 BTC?

[Progressive]

Smidge did you go from 500 BTC NAV to 70 BTC?

The NAV/U started above 0.02, now it's 0.0039. It was less than 500 BTC, some people (me included) divested before the market crash.

[BitHub]

smidge [smidge@p4FDCECAF.dip0.t-ipconnect.de] has quit [Quit: sorry,but you've mistaken me for someone who gives a fuck...]




I'm pretty sure he doesn't give a fuck about losing your money.

[stripykitteh]

smidge [smidge@p4FDCECAF.dip0.t-ipconnect.de] has quit [Quit: sorry,but you've mistaken me for someone who gives a fuck...]




I'm pretty sure he doesn't give a fuck about losing your money.

Maybe Amethyst could start a fund. They've succeeded at everything else they've turned their hand to!

[prophetx]

shares in this fund are manually traded?

[Progressive]

shares in this fund are manually traded?

They are not traded. You can invest or divest at current NAV/U by emailing Smidge.

[Smidge]

Smidge did you go from 500 BTC NAV to 70 BTC?

The NAV/U started above 0.02, now it's 0.0039. It was less than 500 BTC, some people (me included) divested before the market crash.

Hi,

The fund's highest NAV was 460.23 (0.0210/share), the lowest point was 72.10 (0.0038/share). It has recently gone up slightly from there. This is actually a better chart performance (NOT dividends) not only than ASICMINER, but than most of the other securities out there aswell if you look into the details. Not to mention the securities that went to zero for all the various reasons.

[jeffshed]

what securities went to zero? i recall a few getting bought out. oh i guess there is the whole bASIC thing with creativex disappearing. but hang on can you please explain how you have performed better than asicminer??? i believe that is false information.

Still i don't think this is an excuse for bad performance. You should embrace the bad performance...
 
What ever happened to the mid September IPO? this fund officially sucks. i feel sorry for whoever trusted you. can you even do math?

[Smidge]

what securities went to zero? i recall a few getting bought out. oh i guess there is the whole bASIC thing with creativex disappearing. but hang on can you please explain how you have performed better than asicminer??? i believe that is false information.

Still i don't think this is an excuse for bad performance. You should embrace the bad performance...
 
What ever happened to the mid September IPO? this fund officially sucks. i feel sorry for whoever trusted you. can you even do math?

Hi jeffshed,

I said at no point that the fund was/is performing well, quite the opposite. Everything about the IPO is explained in detail this thread, the short version is that it was the best decision for existing and potentially new shareholders not to IPO it in this climate. Regarding AM, it was performing between 4.85 and 0.45 in the last 10 weeks alone.

[ft73]

Regarding AM, it was performing between 4.85 and 0.45 in the last 10 weeks alone.

This is not true.
10 weeks ago Asicminer was well under 4BTC and never got higher since then.

[stripykitteh]

To be honest I invested in Smidge fund hoping for flipping the shares, just like I did with SANDSTORM and others.
I divested when I realized that the NAV/U will fall before the future IPO, partly because I saw that the fund is not very "actively managed".
The manager is not exploiting opportunities, daytrayding etc. (see DISCOVERY fund at BitFunder comparison). The fact, that he bought BFMINES proves that he didn't understand difficulty growth and didn't check the amount of pre-ordered ASICs.

Smidge, did you read Vycid's posts about ASICMINER? What was your analysis about AM then? What is your average buy price for AM? Do you expect AM to reach this price in the future?

Do you think that LTC will rise again? (compared to BTC) Why? Where is the Litecoin economy?


(I think that Smidge is not a scammer, I think he is just not a very good manager in the wild BTC securities environment. Funds like BTC-GROWTH, BTC-EQTY, DISCOVERY, BTC-INVEST, DMS and LTC-ATF coped far better with the crisis)

Touché.

Smidge has proven that, for now, he is a novice investor.

[razerrr]

Im not viewing this threat every day, so im not really up to date.
But what I see now is, that my BTC I invested some weeks ago are nearly lost, arent they?
Tell me if Im mistaken.

[ft73]

Im not viewing this threat every day, so im not really up to date.
But what I see now is, that my BTC I invested some weeks ago are nearly lost, arent they?
Tell me if Im mistaken.

No, you're not mistaken.

[Smidge]

Smidge.Com Weekly Snapshot

Quick Summary:

For some assets, it is still impossible to find a free market price to report. They (CIPHERMINE, BFMINES) are still displayed at a price of 0 for now, until we see trading activity on them. Therefore, the NAV might seem lower in the balance sheet than it actually is.

For the foreseeable future, i.e. as long as the market is in this crisis mode, the fund will be operating completely in private mode. This means no IPO will be conducted and it will not be open to new investors, mgmt fee and dividends will be reinvested.

Shares can be bought back at any time, as always.

Balance Sheet:
https://docs.google.com/spreadsheet/ccc?key=0AgLGW6ARhmFLdDVyLUFPYjBHX0FIWWxXTy1Bc09uaVE&usp=sharing (Please note that the format is not final, still tweaking a few things here and there. Columns "E" and "I" are hidden for a clearer view.)

Comments:

• Management fee from this week has been fully reinvested to help our NAV, just like since the start of the fund

As always, I would like to thank everyone for the great support, criticism and questions that we received.

[joesmoe2012]

To be honest I invested in Smidge fund hoping for flipping the shares, just like I did with SANDSTORM and others.
I divested when I realized that the NAV/U will fall before the future IPO, partly because I saw that the fund is not very "actively managed".
The manager is not exploiting opportunities, daytrayding etc. (see DISCOVERY fund at BitFunder comparison). The fact, that he bought BFMINES proves that he didn't understand difficulty growth and didn't check the amount of pre-ordered ASICs.

Smidge, did you read Vycid's posts about ASICMINER? What was your analysis about AM then? What is your average buy price for AM? Do you expect AM to reach this price in the future?

Do you think that LTC will rise again? (compared to BTC) Why? Where is the Litecoin economy?


(I think that Smidge is not a scammer, I think he is just not a very good manager in the wild BTC securities environment. Funds like BTC-GROWTH, BTC-EQTY, DISCOVERY, BTC-INVEST, DMS and LTC-ATF coped far better with the crisis)

Touché.

Smidge has proven that, for now, he is a novice investor.

hmmm some threads didn't need go past page 1.

[Vexual]

Smidge, how long you you intend to maintain the forced dividend reinvestment?
The practice seems quite in discordance with the original prospectus.

[Smidge]

Smidge.Com Letter to shareholders / Fund closure

The BTC/LTC securities market is currently in a lot of turmoil, with a possible recovery seeming more distant every day. BTC security exchanges are closing down due to regulations, making most securities much harder or even impossible to trade. Trust in the markets is at an all-time low, as coins are being transferred out of the market and coins stored as cash in a wallet seem to be the safest investment.

At the same time, a lot of operators of securities have proven to be untrustworthy, in many cases rendering their stocks worthless. Other securities are not listed on any exchange any more, making it impossible to get a fair market price for them. With such a limited amount of securities to choose from and the current liquidity, the service of stock picking for buy and hold by a 3rd party (like this fund) does not make much sense any longer.

Because of these environmental changes in the last months, we have decided to close down the fund as of Dec 31st, 2013. As we never had an IPO and always operated in private mode, we currently have 17 private investors left, who have been informed via e-mail about the details of the wind down.

Here is the extract from the business plan about a possible closure:

Fund Closure

Management reserves the right to close this fund for any reason giving 30 days’ notice. All assets in the fund will be liquidated on the respective markets. Distribution to shareholders will be done according to a public, defined timeline and action plan.

The wind down will be done in a professional and structured manner, of course with the same rules applying to the shares from the management team, who invested BTC 24.6349 as starting capital on July 21st, 2013.

Investors will be able to choose the week in which they want their payout to happen from this week until the week of Dec 31st. This gives you more flexibility, i.e. if you believe that the NAV might increase with the current portfolio that the fund holds, it might be better to delay the payout. If you believe otherwise, it might make sense for you to cash out now. These share buybacks will be processed like they have been since the start of the fund, to give everyone a fair chance to buy and sell their investment at all times.

Even though the performance of our venture did not in any way meet the expectations, I would like to thank you for this interesting and instructive journey through these rough times, wishing you all the best for your future endeavors.

[kandelawa]

So now what about the invested money of the shareholders?
Are there any BTC left, or are them all gone?

Please tell me more exactly how much of my 10 invested BTC am I becoming back.
greetings stefan

[Vexual]

Smidge, were the buybacks bought by you personally, or the fund?
The weekly balance sheet shows the outstanding shares relatively unchanged week to week.