[BTC-TC] Nasty-PT 100 shares = 1 Nasty Fans seat - Closed

[adameb]

If I'm just a few over a multiple of 100, would it be advisable for me to sell down to the lowest (or buy up to the highest) multiple of 100?

[Carnth]

If I'm just a few over a multiple of 100, would it be advisable for me to sell down to the lowest (or buy up to the highest) multiple of 100?

I can't give you any advice about how much you should buy or sell.

I will give this advice: I am trying to reach a scenario that will be the most fair to everyone. I would recommend that everyone base their market buys/sells after a final decision has been made about this pass-through.


I am not going to make a decision today or even tomorrow. It will probably be at least a couple of days (maybe a week). Burnside has give plenty of time for the asset issuers to take a step back, analyze all options and make the best choice moving forward. I will not make a hasty decision, and I want to explore all possible options, so I ask for your patience during this time.

For now, NASTY-PT will continue to operate normally until a decision has been made. All dividends will be paid as normal (as stated in the contract).

[Hippievogel]

The best investment on nastypt is now, just buy the shares cheap. people panic sell:p, i loled. i wish i didnt bought that high early. remember nastymining has 9 orders on 600ghash, monarch.

[Carnth]

NASTY-PT will be shutting down.

After careful consideration, this seems like the best option available to us.

Do Not Panic
Remember, your shares are backed by Nasty Fans Seats.


Here is what will happen:

For every 100 shares of NASTY-PT you have, 1 Nasty Fan's seat will be transferred to you on nastyfans.org. This is a special offer not in the original asset contract. If you don't want to receive Nasty Fans seats or don't want to create an account, you don't have too. See the next line.
All remaining seats that the pass-though has will be sold and the proceeds distributed to the remaining NASTY-PT shares. This follows the asset contract.


How to get started with a transfer for people who have 100 shares or more:

• If you don't have a Nasty Fans account on nastyfans.org, you will need to create one.
  I believe you must purchase 1 seat in order for your account to establish.
• After you establish an acount on Nasty Fans, copy the form below and paste in a PM to me, filling in the details.
• I will reply with instruction on how to transfer your NASTY-PT shares to the appropriate account.
  Do not transfer shares until you get a PM from me. Any shares transferred incorrectly will be considered a donation!
• I submit a transfer request to nonnakip, who manages Nasty Fans.
• You receive your seats--process complete.

What to do if you have 99 shares or less:

• Nothing, your shares will be cashed out after the seats that back them are sold.

Please make sure to set a Public Withdraw address in your btct.co account. This is vitally important. DexX7 (who manages CipherminePT) has a great "how-to" post here:
https://bitcointalk.org/index.php?topic=283947.msg3233637#msg3233637



NASTY-PT share to Nasty Fans seat transfer form. Fill out this form and copy and paste it in a PM to Carnth to have your shares converted to seats.

btct.co username: 
nastyfans.org username: 

Number of NASTY-PT shares being transferred (must be multiples of 100): 


FAQs

Will I still be able to trade?
Yes, you will still be able to trade. If you want to sell your shares now, your are free to do so. If you want to buy enough to make the next even 100, again you are free to do so. You have until Oct 7 (when btct.co will stop market trading).


If I just wait to for my shares to be paid, how much will I get?
I don't know. Nasty Fans seat prices go up or down just like any other asset. It depends on when they are sold.


When will the "left over" shares be sold?
I plan to have everything sold by the end of October. Until then, the pass-though will still continue to collect funds and pay dividends as defined in the asset contract.


Is there a fee to get my NASTY-PT shares transferred to Nasty Fans seats?
No. I don't think it would be right to charge a fee due to the circumstances.


Can I transfer my NASTY-PT shares to BitFunder?
No. I don't manage the pass-though on BitFunder, OgNasty does. Because of this, it is not possible to transfer shares from btct.co to BitFunder.


Could we move to Havelock or any other exchange?
I asked Havelock. The response was "We are not accepting new assets at this time." I won't consider any other exchange.



Thank you for putting your trust in me. I had fun managing an asset that gives back to Bitcoin.


-Carnth


P.S. If you have any questions, please ask!

[Carnth]

I am surprised that no one has any questions. I guess my FAQs have answered every question anyone has had. And thank you for actually reading it! 


I have received a number of transfer requests--which is great. I haven't responded to them individually because there are so many.

I will begin the transfer process after Dividends are paid. That way you can collect, and then get your Nasty Fans seats. Usually, dividends are paid on Monday, but I'm going to speed things up and pay them today.

As I have said, I have a number of requests and will begin processing them. Please bare with me as this is a completely manual process and each request must be handled individually.
If you have submitted a request by the end of  Saturday 28, September (UTC) and have not had a response from me by the end of Wednesday, please send a gentle reminder.

If you have not sent a request in yet, don't worry. You still have time.

Trading will continue until the exchange halts all trades. At that time, I would strongly encourage anyone with over 100 shares to request a transfer to Nasty Fans.


I appreciate the comments that you have sent in your transfer requests. Your words of encouragement, thanks, and jokes brighten my day.

[lg15x]

I am surprised that no one has any questions. I guess my FAQs have answered every question anyone has had. And thank you for actually reading it! 


I have received a number of transfer requests--which is great. I haven't responded to them individually because there are so many.

I will begin the transfer process after Dividends are paid. That way you can collect, and then get your Nasty Fans seats. Usually, dividends are paid on Monday, but I'm going to speed things up and pay them today.

As I have said, I have a number of requests and will begin processing them. Please bare with me as this is a completely manual process and each request must be handled individually.
If you have submitted a request by the end of  Saturday 28, September (UTC) and have not had a response from me by the end of Wednesday, please send a gentle reminder.

If you have not sent a request in yet, don't worry. You still have time.

Trading will continue until the exchange halts all trades. At that time, I would strongly encourage anyone with over 100 shares to request a transfer to Nasty Fans.


I appreciate the comments that you have sent in your transfer requests. Your words of encouragement, thanks, and jokes brighten my day.

I only have 166 shares now. I just want to cash out? Is that possible? 166 shares is not worth of opening an account an by 1 seat, isn't it?

[Carnth]

I only have 166 shares now. I just want to cash out? Is that possible? 166 shares is not worth of opening an account an by 1 seat, isn't it?

All shares that are not transferred will eventually be cashed out, but this option may take some time.

As far as opening an account, that is a decision you will have to make for yourself.
If you do, you can transfer 100 shares into a seat. Or you can buy more shares to get to the next hundred to get another seat. It depends on if you want to invest in Nasty Fans or not.

[lg15x]

I only have 166 shares now. I just want to cash out? Is that possible? 166 shares is not worth of opening an account an by 1 seat, isn't it?

All shares that are not transferred will eventually be cashed out, but this option may take some time.

As far as opening an account, that is a decision you will have to make for yourself.
If you do, you can transfer 100 shares into a seat. Or you can buy more shares to get to the next hundred to get another seat. It depends on if you want to invest in Nasty Fans or not.

Thank you for your response. Could you estimate how long it takes for cash out?

[Carnth]

Thank you for your response. Could you estimate how long it takes for cash out?

"Cashing out," or liquidating shares that are not transferred will take some some. My original estimate was at the end of October, but liquidation might even happen after the exchange is taken offline. This is why is it vitally important that everyone puts a "public withdraw address" in their account. This ensures that I will be able to pay out any remaining shares when the exchange is taken offline.

Honestly, it will be much faster if everyone transferred shares to seats. The market on the Nasty Fans website can be slow at times.

[Carnth]

Transfer Request Update:

The first batch of transfer requests have been submitted to nonnakip (who manages NastyFans.org). Remember that it is a manual process on both our ends so please bear with us.
I would like to ask that everyone who got their Nasty Fans seats to reply in this thread. This way I can know for sure that everything was complete and so that other NASTY-PT shareholders can get a feel for how long it takes. I believe that more information that everyone has, the better.


I received a question in a PM and I think it would help all NASTY-PT share holders.

I own 250 NASTY-PT shares, and I want 2 seats transferred. Since I have no money to afford more shares, is it possible to transfer my shares to Nasty Fans without having an even multiple of 100?

Yes, you can transfer 200 shares while still keeping 50 in your account. The rest will eventually be liquidated (cashed out).


Share Liquidation Process:
The liquidation process will take some time. For example, it won't even start until the transfer process completes. Starting with 48000 shares outstanding, there is a lot to get through. The more shares transferred to Nasty Fans seats, the faster the liquidation process will go.
There may be a chance that the liquidation process will take longer than the deadline of the exchange. This is why I say that it is vitally important that everyone update their btct.co account with a public withdraw address. (If you can believe it, some account still have not done this.)
If the liquidation process takes longer than the exchange will be around, your public withdraw address is the only way I have to payout your shares. If there are any shares left over without a payout address when the exchange closes, I will consider it a donation.


I am doing everything in my power to make sure that the transfer process is smooth, and so that you don't miss any dividends/distributions.
To avoid any missed distributions, please try to transfer your shares ASAP after you receive your transfer instructions. Regardless of a PM, do not transfer any shares 24 hours before Nasty Fans pays donations/distributions. This is around mid-day Friday in the USA or around 0:00 UTC Saturday. If you do transfer your shares during this time, you may lose that week's dividend, but you will still receive your Nasty Fans seats.

Thank you for your patience and your trust in me during this process. If there are any questions, please post!

[Bees Brothers]

Unlike the GLBSE shut down, I have not been worried about BTCT.CO shutting down.  Just sad to see such a great site leaving us 

I figured between Burnside, Carnth, and nonnakip, the shutdown would be really smooth, so I bought a few hundred shares of the PT when the prices dipped.

Now I have a few extra seats with NastyFans.

Fast, smooth, clean, great communication, no surprises!  Just what one would expect from these guys.

Thanks.

[jboogie]

I would like to ask that everyone who got their Nasty Fans seats to reply in this thread.

got my seats, I can confirm the process is very smooth and professional

[Hippievogel]

yup, the process is really smooth.
Good job Carnth

[Carnth]

I just wanted to login to my nastyfans profile for my .pt transfers, and then the message popped up: "account terminated". What does that mean and can someone please fix it?
Username same as here: Jeagle.

Reach out to nonnakip about this issue and see if something can be done.  There is a reason accounts are terminated after they've liquidated their seats.  The easiest thing to do would be to select a new username or change the capitalization.

This is correct, nonnakip manages the nastyfans.org website and the accounts there. Before you request to have your NASTY-PT shares transferred to seats, make sure the spelling and capitalization of your Nasty Fans account is correct.  Then, make sure that you have an account that you can log into.
If you have any problems, please PM nonnakip.

[Carnth]

Shares transfer requests are still going strong. Hurry to get yours in.

Thanks everyone for sending in requests and then waiting patiently for me to respond.
With the forums being down, this has been an especially hard time. Even so, all requests are still being processed.

Over 40000 shares / 400 seats have been transferred. Thank you everyone for your patience, and special thanks to nonnakip who is taking extra time on his end to complete each transfer.

We are winding down now. If you want to transfer, you need to get your request in now. This is your last chance to get your transfer request in. Don't wait, do it now.
If you choose to wait for share liquidation, that's fine too, just be prepared to wait... possibly several weeks.

It's been a busy couple of weeks. If you feel I have done a decent job in winding down this pass-through, I would appreciate a positive trust rating from you.
Thank you.

[Carnth]

Final call for share to seat transfers.


The shutdown of NASTY-PT has gone very smoothly. I want to thank everyone involved for their patience and trust during this transition.
So far 41900 shares -> 419 seats have been transferred successfully. This is a fantastic turn out.



I still have a couple of requests open at this time. Your requests will be processed, please watch for a response from me after dividends are paid tomorrow (a little more than 24 hours after this post).

For those of you who still want to transfer your shares to seats, you have until the end of Sunday 13 Oct (UTC) to submit a request. After that, you will have to wait for share liquidation.
To transfer shares to seat, pleasefill out this form and copy and paste it in a PM or email to Carnth to have your shares converted to seats. (Email address can be found on asset details page).

btct.co username: 
nastyfans.org username: 

Number of NASTY-PT shares being transferred (must be multiples of 100): 

[Carnth]

The latest dividends have been paid to the few shares that are left.
Since there are so few shares, the 4% management fee and the 1% donation back to Nasty Fans has been waived. Trying to donate such a small amount would be considered a dust transaction.

This also means that I will begin processing transfer requests that are in the queue.



This Monday, I will start the liquidation process. If you know anyone who would like to buy Nasty Fans seats, please show them this post. It would really help out the liquidation process and dramatically speed things up.
I won't know how many I have for sale until all the share transfers are complete.

[Carnth]

I just submitted the last batch of share to seat transfers to nonnakip. If you submitted your transfer, you can expect your seats within a day or two.
If you have not submitted your transfer request, it is too late.

Here are the current records according to btct.co:

There are 2100 shares/21 seats left among 33 shareholders.
2 of these shareholders have not set a public withdraw address. You two need to have your public withdraw address set. For instruction on how to do so, please see this post:
https://bitcointalk.org/index.php?topic=283947.msg3233637#msg3233637
If you do not set a public withdraw address, I probably will not be able to pay you. I will keep these proceeds as a donation!

We are now moving to the Liquidation phase.
I will find a buyer for the remaining seats, then proceeds will be distributed to the 2100 shares.
Finding a buyer will most likely take a few weeks. If a buyer is found after btct.co closes, the proceeds will be paid directly to your public withdraw address.


If you or someone you know would like to purchase Nasty Fans seats, please have them contact me.

[maqifrnswa]

Thanks Carnth and nonnakip, it was a lot of work for you and it was handled smoothly!

[Carnth]

Nasty-PT is now CLOSED

I found a buyer for the remaining 2100 shares outstanding. Me.


The price paid is 0.00105 per share. This is slightly above the current ask price of 0.1028 per seat (0.001028 per share).
Accrued dividends were 0.00000486 per share.

Total liquidation is: 0.00105486 per share.
This will be paid directly to your btct.co account. You can log in and withdraw it before the end of the month. If you do not, then any Bitcoins in your account will be paid to your public withdraw address.


Thank you for putting your trust in me.
Please consider adding a trust rating and let me know if I did a good job.