[BITFUNDER] ADDICTION.TRADING DISCOVERY!

[Ukyo]

So far, 100% of my experiences with both BitFunder and WeExchange have been negative.

I have open support tickets (one with each site) that have been open for three weeks without even a comment.  My coin is lost, and the will not even reply to my help requests.

BitFunder and WeExchange are NOT trustworthy sites.

Please, please, find a better platform.  BitFunder is simply too amateur/rinky-dink/unprofessional to trust with our money.  Thankfully, I had you set up my KNC buy to pay directly.  If you list with bitfunder, I will sadly pass.  While I would love to work with you more, I cannot trust the sites you ask me to use, so I cannot trust your future business, either. :-(

Care to PM me some ticket id's so I can investigate?

-Ukyo

[Miner538]

So far, 100% of my experiences with both BitFunder and WeExchange have been negative.

I have open support tickets (one with each site) that have been open for three weeks without even a comment.  My coin is lost, and the will not even reply to my help requests.

BitFunder and WeExchange are NOT trustworthy sites.

Please, please, find a better platform.  BitFunder is simply too amateur/rinky-dink/unprofessional to trust with our money.  Thankfully, I had you set up my KNC buy to pay directly.  If you list with bitfunder, I will sadly pass.  While I would love to work with you more, I cannot trust the sites you ask me to use, so I cannot trust your future business, either. :-(

This will need more details, did you have 2-Factor switched on ?

I made an payment yesterday with bifunder and weexchange and i did not encounter problems.
I can buy or sell the shares easily if want to so for me (without details ofcourse) the story is inaccurate.

Miner538

[Ukyo]

There is always a possibility of an issue.
Such issues should be corrected immediately.

While I agree weeks are obviously too long of a response time, you obviously knew that you could also contact me here if that was the case.
I could have easily and would have gladly stepped in to check on things to get it taken care of.
While I agree that it should not have to come to such things I am happy to try to make myself available to anyone that I can.

As I said, pm me any details and I will check into it and get things resolved.

-Ukyo

[canuck]

Personally, BitFunder is the only exchange I use.  I've considered broadening my use to BTCT but for me, I like BitFunder's layout better though a few features could stand to be updated.  I've never had any problems with the exchange and would be disappointed if this fund weren't listed on BF.

[hayek]

So far, 100% of my experiences with both BitFunder and WeExchange have been negative.

I have open support tickets (one with each site) that have been open for three weeks without even a comment.  My coin is lost, and the will not even reply to my help requests.

BitFunder and WeExchange are NOT trustworthy sites.

Please, please, find a better platform.  BitFunder is simply too amateur/rinky-dink/unprofessional to trust with our money.  Thankfully, I had you set up my KNC buy to pay directly.  If you list with bitfunder, I will sadly pass.  While I would love to work with you more, I cannot trust the sites you ask me to use, so I cannot trust your future business, either. :-(

So as someone who has used both platforms for a while... what are you talking about? I've had issues where I've lost 2FA on my phone twice and had it corrected in < 24 hours. I'm guessing this is you.

[tyrion70]

Allright guys and gals, good news! The asset has been approved so we're ready to go..

We've made some small changes to the text especially regarding the issuing of new shares after the initial IPO. The IPO is open as of now, and will run until September 22th 20.00GMT

You can find the asset here https://bitfunder.com/asset/DISCOVERY

There you will also find the terms. We will publish the results both on bitfunder and in this topic.

We are looking forward to managing this asset and hope to give you all some nice results soon!

Cheers,

[superbit]

Saw this went live without any warning and figured I'd missed out.  Seems to be off to a slow start.

[tyrion70]

Saw this went live without any warning and figured I'd missed out.  Seems to be off to a slow start.

Hey,
 
We went live early this morning (our time) because of the time difference between Ukyo and us. It seemed the easiest. As for the warning, we don't expect the IPO to sell out. It will run for 10 days and then the remaining shares will be removed until the first report. A warning would not have added something since this is not meant to be a IPO with a lot of excitement and consequent share price rising. Share price should stay around the NAV of the asset per share, maybe slightly above. A slow start is actually quite good for this asset since it will take some time to actually invest the funds raised.

Cheers

[VJain]

Watching... interested to see where this goes. Invested 10btc, hopefully it will return a 10%+ APR, after management fee, and maintain it's NAV. Otherwise I might as well trade em in for Graet loans

[hasher87]

have a leftover from addiction purchase, so went for this assets. hope its went well

[tyrion70]

Hey all,

Time for a mid-IPO update

So far we've raised 89.97 BTC. With the IPO still open for 6 more days we hope to reach around 150/200 BTC.

The last days we've been busy moving the BTC to assets.
Currently funds are split across two exchanges; bitfunder and btct.co. As the assets grows we will be able to spread out to other exchanges.

Because of trading fee's the fund starts with 99-99.1% of the btc invested (trading fees at bitfunder start at 1% going down 0.1% every 50 btc). We've managed to compensate for that already. Currently the fund holds 90.73954641 in assets which means a 0.8% gain. Most of this gain was realized daytrading (1.258714 btc).

Although time is still way to short to predict any future performance based on the last 4 days it's something we wanted to share with you.

Within a few days after the IPO closes (on the 22nd) we will publish our first report. Thank you all for the trust you've placed in us so far.

Cheers,

[StarenseN]

Following

[hasher87]

when can we see discovery asset on btct? 

[tyrion70]

when can we see discovery asset on btct? 

Hey!

For now we'll stick to bitfunder. When the IPO is finished and we've had a few reports we'll consider btct. With the current size of the fund it wouldn't be cost effective to list on another site.

Cheers,

[tyrion70]

The IPO has officially closed! The first real report will be sent in a few days. Just some numbers to go on for now:

12925 Sold shares gave us 128.18909000 BTC (after transaction fees).

As you might have noticed share prices have fluctuated a lot, mostly going down. Despite that we've managed to keep the NAV positive. Currently the NAV of the whole asset is 130.13487642 BTC. A 0.68% plus (1.51% if you disregard the fees).  NAV is calculated with the bid prices of shares keeping the figures somewhat low.

Thank you all for investing with us. We look forward to your views of our first report!

Cheers

[tyrion70]

Little sooner than planned due to the BTCT issues but we're proud to present our first bi-weekly report:

http://www.scribd.com/doc/170381974/Discovery-Report-1?secret_password=1ybo197euqox9p1px7ug

Short summary (TL;DR):

For this first report the amount of BTC raised will be used as start NAV (0.01 * number of sold shares), which is 129.25000000 BTC.

NAV Start      129.25000000 BTC
NAV End      132.65006235 BTC
Gross profits       3.40006235 BTC
Management fee   0.13600249 BTC
Dividends      2.55004676 BTC
Dividends/share   0.00000149 0.00019730 BTC

Dividends will be payed shortly

Cheers

EDIT: And a mistake was made: dividend should be 0.00019730 of course (2.55004676 / 12925).

[B15K3]

Very nice performance!

But there are a few things I don't understand:

1. You said you will sell 10000 shares after each report. But where were they after this one?
2. You say the current NAV is 132.65006235 BTC. But you pay 2.55004676 BTC of this as dividends. So the actual NAV should be: NAV End - Management Fee - Dividens: 129,9640131 BTC. Am I thinking wrong?
3. Could you please provide NAV/Share in the short summary? With this Information it is much easier to compare the actual price on Bitfunder to the NAV.

[tyrion70]

Very nice performance!

But there are a few things I don't understand:

1. You said you will sell 10000 shares after each report. But where were they after this one?
2. You say the current NAV is 132.65006235 BTC. But you pay 2.55004676 BTC of this as dividends. So the actual NAV should be: NAV End - Management Fee - Dividens: 129,9640131 BTC. Am I thinking wrong?
3. Could you please provide NAV/Share in the short summary? With this Information it is much easier to compare the actual price on Bitfunder to the NAV.

Thanks! We hope to continue the performance this way!

With regards to your questions

1. Might have been better to include that part in the short summary as well, but the reason is in the complete report copied below for your reference:

Issuing new shares
As described in the assets description we can issue a total of 10.000 new shares after each report:
“New shares can be issued at a fixed price of 105% of NAV until all 1.000.000 shares are sold. Shares are issued directly after paying out dividends in batches of maximum 10.000 shares.”

Because btct.co will close and we’ve liquidated most assets there we still have more than 40% of the fund uninvested. Because of this, and the volatility we expect in the coming days we will not issue new shares at this point. The next report is due the 7th of October.

We will issue new shares after the following report since things seemed to have calmed down considerably. As stated in the description shares will be issued at 105% of NAV at that time (which would actually fill some sell orders at this time).

2. You are correct that the current NAV is NAV End -/- payed dividends -/- management fee (129.96401309 BTC), hence the term NAV End to implicate the NAV on which dividends are based. We'll add new NAV to the next report, thanks for the suggestion!

3. We'll add NAV/share to the short report as well, although we strongly recommend everyone to read the whole report (as well as the complete description on Bitfunder )

Also the rolling high water mark mentioned is the NAV after dividends are payed to ensure the fund actually grows so it makes sense to mention that in the short summary as well.

Short summary based on last report with the extra numbers would be:

NAV Start      129.25000000 BTC
NAV End      132.65006235 BTC
Gross profits       3.40006235 BTC
Management fee   0.13600249 BTC
Dividends      2.55004676 BTC
Dividends/share  0.00019730 BTC
Current NAV  129.96401309
Current NAV / share 0.01005524

Hope this helps and thanks for the suggestions,

[tyrion70]

Full report on Scribd

Short summary:
For this report start NAV is last weeks NAV after dividends and management fees (129.96401309).

NAV Start    129.96401309 BTC
NAV End    132.39373461 BTC
Gross profits    2.42972152 BTC
Management fee   0.09718886 BTC
Dividends    1.82229114 BTC
Dividends/share   0.00014098 BTC
Outstanding shares   12925
NAV current    130.47425461 BTC
NAV current/share   0.01009471 BTC

Issuing new shares
As described in the assets description we can issue a total of 10.000 new shares after each report:
“New shares can be issued at a fixed price of 105% of NAV until all 1.000.000 shares are sold. Shares are issued directly after paying out dividends in batches of maximum 10.000 shares.”

10.000 new shares will be issued at a price of 0.010599.

[eabedry]

Are direct shares being considered for those in the US?