[BITFUNDER] ADDICTION.TRADING DISCOVERY!

[superbit]

Am I missing something?  Why is this trading for so far below the last reported NAV/share.  Secondly, I thought there was going to be a back put up at 5% below, or was that a different asset?

[isimme]

Am I missing something?  Why is this trading for so far below the last reported NAV/share.  Secondly, I thought there was going to be a back put up at 5% below, or was that a different asset?

https://bitfunder.com/

Important Notice (October 8th, 2013):

Please be advised that BitFunder is implementing the following rules and procedures:

As of October 8th, 2013, BitFunder will not accept new registrations from any United States persons or entities. All new registrants must supply the information required to obtain "Verified" status on their linked WeExchange account. BitFunder may, in its sole direction, decline to accept any new registrations.

As of October 8th, 2013, all current BitFunder users who are located in the United States or are determined to be United States persons or entities will not be able to enter into any new positions on the Bitfunder website, and, as of November 1, 2013, such users will also not be allowed to sell positions on the BitFunder website.

All current BitFunder users who are not United States persons or entities must supply the information required to obtain "Verified" status on their linked WeExchange account before November 1, 2013. Any such users who fail to provide the necessary information will not be able to enter into or sell positions on the BitFunder website as of November 1, 2013.

Users will be able to withdraw holdings and Bitcoins from their BitFunder accounts before and after November 1, 2013.

All assets and issuers must demonstrate that they meet BitFunder's requirements for the listing of assets, or the assets and issuers will, at BitFunder's sole discretion, be denied access to, or removed from, the site. Issuers will be notified of any additional information needed to demonstrate compliance with BitFunder's requirements.

BitFunder appreciates your understanding in these matters as we move forward.

Sincerely,
BitFunder

[superbit]

Good deal for anyone else then.

[supermono]

Are direct shares being considered for those in the US?

Either direct shares or another exchange would be great. I think both Cryptostocks and 796.com are actively recruiting BitFunder issuers who are hoping to relocate, so you may be able to migrate for free by getting listing fees waived etc.

[tyrion70]

Hey all,

First off our apologies for the delay. Up until this morning we were convinced the last report was done on Wednesday but we saw this morning that it was a Monday. Please take a look at the complete report cause it contains a lot more information.

Full report on Scribd

The numbers
NAV Start   130,47425461
NAV End   108,73765862
Gross profits   -21,73659599
Management fee   0,00000000
Dividends   0,00000000
Dividends/share   0,00000000
Outstanding shares   14437
NAV current   108,73765862
NAV current/share   0,00753187

Summary
This is the third report for Discovery. Where we said in the last report that it had been an hectic time, the past two weeks were even worst.

After the BTCT.co announcement, Bitfunder announced October 8th that they would close down for USA investors as well. All non-verified users were not allowed to enter new positions and could only sell their holdings which most of them promptly did.

On average stocks dropped 51% on bitfunder (see full report for details).

Especially USA issuers have taken a big dive. Also some assets have been frozen in order to move to another exchange. Amongst these BTCInvest and LabRat.

The main goal for Discovery was to make profits out of daytrading and dividends. Whilst maintaining a respectable NAV.

Unlike the closure of btct.co, the announcement on Bitfunder caused NAV of the complete asset to drop. Mostly because of the tremendous volume drop it has been very hard to trade at all, let alone at a profit. We’ve seen a few small opportunities but nowhere near what we’ve seen earlier.

We have not been able to maintain the NAV of the asset the past two weeks. We’ve been forced to sell some positions at a loss (mainly positions for which we believe converting to direct shares will never offer any ROI anymore).
The added value started at -10.60% and ended at -31,11%. Daytrading ended up with a loss of -3,67% (which was 11,86% at the start of this period) due to selling positions at a loss. Dividends are doing quite well however, causing the total profits to be -0,23% (was 12,07%).

Current NAV of the asset is 108,73765862 BTC which translates to 0,00753187 per share.

We don’t expect this number to improve very soon. BTC securities need to stabilize first. Since some of the assets will not be publicly traded anymore but seem to have more value than the current liquidation we are reluctant to sell any more shares at this point.

The 8-week rolling average for div calculation remains 129.96401309 (Last reports NAV after divs and mngmt fee). There is no performance fee nor dividends this period.

Future of Discovery
The positions we currently have turned into long positions. This means we need to find new markets in order to start daytrading again. We considered closing down discovery completely but that would simply cost to much. We expect these shares to gain value in the long run again. We will try to find new opportunities of course to regain NAV as fast as possible.
We use our current cash position to put up a relatively large sell order at 95% of NAV (approx. 1200 shares). Due to the instability of the security market we will not issue any new shares for now. If you want to sell beyond our current cash position please let us know through PM or E-mail.

Direct Shares
We’ve been asked by a number of people if we are going to offer direct shares. We will offer those on the following terms. To receive your shares as direct shares follow these steps. A list of private shareholders will be included in the bi-weekly report from now on.
1.   Transfer your shares to the DISCOVERY account on Bitfunder (account name is DISCOVERY)
2.   Send an email to discoverybtc@gmail.com containing your:
a.   Bitfunder username
b.   Number of shares transferred
c.   BTC address to be used for dividend payment and private share administration
Important! Only use a BTC address with which u can sign. This is needed in order to sell or transfer your shares later.

Issuing new shares
No new shares will be issued.

[ffwong]

Hey all,

First off our apologies for the delay. Up until this morning we were convinced the last report was done on Wednesday but we saw this morning that it was a Monday. Please take a look at the complete report cause it contains a lot more information.

Full report on Scribd

The numbers
NAV Start   130,47425461
NAV End   108,73765862
Gross profits   -21,73659599
Management fee   0,00000000
Dividends   0,00000000
Dividends/share   0,00000000
Outstanding shares   14437
NAV current   108,73765862
NAV current/share   0,00753187

Summary
This is the third report for Discovery. Where we said in the last report that it had been an hectic time, the past two weeks were even worst.

After the BTCT.co announcement, Bitfunder announced October 8th that they would close down for USA investors as well. All non-verified users were not allowed to enter new positions and could only sell their holdings which most of them promptly did.

On average stocks dropped 51% on bitfunder (see full report for details).

Especially USA issuers have taken a big dive. Also some assets have been frozen in order to move to another exchange. Amongst these BTCInvest and LabRat.

The main goal for Discovery was to make profits out of daytrading and dividends. Whilst maintaining a respectable NAV.

Unlike the closure of btct.co, the announcement on Bitfunder caused NAV of the complete asset to drop. Mostly because of the tremendous volume drop it has been very hard to trade at all, let alone at a profit. We’ve seen a few small opportunities but nowhere near what we’ve seen earlier.

We have not been able to maintain the NAV of the asset the past two weeks. We’ve been forced to sell some positions at a loss (mainly positions for which we believe converting to direct shares will never offer any ROI anymore).
The added value started at -10.60% and ended at -31,11%. Daytrading ended up with a loss of -3,67% (which was 11,86% at the start of this period) due to selling positions at a loss. Dividends are doing quite well however, causing the total profits to be -0,23% (was 12,07%).

Current NAV of the asset is 108,73765862 BTC which translates to 0,00753187 per share.

We don’t expect this number to improve very soon. BTC securities need to stabilize first. Since some of the assets will not be publicly traded anymore but seem to have more value than the current liquidation we are reluctant to sell any more shares at this point.

The 8-week rolling average for div calculation remains 129.96401309 (Last reports NAV after divs and mngmt fee). There is no performance fee nor dividends this period.

Future of Discovery
The positions we currently have turned into long positions. This means we need to find new markets in order to start daytrading again. We considered closing down discovery completely but that would simply cost to much. We expect these shares to gain value in the long run again. We will try to find new opportunities of course to regain NAV as fast as possible.
We use our current cash position to put up a relatively large sell order at 95% of NAV (approx. 1200 shares). Due to the instability of the security market we will not issue any new shares for now. If you want to sell beyond our current cash position please let us know through PM or E-mail.

Direct Shares
We’ve been asked by a number of people if we are going to offer direct shares. We will offer those on the following terms. To receive your shares as direct shares follow these steps. A list of private shareholders will be included in the bi-weekly report from now on.
1.   Transfer your shares to the DISCOVERY account on Bitfunder (account name is DISCOVERY)
2.   Send an email to discoverybtc@gmail.com containing your:
a.   Bitfunder username
b.   Number of shares transferred
c.   BTC address to be used for dividend payment and private share administration
Important! Only use a BTC address with which u can sign. This is needed in order to sell or transfer your shares later.

Issuing new shares
No new shares will be issued.

As bitfunder is shutting down, will DISCOVERY continues in the form of direct shares or moves to another exchange (havelock?)?

[mike81]

Will these shares still be valid or is Discovery stopping as well?

[tyrion70]

New report available here, the complete content of it is also below.

Summary
This is the fourth report for Discovery.

After the latest Bitfunder announcement that US trades would be halted, Bitfunder now announced complete shutdown. The last two weeks have been terrible in terms of volume but especially in terms of value as well. We’ve updated the list we used last time and added the current share values of some stocks as an example.

Code:

Stock		Value Oct 8th	Value Oct 23rd	% difference	Value Nov 6th	% difference2
G.ASICMINER-PT	1.08		0.56		-48%		0.56		-48%
Great.Loan	0.01		0.007		-30%		0.0075		-25%
Ukyo.Loan	0.00989		0.0072		-27%		0.0053		-46%
ActiveMining	0.0014		0.0006		-57%		0.00053		-62%
Addiction	0.0076		0.0031		-59%		0.00197		-74%
NEOBEE		0.00289		0.00225		-22%		0.0023		-20%
TAT.ASICMINER	0.0111		0.005		-55%		0.0053		-52%
Kenilworth	0.00162		0.00035		-78%		0.000077	-95%
RentalStarter	0.0255		0.00841		-67%		0.00421252	-83%
IceDrill.ASIC	0.00105		0.0007		-33%		0.00036		-66%
btcQuick	0.00035		0.00005		-86%		0.00006		-83%

Now with complete closure imminent the stocks that are still tradable are traded with a lot lower prices and volumes. Other shares are not traded at all and have moved to direct shares. A few have moved on to Havelock.

We’ve seen NAV drop some more over the last two weeks. We’ve had to make some guesses on the value of direct shares since they are not tradable anymore. Daytrading has been impossible the last few weeks.

We now only have assets remaining for which we believe that the current price is below the estimated returns in the future. 

NAV per share of the asset is 0.00603092 per share (was 0.00753187).

We still don’t expect this number to improve very soon. BTC securities need to stabilize first. Since some of the assets will not be publicly traded anymore but seem to have more value than the current liquidation we are reluctant to sell any more shares at this point.

Future of Discovery
Since Bitfunder is closing down completely we are forced to convert to direct shares as well. At this time we do not want to migrate to another exchange.

We considered closing down instantly but think it’s simply a waste of the current value to force sells at current prices. Also around 40% of the shares is currently not tradable at all. We feel there is currently no other alternative but to shutdown as well, however we will take our time in order to maximize our returns.
We will not be taking any more performance fees and will pay dividends as we receive them from the assets. We will maintain a small cash btc position but payout most of it as dividend as well. As soon as shares are tradable again we will start selling the assets as well and payout those as dividend.

If you want to sell your shares completely and effectively “take” a loss now please send us a PM or email to discuss the options. If a majority of shareholders wants to sell shares we might want to sell off the remaining shares at a loss nonetheless.

The numbers
We’ve removed the graphs since they are kind of useless with only direct shares.  The numbers for this week are:

NAV Start   0.00753187
NAV End   0.00603092
Management fee   0,00000000
Dividends   0,00000000
Dividends/share   0,00000000
Outstanding shares   11800
NAV current/share   0.00603092

If enough of our current assets move to a new exchange we will of course add those in graphs as well. We don’t expect the values to change much to next few weeks.

Direct Shares
We’ve been asked by a number of people if we are going to offer direct shares. We will offer those on the following terms. To receive your shares as direct shares follow these steps. A list of private shareholders will be included in the bi-weekly report from now on.
1.   Transfer your shares to the DISCOVERY account on Bitfunder (account name is DISCOVERY)
2.   Send an email to discoverybtc@gmail.com containing your:
a.   Bitfunder username
b.   Number of shares transferred
c.   BTC address to be used for dividend payment and private share administration
Important! Only use a BTC address with which u can sign. This is needed in order to sell or transfer your shares later.

The latest asset list can be found here http://pastebin.com/qqKJewZ1

We will start paying dividends and wind down the asset as soon as most transfers have been processed (ie more than 50%) Currently there are only 36 shareholders with shares on Bitfunder so this shouldn't take to long. As people have been experiencing issues with payouts through weexchange we want to use direct btc payments only. Please transfer your shares as soon as possible.

Lastly we will freeze the trades on Discovery before posting this report to prevent dumps into very low buy orders.

Cheers,

[ffwong]

Future of Discovery
Since Bitfunder is closing down completely we are forced to convert to direct shares as well. At this time we do not want to migrate to another exchange.

We considered closing down instantly but think it’s simply a waste of the current value to force sells at current prices. Also around 40% of the shares is currently not tradable at all. We feel there is currently no other alternative but to shutdown as well, however we will take our time in order to maximize our returns.
We will not be taking any more performance fees and will pay dividends as we receive them from the assets. We will maintain a small cash btc position but payout most of it as dividend as well. As soon as shares are tradable again we will start selling the assets as well and payout those as dividend.

If you want to sell your shares completely and effectively “take” a loss now please send us a PM or email to discuss the options. If a majority of shareholders wants to sell shares we might want to sell off the remaining shares at a loss nonetheless.

I understand it is the tough time for all BTC stocks. I don't expect there is instant high return when I bought this fund. I personally expect return in a much longer time period of time. Unless there is completely no future for any BTC stocks, I vote for keeping the fund running.

[shmoula]

+1

I understand it is the tough time for all BTC stocks. I don't expect there is instant high return when I bought this fund. I personally expect return in a much longer time period of time. Unless there is completely no future for any BTC stocks, I vote for keeping the fund running.

[anto]

keep it running

[tyrion70]

Hey all,

Just processed the transfers we got so far. New list is here: http://pastebin.com/ia9kf9Db

With regards to shutting down, thank you all for your confidence. If anyone does want to get out please let us know thru PM. We don't mind continuing ourselves albeit on a less active way until we can get some more action again. We will not sell any assets right now until we have a clear idea of who wants to continue and who wants to quit.

Please do continue to transfer shares to direct shares with the instructions below:

Thanks,

Direct Shares
To receive your shares as direct shares follow these steps.
1.   Transfer your shares to the DISCOVERY account on Bitfunder (account name is DISCOVERY)
2.   Send an email to discoverybtc@gmail.com containing your:
a.   Bitfunder username
b.   Number of shares transferred
c.   BTC address to be used for dividend payment and private share administration
Important! Only use a BTC address with which u can sign. This is needed in order to sell or transfer your shares later.

[superbit]

Just sent you a transfer.

[tyrion70]

Just sent you a transfer.

Processed Latest list is here: http://pastebin.com/tFSc7zNg

[mike81]

Just transfered and sent the email.

[isimme]

Please keep the fund going?
I personally bought as a long term investment to diversify my holdings
and would be disappointed by closure after such a short period of time.
Loss is had with the turbulence of the BTC economy
but opportunities are also to be had..

[tyrion70]

Hey all,

New asset list is here:
http://pastebin.com/HuP6Fn04

Only 1512 shares left on bitfunder. See below for instructions on transfer to direct shares.

So far everyone who has said anything in the matter asked us to continue the fund. We will therefore not shutdown but continue to find ways to invest. We will not sell of any of the current investments and wait until they are hopefully relisted somewhere else. We will keep the bi-weekly reports intact although it'll be hard to determine the exact value of the assets due to the fact that they are not listed anywhere anymore. In case you want to exit the fund anyway, please send a PM so we can find a good solution.

Direct Shares
To receive your shares as direct shares follow these steps.
1.   Transfer your shares to the DISCOVERY account on Bitfunder (account name is DISCOVERY)
2.   Send an email to discoverybtc@gmail.com containing your:
a.   Bitfunder username
b.   Number of shares transferred
c.   BTC address to be used for dividend payment and private share administration
Important! Only use a BTC address with which u can sign. This is needed in order to sell or transfer your shares later

[mike81]

I opt to keep it running too!

[uMMcQxCWELNzkt]

Would you like to share Discovery on HumbleIdea.com? We are a new crowdfunding platform currently accepting 100% free listings which will go live very soon, we are in beta at the moment. What is useful with our crowdfunding platform is the fact that you can instantly receive donations, regardless of whether  or not you reach your entire goal.

http://humbleidea.com/create/

[mike81]

Did the recent price rise for BTC do anything for NAV?