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Author Topic: Bond-RonGross has been repaid - do not buy it anymore, cancel your BUY orders!!!  (Read 1134 times)
ripper234
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Ron Gross


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October 08, 2011, 08:47:08 AM
 #1

I paid the full dividends on Bond-Rongross, so the bond is now worth 0 BTC. This was done almost two months ahead of schedule.

I just figured the POC served its purpose. I was able to raise 83 BTC with this bond.

A side effect that I hadn't thought of is that if anyone has standing BUY orders, he should cancel them immediately. I believe GLBSE should find some mechanism to handle this issue, because I imagine it's a potential problem for most bonds.

Please do not pm me, use ron@bitcoin.org.il instead
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October 08, 2011, 08:49:29 AM
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why not just buy them back?

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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October 08, 2011, 09:45:43 AM
 #3

A side effect that I hadn't thought of is that if anyone has standing BUY orders, he should cancel them immediately. I believe GLBSE should find some mechanism to handle this issue, because I imagine it's a potential problem for most bonds.

All outstanding orders were wiped out yesterday at about 22:30 UTC, so your warning is a bit late.

I have started a thread on GLBSE about handling bond repayment.

PGP key (http://pgp.mit.edu:11371/pks/lookup?op=get&search=0x4C31319D069EBADA)
ripper234
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Ron Gross


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October 08, 2011, 10:18:39 AM
 #4

A side effect that I hadn't thought of is that if anyone has standing BUY orders, he should cancel them immediately. I believe GLBSE should find some mechanism to handle this issue, because I imagine it's a potential problem for most bonds.

All outstanding orders were wiped out yesterday at about 22:30 UTC, so your warning is a bit late.

I have started a thread on GLBSE about handling bond repayment.


I'm truly sorry about this. As a "POC", the purpose was to learn, and we did learn something valuable here (at least, I know I did).

Can anyone affected by this come forward? I hope you didn't lose too much.

What do people think should be done about this problem?
Does anyone feels he was hurt by my actions, and that I owe him money now because he bought a worthless bond right now?
Should GLBSE do/have done a better job at explaining what the proper way to repay a bond is? An alert before paying the bond is a must IMO.

Please do not pm me, use ron@bitcoin.org.il instead
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ripper234
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Ron Gross


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October 08, 2011, 10:24:04 AM
 #5

why not just buy them back?

In retrospective, I should have wiped out all the BUY orders before paying the holders that didn't have standing orders.
This should IMO be better explained to GLBSE bond issuers, otherwise others might make the same mistake I have.

Please do not pm me, use ron@bitcoin.org.il instead
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ripper234
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Ron Gross


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October 12, 2011, 10:14:09 AM
 #6

I'm truly sorry about this. As a "POC", the purpose was to learn, and we did learn something valuable here (at least, I know I did).

Can anyone affected by this come forward? I hope you didn't lose too much.

Any claims of "lost BTC" because of my error should come until November 1st 2011.
After the date I will not consider any such claims as valid.

Please do not pm me, use ron@bitcoin.org.il instead
Mastercoin Executive Director
Co-founder of the Israeli Bitcoin Association
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