[GLBSE] BIB.goat redemption - Place asks at 0.1 BTC or wait for GLBSE ver 2.1

[brendio]

The Bitcoin Investment Bank (BIB; soon to be listed on GLBSE) offers you the opportunity to invest in a bitcoin bond secured by two GPU cards paying 1 % interest per month. The bond with either be repaid in four months time, or the interest payable will increase to 2 % per month.

For more details, read the asset contract here or see these threads here and here for background information.

There are 3440 bond issued at a par of 0.1 BTC. The listing price will be 0.096 BTC for the remainder of November (giving you an extra couple of weeks interest!). The asking price will increase to 0.097 BTC on December 1 and in regular increments weekly after that.

The first four months interest is factored into the buy price. If the bond steps up, interest will be paid as dividends monthly in arrears.

If you have further questions, fire away here or by PM.

The Bitcoin Investment Bank will soon be listing on GLBSE. It will offer GLBSE brokering services, lending, options, futures, and venture capital. If you are interested in serving on the board or working as a contract officer, please PM me with your background and qualifications and why you would like to work for BIB.

[1714030809]

1714030809

[brendio]

when will you list BIB on glbse ?

When I get around to sorting out the contract and putting together a website.

[brendio]

The bond contract with Goat requires that the hashing output of one of the 6990 cards is directed towards a "security address" as partial repayment of the bond. The output of the other card can go towards the electricity bill. One of the reasons for this proof of security is to show that the card is still in Goat's possession and operating properly. I have made a spreadsheet to check the expected output and compare it with the balance of the security address.

https://docs.google.com/spreadsheet/ccc?key=0Amnus1l1SKuwdHZKLWFsdkszdnp2Q2NWZFFJUFpqYkE#gid=0

[2weiX]

would buy on GLBSE, plz alert when listed

[brendio]

would buy on GLBSE, plz alert when listed

It already is: see OP.

The ticker symbol is BIB.goat.

The contract reads better if you choose to view source. In Chrome, at least, some of the formatting is lost in the "normal" view.

[brendio]

Only a couple of days left before the price goes up to reflect to decreased time to maturity. Repayments are on track. Still over 3000 available.

[The00Dustin]

brendio (and bidders who aren't buying the bond at the current value price):
On the off chance that you haven't seen this (since there are outstanding buy orders that users have probably forgotten, many lower than the initial lended amount):
https://bitcointalk.org/index.php?topic=47299.0

[sadpandatech]

On what date will the bond issuer buy back the bonds at .104?
Wht date will they become .106?

[brendio]

On what date will the bond issuer buy back the bonds at .104?
Wht date will they become .106?

If goat pays back the bond in full by March 1, I will buy back the bonds at 0.1 BTC as soon as the funds clear to my GLBSE account. If the bond is not repaid in full by then, interest at 2% per month will be liable at the end of each month, and I will pay these out as dividends as they are received.

[brendio]

On what date will the bond issuer buy back the bonds at .104?
Wht date will they become .106?

If goat pays back the bond in full by March 1, I will buy back the bonds at 0.1 BTC as soon as the funds clear to my GLBSE account. If the bond is not repaid in full by then, interest at 2% per month will be liable at the end of each month, and I will pay these out as dividends as they are received.

Just want to make sure I have this down, assuming I want to go longer than March 1st I then pay you the 2% monthly interest directly? That will be around 7BTC a month?

Thanks

Yes, the first four months interest is capitalised in the repayment amount. If the bond steps up, you pay interest monthly to me, and I'll pass it on as dividends to sub-bond holders.

See clause 2.4 of our contract:

2.4 Step up interest , if applicable, shall be payable at the end of each month until the loan is repaid in full. In the case that the loan is partially repaid, interest shall be due on the maximum balance of the loan for that month.

Your outstanding balance will be reduced by the amount you have paid to the security address from one of the cards, so the interest would be less than 7 BTC at the moment.

[brendio]

Just to let you know I was able to get all of the coin to pay off the whole loan while bitcoin went under $3.

Good to hear, for my sake and that of TyGrr shareholders.

Once I do pay this off, it might be the most expensive pair of 6990's in dollar terms ever:)

Well, not if you got the bitcoins for under $3.

[brendio]

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

GLBSE Market Announcement

Bitcoin Investment Bank

Assignee of BIB.goat

February 23, 2012

Bitcoin Investment Bank (BIB) have been advised by goat that he intends to allow the bond, listed on GLBSE under ticker BIB.goat, to step up. From March, interest will be due on the maximum monthly balance outstanding on the bond and is payable by the end of each month at a rate of 2% per month. Interest will be paid to holders of BIB.goat as and when goat makes payment to BIB under the terms of the bond. Please allow up to 48 h for processing of interest payments to holders. BIB will not be held laible for delays in interest payment as a result of downtime on GLBSE.

Brendio
CEO, Bitcoin Investment Bank
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[brendio]

Just an update. The step-up date of the bond has now passed and the bonds will not yet be redeemed. Interest will now be paid as dividends in arrears at the end of each month at 2% of the value of the bond. That is, 0.002 BTC per bond.

[brendio]

Dividend for March had been paid. Note: It is paid is two lots (0.0002 BTC and 0.0018 BTC) because I wanted to make sure I had my calculation correct.

[brendio]

Stay tuned for an announcement regarding maturity of this bond. I should have further information within the next 24 hours. I suggest you do not trade the asset until the announcement has been made.

A trading halt feature for asset creators on GLBSE would be nice...

[brendio]

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

Bitcoin Investment Bank Announcement

Security: BIB.goat

Goat having repaid in full all sums owing on this bond, the bond trading on GLBSE under ticker

BIB.goat shall mature on April 30, 2012. On or before midnight (UTC) April 30, 2012, a dividend

shall be issued in the amount of 0.002 BTC per bond, being the stepped-up interest payable for

April, and then all bonds shall be bought back by the issuer for 0.1 BTC per bond.

Depending on whether the functionality exist on GLBSE at the time, buy back will be either

through a bid offer of 0.1 BTC for all outstanding bonds, into which holders will be required

to sell, or bonds will be forceably bought back for 0.1 BTC.

Following the buy back, bonds shall have no rights or value and should not be traded. A request

shall be made to GLBSE to have the ticker delisted.

As all terms of the contract with "Goat" have been fulfilled, the mortgage of the two AMD

Radeon HD 6990 GPU cards shall be released.
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[brendio]

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

BIB notice of final dividend and bond buyback for BIB.goat

Notice is hereby given that the final dividend for the month of April on BIB.goat has now been paid and a buy back order has been submitted to redeem outstanding bonds at a price of 0.1 BTC per bond. Please sell into this order to obtain you prinicipal from the bond.

No further dividends will be paid. The bond, once redeemed by BIB, with have zero value and will be retired.
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Once GLBSE 2.1 is released I'll be able to forcibly redeem the bonds. Holders may choose to wait until then if they wish to avoid the sales commission.