grondilu (OP)
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Activity: 1288
Merit: 1080
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March 31, 2011, 08:06:39 AM |
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-----BEGIN PGP SIGNED MESSAGE----- Hash: SHA1
As a proof of concept, I hereby launch an auction for a bitcoin bond.
This means that I promess to pay a certain amount of bitcoin (called "nominal"), at a certain date (called "maturity"). The nominal is 100 BTC. Maturity will occur at block number 120,000.
I sell this bond in an auction process that will occur on this thread. To bid, just post a message with your bid in bitcoins. Auction will end at block number 116,000. Paiement should then be done within 10 blocks.
No starting price, but if at the end I'm not happy with the final winning bid, I will cancel the auction.
If selling does occur, I will materialize it with a GnuPG signed document where I will mention whe nominal, the maturity and the bitcoin address where the nominal should be paid at maturity.
Happy bidding! -----BEGIN PGP SIGNATURE----- Version: GnuPG v1.4.11 (GNU/Linux)
iEYEARECAAYFAk2UNq0ACgkQq17371C4DmhQIQCg86UwjCUt0q8iyojsOXUI7juB BpsAn2UtxuFqtXpLPwedvnYap+m2wrx9 =qC0c -----END PGP SIGNATURE-----
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deadlizard
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Activity: 112
Merit: 11
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March 31, 2011, 08:14:40 AM |
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I'll bid ฿16.10 (my account balance, lol) to get the ball rolling
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grondilu (OP)
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Activity: 1288
Merit: 1080
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March 31, 2011, 08:15:53 AM |
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I'll bid 16.10 (my account balance, lol) to get the ball rolling deadlizard initiates the auction and leads with 16.10 BTC
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theymos
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Activity: 5362
Merit: 13337
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March 31, 2011, 08:16:57 AM |
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80
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1NXYoJ5xU91Jp83XfVMHwwTUyZFK64BoAD
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grondilu (OP)
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Activity: 1288
Merit: 1080
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March 31, 2011, 08:19:07 AM |
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80
theymos leads with 80 BTC
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gusti
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Activity: 1099
Merit: 1000
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March 31, 2011, 08:21:44 AM |
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90
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If you don't own the private keys, you don't own the coins.
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grondilu (OP)
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Activity: 1288
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March 31, 2011, 08:22:19 AM |
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90
gusti leads with 90 BTC
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左
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March 31, 2011, 08:30:11 AM |
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I bid 100BTC, which means that if I win, I'll just let you keep the darn bond.
OK, to be honest, I'm really unsure how this works. You want someone to pay you now, in exchange for a payout in the future?
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grondilu (OP)
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March 31, 2011, 08:39:02 AM |
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I bid 100BTC, which means that if I win, I'll just let you keep the darn bond.
OK, to be honest, I'm really unsure how this works. You want someone to pay you now, in exchange for a payout in the future?
If you bid 100 BTC, this means you'll pay me 100 BTC at block 116,000, and I'll pay you back at block 120,000. You would lend me money at zero interest rate.
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grondilu (OP)
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Activity: 1288
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March 31, 2011, 08:40:04 AM |
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90.00000001
I can't accept this bid, since so far the bitcoin network only allows paiements with 0.01 BTC precision.
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gusti
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Activity: 1099
Merit: 1000
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March 31, 2011, 08:41:31 AM |
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I understand you must pay the bid price now, and he will repay you the nominal value (100) at maturity time. It's like a loan backed by a bond that you can also negotiate at market prices before maturity.
My bid is now 91.
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If you don't own the private keys, you don't own the coins.
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grondilu (OP)
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Activity: 1288
Merit: 1080
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March 31, 2011, 08:44:28 AM |
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I understand you must pay the bid price now, and he will repay you the nominal value (100) at maturity time. It's like a loan backed by a bond that you can also negotiate at market prices before maturity.
My bid is now 91.
You've just overbidded yourself, but why not... Gusti leads with 91 BTC
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gusti
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Merit: 1000
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March 31, 2011, 08:47:01 AM |
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I understand you must pay the bid price now, and he will repay you the nominal value (100) at maturity time. It's like a loan backed by a bond that you can also negotiate at market prices before maturity.
My bid is now 91.
You've just overbidded yourself, but why not... Gusti leads with 91 BTC That was before I saw you did not accept 90.000001 bid, but for sure there will be higher ones too.
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If you don't own the private keys, you don't own the coins.
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ripper234
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Activity: 1358
Merit: 1003
Ron Gross
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March 31, 2011, 08:49:56 AM |
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Can you give a rough estimate in real calendar time when the bond will expire, for those of us who don't understand blockchains?
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grondilu (OP)
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March 31, 2011, 08:54:13 AM |
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Can you give a rough estimate in real calendar time when the bond will expire, for those of us who don't understand blockchains?
The time length is 20,000 - 16,000 = 4,000 blocks. There are about 6 blocks per hour, so 4,000 blocks is about 666 hours (?! number of the beast?? didn't do that on purpose!) 666 hours is 27 days, so about 4 weeks.
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gusti
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Activity: 1099
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March 31, 2011, 08:55:31 AM |
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Can you give a rough estimate in real calendar time when the bond will expire, for those of us who don't understand blockchains?
See this : http://bitcoincharts.com/charts/ (upper side of page)
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If you don't own the private keys, you don't own the coins.
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grondilu (OP)
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Activity: 1288
Merit: 1080
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March 31, 2011, 08:59:57 AM |
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Idealy people who bid should sign their bid in a message including my initial signed message.
This woudl allow the winning bidder to sign the final bitcoin address.
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gusti
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March 31, 2011, 09:01:29 AM |
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Idealy people who bid should sign their bid in a message including my initial signed message.
This woudl allow the winning bidder to sign the final bitcoin address.
I will do that later, need to register with GPG first.
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If you don't own the private keys, you don't own the coins.
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ripper234
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Ron Gross
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March 31, 2011, 09:59:14 AM |
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I'll bid 93.5. How essential is the PGP signing? (Remember, this is only a POC)
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