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Author Topic: [BDK] - Liquidating, Permanent Closure -  (Read 15252 times)
Kluge
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August 11, 2012, 12:14:53 PM
 #121

I may be unresponsive for up to 18h spans of time from today until Monday, and from Monday to Thursday or some other time later this upcoming week, I may be unresponsive for 48h-72h spans of time. We close on our new house Monday night. Today, I'm going to take a few hours out helping a family member move. Tomorrow, I have an article to write up for Issue #4. Monday through Thursday, I'll likely only have a very weak Internet connection from phone, no access to any wallets unless I run home, and'll be busy repairing the deck and moving stuff into the house. There's a bunch of other work that needs to be done, but it can wait until we're "settled." So, if I need to release escrow and make a CD payment within a day of each other, one of those payments might be delayed a day so I'm not driving back and forth.

If the phone gets at least a bar of data connection, I should be able to at least respond to whoever. Cheers,
Ben

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August 13, 2012, 06:33:07 PM
 #122

I plan on being mostly unavailable until mid-Wednesday. Heading out to do the final walk-through (and move all the lumber to repair/replace the deck) in a few minutes, and should own the house within 2-3h. Don't plan on fucking around, so should have everything moved from various houses and the deck repaired by mid-Wednesday. Everything else should be done soon, but isn't particularly pressing... need to rent a propane tank, though. Forgot about getting that done. There is no Internet out there, yet, so I'll get that scheduled tomorrow, and see if I can get a decent cell data connection to tether the laptop, to. For investors, this also means the piddle 1GH/s of hashing power will be offline whenever I move it - probably last thing Wednesday, so hopefully will have cable service by then (though, the dividend blackout's still in effect until August 27th, so it won't have any significant impact aside from equity/assets being lowered by... Idunno, .7BTC over what they could've been in a truly ideal situation, which might reduce next month's dividends by .0000000000000001/share or something). I'll probably come back to the house I'm currently in, which does have an Internet connection, a couple times per day, but I don't know if there'll be people waiting on me, or if I'll be able to fuck around inside the house and get BTC business taken care of.

If you absolutely need to get in touch with me now, feel free to call/text 814-314-9308. Leave a message, I'll read it to make sure you're not a time-wasting sales rep, and then I'll get back with you within a few minutes (assuming I get any reception)... or just keep calling over and over until I'm pissed off enough to answer the phone just to make you stop.  Smiley Please don't quote my phone number. Cheers,
Ben

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August 16, 2012, 09:13:43 PM
 #123

Turns out, even though the website said otherwise, we're just a bit too far out to get DSL. Looking into alternatives. Will spend ~1h-2h more here, pick out appliances, and respond to what PMs I can, then out again. If you need me, please call or email me @ benjm00@gmail.com -- please do not PM me on the forum, as the data connection out there for phone is terrible. I can usually read and respond to emails, but not PMs since that requires I load up the forum, which takes much more bandwidth. There are 5 PMs I need to respond to, and I have time for maybe 2.

It's likely I will not have a reliable connection until some time next week. Currently, I'm at old property on PC. Will try to make it back some time between Sunday and Tuesday to pay dividends -- Monday, ideally. Sorry for any inconvenience,
Ben

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August 17, 2012, 03:54:51 PM
 #124

Should have Internet connection some time Monday. Apologies for how slow I've been to respond. Cheers,
Ben

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August 17, 2012, 10:00:19 PM
 #125

I will not be entertaining loan or CD requests in any currency until the dust settles from Pirate closing shop. My theory is that this will cause a flood of deposits, leading to depressed lending rates. This will likely have major effects elsewhere in the market, too - I just don't know what the money's doing, yet. I don't want to be stuck with two months of 10kBTC at 1.xx% weekly when I can only get 5% MPR + default risk. I'm not sure when I'll be open for new requests again. I currently do not have plans to buy back CDs or refuse renewals, but this may not end up being the case. I should have a more clear vision of what will happen within a month.

Additionally, Ghetto P&P Exchange will be halting operations given the tremendous volatility today. I currently do not know when services will resume.

Cheers,
Ben

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August 24, 2012, 05:13:12 AM
 #126

One Icarus board is back up. Missing a mini-USB->USB cable. Should be able to find it next time I'm out. Don't think I've been neglecting finding business opportunities while moving.  Smiley Firstly, I've contacted a community-member about an existing, profitable operation I have a very profitable vision for (sells digital goods I'd be interested in a profit split of, but could make additional money selling it to depositors who'd wish to withdraw early at a penalty rate). I've also been talking to the extremely helpful-and-friendly deslok about setting up a Canopy connection in my area to get around DSL service going a mile too short. It's possible IOU.WIFI will be listed on GLBSE within a month. While lending services are paused, I'll be aggressively readying investor documentation and talking to neighbors, along with the DSL provider, about this new Canopy connection. I need to have this "set in stone" within four weeks, or I get hit with a $400+ cancellation fee from this shit satellite ISP I have to use. Expect me to be busier than usual, even with operations paused. As always, feel free to bother me on Skype (preferable -- check my forum profile) or cell phone (non-preferable -- 814-314-9308 -- please don't quote) if you have something important to ask.

Cheers,
Ben

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August 25, 2012, 10:01:15 AM
 #127

Operations have resumed under the premise that a Pirate payback is unlikely. Rates have increased across the board slightly. If Pirate defaults, rates will likely increase dramatically short-term (50% relative increase, I'd guess), then slowly return to current levels. If Pirate pays back, rates will likely decrease significantly short-term (20% relative decrease immediately after large accounts are paid back) and further mid-term (additional 20% relative decrease by payback date and 6 months out), assuming there is no replacement/similar program putting us back in this situation. Most lenders either insure or deposit in Pirate, both directly or indirectly, including BDK/IOU, with a 1kBTC stake out of ~7.85kBTC total assets, ~4.25kBTC equity.

Renewals will occur at current rates for depositors, but current lendees will not be required to pay higher rates for renewals. Cheers,
Ben

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August 25, 2012, 09:59:12 PM
 #128

Fwiw, I'm considering going Internet-less for 2-3 months while I wait for DSL to be installed in my area. I currently only have three depositors outside of BDK.BND and BDK. I'd buyback from the depositors and Imsaguy would handle payments to these securities during my departure. I'll update when I hear back from the engineer at the ISP on Monday.

Cheers,
Ben

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August 28, 2012, 03:01:48 PM
 #129

Maybe you should buy back BDK before you go offline, and further erode the value of those shares. They pay virtually nothing at this point due to massive losses, and now, with you not really participating for 2-3 months, they're going to show no value increase for that time? Remember, dividends are practically non-existent on BDK, so we're looking for (positive) growth. This hasn't been happening. We're trading .08BTC below your last offering price. That's just over 50% of the last offering price!!! anyone who bought in at .18 has lost their ass. You taking time offline suggests that negative growth will continue.

Been holding onto this hoping to see some value from it, and it's apparently not going to happen. I've very disappointed in the performance of BDK (and your apparent lack of concern about this)

Mine at the Maza Club! with ShastaFarEye Prospectors! Mazacoin PPS & P2pool mining, and more services coming soon!
Maza Means Money! Check yours at the mazacha.in!

Please contact me  on my  OTC registered GPG (A54E87F2) Key's email address or guruvan@shastafareye.net  and encrypt all correspondence.
Kluge
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August 28, 2012, 11:17:10 PM
 #130

Maybe you should buy back BDK before you go offline, and further erode the value of those shares. They pay virtually nothing at this point due to massive losses, and now, with you not really participating for 2-3 months, they're going to show no value increase for that time? Remember, dividends are practically non-existent on BDK, so we're looking for (positive) growth. This hasn't been happening. We're trading .08BTC below your last offering price. That's just over 50% of the last offering price!!! anyone who bought in at .18 has lost their ass. You taking time offline suggests that negative growth will continue.
Edit: Responded in the appropriate thread -- https://bitcointalk.org/index.php?topic=77343.msg1141303#msg1141303

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Kluge
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September 07, 2012, 10:02:12 AM
 #131

I'm going to finish up accounting for August (damn, I've been lazy too long), get a new thread, new direction going... re-discover what the market'll take as far as rates.

Hay fever's controlled, alcohol consumption controlled, no eye-rubbing, have a few hours left of a usable Internet connection, can stand straight long enough to piss (I swear that was vertigo from hay fever, not drinking!)....  Grin

Basic plan is to start probing around for deposits... much lower-rate than before. Lower-rate than BDK.BND, but I won't be issuing any more units of BDK.BND in the near future, and the price should swing sharply upward - eventually. More importantly, I want "loan pledges" before I start actually taking new deposits. I have no idea what the market'll actually take -- it's been pretty quiet. Not many people I know actually doing lending, lately.... too much uncertainty again. Need to do tedious work before the fun work can be done safely.

JRO's noted intent to pay back (3-12 months, sounds like...) when we had a phone conversation a couple days ago... So all the BDK negative equity fear-mongering I was doing may have been overly-aggressive. I still think it's unlikely to be resolved in any sane person's idea of a reasonable time frame, but I think it'll be resolved eventually... maybe a couple years out. JRO's a good guy, I think. He was ordering food for the other two people in the high-tech safehouse when I called. One of the other guys responded to me. Not sure what exactly's going on, but they're pretty dead-silent as far as online communication goes (he didn't seem to know I threatened legal action over Skype). Oh, well - wait and see. Getting off-topic and absent-minded again, though. Onward and upward!

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September 08, 2012, 05:13:13 AM
 #132

Accounting's finished, AFAIK. Need to go back and see which loans I failed to update, re-make my encrypted private logs of who I owe what since I lost that a while ago (I still have all the info, it's just scattered all over).

I'm going to be cancelling this shitty satellite service, soon, and replace it with nothing. Standard business hours will be solidified within a few days as I work it out with wife to drop me off at a damned Burger King, heh. Alternative is taking a riding mower to work, which I think'd be kinda fun. Cheesy Oh... I guess I could take a bike. - Even walk.

I'm thinking 4am-10am as business hours. That keeps wife from claiming I'm abandoning daughter, gives me a time when I'm most awake, and also a time where I'm probably less likely to run into anyone I know at BK. Off those hours, I can't do much outside of phone calls and SMS. Phone might give me a Gmail notification a few hours after it was sent to me... but that's about the extent of how connected I can be.

I've decided to let BDK.BND move around until Monday - see what happens with it. I removed my askwalls, so we'll see if significant volume wants it up. If there aren't big nudges upward, I'll replace askwalls and set up bidwalls again on Monday for bond-holders. There are other factors poisoning the results (giving BDK.BND units for BDK units a few days ago, and current liquidity problems many face, as examples) I'll take what happens with it into account when establishing new rates when services resume... on Monday (9/10), I'm now thinking.

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September 09, 2012, 08:08:47 PM
 #133

Flak from wife today about spending too much time writing shit at a computer, so I've been watching daughter all day and not doing much else productive. Smiley

Still planning on resuming operations tomorrow. I plan on seeking 500BTC for someone I trust and whose loan I placed a voluntary call on a week or so ago (which he accepted with much-appreciated haste). I have no interest in deposits beyond that right now, as I'm a bit jaded for what I'd guess are easy-to-imagine reasons.

With the change in how I effectively use deposits, I will begin posting availability numbers. Previously, there was only a maximum deposit per person per set amount of time (that is, xxxxBTC of CDs could not mature within x days of each other, and a CD could only be xxxxBTC large). Instead, there will now be no limits by person, but a "global" limit based on loans I have lined up. I'm aware a lot of scammy people have used the "availability" figure to pretend there's something backing their operations... I don't really have a retort to that.

I'm also considering different "Phase 2" (of development) ideas for IOUCoin... maybe facilitating a more p2p lending market for those interested. Loans would be rated (including ID checks, possibly address verification), and high-rated loans I would co-sign for a fee. I may also collect a fee from both the lender and lendee of a particular loan, depending on how long my nose is when I draft up a more formal organizational draft.

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September 11, 2012, 10:52:44 AM
 #134

BDK/IOU will be permanently ceasing operations effective immediately due to negative equity beyond what I can currently reinvest to save the operation.

CD-holders and bond-holders will be paid what they're due. I am not stating intent to default, nor will interest be withheld. Loans are also still expected to be repaid.

Once the remaining three CD-holders are repaid, I will lock this thread.

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September 11, 2012, 12:14:52 PM
 #135

I am now stating intent to default to CD-holders only, to lock in interest owed. I have PMd the appropriate parties. They will receive 75-100% of BTC owed by the end of September. If I fail to pay everything by the end of September, the absolute latest the remaining 0-25% will be repaid by is May.

Funds for BDK liquidation will be sent out as soon as Nef approves of it, though the contract indicates November 26th would be the date to liquidate... but at this point, it's impossible enough for me to say "impossible" that BDK is salvageable. Waiting until November would only serve to lock up BDK-holders' liquidation payment.

Nothing is changing for BDK.BND. There is mild risk of me missing a payment once a month or two until January, 2013, but insignificant risk of me truly defaulting on it.

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September 13, 2012, 08:51:30 AM
 #136

So long as BTC price <$12 when wire hits Gox, there should be no problem getting CD-holders 100% in one lump. I'm meeting with a CD-holder tomorrow to hand him a lumpy envelope and enjoy some lunch.

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September 17, 2012, 12:44:03 AM
 #137

I am now stating intent to default to CD-holders only, to lock in interest owed. I have PMd the appropriate parties. They will receive 75-100% of BTC owed by the end of September. If I fail to pay everything by the end of September, the absolute latest the remaining 0-25% will be repaid by is May.

Funds for BDK liquidation will be sent out as soon as Nef approves of it, though the contract indicates November 26th would be the date to liquidate... but at this point, it's impossible enough for me to say "impossible" that BDK is salvageable. Waiting until November would only serve to lock up BDK-holders' liquidation payment.

Nothing is changing for BDK.BND. There is mild risk of me missing a payment once a month or two until January, 2013, but insignificant risk of me truly defaulting on it.


1% a week is a massive amount of interest compared to even a credit card. Are you absolutely sure you should still be paying that if your debt level is already so high ?

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September 18, 2012, 02:59:47 PM
 #138

I am now stating intent to default to CD-holders only, to lock in interest owed. I have PMd the appropriate parties. They will receive 75-100% of BTC owed by the end of September. If I fail to pay everything by the end of September, the absolute latest the remaining 0-25% will be repaid by is May.

Funds for BDK liquidation will be sent out as soon as Nef approves of it, though the contract indicates November 26th would be the date to liquidate... but at this point, it's impossible enough for me to say "impossible" that BDK is salvageable. Waiting until November would only serve to lock up BDK-holders' liquidation payment.

Nothing is changing for BDK.BND. There is mild risk of me missing a payment once a month or two until January, 2013, but insignificant risk of me truly defaulting on it.


1% a week is a massive amount of interest compared to even a credit card. Are you absolutely sure you should still be paying that if your debt level is already so high ?
I am sure I will be honoring my promises to the best of my ability. CD-holders should all have full repayment by the 28th. They have been very helpful and understanding in resolving my situation. I've made a small split payment between the two remaining CD-holders and will be sending one another payment today, while the other has opted to receive cash which I'll send in one lump.

BDK.BND was sold as a vehicle of stable returns, and stable prices -- the interest rate was ultimately below market rates, and I appreciate the trust, and would like to justify it. I am no longer ensuring the price of BDK.BND will remain within a few percent of FV, but I am promising I'll make good on 1% week + eventual 101% buyback unless it becomes absolutely impossible for me to do so, which should not be the case unless the price of BTC soars given I'm now exposed to massive currency risk.

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September 19, 2012, 03:43:00 PM
 #139

Just wanted to say I had the privilege of meeting Kluge IRL last week to settle up a deposit I had with him.  I've dealt with a number of deposit-takers on this board and Kluge is clearly at the top of the list in terms of both honesty & communication.

I sincerely hope he doesn't leave Bitcoin for good - this community needs a lot more Kluges and a lot less Pirates.

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September 19, 2012, 05:28:16 PM
 #140

Just wanted to say I had the privilege of meeting Kluge IRL last week to settle up a deposit I had with him.  I've dealt with a number of deposit-takers on this board and Kluge is clearly at the top of the list in terms of both honesty & communication.

I sincerely hope he doesn't leave Bitcoin for good - this community needs a lot more Kluges and a lot less Pirates.


+1.  In my book, people who put forth their best effort to make things right after a wrong are held highly compared to people who have never been put in that position, at least with regards to integrity and trustworthiness.
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