[Cryptostocks] Bitbond 200Gh/s 105% PPS mining bond - Relaunched

[amazingrando]

I know everyone has been itching for more information.  A lot of things have been going on behind the curtains, and I have been hesitant to share information that was not fact.  Now that I have some factual information (and I'm back from the holiday) I can share with you where we're at.

• Nefario sent me a partial list of bondholders.  I have been waiting for an updated list, but so far I have not received it.  The initial list was about 69,000 of the 100,000 bonds sold across 115 accounts.  I have since identified about another 26k of bonds that was held by a large shareholder.  Thus the list is close to 95k of the 100k bonds.  That's good enough for me to start to move forward.
• I will contact each of you in the coming week to confirm the information I have received and your payout address.  If you do not receive an email from my by Friday, then you were not in the bondholder list I received (also be sure to check your spam folder).
• Nefario has double paid some accounts and did not receive claims for all accounts, thus the discrepancy.  To ensure that all claims are valid, please make sure your claim has been filed.  If you received a payout for more than you were owed, you'll also have to work that out with Nefario.  I will rely exclusively on Nefario's list.
• I have started the process to relist BITBOND on cryptostocks.  I hope to have that done in the next week or so.
• I have not yet finalized a plan for the payouts since GLBSE closed.  I am exploring several options including a buyback and a free upgrade with higher payouts.  Unfortunately, because of the block reward change and my GPU mining costs, regular payouts will not be able to be resumed until I receive my ASIC.

I will post more information as I know it.  Thank you for your patience.

[amazingrando]

Please note that I have sent emails to all 115 accounts in the bondholder list given to me by Nefario.  Please confirm the email's information no later than Friday, 11/30.

If you did not receive an email from me, please submit your claim to GLBSE

[Bitinvestor]

I know everyone has been itching for more information.  A lot of things have been going on behind the curtains, and I have been hesitant to share information that was not fact.  Now that I have some factual information (and I'm back from the holiday) I can share with you where we're at.

• Nefario sent me a partial list of bondholders.  I have been waiting for an updated list, but so far I have not received it.  The initial list was about 69,000 of the 100,000 bonds sold across 115 accounts.  I have since identified about another 26k of bonds that was held by a large shareholder.  Thus the list is close to 95k of the 100k bonds.  That's good enough for me to start to move forward.
• I will contact each of you in the coming week to confirm the information I have received and your payout address.  If you do not receive an email from my by Friday, then you were not in the bondholder list I received (also be sure to check your spam folder).
• Nefario has double paid some accounts and did not receive claims for all accounts, thus the discrepancy.  To ensure that all claims are valid, please make sure your claim has been filed.  If you received a payout for more than you were owed, you'll also have to work that out with Nefario.  I will rely exclusively on Nefario's list.
• I have started the process to relist BITBOND on cryptostocks.  I hope to have that done in the next week or so.
• I have not yet finalized a plan for the payouts since GLBSE closed.  I am exploring several options including a buyback and a free upgrade with higher payouts.  Unfortunately, because of the block reward change and my GPU mining costs, regular payouts will not be able to be resumed until I receive my ASIC.

I will post more information as I know it.  Thank you for your patience.

Thanks for the update!

[Bitinvestor]

because of the block reward change and my GPU mining costs, regular payouts will not be able to be resumed until I receive my ASIC.

But you will pay all the interest that has accrued since the GLBSE shutdown, right?

[conspirosphere.tk]

because of the block reward change and my GPU mining costs, regular payouts will not be able to be resumed until I receive my ASIC.

Does it means that you stopped mining (when)? Or that you are going to stop at the halvening (until you'll receive ASICS)?

edit: now mining pays 0.37 USD/24h@100MHash/s ( http://bitcoinx.com/charts/ ), which is above the average of the last year I think, so you should not have problems keeping paying what you paid up to now (at least in fiat terms).

[PinkBatman]

Email responded

[camolist]

numbers match in the email and reply sent

thanks for handling it so smoothly

[viboracecata]

Sorry for boring, I had claimed my assets on glbse one month ago, but I didn't receive any email from you, can you check it? thanks. My account of glbse is viboracecata@gmail.com

[amazingrando]

By Friday of last week, I had hoped to get confirmations from everyone that I emailed.  So many hadn't confirmed by that point that I've been holding off a bit longer before moving forward with the relaunch.  Many more confirmations have trickled in during the last few days.  As of today 88 of 115 accounts have been confirmed.

I think we're at a point where I can start the relaunch process.  As others confirm their holdings and if/when I get an updated investor list from nefario that I can confirm, remaining accounts will be added.  For confirmed accounts, the process will be as follows:

• Today, I'll send the list of confirmed accounts with bond holdings to Cryptostocks
• They will load the list and issue the bonds
• If you already have a Cryptostocks account with the email you used for BITBOND on GLBSE, then your bonds will be automatically added to your account
• If you do not have a Cryptostocks account, one will automatically be created for you and you will be sent an email to the one I contacted you at with further instructions

[amazingrando]

Quick update that I received an updated list from Nefario just a bit ago which included 2 additional claims.

I have emailed both of those claimants to confirm their holdings.

[conspirosphere.tk]

so there are no dividends for the period since the GLBSE closure?
and there will be no more?

[Deprived]

so there are no dividends for the period since the GLBSE closure?
and there will be no more?

He can't pay the old dividends until the migration to cryptostocks is done.  I'm a shareholder, ws on nefario's list, confirmed my holdings etc - but have yet to receive an email from cryptostocks with details of the account holding my bonds.  Until all accounts have been made and bonds distributed it would be silly for him to pay out the old dividend.  He'd also need to make an extra account holding unclaimed shares - so the portion of old dividends for unclaimed shares was properly distributed (and available to be given to new claimants as they get filtered through GLBSE).

No idea on dividends moving forward - I had this listed in my spreadsheet as a fixed-rate bond, in which case we don't get extra when it's profitable to mine and don't get less when it's unprofitable.  But haven't read the contract in ages and may have just listed it incorrectly.

[amazingrando]

Update on the Cryptostocks listing:  The security BITBOND has been created on Crytostocks.  I have sent them the list of confirmed accounts.  I think they are in the UK, so I'm not sure if they will get to it today or if it will be tomorrow.  I believe you'll receive an email once the bonds have been issued to your account.  I will also update the thread once they confirm the load and issuing has been completed.

Regarding dividends for the period between GLBSE closure and now, the plan is still evolving.  The vast majority of bonds (85%) are held by a small group of investors.  Their buy-in of bonds came with additional requirements and legal contracts that have required that I pay their payouts before other parties.  They have been paid all coupon payments going back to the GLBSE closure.

For those of you who constitute the remaining 15%, the earnings from GLBSE closure is not lost.  I am working on a plan that will give you a few options including payouts, buyback, and ASIC upgrade.  I hope to share details of that this weekend.

[Bitinvestor]

Thanks for the update, sounds good.

[amazingrando]

Update:  I received another updated bondholder list from Nefario with 15 more accounts.  I have emailed those on the list.

[wknight]

Not sure if its too late for you. However, why dont you look into re-launching on bitfunder.com.

[Deprived]

Regarding dividends for the period between GLBSE closure and now, the plan is still evolving.  The vast majority of bonds (85%) are held by a small group of investors.  Their buy-in of bonds came with additional requirements and legal contracts that have required that I pay their payouts before other parties.  They have been paid all coupon payments going back to the GLBSE closure.

For those of you who constitute the remaining 15%, the earnings from GLBSE closure is not lost.  I am working on a plan that will give you a few options including payouts, buyback, and ASIC upgrade.  I hope to share details of that this weekend.

Not entirely happy with this for two reasons:

1.  I don't recall ever seeing any mention that our dividends could be used to pay off other investors or that our bonds were somehow junior to other bonds.  But then I thought htis was a fixed-rate bond - not one where dividends could just be stopped (as you said you were going to) if you didn't want to keep mining any more.  To be clear - you CAN'T make a deal with one set of bond-holders that removes rights from other bond-holders.  That deal has to already be in place when bonds are sold (and the junior nature of them stated in contract) or agreed by ALL parties (not just the ones getting preferential treatment) and contract amended so subsequent purchasers know they only get the leftovers after paying some senior bond-holders..  Otherwise no bond would be worth anything - as issuer could just sell 1 bond to a friend, give them first right to all dividends and noone else gets a penny.

2.  If the bonds are getting listed on Cryptostocks then it's pretty important to get dividends to same state on all of them.  There's no discrimination in the software between bonds that have been paid dividends and ones that haven't - so as soon as people start trading you'll have no way to know who is owed what.  This may be covered if you haven't yet isuued bonds on crypto to the 85% - if you have then you'll need to recall them or you won't be able to pay dividends through the system.

I just hope the coming announcement doesn't end up being a choice between buying a new bond/upgrade or getting nothing for the foreseeable future.

Oh - and just looked at contract in OP it says:

    A total of 200Gh/s offered in 2Mh/s increments
    Weekly payouts are 105% of PPS
    PPS means no variance
    Perpetual - no expiration date
    Buyback provision at 110% of 15 day GLBSE average

I'm not seeing the "and I can stop mining and pay nothing if I feel like it" clause.  Though obviously ongoing dividends would be much smaller due to block-reward halving.

[wknight]

Just FYI about bitfunder again. They post info publically by a provided btc address/asset/shares, so privacy is kept. Also, Graet from ozcoin who has a great reputation all around works with this guy and backs him.

[Akka]

Received per Mail:

Dear customer,
 
the security issuer of BITBOND has decided to relist on Cryptostocks.com and we will be crediting the shares to your account in the coming hour or so.  The share upload is based on the provided shareowner list of BITBOND. Please contact the security issuer if you have any questions or disputes on the share numbers.
 
Should you not be a Cryptostocks customer yet, then we will - as part of the process of loading the shares - automatically create an account with your email and a random password. You will get an email confirmation wich contains a link to activate your account. Obviously we don't send out the passwords via email nor do any of our staff have the actual password. So what you need to do after you have activated your account via the link provided in the email that you are about to receive is to
a) logout
b) go to the login screen and select "Forgot password"
 
This will send you a password reset email, follow the instructions and you will be good to go.
 
Best regards
Your Cryptostocks Team

That worked really well, thank you.

[handytxg]

I get my shares back thank you for your hard work : )