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Author Topic: [Cryptostocks] Bitbond 200Gh/s 105% PPS mining bond - Relaunched  (Read 35276 times)
WinTame2012
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December 07, 2012, 07:45:36 PM
 #281

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.

@amazingrando,
I think @Deprived's statement has a reason. Could you please respond to this?

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December 09, 2012, 02:28:33 PM
 #282

Thanks amazingrando.
Got email & account is working flawless.
Thanks for being human & solving problems quickly.
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December 09, 2012, 04:34:09 PM
 #283

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.

@amazingrando,
I think @Deprived's statement has a reason. Could you please respond to this?
Yes, I also feel the same.
amazingrando please explain.
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December 10, 2012, 07:36:05 AM
 #284

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.

Perhaps you are just being unclear, and what you meant to write was that the past dividends have been paid out on 85% of the bonds, and the rest will be paid soon.

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December 20, 2012, 11:12:28 PM
 #285

10 days later and no response? When can we start expecting to see dividends?

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December 22, 2012, 03:15:51 PM
 #286

amazingrando, has your shares' list been updated? I do remember I have ever bought some but did not receive any info from you, can you help to check? And how can we contact you through email?

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December 25, 2012, 04:25:59 PM
 #287

Apologies for my absence during the holidays.  More updates for you:

I received the final list of bondholders from GLBSE.  The final list included another 45 accounts.  I have sent confirmation emails to all 45.

Here are the current stats:
* All 177 accounts totaling 100,000 bonds are now in my list
* All 177 accounts have been emailed to confirm their holdings and wallet addresses
* 118 accounts are confirmed / 59 accounts unconfirmed
* 90 confirmed accounts were submitted in the first batch to Cryptostocks when BITBOND launched there
* 28 accounts have been confirmed since then
* Those 28 and any further confirmed accounts will be in a final batch sent to Cryptostocks

In order to complete the transition to Cryptostocks, the final date to confirm your account will be January 4, 2013.  On the 5th I will send the final batch of confirmed accounts to Cryptostocks to be loaded.  If we need an interim batch, I am open to that if enough people are interested.

Regarding coupon payments since GLBSE closed, 85% has been paid to the largest investors (working from largest bondholder down).  I would like to be able to pay the remaining 15% immediately, but doing so would mean canceling our ASIC pre-order and losing the pre-order slot.

I'm hoping that BITBOND's ASICs will ship by the end of January, only 4 weeks from now.  Once I receive them and have them running, I would like to offer a free upgrade high enough to pay ongoing weekly coupons plus pay the gap between GLBSE and ASIC mining in relatively short order.

I am open to other suggestions that you may have.  Please let me know.

Bitbond - 105% PPS mining bond - mining payouts without buying hardware
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December 25, 2012, 05:54:42 PM
 #288

I am open to other suggestions that you may have.  Please let me know.

Get a scammer tag if you don't pay accrued dividends.

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December 25, 2012, 06:01:24 PM
 #289

I am open to other suggestions that you may have.  Please let me know.

Get a scammer tag if you don't pay accrued dividends.

or maybe talk to the 15% that are left and ask them if they want to keep on or if they want to be paid out some may be willing to take the option of more power in the long term then a few btc that is owed. I dont like how evertyone just wants to jump to a scammer tag anymore amazing is askink for resonable ways to keep this going to to close his doors he could of been like everyone else and just said fuck you all but he didnt.

1Q7TPBHHVmGCvqffYHpXCCBgbcBQ4NwXdW
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December 25, 2012, 07:52:54 PM
 #290

Regarding coupon payments since GLBSE closed, 85% has been paid to the largest investors (working from largest bondholder down).  I would like to be able to pay the remaining 15% immediately, but doing so would mean canceling our ASIC pre-order and losing the pre-order slot.

This is bad. In other words, you spent our money.

The right thing to do would be to pay the remaining 15% out of your own pocket, even if you have to get a loan to do it.

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WinTame2012
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December 25, 2012, 08:35:09 PM
 #291

Regarding coupon payments since GLBSE closed, 85% has been paid to the largest investors (working from largest bondholder down).  I would like to be able to pay the remaining 15% immediately, but doing so would mean canceling our ASIC pre-order and losing the pre-order slot.

This is bad. In other words, you spent our money.

The right thing to do would be to pay the remaining 15% out of your own pocket, even if you have to get a loan to do it.
Agree. Doing other way it will be not a fair business. There are no priviledged bonds whatsoever nor such bonds were claimed during initial BITBOND issue.

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December 26, 2012, 08:29:14 AM
 #292

Regarding coupon payments since GLBSE closed, 85% has been paid to the largest investors (working from largest bondholder down).  I would like to be able to pay the remaining 15% immediately, but doing so would mean canceling our ASIC pre-order and losing the pre-order slot.

This is bad. In other words, you spent our money.

The right thing to do would be to pay the remaining 15% out of your own pocket, even if you have to get a loan to do it.
Agree. Doing other way it will be not a fair business. There are no privileged bonds whatsoever nor such bonds were claimed during initial BITBOND issue.

This really has nothing to do with privileged bonds. He spent money that was supposed to be distributed to bond holders.

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December 26, 2012, 09:53:48 AM
 #293

In order to complete the transition to Cryptostocks, the final date to confirm your account will be January 4, 2013.  On the 5th I will send the final batch of confirmed accounts to Cryptostocks to be loaded.  If we need an interim batch, I am open to that if enough people are interested.

That's just totally out of order.

You're saying that if someone doesn't reply to your email in just over a week during the holiday season they lose the right to their shares?  After you just vanished for a fortnight yourself.

Just get crypto to import the remaining details, create accounts etc like they did the first time.  If they get YOUR email then they'd get one sent from crypto-stocks.  Seems like there's a few asset issuers trying set deadlines, impose hoops to jump through etc just to try to get out of returning funds to some investors.  You have their email addresses - that's all crypto need to make an account and put the shares into it.

Can't believe you're seriously saying that if in a fortnight someone emails you saying they were away on holiday you're just going to say "Sorry - I know I had your email address and could have given you shares on crypto, but you mssed the bit in the contract where you can't go away for more than 10 days at a time (or be in hospital longer than that, or lose internet longer than that etc) or I get to take your shares back and keep all the outstanding and future dividends myself."
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December 26, 2012, 12:46:46 PM
 #294

Regarding coupon payments since GLBSE closed, 85% has been paid to the largest investors (working from largest bondholder down).  I would like to be able to pay the remaining 15% immediately, but doing so would mean canceling our ASIC pre-order and losing the pre-order slot.

This stinks. You took money from the little guys to buy ASICs for the big guys without our agreement. If you don't have money to pay for ASICs then you can't buy ASICs, it doesn't get any simpler than that. Please cancel the order and pay the interest that you owe us or get a scammer tag.

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December 26, 2012, 01:27:33 PM
 #295

Regarding coupon payments since GLBSE closed, 85% has been paid to the largest investors (working from largest bondholder down).  I would like to be able to pay the remaining 15% immediately, but doing so would mean canceling our ASIC pre-order and losing the pre-order slot.

This stinks. You took money from the little guys to buy ASICs for the big guys without our agreement. If you don't have money to pay for ASICs then you can't buy ASICs, it doesn't get any simpler than that. Please cancel the order and pay the interest that you owe us or get a scammer tag.



Now i know the whole thing. I wish I hadnt invested this crap. GFY

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December 26, 2012, 05:25:36 PM
 #296

"    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 Cryptostocks average"


where is it said that glbse shares are paid last?
where is it said money that was supposed to be paid weekly was instead to be invested elsewhere?


i already called for a scammer tag to Gigamining will this have to be next?


and to think you are going to be asking for paid upgrades to asic. not sure anyone is going to take you seriously

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December 27, 2012, 07:36:43 PM
 #297

"    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 Cryptostocks average"


where is it said that glbse shares are paid last?
where is it said money that was supposed to be paid weekly was instead to be invested elsewhere?


i already called for a scammer tag to Gigamining will this have to be next?


and to think you are going to be asking for paid upgrades to asic. not sure anyone is going to take you seriously

I concur. I want my weekly dividends, as agreed to.
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January 03, 2013, 11:08:10 PM
 #298

I have my BITBOND shares on Cryptostocks. Where are the dividends?!
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January 03, 2013, 11:13:50 PM
 #299

I have my BITBOND shares of Cryptostocks. Where are the dividends?!

+1

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January 04, 2013, 06:09:32 PM
 #300

DIVIDEND
NOW

It is already Fifth of January now!

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