DeaDTerra
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Merit: 1000
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April 06, 2012, 10:13:28 AM |
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It was clearly stated from the beginning that Goat could change the interest rate as long as he would tell the shareholders two weeks in advance, this was done. It was also stated that there might be delays in the interest payment in extreme situations. This qualifies. Regrading that you sold out out of panic at a lower price then 0.1, well that's not goats fault that's yours it's a free market and you decided to sell. To bad, you can't blame Goat for a stupid decision you took. Don't think Kluge should have paid you... //DeaDTerra
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"Bitcoin: mining our own business since 2009" -- Pieter Wuille
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John (John K.)
Global Troll-buster and
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Activity: 1288
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Away on an extended break
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April 06, 2012, 10:43:46 AM |
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It was clearly stated from the beginning that Goat could change the interest rate as long as he would tell the shareholders two weeks in advance, this was done. It was also stated that there might be delays in the interest payment in extreme situations. This qualifies. Regrading that you sold out out of panic at a lower price then 0.1, well that's not goats fault that's yours it's a free market and you decided to sell. To bad, you can't blame Goat for a stupid decision you took. Don't think Kluge should have paid you... //DeaDTerra
Yeah +1. I would rather donate the money to charities then give hashking if I was in Kluge's soles.
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The00Dustin
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April 06, 2012, 12:05:17 PM |
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Posted this in TyGrr-Bank thread before seeing this thread (edited for context): It's a free market, and it's hashking's fault that hasking sold the bonds for less than face value. No one else has any fault here unless you imply that dividends should be paid to shareholders as of record (so to who held the bonds on Tuesday at a given time, the normal day for payments). However, GLBSE has never claimed to offer such a feature (as Nefario already mentioned in this thread), so blaming Nefario for not offering a feature he never seemed to offer doesn't make sense. Lots of people will be out lots of money if bitcoin fails, and this wil be their fault for investing in bitcoin, not Satoshi's for inventing it. Also, for the record, a bid wall to pay back the bonds defeats the purpose of a bond, borrowing the face value. For instance, why would someone borrow $100 from you if I had to leave it where you could get to it? (Hint: They wouldn't, they borrow it to spend it.) Moreover, the contract said Goat wil buy back the bonds at any time, everyone is inferring that this means he will buy them back whenever they want him to, and this may have been implied elsewhere, but the way it was worded in the original contract (again, for a loan), would only imply that the bonds don't expire, not that you get to collect face value on a whim. In fact, I believe this was discussed early in the TyGrr-Bank thread (something about when Goat decides to buyback, he will put the money back in GLBSE, puts up a bid wall for all open shares, and ceases to pay interest). IOW, ANY suggestion that Hashking had ANY right to more than what he CHOSE to sell the bonds for is ridiculous, and the fact that Goat is buying back bonds on request is him going above and beyond to make those requestors happy.
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mila
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April 06, 2012, 01:19:24 PM |
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I bought 926 bonds at 99.90 and sold 926 bonds at 77.252. I didn't received Goats promised .1 BTC per bond like promised in his post.
why, why, why did you sell them in the market for the unfortunate price? you should not have sell low and buy high. were you buying high? person that bought the 926 bonds for 77.252 is the guy who got the coupon payment and is the new owner who can sell them back at the face value to goat or at a price he finds acceptable in the market.
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your ad here:
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hashking (OP)
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April 06, 2012, 01:26:46 PM |
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The main issue is that Goat said he would buyback any bonds at .10, he never specified how(his fault). 2nd issue is I held my bonds past the dividend payment date and didn't receive my payment(Goats and Nefario's fault). He put a poor thread together for his offering. He didn't cover all aspects on how his bond works. MAybe that's what happens when you try and slap something together fast without putting any thought into it.
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brendio
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April 06, 2012, 01:32:14 PM |
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Are there terms in the Tygrr-Bank contract for what happens if a certain condition is not met (i.e. payments made late)?
Unless there are terms that outline what happens in such an eventuality I don't think you can just make them up yourself. I think you'll find the terms of the contract for TyGrr-Bank Bonds most informative: <contract> test </contract>
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mila
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April 06, 2012, 01:35:35 PM |
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but why did you sell to whoever offered the .008x btc per bond? this is the question. I've lost money on mtgox I know how it feels to produce a net loss by trading and I think I can see how you feel about the loss but I can't see why you blame others for your own actions?
or did I miss a line somewhere where you write your account was hacked and you did not issue the sell order yourself?
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your ad here:
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hashking (OP)
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April 06, 2012, 01:41:14 PM |
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but why did you sell to whoever offered the .008x btc per bond? this is the question. I've lost money on mtgox I know how it feels to produce a net loss by trading and I think I can see how you feel about the loss but I can't see why you blame others for your own actions?
or did I miss a line somewhere where you write your account was hacked and you did not issue the sell order yourself?
I will state this again. He didn't deliver on what he promised in his offering.
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vampire
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April 06, 2012, 02:06:59 PM |
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The main issue is that Goat said he would buyback any bonds at .10, he never specified how(his fault).
If he never specified how then its your fault. Since he can pick how he wants, he isn't bound by a contract 2nd issue is I held my bonds past the dividend payment date and didn't receive my payment(Goats and Nefario's fault). He put a poor thread together for his offering. He didn't cover all aspects on how his bond works. MAybe that's what happens when you try and slap something together fast without putting any thought into it.
Remember if he didnt cover all aspects it doesnt mean automatically you prevail, in real life it's mostly you loose. If he didn't promise you something then well he isn't responsible for it.
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The00Dustin
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April 06, 2012, 02:36:52 PM |
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If he never specified how then its your fault. Since he can pick how he wants, he isn't bound by a contract
Remember if he didnt cover all aspects it doesnt mean automatically you prevail, in real life it's mostly you loose. If he didn't promise you something then well he isn't responsible for it. This. Also, it isn't Nefario's fault if you didn't understand that GLBSE doesn't have a method for payments as of given dates (preventing you from getting dividend's after you sold the stock), and it isn't Goat's fault his accout was locked (preventing him from paying dividends on his normal schedule), so why are you still trying to blame other people for poor decisions you made while you were ill-informed (buying at greater than face-value after the thread already said he could stop making payments and provide a buy order at any time while knowing his terms were vague and not knowing how GLBSE worked)?
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likuidxd
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April 06, 2012, 03:58:40 PM |
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2nd issue is I held my bonds past the dividend payment date and didn't receive my payment(Goats and Nefario's fault). He put a poor thread together for his offering. He didn't cover all aspects on how his bond works. MAybe that's what happens when you try and slap something together fast without putting any thought into it.
Remember if he didnt cover all aspects it doesnt mean automatically you prevail, in real life it's mostly you loose. If he didn't promise you something then well he isn't responsible for it. Dividends are promised in the OP to be paid weekly, every Tuesday @ 6pm Thailand time. Edit:
I will be selling a 2000 more bonds and lowering the payment to 2.5% on April 3rd. This means that the dividends on March 27th and April 3rd will be at 3% but after that it will be 2.5% until I change it (odds are lower it)
End Edit:
TyGrr-Bank Now operational on GLBSE!
TyGrr-Bank is a BTC bond that will pay weekly dividends every Tuesday 6:00 PM Thailand time.
This is an easy and safe way to lend small amounts of BTC.
The current rate is 3% each week!
Each bond will be sold at .103 BTC and will be bought back at any time at .1 BTC.
This spread is here because you do not need to hold the bond for a full week to get the dividend payment.
Thanks!
I think that pretty much covers that he should be paid his dividend, but only if he can provide proof of ownership at that specific time. No special conditions are outlined in the contract for this, it is assumed the dividend will be paidI also just read all your responses in the op, unless I missed something you never stated you had to be contacted to buy back shares.
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mila
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April 06, 2012, 04:26:52 PM |
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I will state this again. He didn't deliver on what he promised in his offering.
I understood this the first time you wrote that and you're probably not aware that payments are not automatic but must be triggered by the asset manager if the account was locked, then you should wait for him to regain access. do you also claim the 0.5 % sales fee in your "lost profit"?
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your ad here:
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RaggedMonk
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April 06, 2012, 06:06:49 PM |
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Each bond will be sold at .103 BTC and will be bought back at any time at .1 BTC.
This spread is here because you do not need to hold the bond for a full week to get the dividend payment.
Thanks!
I have no stake in this discussion, but seeing as how this is pretty much the extent of the "contract", I would say hashking was reasonably justified in believing that we would receive the full 0.1BTC. However, I am not familiar with GLBSE's interface (I find the design very hard to understand) but if it was clear at the time when he sold that he would not be getting the full amount, then I would say buyer beware. Hashking, did you submit a market order? Or, were you able to see the price that you would receive for your shares before submitting your order?
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Kluge
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April 06, 2012, 06:10:06 PM |
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Each bond will be sold at .103 BTC and will be bought back at any time at .1 BTC.
This spread is here because you do not need to hold the bond for a full week to get the dividend payment.
Thanks!
I have no stake in this discussion, but seeing as how this is pretty much the extent of the "contract", I would say hashking was reasonably justified in believing that we would receive the full 0.1BTC. However, I am not familiar with GLBSE's interface (I find the design very hard to understand) but if it was clear at the time when he sold that he would not be getting the full amount, then I would say buyer beware. Hashking, did you submit a market order? Or, were you able to see the price that you would receive for your shares before submitting your order? Bid orders are clearly shown. I'm not sure why he would sell first, then ask for the cashout amount instead of asking for the contractual cashout amount, then sell when he would've been able to see he wouldn't get the amount requested. Whoever picked up @ .6 or whatever the sell order was made out like a bandit. In the end of all this, he's the only one who actually turned a profit on all this. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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Nefario
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April 06, 2012, 06:18:19 PM |
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I have no stake in this discussion, but seeing as how this is pretty much the extent of the "contract", I would say hashking was reasonably justified in believing that we would receive the full 0.1BTC. However, I am not familiar with GLBSE's interface (I find the design very hard to understand) but if it was clear at the time when he sold that he would not be getting the full amount, then I would say buyer beware.
Hashking, did you submit a market order? Or, were you able to see the price that you would receive for your shares before submitting your order?
In GLBSE you must specify the price to buy or sell at, there is no instant buy or sell order, you have to specify the quantity and the price. This means that HK looked at the buy orders that were there and put in .008 (or whatever the price was) and clicked sell. There is no way for you to put in a sell order at 1.0 and the trade happen at less than that amount.
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PGP key id at pgp.mit.edu 0xA68F4B7C To get help and support for GLBSE please email support@glbse.com
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RaggedMonk
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April 06, 2012, 08:14:21 PM |
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I have no stake in this discussion, but seeing as how this is pretty much the extent of the "contract", I would say hashking was reasonably justified in believing that we would receive the full 0.1BTC. However, I am not familiar with GLBSE's interface (I find the design very hard to understand) but if it was clear at the time when he sold that he would not be getting the full amount, then I would say buyer beware.
Hashking, did you submit a market order? Or, were you able to see the price that you would receive for your shares before submitting your order?
In GLBSE you must specify the price to buy or sell at, there is no instant buy or sell order, you have to specify the quantity and the price. This means that HK looked at the buy orders that were there and put in .008 (or whatever the price was) and clicked sell. There is no way for you to put in a sell order at 1.0 and the trade happen at less than that amount. Thanks for clearing that up. In that case I agree with the general consensus of this thread.
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