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PatrickHarnett
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August 01, 2012, 10:10:47 PM
 #621

Any changes in the way it is run? PPT.DIV will still get their dividends based on profits?

Phil

The DIV shares will still get 100% of the profits, the contracts don't change.

The only thing I was planning was relaxing the timing of the buy-back and listing of bonds for sale (as there is less likelihood of exceeding 3000 per week).  So between 00:00 and 2:00 am UTC (my Saturday midday) the two will probably occur around the same time.
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PatrickHarnett
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August 03, 2012, 08:29:48 AM
 #622

Must be up to PPT.A tomorrow - 3000 bonds up for grabs priced as low as 1.04 returning 1.28 in 28 days.

https://glbse.com/asset/view/PPT.A
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August 03, 2012, 05:43:54 PM
 #623

Must be up to PPT.A tomorrow - 3000 bonds up for grabs priced as low as 1.04 returning 1.28 in 28 days.

https://glbse.com/asset/view/PPT.A

Is there a way to swap my .B to .A's?

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BTW, Things in BTC bubble universes are getting ugly....
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August 04, 2012, 01:18:15 PM
 #624

Phew! Almost bought a good chunk of .A's for 1.4 each. Grin Just had a few seconds to cancel my order, and after that no more time to place a new bid. So missed my weekly PPT.x dosage. Cry

Also, please update the sales result file - suddenly all bonds were sold in the auction and there seemed to be two (!) four-figure bids (=never happened before). Together with the sudden rise in the number of insured PPT's and Patrick buying PPT operations I think we've had highly unusual amount of significant news this week. One can't help but wonder what really happened in Vegas.

Btw. I find it quite unintuitive that while the number of individuals backing this asset reduces from 6 to 1, the bonds start selling even better than earlier. This of course makes the change in demand even more relevant (and odd).
PatrickHarnett
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August 04, 2012, 08:48:31 PM
 #625

Phew! Almost bought a good chunk of .A's for 1.4 each. Grin Just had a few seconds to cancel my order, and after that no more time to place a new bid. So missed my weekly PPT.x dosage. Cry

Also, please update the sales result file - suddenly all bonds were sold in the auction and there seemed to be two (!) four-figure bids (=never happened before). Together with the sudden rise in the number of insured PPT's and Patrick buying PPT operations I think we've had highly unusual amount of significant news this week. One can't help but wonder what really happened in Vegas.

Btw. I find it quite unintuitive that while the number of individuals backing this asset reduces from 6 to 1, the bonds start selling even better than earlier. This of course makes the change in demand even more relevant (and odd).

I'm glad you managed to pull the 1.4.  Also, I wasn't able to get to Vegas.

Thanks Burt for pulling the trigger on the auction - the assets should get transferred to my account this coming week, I understand it's a manual process Nef needs to attend to.
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August 10, 2012, 01:41:17 AM
 #626

PPT.B tomorrow - 3000 bonds up for grabs priced as low as 1.04 returning 1.28 in 28 days.

https://glbse.com/asset/view/PPT.B
PatrickHarnett
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August 10, 2012, 09:49:35 PM
 #627

Currently 2800 in bids and 2 hours before the buyback and 4 hours before the auction.
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August 11, 2012, 02:20:02 AM
 #628

The PPT asset transfer is progressing, and I was a little late with the timestamp for this week's sale at 2:00:18 and completed at 2:00:21.

After fees, 3125.399366BTC was realised for deposit. 
Compounding should take this to 4096.761019 and after the 3840 buyback, leaves 256.7610186 for distribution (0.0285290 per PPT.DIV share)

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August 11, 2012, 02:29:59 AM
 #629

The PPT asset transfer is progressing, and I was a little late with the timestamp for this week's sale at 2:00:18 and completed at 2:00:21.

After fees, 3125.399366BTC was realised for deposit.  

Are you going to post the sales? It looks like the average was about 1.0418 per bond. Seems kind of odd that the 1,000 block at 1.045 stood unaffected.

Thanks.

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August 11, 2012, 02:34:58 AM
 #630

Total before fees was 3141.10489BTC for an average of 1.047034963


Asset   Quantity   Price   Date
PPT.B   1289   1.043   2012-08-10 22:00:21
PPT.B   1   1.05   2012-08-10 22:00:21
PPT.B   112   1.05   2012-08-10 22:00:20
PPT.B   30   1.05   2012-08-10 22:00:20
PPT.B   1000   1.05   2012-08-10 22:00:19
PPT.B   60   1.050001   2012-08-10 22:00:19
PPT.B   100   1.05   2012-08-10 22:00:19
PPT.B   283   1.05001   2012-08-10 22:00:18
PPT.B   125   1.051   2012-08-10 22:00:18
PatrickHarnett
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August 14, 2012, 08:47:03 PM
 #631

BS&T is changing rates in approximately one week. 

I wish to confirm that the currently issued PPT.x bonds will run unaffected through to their end dates paying the full 1.28 on redemption.


That possibly makes them a little more valuable than before.  For instance, the PPT.B will give 18 extra days past the interest rate change at full value.

The next PPT.x sale (PPT.C) will have a new strike price above the current 1.04 and I am yet to decide the precise level but considering 1.08 or 1.10.
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August 16, 2012, 10:14:49 PM
 #632

An interesting week, and with the changes occurring across the PPT landscape, the PPT.x series is no exception.

3000 "bonds" to be sold tomorrow https://glbse.com/asset/view/PPT.C

NOTICE - change in pricing

To reflect the new top tier interest rate, the floor price is set at 1.0BTC and the payment will be 1.20 being four times 5%.
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August 17, 2012, 06:43:05 PM
 #633

Pirate40 closed the shop and returns money to investors. How are you going to handle this?


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BTW, Things in BTC bubble universes are getting ugly....
The00Dustin
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August 17, 2012, 07:49:30 PM
 #634

Pirate40 closed the shop and returns money to investors. How are you going to handle this?
Probably the way their contract says they will handle it...
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August 17, 2012, 07:59:27 PM
 #635

Pirate40 closed the shop and returns money to investors. How are you going to handle this?
Probably the way their contract says they will handle it...

At the moment looks like Pirate is NOT defaulting but just closing the shop and returning all the invested coin with earned interest back to his investors.
In this case, we can expect the bonds to retire as usual and some probably get called earlier.
Can the bond issuer please confirm this.

 
Quote
Bitcoin Savings and Trust | Home | Closed
November 03, 2011, 11:14:09 PM
   
 #1
After much consideration, I’ve decided to close down Bitcoin Savings & Trust.

Why?
The decision was based on the general size and overall time required to manage the transactions.  As the fund grew there were larger and larger coin movements which put strain on my reserve accounts and ultimately caused delays on withdraws and the inability to fund orders within my system.  On the 14th I made a final attempt to relieve pressure off the system by reducing the rates I offered for deposits.  In a perfect world this would allow me to hold more coins in reserve outside the system, but instead it only exponentially increased the amount of withdrawals overnight causing mass panic from many of my lenders.

So now what?
I’ve spoken with my clients over the last week and come to an agreement that would allow me to close down my operation within a week.  Currently my reserve (operating wallets) are drained from fulfilling the withdraw spree that happened after the rate drop announcement.  All withdraws at this point will be delayed until Monday when the shutdown process begins..

At this point I will no longer accept deposits.  Any coins sent into the system as of now will be returned immediately.

When will I get my coins?
Starting Monday I’ll begin systematically closing and withdrawing accounts as coins are transferred.  I don't expect the entire process to last longer than a week. The moment your account is closed you’ll receive your coins plus any interest accrued up to the hour it was sent.

Thanks
I’d like to thank all of my lenders and PPT operators that were a key element in making Bitcoin Savings & Trust a success.  Bitcoin has grown a lot since I started this and want you to know that you were a vital part in helping it grow.

Now, I have a lot of work to do. Stay Tuned

-pirate

BTW, this is all bitlane’s fault.  (j/k you nut)

 


While reading what I wrote, use the most friendliest and relaxing voice in your head.
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The00Dustin
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August 17, 2012, 08:11:57 PM
 #636

In the event that BS&T stops payments and returns the principal and interest to date or changes its terms and conditions so that the intended pass through of interest is either stopped, pays lower interest or at a schedule that does not align with the PPT bonds the bonds will still be redeemed for their full face value on their scheduled redemption date.  PPT and the above mentioned backers will cover any shortfalls from the capital reserves of PPT.
Although I seem to remember this originally saying they would initiate a buyback for the fair value at that point.  I guess clarification is in order (and GLBSE seems to be swamped with people trying to dump their bonds, so that makes seeing the actual contract difficult).
PatrickHarnett
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August 17, 2012, 08:59:35 PM
 #637

I will be following the contract, and I have not worked out how much this will cost me yet.

(and obviously today's sale is off.)

Contract
In the event that BS&T stops payments and returns the principal and interest to date or changes its terms and conditions so that the intended pass through of interest is either stopped, pays lower interest or at a schedule that does not align with the PPT bonds the bonds will still be redeemed for their full face value on their scheduled redemption date.  PPT and the above mentioned backers will cover any shortfalls from the capital reserves of PPT.
ErebusBat
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August 17, 2012, 09:47:04 PM
 #638

Did BurtW know something you didn't?

Sucks you just bought 100% stake then this...

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PatrickHarnett
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August 17, 2012, 10:21:47 PM
 #639

Did BurtW know something you didn't?

Sucks you just bought 100% stake then this...

No.

This is going to cost me about 2500 coins at a guess, but there are also a lot of PPT.DIV holders that are going to see the value of their holdings go to zero so I also feel sorry for them.  The intention was to run it for many more months, but the risk profile was always there.
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August 17, 2012, 10:44:43 PM
 #640

How about PPT.D? It should mature in a few minutes...

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