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Author Topic: [GLBSE] BDK -- LIQUIDATING UNDER NEGATIVE EQUITY PROVISION --  (Read 18470 times)
Kluge
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August 29, 2012, 06:50:25 PM
 #181

I'm going to extend the .125BTC/bond offer a couple days until I have time to figure stuff out. I'll also offer a concurrent offer where you can receive BDK.BND units, which I personally insure. BDK.BND will be priced favorably to just receiving a BTC payout, but I'm not sure what the offer will be, exactly.

Fwiw, so it doesn't look like I'm slouching *too* much - I'll be filing and sending a formal complaint to JRO on the 10th, preceding a formal suit. I 99.99% expect this to bring in an additional ~$2-4k loss to pay the attorney with no funds recovered, assuming there is nothing to recover.

ETA: Sorry I've been away and unemotional throughout this. Hay fever season started last week, and I feel like garbage. Being on 90mg of dipoloiznifirin and 360mg of whateverthefuckeffedren just puts me to sleep.

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August 30, 2012, 02:08:53 AM
 #182

I'm going to extend the .125BTC/bond offer a couple days until I have time to figure stuff out. I'll also offer a concurrent offer where you can receive BDK.BND units, which I personally insure. BDK.BND will be priced favorably to just receiving a BTC payout, but I'm not sure what the offer will be, exactly.

I'm glad to hear that.  There's far too much drama and rushing into things around this forum, so taking time to sort things out puts you on top of the heap in my book.


Fwiw, so it doesn't look like I'm slouching *too* much - I'll be filing and sending a formal complaint to JRO on the 10th, preceding a formal suit. I 99.99% expect this to bring in an additional ~$2-4k loss to pay the attorney with no funds recovered, assuming there is nothing to recover.

When you say "formal complaint" are you talking about filing a lawsuit, or simply sending a formal demand letter?  A demand letter should not cost $2k.  Filing a federal suit should cost quite a bit more.


ETA: Sorry I've been away and unemotional throughout this. Hay fever season started last week, and I feel like garbage. Being on 90mg of dipoloiznifirin and 360mg of whateverthefuckeffedren just puts me to sleep.

Don't stress about it, and take your time.
For me the worst part of allergies is being drowsy and not able to sleep, so I end up feeling like a zombie all day.

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August 31, 2012, 05:25:01 AM
 #183

I kid you not - it took me 30 minutes just to get to this god-damned page. I filed a BBB complaint against Hughesnet, but the BBB needs its own BBB, so nothing expected there. DSL company dropped contact with me suddenly. I'd ask for an update, but I'd have to sit around in the McDonald's parking lot.  Angry

Anyway - there's an important piece of information y'all should add to your calculations. An anonymous human being... - we'll call him Anon - offered me the $3xK to pay off JRO's debt in the event that Pirate pays out depositors in a timely fashion. Anon had a few conditions - most of them insisting I act illogical. So, now, in the event that my JRO debt ends up being covered by someone else, I'll initiate a forced buyback as soon as I receive funds at the contractual forced buyback price. I don't really want to expand on this at all - it's a very absurd situation.

I've come up with the concurrent BDK.BND offer, so BDK-holders have the following choices - BUT, you need to choose by September 3rd, 5pm EDT (unless it's EST. I'd check, but.... >.>). I'll process all outstanding requests some time between then and the end of September 4th. After September 4th, you've effectively selected option 3.

Options for holders of BDK:

1) Request a .125BTC/bond payout in the form of "straight BTC." Transfer bonds to Kluge:BDK on GLBSE and I will transfer the appropriate amount of BTC to your account.

2) Request a .135BTC/bond payout in the form of BDK.BND. Transfer bonds to Kluge:BDK on GLBSE and I will transfer the appropriate amount of BDK.BND to your account.

3) Hold out. If Pirate pays - when I receive the BTC promised, I'll initiate a forced buyback under the contractual terms. If Pirate doesn't pay, I write off the JRO debt, Pirate debt, and liquidate BDK, in which case, remaining BDK-holders receive practically nothing under the negative equity provision, which allows for something like $.05/bond, I believe.


If you are sending bonds back to me, please indicate, via forum PM, what you want me to do with the bonds. If I receive no instruction, I will send BTC. GLBSE records the names of everyone who sends me bonds in a nice .csv file I can also use to easily calculate what I owe everyone.

(@exa: filing against him -- a demand will almost certainly do nothing, since I don't believe he has means of obtaining income within a reasonable amount of time. For as much as I know, he could have died over a week ago. Filing against him will do nothing [less cost me thousands] for the same reason, but it'd be a gesture of goodwill toward BDK-holders to ensure I'm doing everything possible. Personally, I think it's a terrible idea, and am waiting for BDK-holders to agree so I can "humbly" say "okay, I guess I won't do that if you guys insist.")



If anyone has anything else to say to me - for the next week or so, I strongly suggest using telephone @ 814-314-9308, or email @ Benjm00@gmailDOTcom. The forum takes way too long to try loading. However, if you only have a bond "sell-back" request, please send to me via forum PM, since I'll have to do that somewhere with a faster Internet connection, anyway. Cheers, and sorry again for all of this,
Ben

ETA: Skype also works fairly well with an intermittent Internet connection. bdk_kluge

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August 31, 2012, 07:16:48 AM
 #184

First exchange requests have been processed. I wanted to get these out of the way since I didn't set a time-frame when these two accepted the deal I offered and I appear to have something of an Internet connection ATM:
300BDK->405BDK.BND
785BDK->98.125BTC

BDK outstanding: 10,000
BDK in my account: 2707
BDK units left to close: 7293


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September 01, 2012, 02:52:52 AM
 #185

Internet connection's bad enough where BitMinter keeps running out of work on 1GH :/

So, here're the additional exchanges I'm aware of being requested, without responding to everyone individually (sorry):

10 BDK -> 14 BDK.BND (BDK has been transferred in)
500 BDK -> 62.5BTC (BDK has been transferred in)
150 BDK -> 18.75BTC (BDK has been transferred in)
320 BDK -> 432 BDK.BND (BDK has NOT been transferred in)

These exchanges will execute on September 4th. With these accounted for, my closing stats are currently as follows (assuming the 320 not in my account will be):

BDK outstanding: 10,000
BDK in my account: 3687
BDK units left to close: 6313

I'd advise current holders against "holding out," because the situation where the JRO debt will be paid off by someone if Pirate pays (there are other conditions which need to be met both on his part and mine) is outlandish. I don't think it's "too" unreasonable to think Pirate might pay out - eventually - but it's probably unreasonable to expect the JRO debt to be covered, and after paying out a "pre-liquidation liquidation" price to BDK-holders, BDK will likely still have negative equity until I personally inject funds.

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September 01, 2012, 06:35:41 PM
 #186

Good call - a decent solution for you (knowing the situation you're in) and us, (knowing we've lost significant value here). I'm not stoked with how this has worked out, but I am grateful that you're going about this is a way that preserves as much value as possible.

Thanks.

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September 03, 2012, 10:17:05 AM
 #187

Here're the additional exchanges I'm aware of being requested, without responding to everyone individually (new ones and changes in bold):

10 BDK -> 14 BDK.BND (BDK has been transferred in)
500 BDK -> 62.5BTC (BDK has been transferred in)
150 BDK -> 18.75BTC (BDK has been transferred in)
320 BDK -> 432 BDK.BND (BDK has been transferred in)
20 BDK -> 27 BDK.BND (BDK has been transferred in)
100 BDK -> 135 BDK.BND (BDK has been transferred in)
372 BDK -> 503 BDK.BND (BDK has been transferred in)
220 BDK -> 297 BDK.BND (BDK has been transferred in)
2036 BDK -> 2749 BDK.BND (BDK has been transferred in)
97 BDK -> Huh (BDK has been transferred in, no instructions received by sender)
9 BDK -> Huh (BDK has been transferred in, no instructions received by sender)
40 BDK -> 54 BDK.BND (BDK has been transferred in)


These exchanges will execute on September 4th. With these accounted for, my closing stats are currently as follows:

BDK outstanding: 10,000
BDK in my account: 6581
BDK units left to close: 3419

BDK is paying dividends this week. I might get them before daughter wakes up, or else it'll be a day late. For those who have transferred BDK but not received BTC or BDK.BND, the appropriate amount of dividends will be applied to your BTC or BDK.BND balance to be transferred to you.

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September 03, 2012, 10:43:27 AM
 #188

September 3 UPDATE
Dividend/unit paid: 0.0000882BTC/unit
Total dividend paid: 0.6432426BTC (0.3015558 to remaining BDK-holders, 0.3416868BTC to those who have transferred)
Running total dividends paid in September: 0.6432426BTC

(BDK units outstanding = 7293 [8378-300-785])

For those wanting BTC, this is straight-forward, and I'll run through and apply the balance changes in the next post. For those wanting BDK.BND, this is more tricky -- basically, as I see it, since I claim BDK.BND is ~7.3% less valuable than BTC, those requesting BDK.BND should receive 107.3% of dividends, or 0.0000946386BTC/unit worth of BDK.BND. (Ugh, 6am math - what the Hell am I doing?)

So... say you're the fellow with 2036 BDK looking for BDK.BND. Each unit of BDK is worth .135 when converted to BDK.BND, right? Well, with dividends, now it's effectively worth 0.1350946386BTC/unit. Instead of receiving 2749 units of BDK.BND, he should now receive (1.350946386*2036) = 2751 units of BDK.BND.


God, that was terrible. This is a trivial waste of time. Alright -- next week, when the exchanges to BDK.BND have been complete, I'll throw in a few extra BTC of dividends and that should more-or-less cover the insignificant dividend y'all missed this week. For those who wanted BTC, the revised amounts are:
500 BDK -> 62.5441BTC (BDK has been transferred in)
150 BDK -> 18.76323BTC (BDK has been transferred in)

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September 03, 2012, 02:59:14 PM
 #189

September 3 UPDATE
Dividend/unit paid: 0.0000882BTC/unit
Total dividend paid: 0.6432426BTC (0.3015558 to remaining BDK-holders, 0.3416868BTC to those who have transferred)
Running total dividends paid in September: 0.6432426BTC

(BDK units outstanding = 7293 [8378-300-785])

For those wanting BTC, this is straight-forward, and I'll run through and apply the balance changes in the next post. For those wanting BDK.BND, this is more tricky -- basically, as I see it, since I claim BDK.BND is ~7.3% less valuable than BTC, those requesting BDK.BND should receive 107.3% of dividends, or 0.0000946386BTC/unit worth of BDK.BND. (Ugh, 6am math - what the Hell am I doing?)

So... say you're the fellow with 2036 BDK looking for BDK.BND. Each unit of BDK is worth .135 when converted to BDK.BND, right? Well, with dividends, now it's effectively worth 0.1350946386BTC/unit. Instead of receiving 2749 units of BDK.BND, he should now receive (1.350946386*2036) = 2751 units of BDK.BND.


God, that was terrible. This is a trivial waste of time. Alright -- next week, when the exchanges to BDK.BND have been complete, I'll throw in a few extra BTC of dividends and that should more-or-less cover the insignificant dividend y'all missed this week. For those who wanted BTC, the revised amounts are:
500 BDK -> 62.5441BTC (BDK has been transferred in)
150 BDK -> 18.76323BTC (BDK has been transferred in)

Why don't you just send BTC for the dividends after (or before) you send the bonds?

Also, will we receive the BDK.BND interest paid today when you clear the transfers?
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September 04, 2012, 04:48:55 AM
 #190

September 3 UPDATE
Dividend/unit paid: 0.0000882BTC/unit
Total dividend paid: 0.6432426BTC (0.3015558 to remaining BDK-holders, 0.3416868BTC to those who have transferred)
Running total dividends paid in September: 0.6432426BTC

(BDK units outstanding = 7293 [8378-300-785])

For those wanting BTC, this is straight-forward, and I'll run through and apply the balance changes in the next post. For those wanting BDK.BND, this is more tricky -- basically, as I see it, since I claim BDK.BND is ~7.3% less valuable than BTC, those requesting BDK.BND should receive 107.3% of dividends, or 0.0000946386BTC/unit worth of BDK.BND. (Ugh, 6am math - what the Hell am I doing?)

So... say you're the fellow with 2036 BDK looking for BDK.BND. Each unit of BDK is worth .135 when converted to BDK.BND, right? Well, with dividends, now it's effectively worth 0.1350946386BTC/unit. Instead of receiving 2749 units of BDK.BND, he should now receive (1.350946386*2036) = 2751 units of BDK.BND.


God, that was terrible. This is a trivial waste of time. Alright -- next week, when the exchanges to BDK.BND have been complete, I'll throw in a few extra BTC of dividends and that should more-or-less cover the insignificant dividend y'all missed this week. For those who wanted BTC, the revised amounts are:
500 BDK -> 62.5441BTC (BDK has been transferred in)
150 BDK -> 18.76323BTC (BDK has been transferred in)

Why don't you just send BTC for the dividends after (or before) you send the bonds?

Also, will we receive the BDK.BND interest paid today when you clear the transfers?
I'd have to send BTC to those who requested BDK.BND as a separate transaction. With this Internet connection, that's a whole lot of extra time to portion out .3BTC. BDK.BND dividends were paid early yesterday morning. Those who requested the exchange from BDK to BDK.BND will not receive yesterday's BDK.BND dividends unless they were one of the two orders I did not give a set date of exchange execution to since I did their transfers early.

The 3BTC on top of normal BDK.BND dividends on September 10th should come pretty close to covering what's owed due to this problem on top of being a bonus to current BDK.BND holders. It'd be more than enough if I gave only the "true" amount of BDK dividends to, but probably a bit less than if I gave both BDK dividends and BDK.BND dividends.

Exchanges will execute in ~1 hour. I expect it to take me 1-3 hours to process everyone. If there's anyone in this thread who either did not give me instructions or hasn't sent me the BDK units (and want to), please do so now. Failing to do so by the time I finish processing orders tonight forfeits this current voluntary offer and will keep you locked into the BDK contract (which, incidentally, changes today, I believe), including the negative equity provision which is likely to be exercised within a couple months.

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September 04, 2012, 04:52:04 AM
 #191

Here're the additional exchanges I'm aware of being requested, without responding to everyone individually (new ones and changes in bold):

10 BDK -> 14 BDK.BND (BDK has been transferred in)
500 BDK -> 62.5BTC (BDK has been transferred in)
150 BDK -> 18.75BTC (BDK has been transferred in)
320 BDK -> 432 BDK.BND (BDK has been transferred in)
20 BDK -> 27 BDK.BND (BDK has been transferred in)
100 BDK -> 135 BDK.BND (BDK has been transferred in)
372 BDK -> 503 BDK.BND (BDK has been transferred in)
220 BDK -> 297 BDK.BND (BDK has been transferred in)
2036 BDK -> 2749 BDK.BND (BDK has been transferred in)
97 BDK -> 131 BDK.BND (BDK has been transferred in)
9 BDK -> 1.125BTC (BDK has been transferred in)
40 BDK -> 54 BDK.BND (BDK has been transferred in)

These exchanges will execute in ~1h from this post (processing is expected to take 1-3h). With these accounted for, my closing stats are currently as follows:

BDK outstanding: 10,000
BDK in my account: 6581
BDK units left to close: 3419

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September 04, 2012, 05:32:57 AM
 #192

Exchanges are now being executed. This will take me an hour or few. I'll report back when I think I'm done. When I post my belief of being finished, feel free to give me lots of shit if I forgot or bungled your exchange, but please not prior -- stressful week. Smiley

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September 04, 2012, 07:07:36 AM
 #193

I believe every exchange has now been processed except this one:
500 BDK -> 62.5441BTC (BDK has been transferred in)

Waiting on deposit to register on GLBSE. Only two mistakes I'm aware of: sent someone 14BTC instead of 14 BDK.BND units, and sent someone BTC without the dividend adjustment (corrected this). If I made other mistakes, lemme know.

For now - this is official notice that I've written off the JRO debt (on the books -- he still owes the money, I just think it's unreasonable to expect repayment at this time), and after paying out BDK-holders, BDK is now experiencing negative equity. Remaining BDK units will close under the "negative equity" provision in 90 days from today if equity does not become positive by that time. At that point, I'll have all my loans called, will have sent in some cash to cover what else I owe, and then I'm disappearing for a few months to sulk. (well, actually, I have another venture to tend to, and I wouldn't mind spending time on the house)

In addition, the new contract went into effect today. All the changes, aside from dividends becoming a monthly event, are likely irrelevant since BDK/IOU is liquidating. Finally - I am burnt out, have hay fever, and have over-burdening burdens. I'm tired, whiny, and still have a ton of work to do on the house. Don't bother me with bullshit for a while. I don't care what it is, just know I'll probably be an asshole in response if it isn't good news. I haven't updated my public sheets in a week or two, and have no interest in doing so ATM. IOUCoin.com will still be launching eventually. I no longer know when, and I don't feel like talking about more bad news. - And god-damn does Hughesnet's service suck ass -- everything has to be so damned drawn-out. By the time my client broadcasts a transaction, two fucking blocks have been solved, and BitMinter - it only has 1GH/s of work.... It can't keep up. Who the fuck would charge $80/mo for that?! What's wrong with these people?! Ahhhhhhhhh! *kehpooooooo!*

Have I mentioned I'm heavily sedated and vertigo's been on-and-off the past couple days? Anyhoo, see y'all next Monday.

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September 04, 2012, 06:38:33 PM
 #194

My guess would be Anon=Matthew Wink

"We are just fools. We insanely believe that we can replace one politician with another and something will really change. The ONLY possible way to achieve change is to change the very system of how government functions. Until we are prepared to do that, suck it up for your future belongs to the madness and corruption of politicians."
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September 05, 2012, 06:45:43 PM
 #195

Thanks for making those exchanges happen quickly for us. I really appreciate that.

Hope you feel better soon.

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September 05, 2012, 11:16:19 PM
 #196

Thanks for making those exchanges happen quickly for us. I really appreciate that.

Hope you feel better soon.

Ditto.

Starbucks/Panera/McDonalds usually have free wifi and central a/c (which knocks out the allergens, for me at least).  Oh, and the caffeinated beverages are a plus.

And if you need a little motivation... Warren Buffet is well-known for saying "try to be fearful when others are greedy and greedy only when others are fearful"

That means now is the time to load up on deposits at super low you-know-they're-safe-cuz-I'm-Kluge rates and lend them out to the people who need liquidity at you're-a-bad-risk-cuz-you-bet-it-all-on-pirate rates.


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September 06, 2012, 07:12:20 AM
 #197

Thanks for making those exchanges happen quickly for us. I really appreciate that.

Hope you feel better soon.

Ditto.

Starbucks/Panera/McDonalds usually have free wifi and central a/c (which knocks out the allergens, for me at least).  Oh, and the caffeinated beverages are a plus.

And if you need a little motivation... Warren Buffet is well-known for saying "try to be fearful when others are greedy and greedy only when others are fearful"

That means now is the time to load up on deposits at super low you-know-they're-safe-cuz-I'm-Kluge rates and lend them out to the people who need liquidity at you're-a-bad-risk-cuz-you-bet-it-all-on-pirate rates.



Trust's low across the board, and it's a terrible time for all this to happen in some ways. Just bought a property outright. I have enough left-over to still go a couple years with all the repairs needed, and covering $5-10k in a failed venture, but it's getting too close for comfort. I'm not too interested in re-capitalizing until I know I'm personally in a secure position, and for me, that means taking a steady job again for 2-3 years, and maybe doing this on the side. I'm not one of those people who come to people with an idea, no sweat-equity put in, and ask for $250,000 - fuck that, I like being able to sleep. One thing I definitely don't want is to operate with insignificant equity compared to liabilities like the majority of conventional banks. They usually are able to get away with this by having hundreds of thousands, or millions, of customers, where operational income/outgo can be reasonably estimated day-to-day (bailouts are probably pretty helpful, too). Someone could withdraw $500k from Huntington one day, and their operations would be only negligibly affected. The way Bitcoin lenders work is by being extremely meticulous in making sure loan repayments line up with deposits, and there are at least two back-up plans if the lendee of the depositor's money ends up disappearing. The way many of us operate - we merely guarantee a lendee's loan in many cases (maybe not most, though). All the risk's on us for a much, much smaller reward than depositors receive - BUT, there's been pretty severe competition, and Pirate's really fucked with the rates. If someone can personally guarantee 2%/wk and deposit almost all of it into Pirate, there's not really a place for me. It practically forced us to put money into Pirate because it's the only way to be competitive, and we did this in a very cannibalistic way. We should've just stuck with what we had, not taken on debt the way we did, turned money down, and operated either entirely on equity and the few depositors willing to take 1/10 the rate guaranteed PPTs offered. We didn't do that, though - we had gentlemen's agreements on the maximum rate we could offer on guaranteed deposits, but it wasn't enough, and once PPTs started popping up, those agreements pretty much went out the window, especially since many were operated by individuals outside the lending cartel.

It's not all bad, though. With Micon's shit-brush, Pirate defaulting, JRO defaulting, the asinine warning on the top of "long-term offer" threads (just sent theymos a long rant about that...), and the massive runs these have all colluded to create, Patrick's more-or-less out of the game. HK will probably wind down if Pirate doesn't repay, Imsa's possibly gone, Burt might be gone... The playing field's going to be pretty empty -- all these great people who ultimately should've overshadowed me - people who have been extremely generous to me in sharing lots of information on finance an innovation (and their coins when I've needed it!) -- many of them will be leaving, or are already leaving. I'll be less without them, and the economy on the whole will be less without them, but as far as business opportunity goes, it's a great time to really push forward (well, it would be if I had lots of spare cash to throw back in).

I happened to have been winding down operations and I believe I only have 3 outstanding fixed-term deposits. The rest are in BDK.BND, which people can't force me to give them face value for at any time of their choosing - and, if people sell that down on the open market, I win, anyway, by getting to buy back my debt very cheaply. So, I believe it was mostly only coincidental that I've been pretty-well protected in the current environment (even with all the horse-shit which's happened since June). There are still people willing to deposit money with me... but I'm not interested until I feel better about where I am financially.

Idunno. Sitting and waiting with BDK/IOU, for now. I put the designers for IOUCoin.com on hold, and that's close to being canned altogether after the dev's paid for "phase one." I have a house to fix up, and we just found a cat crying outside a few hours ago. Named her Rusty Joe.

ETA: And thanks everyone. I should've received way more shit than I did for pulling a "voluntary recall," I think. I appreciate the trust. I was pleasantly surprised by how many requests there were for BDK.BND over BTC payout.

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September 07, 2012, 11:26:23 AM
 #198

Those of you "lucky" enough to be together with me in the new IOU contract may be pleased to know I talked to JRO 2-3 days ago on the phone. Sounds like they're working extremely hard, even if they are isolated in a safehouse. He gave 3-12 months as a time when he'd probably be drawing significant income... I expect repayment will be in something like 1-3 years unless Jered gets a favorable settlement with Dwolla and's feeling mighty generous. With that in mind, I've decided against writing the JRO debt off. However, it's necessary I inject more capital into IOU. Working capital starvation sucks. I have absolutely no interest in releasing more units of IOU - I don't think I could get what I got, and I *REALLY* dislike this offering, now. I think BDK.BND units are going to tie me to too-high rates post-Pirate, so I'm not interested in issuing more of those. I hate to do it after all the fear-mongering, but I think the only solution is to personally re-invest in IOU. I wouldn't be a dick enough to dilute IOU bonds' profit % with it... that doesn't make much sense, anyway, since IOU units don't directly represent equity. If someone stuck on-board with me is particularly enthusiastic, it would encourage me to invest more if a % of what I put in were being matched.... Wink

I contributed 40BTC back in from a loan I effectively gave myself to buy appliances while BTC was high a few weeks ago. I still have ~250BTC to go. Started repaying now that we're creeping back up. Always regret missing the highest peaks and lowest dips, but I can't really complain about that bet. Need to take a deep breath before putting more in. In my mind, I still get this feeling of having done 9 months work, massive headaches, stress put on family, long hours when I get obsessed with spreadsheets... and came out with nothing but loss... ultimately, though, I put in ~$15k, got a $3k ring, $2.5k in appliances, $3k in cash, all sorts of little things...It wasn't a total loss, anyway... Experience evens it out, maybe.... God - I have to stop letting my mind wander.

Anyway - some changes in spreadsheets. I'm not going to give monthly reports in this thread, anymore. If you want a monthly report, look at the damn sheet. I don't have employees to spend their time on reformatting redundant information, and it ain't worth mine. Individual monthly reports have been hidden on the public sheets, less those for the past three months -- I'm running out of room.

I don't plan on writing off Pirate's debt, yet. However, I'm converting the Hermes debt (currently accounted for as a security) into a JRO debt on the books... Both his and Pirate's debts will be accounted for as defaults. When/if I write one or both of them off, I'll probably express it over a relatively long period of time... something like one to two years.

Pfew... What else...? Oh yeah, I'm "re-launching" (still quietly accepting orders from a regular) P&P Exchange. Last month, I was hoping to get a good, symbiotic relationship with someone looking to mix coins (given "my" coins come from many different sources, including fresh), but that didn't end up working out quite as much as I wanted. I shot SteamGames an open partial purchase offer, but he never got back with me... disappointed by that. Not completely sure on ETA for IOUcoin.com - dev's working on other projects. I told the designers I can't take them on right now, thanked and apologized, said I'd probably come back by the end of the year... they were very polite about it. Any other news, any other news... IOU.Canopy is very unlikely to be launched at this point - I'm going to be stuck with Frontier's satellite service (switching from Hughesnet), which they're launching in November. My ability to use the Internet will be... probably about as equally limited as it is now until Frontier starts doing installations, and after, I'll probably get shitty service until they run DSL to the area in late 2013 to mid 2014. I kind of like the guy I'm talking to at Frontier... asked him for a job. Heh - I ask just about every executive or business owner I meet for a job, directly or indirectly. No follow-up on that, yet. Someday, someone might feel in the mood for asinine, informal applications out of left-field. Wink

I'm re-considering standard business hours, but they'd have to be something insane to work with this Internet connection... or I'd have to find somewhere to drive to everyday. Think there might be a cafe in town... there are a couple truck-stop type places not too far. Wife could drop me off everyday and head back home so she has a vehicle to drive... though, one of those truck-stop-type places is a strip club........... >.> Mind's wandering again. Anyway, I'd have to re-load the laptop with my wallets. Not fond of the idea of doing business on a public network. I guess I'm probably not at much risk of security breaches at a small agricultural village diner, though, heh. Actually, probably a market here for PC repair at asinine rates.

Anyway - I think that's all the news I have for now. Pandora's cutting out more than playing, so usable Internet connection's coming to an end. I should have spreadsheets updated by end of day. Need to contact a depositor, too. May re-launch IOU operations as soon as tomorrow.

Don't mix your coins someone said isn't legal
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September 08, 2012, 07:16:30 AM
 #199

I'm looking at 4-10am Eastern (all days of the week) as standard business hours. Weird hours, but that's most convenient for me. If it creates problems, I can easily change it. I plan on resuming operations on the coming Monday. Sheets are updated, but I still need to build up the courage to see where I stand after counting JRO & Pirate as defaults - and Pirate will probably be written off soon. I'm reconsidering what I want to do with remaining BDK bonds... no clue who owns them from GLBSE's side, of course, so there's not much a way to negotiate individually with them. There's someone out of their home country I think might hold the majority of remaining bonds, so I'll talk with them whenever I can track 'em.

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September 10, 2012, 12:19:37 PM
 #200

So.... Here is a short string of level-headed, professional posts I made this morning in Skype not long after rising from bed:

[5:05:46 AM] Ben Malec: Ah.... Okay. Finally coming out of denial. I'm totally fucked.
[5:05:59 AM] Ben Malec: Totally and utterly fucked.
[5:06:48 AM] Ben Malec: Completely, totally, utterly fucked.
[5:06:52 AM] Ben Malec: Fuck.

This was followed, not too long after, with:

[7:32:37 AM | Edited 7:32:55 AM] Ben Malec: Anyone selling coins? I need at least 525BTC, and may possibly need up to 1600BTC on top of that. Would be able to send USD either on the 13th or 14th. Would prefer to do instant shared branching transfer at a CU, but could also do PNC's version of instant p2p transfer. I'd want coins as soon as the amount posts into your account because I need to stop my bleeding from BTC loans pretty much right now before I go under.
[7:38:26 AM] Ben Malec: Oh. 14th is a Saturday. Friday or Monday, then.

Pfffffffffffffffffffffffffffffffffffffeeeeew. So, at this point, I'm definitely going to wind down, contrary to posts from short-lived enthusiasm I was feeling. I'm buying out the remaining three large CD-holders within a week - USD if they'll take it, or BTC if not - from personal funds. I have not defaulted, and interest is still accumulating.

BDK.BND will not be bought out within a week. I'll place large open-market bids on GLBSE (likely one around the middle of this month, and then one large order each month starting in January) until I have enough coins to do a contractual forced buyback. I'm thinking that may take as long as mid-2013 - but I'll still be paying out consistent weekly dividends until that time. BDK/IOU will be liquidated under the contract's "negative equity" provision within 90 days, with a forced buyback at .02BTC/share. BDK.BND will remain after liquidation, which I will pay for out-of-pocket. Most loans I have out (which haven't defaulted) are either being called, or not allowed to renew -- these funds will also be used to slowly buy back BDK.BND on the open market until I'm able to buy them all back in one shot.

Don't mix your coins someone said isn't legal
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