[GLBSE] TEEK Funds - crowdsourced loans / p2p economics. NEW: TEEK.USD

[teek]

Hi guys!  Another week of interest paid!  

Have a new issue for you all to look at,  it may not be for everyone, but it is yet another very interesting experiment and might be something someone has been looking for!


TEEK.USD
-------------------

TEEK.USD is an interest bearing loan or bond pegged to USD.  Each bond has a face value of ONE UNITED STATES DOLLAR (USD) worth of Bitcoin at Mt. Gox's BTCUSD 24h weighted average rate.

This loan / bond guarantees no loss of principal to the bond holder, the risk is carried solely by the issuer, and it's face value does not fluctuate from $1.00 USD.

This loan / bond is pegged to USD but all transactions will take place in Bitcoin, at the Mt. Gox BTCUSD 24h weighted average rate, USD will be rounded to two decimal places, and BTC will be rounded to 8 decimal places.

A $0.01 USD (in bitcoin at the Mt. Gox BTCUSD 24h weighted average rate) interest payment will be paid to each bond every Sunday. You must hold the bond at the exact time of interest payment to be entitled to the interest.

For example:  For a weighted average of $7.53959  a rate of $7.54 would be used.  A interest payment of $0.01 USD @ BTCUSD rate of $7.54 would be,  1 / 7.54 = 0.13262599 BTC  x $0.01 USD = 0.00132626 BTC per bond.

A minimum liquidity level will be established. Each week, on the Sunday interest day, a bid of $1.00 USD per bond (in bitcoin at the Mt. Gox BTCUSD 24h weighted average rate) will be placed for a minimum of 5% of the outstanding bonds.

This loan / bond can be called at any time. If the loan / bond is called, the issuer will place a bid of $1.05 USD per bond (in bitcoin at the Mt. Gox BTCUSD 24h weighted average rate) for every outstanding bond. Interest for the weekly period will be paid out on a pro-rated basis.


** This asset does not represent ownership of any company or organization and has no voting rights. **





Questions / comments - would love to hear em!  


teek

[MoneyIsDebt]

What is this loan for? Where do the dividends come from? Etc.

[teek]

What is this loan for? Where do the dividends come from? Etc.

Basically, the loan will be used to facilitate transactions in my businesses that may otherwise be too risky due to BTCUSD fluctuation.  This means that the exact uses of the funds will vary, but are guaranteed no matter what happens to them.  The dividends come from my existing businesses, but if TEEK.USD is successful it will allow me to make my existing business more efficient as well as make business more profitable and less risky overall. 





 

[teek]

The IPO for TEEK.USD has been approved by GLBSE and is now listed on the IPO's page.

https://glbse.com/ipo/164


It will IPO on July 22nd at approx 12:00 CST.  Due to the asset being pegged to USD, the price at IPO time will vary.

I will accept pre-orders of 500 units or more at  .1175 BTC per unit for a limited time.  I reserve the right to change the pre-ipo price as I see fit with currency fluctuation and the price will not be locked-in until I have received the BTC for your order.   

7000 are available for pre-ipo sale, please PM me if interested.


teek

[brendio]

Would you accept Mt Gox USD for pre-IPO shares?

[teek]

Would you accept Mt Gox USD for pre-IPO shares?

Yes.

[teek]

TEEK.USD pre-sale updated to .105 BTC per bond.

[teek]

bump for TEEK.USD

[teek]

TEEK.USD PRE-IPO  - best deal around at .105 BTC, lock in the rate!

[teek]

TEEK.USD is live!

[teek]

Interest paid!

[teek]

Interest paid!


Today was the first interest payment for TEEK.USD,  the BTCUSD rate used for todays calculation was 8.79516


teek

[unclescrooge]

Thanks teek for your great service

[teek]

Thanks teek for your great service

You are very welcome.

teek

[nimda]

Oh wow. I am going to buy a few shares of TEEK.USD. It's like depositing coins and then taking a short CFD for the total, but all in one click

[teek]

Oh wow. I am going to buy a few shares of TEEK.USD. It's like depositing coins and then taking a short CFD for the total, but all in one click

glad someone likes it   volume has been pitiful so far tho..

[Francesco]

Oh wow. I am going to buy a few shares of TEEK.USD. It's like depositing coins and then taking a short CFD for the total, but all in one click

glad someone likes it   volume has been pitiful so far tho..

Hm, taking TEEK.USD as a way to trade on BTC price inside GLBSE has rapidly proven one of the worst ways to waste my money I have come across in my life, HYP scams aside.
But I guess I have learnt now. I can put BTC there, and if price goes down -profit! If not... hey, 1%/week on a USD deposit, what bank offers that? I can simply take that much money, buy new bitcoins, and the final effect will have been to move them to a much higher interest, without adding too much currency risk.

Seen under this light, this is maybe the gretest asset ever 

[teek]

Oh wow. I am going to buy a few shares of TEEK.USD. It's like depositing coins and then taking a short CFD for the total, but all in one click

glad someone likes it   volume has been pitiful so far tho..

Hm, taking TEEK.USD as a way to trade on BTC price inside GLBSE has rapidly proven one of the worst ways to waste my money I have come across in my life, HYP scams aside.
But I guess I have learnt now. I can put BTC there, and if price goes down -profit! If not... hey, 1%/week on a USD deposit, what bank offers that? I can simply take that much money, buy new bitcoins, and the final effect will have been to move them to a much higher interest, without adding too much currency risk.

Seen under this light, this is maybe the gretest asset ever 

In the bull market we are in yeah.. but hopefully volume will eventually pick up and the spread will tighten up..   Glad you like it.

teek
 

[teek]

Interest paid!

The BTCUSD rate used for TEEK.USD was 10.64905


teek

[teek]

BTCUSD on fire right now,  get some TEEK.USD @ .083333