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Author Topic: [GLBSE] BDK.BND (1%/week) *IN DEFAULT*  (Read 17149 times)
Kluge
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May 07, 2012, 02:30:13 AM
 #1

10/2/12 Update: READ THROUGH Page 6 & beyond (if your settings are set to show 20 responses/page). I am currently in default on BDK.BND and have locked debt @ bondFV*1.01 -- *BUT* keep in mind I am not buying all the bonds back in one lump, but paying out irregular, unannounced dividends. If you are unfamiliar with what I'm doing, I strongly advise against trading these bonds. The current GLBSE contract is VOID. There is no longer a .101BTC/bond buyback guarantee on BDK.BND.

Current Bond FV @ "Lock In" rate (this is the amount I claim I am liable for assuming interest does not accumulate after the date I announced default): 0.092139BTC/bond
Current Bond FV @ "Compounded" rate (this is the amount I claim I am liable for assuming interest DOES accumulate after the date I announced default): 0.093139BTC/bond




Pretty cut-and-dry. I'm guessing if you're interested, you've invested in similar bonds and don't need me to re-hash the inner-workings. BDK's financials & operating activity: https://docs.google.com/spreadsheet/pub?key=0Ao892S4MOoDZdGZSbjJVd1ZTbFVLZE5aRE95bE91NVE&gid=18

GLBSE link: https://glbse.com/asset/view/BDK.BND

Contract
BDK.BND pays 1% of face value every week (Monday). Percentage will remain at 1%/week until the bond is bought back by the bond-issuer ("Ben Malec"). Bonds will be issued @ .1 BTC each. Thus, each bond will pay .001BTC every week. There is no limit on how many bonds may be issued nor when they may be issued. Bonds can be issued and sold without warning by the bond-issuer at any price he wills. Bonds cannot be sold back to the bond-holder except in case of a buyback. BDK.Bond does not have a set date of maturity.

"Buyback" -- The bond-issuer may buy back all bonds at a price of .101BTC/share at any time he wills, without warning. In this case, the bond-issuer will use GLBSE's forced buyback feature to pay .101BTC/share.

"Contract Changes" -- The bond-issuer is not permitted to change this contract at any time under any circumstance. To "change the contract," a buyback must be placed and a new bond asset listed on GLBSE.


--END CONTRACT--


Any questions?
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May 07, 2012, 03:02:05 AM
 #2

Hey Kludge,
just to let you know there is a 3 day waiting period to having an IPO launch since the update (you can see on the asset creation page, it won't let you go ahead unless you pick a date 3 days into the future).

PGP key id at pgp.mit.edu 0xA68F4B7C

To get help and support for GLBSE please email support@glbse.com
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May 07, 2012, 03:49:47 AM
 #3

Hey Kludge,
just to let you know there is a 3 day waiting period to having an IPO launch since the update (you can see on the asset creation page, it won't let you go ahead unless you pick a date 3 days into the future).

Saw it. It's still May 6th here.  Wink
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May 07, 2012, 06:23:27 AM
 #4

Oh. I should have noted that this is phasing out my old manual CD system.

Once we're beyond the IPO date, I'll offer to issue bonds to CD-holders in an amount equal to what their CD is worth @ date of maturity. CD renewals are no longer permitted. If no renewal (as a bond) on a CD @ date of maturity, CD will pay principal + interest like normal.
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May 07, 2012, 09:52:34 AM
 #5

As long as mining bonds return more than 1% per week (they currently do and will for the forseeable future - until difficulty grows to ~2.5 million - continue to do so) you can get profits and after that just buy back your bonds or invest elsewhere.

Nice idea! Smiley

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May 07, 2012, 10:30:55 PM
 #6

Contract changed slightly. I'd place a bid order, not an ask order when doing a buyback.  Wink Thanks for pointing it out, Meni.
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May 08, 2012, 04:46:52 AM
 #7

There's a forced buyback feature now on GLBSE, which makes the old "place a big bid order" method obsolete. The contract's been updated to reflect this. My understanding is that I have to set an arbitrary date, but that it's meaningless because I don't necessarily have to buy back on that date. My understanding is also that Nef will enforce the contract insofar as the buyback clause specifies.
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May 09, 2012, 08:22:39 PM
 #8

Fwiw, I have no intention of issuing bonds for at least a few weeks. I currently have more BTC than I know what to do with (which is exceedingly rare). 105 shares will be transferred to someone who holds a CD which expires today, and that's it for now. Shares will likely only be issued for those CD-holders who choose to "renew" in the form of BDK.BND shares. Some may not renew, and one person so far has expressed interest in receiving the equiv. of BDK stock instead of BDK.BND. You can check the dates of maturity for a guess of when bonds may be issued by checking the spreadsheet @ https://docs.google.com/spreadsheet/pub?key=0Ao892S4MOoDZdGZSbjJVd1ZTbFVLZE5aRE95bE91NVE&gid=3

Just wanted everyone to have a heads-up since I noticed a fairly large bidwall and know those people are tying up their funds. Person receiving bonds today might cash out for some amount, but I wouldn't know what he'll sell at, and he'll only hold the equiv. of 10.5BTC-worth @ face value. Kind of miss GLBSE allowing "semi-unbacked" orders where you could bid on multiple assets but only have enough funds to fulfill a fraction of those orders.


Oh - and fwiw, I asked GLBSE to launch the asset ASAP. At latest, it'll launch in ~6h.


Cheers,

Ben


ETA: I take it back. I'll be issuing bonds for as many bids as exist @ .1 tonight. Found a good home for 'em. Smiley
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May 10, 2012, 03:05:59 AM
 #9

Going live in a few minutes. Will fill all orders @ .1 (and above, I guess) up to 500BTC-worth. First dividend payment will be made on May 14th and every Monday thereafter.


Cheers,

Ben


ETA: Any... minute... now........
ETA2:Minor technical difficulty while the forced buyback option's implemented. Should be good "soon." Smiley
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May 10, 2012, 06:58:28 AM
 #10

Alright. All's well thanks to a lot of shouting and screen-pounding from Nef, who I suspect lost a day or two from his life due to stress of figuring out the problem. Thanks, Nef.

Shares have been transferred to CD-holders I owed, and I'll be issuing a bunch of shares on the market within an hour after I finish up some other pending business. Cheers!
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May 10, 2012, 07:17:05 AM
 #11

Now 3039 bonds in the wild. (3039/10)/100 = 3.039BTC due on Monday.


Cheers!
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May 10, 2012, 07:41:12 AM
 #12

Just got my first assets on glbse (happy) Grin

Moving on is a simple thing,
what it leaves behind is hard...
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May 10, 2012, 11:28:56 PM
 #13

I have put up 1.5k ask orders @ .1035, 39 bid orders @ .097. I'll watch the trades in #bitcoin-assets to see if the bid wall goes down and put a larger one up if so. I do not intend to allow BDK.BND to fluctuate much like some other bonds.

Trades when I have an interest in making a particular transaction (for instance, if I need BTC to make a loan or something like that, or if I want to reduce what I'm paying to bondholders per month), the bid/ask will be much closer to .1

Cheers!
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May 11, 2012, 04:48:59 AM
 #14

I have put up 1.5k ask orders @ .1035, 39 bid orders @ .097. I'll watch the trades in #bitcoin-assets to see if the bid wall goes down and put a larger one up if so. I do not intend to allow BDK.BND to fluctuate much like some other bonds.

Trades when I have an interest in making a particular transaction (for instance, if I need BTC to make a loan or something like that, or if I want to reduce what I'm paying to bondholders per month), the bid/ask will be much closer to .1

Cheers!

You might find that it is hard to control the price. I attempted to keep the price down on TyGrr-Bank but only ended up with having more debt. More debt than I needed.
I always can almost always use more OPM  Grin

Speaking of which, I have use of ~1k BTC tonight. Ask order will be up until fulfilled or I go to sleep Smiley


ETA: Order removed. Currently 3102 bonds issued.
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May 11, 2012, 10:35:29 PM
 #15

A large bond-drive is now in effect. For a few days, I plan to have an ask order up @ .1 in a relatively huge amount. There is extremely exciting stuff going into motion everyone will benefit from (not restricted to those involved with BDK). That said, BDK pre-IPO shares are still available, too!
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May 14, 2012, 07:55:15 AM
 #16

Issued: 3439 bonds (343.9BTC FV)
Interest Payment: (343.9*.01)=3.439BTC

Next Payment Date: May 21st
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May 15, 2012, 02:24:33 AM
 #17

The askwall @ .1 has been taken down.

Cheers!
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May 15, 2012, 04:16:13 AM
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Would a default by BS&T affect this offering?

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May 15, 2012, 04:20:52 AM
 #19

Would a default by BS&T affect this offering?
No. As it happens, in 4 days, I'm entirely out of Pirate.
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May 15, 2012, 04:46:44 AM
 #20

The askwall @ .1 has been taken down.

Cheers!

And another up now (currently 997 shares) - you?

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May 15, 2012, 04:58:07 AM
 #21

The askwall @ .1 has been taken down.

Cheers!

And another up now (currently 997 shares) - you?
No.
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May 15, 2012, 05:42:34 AM
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The askwall @ .1 has been taken down.

Cheers!

And another up now (currently 997 shares) - you?
I just ate it.

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May 16, 2012, 12:33:32 AM
 #23

Fulfilled a bunch of bids @ .1

Currently 5627 bonds out in the wild.


Cheers!
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May 16, 2012, 02:10:53 AM
 #24

8k bonds available @ .1BTC/share until further notice.
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May 16, 2012, 04:15:12 AM
 #25

My wife now has full instructions on how to pay back bond-holders, CD-holders, pledge-holders, and BDK profit-split-holders were I to be incapacitated. In the event of my incapacitance, a forced buyback will be issued on GLBSE per the instructions of the buyback provision (.101BTC/share). I referred her to Nefario in case I die, so if she doesn't know what you're talking about, Nef might, or might be able to explain it to her better than I did in the instructions.

If you hold a CD and I am incapacitated, you will need to PM this account with the amount due to you so she can confirm (I don't keep full names anywhere, so it'll be an educated guess).


Cheers!
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May 17, 2012, 08:13:27 AM
 #26

8k bonds available @ .1BTC/share until further notice.
Askwall taken down.
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May 18, 2012, 05:10:51 PM
 #27

If any investors or potential investors (either in BDK or BDK.BND) have questions, comments, whatever - feel free to hit me up on Skype (Name: Ben Malec -- Skype Name: bdk_kluge -- add a note so I can recognize you as someone from here and not a rando commando). I also hang out in #bitcoin-assets. I'm almost always logged in, but not always on. Probably not snubbing you if it takes me a day to respond.  Tongue


For those interested in CDs and don't have interest in receiving bonds on GLBSE, feel free to PM me and we can work something out. I was hoping to do everything on GLBSE, but liquidity on BDK.BND is terrible right now (I will resolve this problem myself if it proves necessary) and completely understand if someone'd rather do CDs. As well, I'm willing to convert BDK.BND to a CD if you'd like.

Cheers!
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May 19, 2012, 09:19:44 AM
 #28

An additional 20k BDK.BND bonds have been sold, bringing the total up to 26300. I currently have no use for funds beyond this, so there shouldn't be any giant askwalls any time soon.  Smiley

Surprisingly clean, round number. For a while, the total dividend paid will likely be 26.3BTC every Monday (next Monday is on the 21st).

Cheers!
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May 20, 2012, 09:43:32 PM
 #29

Dividends will be paid relatively early -- ~6h15m or earlier if I'm particularly sleepy. Put up bids @ .1 and I'll fill up at least 300BTC-worth.


Cheers,

Ben
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May 20, 2012, 11:54:56 PM
 #30

Dividends will be paid relatively early -- ~6h15m or earlier if I'm particularly sleepy. Put up bids @ .1 and I'll fill up at least 300BTC-worth.


Cheers,

Ben
Ahhh, I take it back. Sorry to be a jerk.

I'll pay dividends when I wake up tomorrow (11h?). I have a feeling someone would complain if I paid a day early for some queer reason. I'll fulfill bid orders tomorrow when I wake up BEFORE paying dividends.

Sorry again for that inconsistency.
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May 21, 2012, 02:06:22 AM
 #31

GLBSE desperately needs a "pay dividend at date:time" function, or cum-/ex-div functionality like normal stock exchanges where you can pay at a later date, but pay to holders as at a certain date/time.

That way, buyers and sellers clearly know whether the asset they are buying or selling has the rights to the dividend or not.

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May 21, 2012, 02:10:56 AM
 #32

GLBSE desperately needs a "pay dividend at date:time" function, or cum-/ex-div functionality like normal stock exchanges where you can pay at a later date, but pay to holders as at a certain date/time.

That way, buyers and sellers clearly know whether the asset they are buying or selling has the rights to the dividend or not.

But I like the inefficient market. Makes for some good deals!

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May 21, 2012, 03:59:25 AM
 #33

GLBSE desperately needs a "pay dividend at date:time" function, or cum-/ex-div functionality like normal stock exchanges where you can pay at a later date, but pay to holders as at a certain date/time.

That way, buyers and sellers clearly know whether the asset they are buying or selling has the rights to the dividend or not.

+1
The lack of this feature is a major deterrent.
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May 21, 2012, 09:45:59 AM
 #34

Dividends paid. (agree with request for auto-pay, and request to include transfer fees, and request to make charts readable when there's an outlier, yada yada yada)

Issued: 26311 bonds (2631.1BTC FV)
Interest Payment: (2631.1*.01)=26.311BTC

Next Payment Date: May 28th
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May 23, 2012, 01:09:28 AM
 #35

Dividends paid. (agree with request for auto-pay, and request to include transfer fees, and request to make charts readable when there's an outlier, yada yada yada)

What about a logarithmic scale? Should be easy to implement.

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May 26, 2012, 01:08:43 AM
 #36

I'd like to get an additional 4k BTC worth of funding within a few days. I don't want to cut into the small amount of liquidity which has built up on GLBSE. This is not necessary funding, but I'd like to have cushion in case of a worst-case scenario without needing to sell other assets. If you want to buy 100BTC-worth or more of BDK.BND, please PM me. I can toss you my ID & a utility bill from this year if necessary. This offer is valid until the end of 5/27.

Cheers,

Ben
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May 26, 2012, 07:49:31 AM
 #37

I'd like to get an additional 4k BTC worth of funding within a few days. I don't want to cut into the small amount of liquidity which has built up on GLBSE. This is not necessary funding, but I'd like to have cushion in case of a worst-case scenario without needing to sell other assets. If you want to buy 100BTC-worth or more of BDK.BND, please PM me. I can toss you my ID & a utility bill from this year if necessary. This offer is valid until the end of 5/27.

Cheers,

Ben
1k fulfilled (thank you, again). I'd like at least another thousand by the 28th. Nonessential, but would be much appreciated and give me peace of mind while INAU & I move forward with underwriting deals.
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May 27, 2012, 06:00:59 PM
 #38

At what time of day (UTC) will the dividends be paid?

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
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May 27, 2012, 06:06:27 PM
 #39

At what time of day (UTC) will the dividends be paid?
There is no set time. I pay them as early in the day as is possible for me. This will change if GLBSE adds an auto-pay feature for dividends in which case it will be at 04:00 UTC, 00:00 EDT.
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May 28, 2012, 05:37:04 AM
 #40

Dividends paid.

Issued: 26367 bonds (2636.7BTC FV)
Interest Payment: (2636.7*.01)=26.367BTC

Next Payment Date: June 4th
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May 29, 2012, 02:35:44 PM
 #41

As an update for investors,

GLBSE has limited BDK.BND and BDK. Dividends will still be paid. However, I am unable to raise any more capital. As such, no new BDK.BND units will be issued until the situation is resolved.

Please let GLBSE & I work this out and do not over-react.
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May 29, 2012, 05:54:02 PM
 #42

BDK.BND will be listed on Hermes within a couple weeks. I will be making a full announcement on Hermes, soon.

Relevant: https://bitcointalk.org/index.php?topic=77343.msg928697#msg928697
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May 30, 2012, 05:24:41 PM
 #43

UPDATE: BDK & BDK.BND have been "limited" by GLBSE staff because we planned on launching a competing service in 2-3 months. Since we are no longer able to fund-raise on GLBSE, the June offering is partially canceled in that I can no longer post an open-market order. Those who reserved shares are welcome to either honor their reservation and have shares issued on Hermes, knowing Hermes will likely not have trade functionality for 2-3 weeks, or you can cancel your reservation. I am not accepting new reservations. As well, an alpha version of Hermes will be released within a few days, which all GLBSE-"limited" securities will be transferring to. This includes Zip.A, REBATE, BDK, and BDK.BND.

Dividends will still be paid to GLBSE security-holders. In roughly a month, I will need everyone to verify their holdings with me by sending their BDK or BDK.BND shares to me, which I'll keep, but then re-issue the same amount of shares to the person on Hermes. At that point, dividends will be paid exclusively on Hermes. There will be a few weeks notice before this happens. Please ask if you need any updates, clarifications, or have questions. I'm talking to ten people at a time, and forgetting what information I've given and what information I still need to give publicly. Sorry, and thanks for bearing with me.


Please read through the thread here if you need more info (feel free to skip the MPEx stuff):

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May 30, 2012, 07:17:55 PM
 #44

There goes all of the value (highest bid is .08) of what I thought to be my most stable asset Sad
So to get this straight, you will stop paying dividends on GLBSE, and we will not continue to receive them unless we go through the manual transfer to Hermes?
If so, I believe that's a violation of the contract. I'm specifically interested in the last part:
Quote
"Contract Changes" -- The bond-issuer is not permitted to change this contract at any time under any circumstance. To "change the contract," a buyback must be placed...
But it sounds like you are not going to place a buyback Huh

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
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May 30, 2012, 07:22:59 PM
 #45

There goes all of the value (highest bid is .08) of what I thought to be my most stable asset Sad
So to get this straight, you will stop paying dividends on GLBSE, and we will not continue to receive them unless we go through the manual transfer to Hermes?
If so, I believe that's a violation of the contract. I'm specifically interested in the last part:
Quote
"Contract Changes" -- The bond-issuer is not permitted to change this contract at any time under any circumstance. To "change the contract," a buyback must be placed...
But it sounds like you are not going to place a buyback Huh

As I've stated multiple times, I will still be paying dividends to GLBSE bond-holders, at least until the "hard deadline" hits which'll likely be at least 2 months out, and I'll provide lots of updates, probably still pay dividends to bond-holders after the deadline if there's more than a few bonds out. However, we're now in talks with GLBSE again to keep things listed there with all our restrictions lifted. When we transfer, then, if GLBSE, Icehill (Kronos/Hermes), and I come to an agreement, however, there will be no need for a manual transfer scheme and it can be done fairly easy, where GLBSE bond-holders get a code, enter it on Hermes, and their bonds on GLBSE will disappear, reappear on Hermes.

I don't believe the contract states which exchange the bond must be listed on. While this may inconvenience bond-holders, if significant volume remains on GLBSE, I'll always pay dividends to bond-holders on GLBSE.
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May 30, 2012, 07:44:11 PM
 #46

There goes all of the value (highest bid is .08) of what I thought to be my most stable asset Sad
So to get this straight, you will stop paying dividends on GLBSE, and we will not continue to receive them unless we go through the manual transfer to Hermes?
If so, I believe that's a violation of the contract. I'm specifically interested in the last part:
Quote
"Contract Changes" -- The bond-issuer is not permitted to change this contract at any time under any circumstance. To "change the contract," a buyback must be placed...
But it sounds like you are not going to place a buyback Huh

As I've stated multiple times, I will still be paying dividends to GLBSE bond-holders, at least until the "hard deadline" hits which'll likely be at least 2 months out
Yes, I am talking about the "hard deadline."
Quote
I don't believe the contract states which exchange the bond must be listed on.
No, it doesn't. To clarify, I've perceived this as the upcoming sequence of events:
  • Hermes opens
  • Dividends continue to be payed on GLBSE
  • "Shift" period from GLBSE to Hermes
  • Final "hard deadline" at which point dividends are no longer paid on GLBSE. Investors who did not move their bonds to HERMES are left with nothing.
#4 violates the contract, specifically:
Quote
BDK.BND pays 1% of face value every week (Monday).
I ask mainly because I foresee a vacation (I have no problem with moving to Hermes), and hell if I'm selling out of the bond at 0.08.

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
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May 30, 2012, 08:11:58 PM
 #47

There goes all of the value (highest bid is .08) of what I thought to be my most stable asset Sad
So to get this straight, you will stop paying dividends on GLBSE, and we will not continue to receive them unless we go through the manual transfer to Hermes?
If so, I believe that's a violation of the contract. I'm specifically interested in the last part:
Quote
"Contract Changes" -- The bond-issuer is not permitted to change this contract at any time under any circumstance. To "change the contract," a buyback must be placed...
But it sounds like you are not going to place a buyback Huh

As I've stated multiple times, I will still be paying dividends to GLBSE bond-holders, at least until the "hard deadline" hits which'll likely be at least 2 months out
Yes, I am talking about the "hard deadline."
Quote
I don't believe the contract states which exchange the bond must be listed on.
No, it doesn't. To clarify, I've perceived this as the upcoming sequence of events:
  • Hermes opens
  • Dividends continue to be payed on GLBSE
  • "Shift" period from GLBSE to Hermes
  • Final "hard deadline" at which point dividends are no longer paid on GLBSE. Investors who did not move their bonds to HERMES are left with nothing.
#4 violates the contract, specifically:
Quote
BDK.BND pays 1% of face value every week (Monday).
I ask mainly because I foresee a vacation (I have no problem with moving to Hermes), and hell if I'm selling out of the bond at 0.08.
Alright. Let me update my position. I understand and apologize both for being unclear, and lazy.

Even if there is only one bond left on GLBSE, I will always pay bond-holders on GLBSE. They'll have the ability to switch if they please, and I'd certainly prefer it, but it will not be necessary.

ETA: Further clarification. While actions such as issuance of new shares (assuming contractually valid) will occur on the "primary" exchange, in the event of something like a buyback, I will pay holders of the security on BOTH exchanges the appropriate amount.

ETA2: I am not speaking for JRO, however. How he decides to go forward is his decision - so I'm only speaking for BDK & BDK.BND.
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June 04, 2012, 05:18:45 AM
 #48

Dividends paid.

Issued: 26367 bonds (2636.7BTC FV)
Interest Payment: (2636.7*.01)=26.367BTC

Next Payment Date: June 11th
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June 05, 2012, 10:34:55 PM
 #49

Fair warning -- It's probable I'll be initiating a forced buyback @ .101 in 45-120 days. CD rates will also be reduced at that time, though CDs are currently not for sale (I'm also not issuing BDK.BND, though that's also because the security's still restricted by GLBSE). I have too much OPM and interest rates have been dropping in the Bitcoiniverse far faster than I anticipated.
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June 11, 2012, 05:28:31 AM
 #50

Dividends paid.

Issued: 16367 bonds (1636.7BTC FV)
Interest Payment: (1636.7*.01)=16.367BTC

Next Payment Date: June 18th
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June 11, 2012, 09:12:59 PM
 #51

Quote
I favor the argument that it's primarily a by-product of an extremely high-yield market. Nowhere else will you earn ~30-150% annual RoI with almost any credible security listed. It's thus extremely expensive (relative to most USD options) to maintain a bid order when you factor in opportunity cost. GLBSE tries to solve this by only charging a fee to the person who places an open-market order, but it's not nearly sufficient, and I don't know how they could fix this, perhaps without allowing uncovered orders again (that is, with 10BTC in your account, you can place a bid on Cognitive for 10BTC-worth of shares, another order for 10BTC-worth of Gigamining, and maybe 10BTC-worth of YABMC. It could be implemented where all other orders automatically cancel once one of your 10BTC bid orders are fulfilled somewhere, partially or in full)
You favor the theory, I practice it. I have very low amounts of BTC available, so placing a bid on something which won't get fulfilled for a month and even then only net me a few bitcents is less profitable than simply putting the money in BDK.BND Roll Eyes

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
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June 18, 2012, 05:04:36 PM
 #52

Dividends paid.

Issued: 16367 bonds (1636.7BTC FV)
Interest Payment: (1636.7*.01)=16.367BTC

Next Payment Date: June 25th
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June 19, 2012, 01:03:34 AM
 #53

I'm expecting to receive quite a few coins within a week. If so, I will buyback all bonds @ .101/unit as soon as I get it, as specified by the contract. If I don't get the coins within a week, I should get them "soon." If I get the coins and initiate a buyback on a Sunday or Monday, I'll pay .102/unit (if on a Monday, I will not pay dividends that day).

BDK.BND will likely be reissued at a later time at a reduced rate. In the meantime, if I need funds, I will begin selling CDs again. I am not currently selling CDs, though I'm renewing existing CDs. Upon BDK-BLoC launching, CD sales should be handled automatically on the site, and sales will definitely resume at that time, though at a reduced rate. BDK.BND will likely relaunch a couple weeks prior to BDK-BLoC launching, which could be as soon as in two weeks, though likely in a month or two.


Cheers!
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June 19, 2012, 02:38:27 AM
 #54

6054 BDK.BND units were just bought back privately, leaving 10313 bonds in the wild.


Cheers,

Ben
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June 19, 2012, 07:43:33 PM
 #55

6054 BDK.BND units were just bought back privately, leaving 10313 bonds in the wild.


Cheers,

Ben

The contract listed on GLBSE (https://glbse.com/asset/view/BDK.BND) would seem to prohibit private and/or partial buybacks:

Quote
... Bonds cannot be sold back to the bond-holder except in case of a buyback. ...

"Buyback" -- The bond-issuer may buy back all bonds at a price of .101BTC/share at any time he wills, without warning. In this case, the bond-issuer will use GLBSE's forced buyback feature to pay .101BTC/share.
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June 19, 2012, 09:32:01 PM
 #56

6054 BDK.BND units were just bought back privately, leaving 10313 bonds in the wild.


Cheers,

Ben

The contract listed on GLBSE (https://glbse.com/asset/view/BDK.BND) would seem to prohibit private and/or partial buybacks:

Quote
... Bonds cannot be sold back to the bond-holder except in case of a buyback. ...

"Buyback" -- The bond-issuer may buy back all bonds at a price of .101BTC/share at any time he wills, without warning. In this case, the bond-issuer will use GLBSE's forced buyback feature to pay .101BTC/share.

For the record, I was the one that sold these bonds back to Kluge @ .1 each. He had shares of COGNITIVE that I really wanted so I did a swap.

The BDK.BND contract was most likely intended to mean that bond-holders should not expect or demand a buyback without a change of contract. However, there is some truth in what you say since there is some ambiguity simply due to wording ( it is very difficult to properly word an investment contract ).

However - and this is the bigger point - clearly my selling these back to Kluge in no way harms other holders of BDK debt; if anything, it helps them because having Kluge get a better deal makes it that much more likely that he will be able to honor the rest of his outstanding debt. If there's no victim, then no harm is done. Kluge is an honest guy and he wouldn't go against his word to harm his investors.
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June 19, 2012, 09:54:48 PM
 #57

6054 BDK.BND units were just bought back privately, leaving 10313 bonds in the wild.


Cheers,

Ben

The contract listed on GLBSE (https://glbse.com/asset/view/BDK.BND) would seem to prohibit private and/or partial buybacks:

Quote
... Bonds cannot be sold back to the bond-holder except in case of a buyback. ...

"Buyback" -- The bond-issuer may buy back all bonds at a price of .101BTC/share at any time he wills, without warning. In this case, the bond-issuer will use GLBSE's forced buyback feature to pay .101BTC/share.

For the record, I was the one that sold these bonds back to Kluge @ .1 each. He had shares of COGNITIVE that I really wanted so I did a swap.

The BDK.BND contract was most likely intended to mean that bond-holders should not expect or demand a buyback without a change of contract. However, there is some truth in what you say since there is some ambiguity simply due to wording ( it is very difficult to properly word an investment contract ).

However - and this is the bigger point - clearly my selling these back to Kluge in no way harms other holders of BDK debt; if anything, it helps them because having Kluge get a better deal makes it that much more likely that he will be able to honor the rest of his outstanding debt. If there's no victim, then no harm is done. Kluge is an honest guy and he wouldn't go against his word to harm his investors.
Right. I was trying to make two points -- I won't change the contract (particularly, the rate) unless every bond is bought back, and bond-holders can't sell bonds back to me whenever they want (that is, it isn't a demand deposit).

Sorry about wording it poorly. If anyone has a reasonable claim to reparations as a result of the breach of contract and can prove actual damages, I'd be willing to hear it out (keeping in mind that I still wouldn't buy back all bonds any earlier if I didn't do this deal with cyto). I'll be more mindful of what I write in the future. (thanks, Cytokine)
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June 19, 2012, 10:23:31 PM
 #58

wording seems 100% to me

"... Bonds cannot be sold back to the bond-holder except in case of a buyback. ..."

I read that as you cannot bitch to Kluge asking for him to buy your bond back at any time. He is free to do a buyback/part buyback whenever he feels like it. At least that's how I read it. and yes I do hold some BDK,BND

So personally I don't see any breach or contract.
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June 20, 2012, 03:29:37 AM
 #59

wording seems 100% to me

"... Bonds cannot be sold back to the bond-holder except in case of a buyback. ..."

I read that as you cannot bitch to Kluge asking for him to buy your bond back at any time. He is free to do a buyback/part buyback whenever he feels like it. At least that's how I read it. and yes I do hold some BDK,BND

So personally I don't see any breach or contract.
I agree with cytokine that there was no harm, as the holder of a few BDK.BND shares myself, and I'm not opposed to private or partial buybacks. However, I don't see how you can read the contract that way. Clearly bonds were sold back to the bond-holder, without meeting the conditions listed under "buyback"; namely, that (a) all the bonds will be bought back, (b) at a price of 0.101 BTC each, (c) using the forced buyback feature. Perhaps the intent was merely to reserve the option of a forced buyback, while leaving open the possibility of other, voluntary buybacks, but in that case the contract should probably have said so explicitly.

For what it's worth, I think I would have worded the quoted clause more along the lines of "No guarantee is made that bonds can be sold back to the bond-holder, except in the case of a buyback."
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June 23, 2012, 05:21:28 AM
 #60

Fwiw, the end goal is to re-release BDK.BND @ .65%/wk (roughly 2.625% monthly, little over 40% per year - assuming you reinvest dividends -- without reinvestment, ~2.6% monthly, 33.8% annually). I intend for this to be the one and only reduction in rates, and in the contract, 6 months will be required to elapse before I recall the bond. 1%/wk is doable for now, but I'd prefer to allow allow investors to "set it and forget it," and this rate should be acceptable for many months, perhaps years. Some extra breathing room makes me happy, too.

The future BTC CD rate is intended to be 3%/32D, 6.75%/63D. The future USD CD rate is intended to be 1.25%/32D, 3%/63D. Bonds and CDs will, in some way, be allowed to convert to each other once everything's sorted out for the re-launch, which probably won't be until early August (+- a month) -- buyback will occur as soon as I get the funds I've requested back, which should have been nearly a week ago....

The BTC prime rate (minimum lending rate, reflects only BDK's opinion) is expected to be set at 3.55% per month, ~0.1267%/day. The USD prime rate (minimum lending rate, reflects only BDK's opinion) is expected to be set at 1.6% per month, ~.057633%/day.

Thus, for USD loans, a most creditworthy business can expect to pay ~51.985% annually for BTC loans. For USD loans, that rate will be ~20.983% annually. For comparison, SMB loans in the US are typically made with the business paying ~6-10% annually in interest. Meanwhile, US credit cards, which are more in line with what BDK-BLoC seeks to compete with, charge ~11-23% annually (avg is 14% or so for business cards). We'll get there eventually.
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June 24, 2012, 07:23:53 AM
 #61

In case anyone was wondering, it was I who sold a small quantity of bonds ~6h ago. 460 additional bonds were sold. 10773 bonds are now out in the wild. The sale does not reflect a change of my intention to buy back the bonds within a week (still waiting on large repayment), but I needed ~45BTC to finish covering a 250BTC loan to someone.

Dividends tomorrow (Monday). Cheers!
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June 25, 2012, 06:31:02 PM
 #62

Dividends paid.

Issued: 10773 bonds (1077.3BTC FV)
Interest Payment: (1077.3*.01)=10.773BTC

Next Payment Date: July 2nd
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July 02, 2012, 05:39:23 PM
 #63

Dividends paid.

Issued: 10873 bonds (1087.3BTC FV)
Interest Payment: (1087.3*.01)=10.873BTC

Next Payment Date: July 9th
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July 09, 2012, 02:59:21 PM
 #64

Dividends paid.

Issued: 10873 bonds (1087.3BTC FV)
Interest Payment: (1087.3*.01)=10.873BTC

Next Payment Date: July 16th



ETA: I think I'm moving way too fast in trying to lower the rates I pay. Pirate's survived the early-weekend panic without any significant problems, which has changed my expectations a bit. BDK.BND will remain open until further notice. I apologize for the premature buyback announcement. I will begin selling again a bit before BDK-BLoC launches so I have enough funds, but I'm not going to be able to achieve the Prime rate I wanted. I don't think it will interfere too dramatically in attracting lendees, though.
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July 09, 2012, 10:53:31 PM
 #65

Just noticed coins were still in the BDK.BND account. Oops.

Dividends now actually paid.
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July 11, 2012, 03:29:59 PM
 #66

Going back to how it was, where I "fixed" the price, but with an even tighter spread this time. Walls @ .985 and .1015.

(I think I put them up before going to sleep last night, but I can't log into GLBSE, so who knows.)

ETA: Finally was able to log onto GLBSE. Made the bidwall.
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July 16, 2012, 05:02:10 PM
 #67

Dividends paid.

Issued: 10873 bonds (1087.3BTC FV)
Interest Payment: (1087.3*.01)=10.873BTC

Next Payment Date: July 23rd
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July 23, 2012, 03:43:07 AM
 #68

My GLBSE account was emptied by an attacker. https://bitcointalk.org/index.php?topic=67446.msg1046588#msg1046588

This included the sale of >14k bonds, even to the "Sathoshi bidders."

I can't get a hold of Nefario, and today's dividend day. I have no intention of honoring bonds sold by an unauthorized user -- I do not consider them to be legitimate transactions. Bond dividends will not be paid until this problem is sufficiently rectified (or I have a change of heart), at which point I will pay out any previous dividends, compounded as appropriate, as well as a gratuity for doing this to previous bond-holders. I am willing to buy back bonds you purchased at 5% above what you paid (up to .1BTC) provided you give me a screenshot or .csv of your buy orders being fulfilled -- particularly whoever bought the bulk of bonds at .00000368BTC or whatever - I would be very grateful if you voluntarily sold the bonds back to me at a 5% markup over what you paid.
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July 23, 2012, 09:33:05 AM
 #69

Please see https://bitcointalk.org/index.php?topic=67446.msg1047877#msg1047877

Transactions made from the attacker will be forcibly reversed. Dividends shouldn't be paid later than Wednesday evening. Beyond that, nobody should be further inconvenienced, and I do apologize for the inconvenience this has caused. I'm filing a police report this afternoon, and believe there's a fair chance someone's ID (ideally, the attacker's) will be revealed, but it will likely take weeks, if not months, for resolution to be found.


Cheers,
Ben
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July 27, 2012, 04:32:00 PM
 #70

Any updates on the dividend payment this week?
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July 27, 2012, 04:36:12 PM
 #71

Any updates on the dividend payment this week?
Hopefully by the end of the day, possibly not until tomorrow, dividends will be paid. There will be a .5% bonus (so .00015/share instead of usual .0001/share, assuming I counted correctly), and dividends will be paid regularly (in full) on the upcoming Monday (7/30).

Sorry again about the delay.
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July 27, 2012, 07:40:08 PM
 #72

Any updates on the dividend payment this week?
Hopefully by the end of the day, possibly not until tomorrow, dividends will be paid. There will be a .5% bonus (so .00015/share instead of usual .0001/share, assuming I counted correctly), and dividends will be paid regularly (in full) on the upcoming Monday (7/30).

I hope for your investors that you mean ".0015/share instead of usual .001/share", that is 10 times more Smiley

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July 27, 2012, 09:29:57 PM
 #73

Any updates on the dividend payment this week?
Hopefully by the end of the day, possibly not until tomorrow, dividends will be paid. There will be a .5% bonus (so .00015/share instead of usual .0001/share, assuming I counted correctly), and dividends will be paid regularly (in full) on the upcoming Monday (7/30).

I hope for your investors that you mean ".0015/share instead of usual .001/share", that is 10 times more Smiley
Over two... .001

Oh. Yeah.  Tongue  Smiley Sorry about that.  Used to doing (total bond value * .01) for total dividends to pay on my side. End of today or tomorrow, it'll be (total bond value * .015), then upcoming Monday and each Monday after, (total bond value *.01) again. Just waiting on Nef to unlock my account, then need to send the appropriate amount to go, actually pay dividends, and we'll be back on track.

ETA: And I'm calling bonds "shares," again. Bad habits die hard, I suppose.
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July 28, 2012, 08:57:34 PM
 #74

Apologies again for the delay. Just waiting for my account to be unlocked... Hoping it will be within a few hours.
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July 29, 2012, 09:12:45 AM
 #75

Account was unlocked. Just waiting for confirmations on deposit, now. I'm going to go ahead and pay 2.5x dividends today, accounting for tomorrow's scheduled payment, last Monday's scheduled payment, and an extra gratuity to apologize for the delay.

Issued: 11171 bonds (1117.1BTC FV)
Interest Payment: (1117.1*.025)=27.9275BTC

Next Payment Date: August 6th


Securities (BDK & BDK.BND) should be unfrozen very soon, if not already, allowing everyone to trade and otherwise transfer the securities again.

ETA: One last delay. No confirmations on deposit, yet, and I'm tired as Hell. It's 5:30am, here. Set alarm for 11:30am, so dividends should be paid in 6-7 hours from "now."
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July 29, 2012, 04:07:40 PM
 #76

Dividends paid, securities unlocked.
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July 30, 2012, 03:29:18 AM
 #77

There appears to be an odd issue with the special dividend payment sent out this morning. Please confirm you received them. I should be paying dividends to 11171 bonds, but when I paid this morning, I paid to 11229 bonds, 58 more than I can reasonably explain given there are 26367 bonds outstanding, and 15196 of those are in my account... unless my calculator's totally fucked. Lemme try it manually.


 26367
-15196
 11171

There are no dividends paid to myself in my account history. So.... Dunno what's going on there. PMd Nef.
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August 01, 2012, 05:59:24 AM
 #78

Still not entirely certain what went wrong with the buyback process. I guess there are now ~60-120 bonds existing outside of what's listed in "securities issued," so they were issued by GLBSE to.... someone, or something. Idunno -- public GLBSE data + info on my portfolio page show an extra 58 bonds existing which shouldn't, but Nef told me there were 124 extra bonds. This anomaly occurred some time during the buyback process, so I'm guessing someone sold bond units they bought after the dump, which mucked up the process. I'll pay dividends as my books show I should, then pay the extra BTC as the GLBSE dividends table says I should. If someone could tell me how many bonds they hold and exactly what they were paid in dividends when I paid them yesterday, I'd appreciate it. ETA: I've received confirmation that a bond-holder received dividends in line with what GLSBE reports. If anyone has contrary information, please report it to me. Thanks!

5k bond units posted on the bid side. Intent is not to sell, but make sure price doesn't deviate too far from .1/bond. ... Though, I certainly wouldn't mind selling bonds @ ~.103 each Smiley


Cheers,
Ben
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August 04, 2012, 09:39:04 AM
 #79

Oh -- Just remembered.

I am the one who wiped out the bid depth on BDK.BND yesterday. Were I looking more closely, I would have made sure not to wipe all "real" (within 50% of FMV) bids.

Sent a deposit to GLBSE to fund a bid wall until bid depth starts reappearing. It should be up within a couple hours. My apologies. Smiley

Cheers,
Ben

P.S. I do not have a particularly high demand for new funds, but if someone wants to buy 1k+ bonds (no more than 5k) at face value, I would be interested. Otherwise, asks will remain at ~2.5% over face value on GLBSE until I have significant demand for new funds, again. Dividends will be paid and resume normal weekly pay schedule on 8/6. Sorry again for any inconvenience caused by the hack last week.
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August 06, 2012, 10:18:24 AM
 #80

Dividends paid.

Issued: 13380 bonds (1338BTC FV)
Interest Payment: (1338*.01)=13.38BTC

Next payment date: August 13


ETA: Made an accounting error. There are 13380 legitimate bonds, but there are 13553 bonds I'm paying dividends to after the forced transaction reversal after the account compromise didn't go quite as it was supposed to. I also over-paid when I tried to correct the problem. Interest payment ended up being 14.65987351BTC, meaning I overpaid by 0.00008167BTC/bond. Enjoy. Smiley
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August 13, 2012, 01:32:45 PM
 #81

Dividends paid.

Issued: 13553 bonds (1355.3BTC FV)
Interest Payment: (1355.3*.01)=13.553BTC

Next payment date: August 20
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August 14, 2012, 12:30:18 AM
 #82

Dividends paid.

Issued: 13553 bonds (1355.3BTC FV)
Interest Payment: (1355.3*.01)=13.553BTC

Next payment date: August 20

Thanks. My fund owns a few of these bonds.

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August 20, 2012, 05:35:34 PM
 #83

BDK.BND will not be affected by a Pirate default. BDK/IOU is currently pausing all operations, from new loans/CDs, to currency exchanges, to coin swaps. Dividends will be paid normally, no matter what happens with Pirate or the exchange rate.

I currently own far more than enough USD to buy back BDK.BND if my BTC operations were to become a total clusterfuck. I don't say that to be a jackass, just to state that there is no reason for current investors to worry. I do not plan on issuing any more BDK.BND units until I have a better idea of what will happen from Pirate closing shop. I do not plan on issuing a buyback, but Pirate closing up may accelerate my plans to eventually buyback and issue a lower-yield bond. I will have a better idea of what I want to do within a month.

Just to be absolutely clear -- there is nothing that can happen in the Bitcoiniverse which would cause me to default on BDK.BND. There is no need for investors to worry.


(ETA: Meant to post this on Friday. Just found it was still sitting up on laptop. Bond dividends coming within 6 hours. Need to resync blockchain.)
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August 20, 2012, 06:58:16 PM
 #84

Dividends paid.

Issued: 13843 bonds (1384.3BTC FV)
Interest Payment: (1384.3*.01)=13.843BTC

Next payment date: August 27
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August 20, 2012, 11:23:48 PM
 #85

Placed up an ask. 2000 units @ .101

Will remain up until September 3rd, or until sold out. Cheers,
Ben
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August 25, 2012, 10:07:09 AM
 #86

Bidwall has been reinforced and reposted. ~1.2k bonds remain as ask @ .101
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August 27, 2012, 04:33:10 PM
 #87

Dividends paid.

Issued: 15108 bonds (1510.8BTC FV)
Interest Payment: (1510.8*.01)=15.108BTC

Next payment date: September 3rd
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August 28, 2012, 04:04:31 AM
 #88

Bidwall has been knocked down a bit - small remaining askwall at .101 removed. My involvement in manipulating this security to keep it within a few sub-bitcents will remain minimal so long as there is at least a small amount of "real" liquidity.

If anyone has interest, BDK.BND can now be converted to off-exchange bonds. You send your shares to me on GLBSE, I then enter how many bonds you have in a program. You can tell me to compound it (you'd receive off-exchange bonds at face value instead of BTC), or BTC can be sent straight to your wallet each Monday. There is no fee for this - BUT, this offer is currently only available to those with 250 or more units of BDK.BND they wish to convert (this may or may not change in the future). Off-exchange bonds can be converted to GLBSE bonds at any time of your choosing so long as I'm present and able to do it. This will soon be integrated into IOUcoin.com which is not currently ready for beta -- another week or two. The BDK.BND offering will eventually be phased out in favor of this - but that may not happen by the end of this year. The off-exchange bonds are not currently handled automatically, but this will change by the end of the year, while also allowing you to freely trade with others, convert bonds into higher-yield locked-in CDs (CDs may be able to be converted to bonds for a fee), This would allow you to route around GLBSE fees, regulatory uncertainty, and risk associated with your account being processed, as funds can only be sent to whitelisted addresses.

All off-exchange bonds will be transferred to IOUCoin once IOUCoin is ready to come out of beta (by 2013 - likely some time in November).

If you'd like your bonds converted to off-exchange bonds, please PM me, filling out the following form:

GLBSE username:
Do you want bonds to "compound" or pay out interest weekly directly to your wallet?
BTC address to whitelist:
(REQUIRED to change whitelisted address until 2FA implemented)PGP key:

I'll confirm with you via PM. You send bonds to my GLBSE account (keep in mind GLBSE charges a small fee for this), I confirm with you the amount you sent  and enter the information into my program. Until off-exchange bonds are transferred to IOUCoin, you will not receive any weekly notifications. However, I will send out off-exchange bond payments prior to paying out GLBSE bond dividends, so when I post "dividends paid" on Monday, that includes off-exchange bonds. Off-exchange bonds will not be counted in my weekly "paid" post -- however, it will be accounted for in my public sheets as BDK.BND liabilities. Cheers,
Ben
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September 03, 2012, 10:48:58 AM
 #89

Dividends paid.

Issued: 15335 bonds (1533.5BTC FV)
Interest Payment: (1533.5*.01)=15.335BTC

Next payment date: September 10th

ETA: Next week (9/10) will be a "bonus dividends" day. It'll be a slight amount, nothing to get too excited about. Smiley I'm tossing an extra 3 BTC into the total dividend amount to compensate those exchanging BDK units for BDK.BND units who would've received dividends on BDK today had they not already transferred BDK units to me (they don't receive BDK.BND units until tomorrow).
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September 07, 2012, 12:59:41 PM
 #90

I've just removed my bidwalls askwalls (derp - see below) on BDK.BND to allow price discovery so I can get a better idea of where rates should be. I am currently not directly manipulating BDK.BND at all. I currently do not have immediate plans to re-engage in manipulation to prevent speculation. I'm under the impression that rates will be dropping significantly as soon as lending restarts. It's been pretty dead the last few weeks. So... go wild, dear petri dish. I'll check in on Monday to see what's happening. Smiley
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September 07, 2012, 01:38:37 PM
 #91

 Shocked Shocked Shocked BDK.BND is my favorite asset on GLBSE precisely because of the stable price and acceptable liquidity. You have always been very careful about bond price, responsive and we had updates every week and now you remove the bid wall without any warning Embarrassed I'm not here to speculate and most of the bond holders also isn't here for that, I'm sure. Now, if I need my money back, I must sell bonds slowly, this process will takes weeks or even more than a month, and if I'm lucky, my loss will be 10-20%... Lips sealed

Moving on is a simple thing,
what it leaves behind is hard...
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September 07, 2012, 01:48:21 PM
 #92

Shocked Shocked Shocked BDK.BND is my favorite asset on GLBSE precisely because of the stable price and acceptable liquidity. You have always been very careful about bond price, responsive and we had updates every week and now you remove the bid wall without any warning Embarrassed I'm not here to speculate and most of the bond holders also isn't here for that, I'm sure. Now, if I need my money back, I must sell bonds slowly, this process will takes weeks or even more than a month, and if I'm lucky, my loss will be 10-20%... Lips sealed
Derp. I meant to say I removed my askwalls. Bidwalls have been down off-and-on while I've been moving coins in and out of GLBSE. If conditions are too volatile, I'll reconsider my plan. I have bond-holders' best interest in mind, but it'd be beneficial for me (which is ultimately beneficial for bond-holders) to see what comes of potential price discovery in lending rates. The environment has changed dramatically since I first issued BDK.BND.
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September 07, 2012, 02:05:31 PM
 #93

Thank you for specifying. Will we see 10-20 coin bidwall soon? I'm not watching the asset often, because I trust you; I only check this thread for updates and that's why I have not noticed appearing and disappearing of bidwalls Smiley

Moving on is a simple thing,
what it leaves behind is hard...
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September 10, 2012, 08:27:45 AM
 #94

Dividends paid.

Issued: 19683 bonds (1968.3BTC FV)
Interest Payment: (1968.3*.01)=19.683BTC

Next payment date: September 17th

Throwing up a bidwall by the end of today. Will not be replacing askwalls.
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September 10, 2012, 09:16:30 AM
 #95

I think this is probably necessary at this point... This is my main personal account. The unavailable funds are from a house sold, clearing on the 13th.



My current equity (incl. debts) outside of Bitcoin is ~$120k. ~$60k in assets are liquid, much of the rest in where we live, which we own outright. I don't have any significant interest-bearing debt outside of BTC... $5k on credit cards, about. There are funds to repay if I wind down IOU in a way very unfavorable to me. However, the bad-ness of my situation, now, is really starting to sink in, and I'm starting to understand why it feels like I haven't been able to access certain parts of my brain when analyzing my situation. I won't be defaulting, but probably whining a lot until I figure out a solid plan I think's solid for longer than a day.
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September 10, 2012, 09:21:38 AM
 #96

What are you trying to say ?


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September 10, 2012, 09:34:24 AM
 #97

What are you trying to say ?
I'm out of hope for JRO and "IOU" is effectively $20k in the hole after writing him off, for which I need to pay out-of-pocket, on top of the $15k I've effectively lost buying Bitcoins in the first place.

I've spent something like 800 hours altogether this year on this, and have -$35k to show for it. My relationship with my wife has suffered incredibly from how often I work. It will take me another year just to zero my losses from this working a job I will like much less than what I was doing here.

I'm personally whining, but assuring that my BTC debt will be paid off. I just wanted to make that assurance before I start *really* bitching.


ETA: Oh, and I was saying HughesNet is full of assholes. That wasn't directed to anyone here. Grin
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September 10, 2012, 09:52:34 AM
 #98

What are you trying to say ?
I'm out of hope for JRO and "IOU" is effectively $20k in the hole after writing him off, for which I need to pay out-of-pocket, on top of the $15k I've effectively lost buying Bitcoins in the first place.

I've spent something like 800 hours altogether this year on this, and have -$35k to show for it. My relationship with my wife has suffered incredibly from how often I work. It will take me another year just to zero my losses from this working a job I will like much less than what I was doing here.

I'm personally whining, but assuring that my BTC debt will be paid off. I just wanted to make that assurance before I start *really* bitching.


ETA: Oh, and I was saying HughesNet is full of assholes. That wasn't directed to anyone here. Grin

He wont get a scammer label till someone makes a thread on the scammer board. Dont think it will help much but its something besides punching the guy in the mouth which Id pay to watch.


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September 10, 2012, 09:54:02 AM
 #99

What are you trying to say ?
I'm out of hope for JRO and "IOU" is effectively $20k in the hole after writing him off, for which I need to pay out-of-pocket, on top of the $15k I've effectively lost buying Bitcoins in the first place.

I've spent something like 800 hours altogether this year on this, and have -$35k to show for it. My relationship with my wife has suffered incredibly from how often I work. It will take me another year just to zero my losses from this working a job I will like much less than what I was doing here.

I'm personally whining, but assuring that my BTC debt will be paid off. I just wanted to make that assurance before I start *really* bitching.


ETA: Oh, and I was saying HughesNet is full of assholes. That wasn't directed to anyone here. Grin

He wont get a scammer label till someone makes a thread on the scammer board. Dont think it will help much but its something besides punching the guy in the mouth which Id pay to watch.
Would you pay $20k? :p
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September 10, 2012, 10:13:12 AM
 #100

What are you trying to say ?
I'm out of hope for JRO and "IOU" is effectively $20k in the hole after writing him off, for which I need to pay out-of-pocket, on top of the $15k I've effectively lost buying Bitcoins in the first place.

I've spent something like 800 hours altogether this year on this, and have -$35k to show for it. My relationship with my wife has suffered incredibly from how often I work. It will take me another year just to zero my losses from this working a job I will like much less than what I was doing here.

I'm personally whining, but assuring that my BTC debt will be paid off. I just wanted to make that assurance before I start *really* bitching.


ETA: Oh, and I was saying HughesNet is full of assholes. That wasn't directed to anyone here. Grin

He wont get a scammer label till someone makes a thread on the scammer board. Dont think it will help much but its something besides punching the guy in the mouth which Id pay to watch.
Would you pay $20k? :p

lol

Bitcoin needs its own Jerry Springer show and they used to have a show here called "a current affair" where the reporters busted into scammy businesses and asked them some hard questions on camera. Something like that would certainly be good pay per view material. Lets face it theres a shitload of interview subjects in bitcoin that sorely need their door busted down.

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September 10, 2012, 10:30:49 AM
 #101

perhaps speak to NBC -  "To catch a scammer"

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September 13, 2012, 12:49:04 PM
 #102

After some deep breaths and sleep, I realized my situation can be somewhere between "infinitely upward" or "infinitely downward" and I'm not really in that terrible of a position. Things'll be tight - I can't buy anymore houses soon, but I'm not at risk of declaring bankruptcy or anything. Effectively having a short position on Bitcoin in the tens of thousands makes me pretty damn nervous, but as long as there aren't any major rallies, I should be fine. It'd be excellent to convert the debt to USD, but nobody seems interested.

I won't lie, though -- there's a fair chance I'm going to be missing some payments between now and when I can buy BDK.BND out 100%, and I sure am going to be taking advantage of panic sellers at the expense of the robotic certainty in my actions I originally sought to foster with BDK.BND. Basically - stick it out with me, and you'll get everything I promise, or dump it into my upcoming discounted bidwalls, and I'll consider it charity. And.... there's obviously a big conflict of interest affecting the tone of my messages (which is why I'd say my writings've looked "bipolar" lately), which I'd call "soft deceit." I'm not really sure what to do about that beside trying to disclose as much, factually, as I can - my current outlook, time schedule to buy back the remaining bonds in one shot, default risk, etc. If I paint a bleak outlook, I'm scamming people by manipulating bond-holders to sell to me at a discount. If I paint a rosy outlook, I'm scamming people by claiming I'm not a scammer (which appears to be more than enough evidence for a conviction in online forums).

For now, I'm taking care of my CD-holders, since they're on fixed-term plans. I have a resume in at the "charity job" I mentioned in another thread requesting a USD loan (I originally didn't want my dad to help me for personal reasons, but sucked it up and realized I was being an asshole). If that falls through, I'll take something part-time, and enjoy collecting a hefty "Earned Income Tax Credit" from the USG. Employment is not essential for buying out BDK.BND bondholders, but it'll certainly accelerate the process, and ideally, remove that feeling of dread which's been pressing hard on my chest.


Just so it's totally clear, if you want to know what to expect and nothing else, just read this: Nothing has fundamentally changed with BDK.BND. Expect weekly dividends. Expect an eventual buyout @ the contractual rate by mid-2013. (Or look into my tone and wonder if I'm a scammer, dump bonds way below face value, and dislike me for the rest of your time -- I don't plan on sticking around in a significant way after I close the accounts, so I don't much give a damn about my reputation, anymore.  Grin )
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September 13, 2012, 01:02:18 PM
 #103

Kludge, Don't be fooled. You can never escape form bitcoin. You may say you are leaving, but it will pull you back. Once you learn about bitcoins there is no turning back, no forgetting. You are part of us now.

CryptoNote needs you! Join the elite merged mining forces right now here in Fantomcoin topic: https://bitcointalk.org/index.php?topic=598823.0
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September 13, 2012, 01:28:21 PM
 #104

Kludge, Don't be fooled. You can never escape form bitcoin. You may say you are leaving, but it will pull you back. Once you learn about bitcoins there is no turning back, no forgetting. You are part of us now.
Nah - I'm gone. This has totally wrecked myself and my family for a good year - or a bad year, depending on your melodrama preference. Smiley

I still have a couple FPGAs going, and there are a few services around here I like which I can't use USD for - but that's it. I've got my wife, daughter, farm-land, battery-testing equipment, and a likely steady job to keep me busy and satiate my curiosity. I thought I couldn't escape Ron Paul fanaticism either, but haven't read an article about him or his doings in nearly a year, and rarely think about it. Someone, in another thread, asked me how old I am. I'm not sure if that was supposed to be accusatory, or out of genuine curiosity. I've stated it before - a few months ago - in some thread it's deeply buried in now, I suspect. I'm young enough that when Paul ran in 2008, I contributed to his campaign out of lunch/Christmas/birthday money and donated books I bought for essays to "troop bombs" (I hope that wasn't the name, but I don't remember, anymore) where collector/distributors would amass items to send to soldiers overseas. Wink

I have a couple pending business ventures on the side unrelated to finance, which BTC would be well-suited for, but my contacts aren't willing to take the plunge, and I'm not very interested in pushing it, anymore. Still, they're areas in need of innovation, and as long as there're innovative approaches I can study and contribute to, I'll obsess about it until I burn out (or, in this case, get burned badly enough by my actions involved with it), then move on to something else. I figure I have a 50-60 more projects I'll obsess about before I die, but I usually forget everything I learned once I leave something. If someone asks me, in ten years, if I had any early involvement in Bitcoin, I'll give my usual evasive/lazy (though often true) "I don't remember much, anymore" answer, and that's that.
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September 13, 2012, 04:16:50 PM
 #105

I'm sorry to see you go, Kluge. You were an asset to this community and you will be missed. Best of luck in whatever project you choose next.

-- BinaryMage -- | OTC | PGP
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September 17, 2012, 05:38:57 PM
 #106

Dividends paid.

Issued: 19728 bonds (1972.8BTC FV)
Interest Payment: (1972.8*.01)=19.728BTC

Next payment date: September 24


ETA: Not that I'm objecting to it, but if anyone thought they were helping me by out-bidding me for BDK.BND - you're wrong. Wink
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September 24, 2012, 01:52:09 PM
 #107

Dividends paid.

Issued: 19590 bonds (1959BTC FV)
Interest Payment: (1959*.01)=19.59BTC

Next payment date: October 1

ETA: I'm reversing my position (again) on JRO after a couple more phone calls. I don't really have a statement to make. They're trying. Still scares me a bit, but it seems like they're trying. I'm very confident they aren't scammers. They need a lot of things to come together at this point. If Jered hasn't already, I believe he's planning on making a statement. I don't consider it a write-off anymore, just... dangerous, but also full of potential.

My Internet connection still sucks, and now it's violating ToS. Tethered for Internet with 2 bars of EVDO A. 20-80kbps, but at least it's fairly consistent, good latency - and hey, it's symmetric! Most importantly, I'm not giving money to Hughesnet. They offered to waive the contract and offered me $10/mo off. Maybe it's because I know they're still making good margins on that... but that offended me about as much as the actual service I received (or, more accurately - often did not receive).
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September 30, 2012, 05:44:56 AM
 #108

9/30/12

Effective immediately,

I am defaulting on my BDK.BND debt. Beyond this, I will no longer be honoring the contract in the form I originally laid out. I previously intended to empty my non-legal wife's (we personally consider ourselves married, but legally, we are individual and thus have rights we'd otherwise forfeit) 401(k). I obviously did not want to do this, but it became clear it was necessary as I was looking at $200-250/wk interest on this single debt while having been financially raped by loans to various members of the community (No, Pirate is not the primary cause of my distress. Please don't turn this into some Pirate discussion.). After weeks of tha stress, on top of previous stress... heated arguments... -- this is no longer an option. I do not think her response to my actions is unreasonable (she's already effectively lost tens of thousands due to my actions), but this clearly affects my ability to repay within what I'd consider a reasonable time-frame. I currently have a negative net worth excluding my residence which would be protected under a personal bankruptcy filing which I will not pursue unless a suit is formally filed against me. I'd advise against taking action on potential cynicism, and suggest you give me at least a couple months to confirm I am indeed making a decent effort toward repaying what I owe.

I am unable to pay interest on my current BDK.BND debt. It's impossible for me to keep up with that, living expenses, and interest on other debts which are small enough where I can close them - and I apologize, in a sense, for the unfairness of how this is being handled. BDK.BND-holders, who I've always wanted most protected from risk, are now getting the shaft. I cannot subject my wife to more loss, and will be forcing BDK.BND holders to suffer as a result of my unwillingness to liquidate my residence. I apologize for the trust I've violated, the business mismanagement, and this default as a result. If I were unable to compartmentalize, I would be unable to write this. I am truly and deeply sorry. I also apologize for not having the emotional fortitude to prevent what I'm also about to announce: I will not be communicating much, if at all. I will likely not read anything written in this thread beyond this post for months. I just can't handle it when there are many things I need to do to get the situation in order. I will not be responding to phone calls, Skype messages, nor responding to emails. I will not be clarifying what I've written, and will not be responding to questions. I just can't right now, and understand how bad that looks and is. Again, I apologize. I will post an impersonal message each time I make a dividend payment.

All BTC I currently own will go toward BDK.BND payments. These will come in the form of irregular, unannounced dividends -- there will no longer be .001BTC/bond dividends each week. I will never buy BDK.BND back, and that section of the contract can be considered practically void. I can do nothing but assure everyone that I have no intent to make any purchases of BDK.BND units, and will allow them to trade freely on GLBSE as people value them given I have absolutely no information on when, and in what amount, these bonds will be repaid. However, I promise I will repay the debt as it stands, as I'm able. So long as GLBSE is active, I am alive, and earning income, I will continue to make dividend payments on BDK.BND units as a gesture of goodwill (and appreciation for not suing me into bankruptcy) beyond the .101BTC "hard debt" I currently consider as existing. Basically - I will be making larger, more rapid payments until dividends beyond this date reach .101BTC/bond. After that time, I will continue paying irregular dividends in a way which is appropriate for the gratitude I owe, and possible for the amount I need to live. I am unable to provide a repayment schedule or dividend schedule. Essentially - I'm giving what I can without forcing an unreasonable amount of loss (beyond what I've currently caused) onto my non-legal wife, and I naively hope everyone trusts me to be doing exactly what I'm saying I will. I'll provide instructions in my will to give an update (with death certificate) on this forum in the event of my death. Though things have been pretty shit lately, I am not at all suicidal -- just gave the info in that last sentence as an FYI.

-Ben

(Additionally... Someone may remember I recently posted assets/liabilities on my side. This included many of my non-legal wife's assets. The CU/bank assets have been largely emptied to repay CD-holders and my mother, who fronted us money to purchase this house [I've since defaulted on that loan, too, after a partial repayment so I could repay CD-holders]. There is still one outstanding CD-holder who has been excessively generous in providing me time to repay.)

(Many individuals have my home address [NOT the Spring Arbor address. That is a family member's house. DO NOT release that address.]. I would prefer my home address not be released publicly, but would also not consider public release of that information unwarranted. If you are coming for a visit, I would like at least a voice message a day or two prior. Harm toward family's off-limits, and I would physically object to bodily harm which may result in my stay in a hospital, as that'd further impede repayment. I am armed, so please keep ideas of physical violence in check.)
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September 30, 2012, 09:42:52 AM
 #109

Ugh.

I wish you the best as you try to repair the family bonds.  Money has a nasty way of destroying relationships if you're not careful.  Do not let it.


I'm not a Coinbase fan -- I placed a buy order, they took the funds out of my account, then a week later the price went up and they canceled the buy and closed my account.  You've been warned.  Use a different exchange.
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September 30, 2012, 03:14:52 PM
 #110

9/30/12

Effective immediately,

I am defaulting on my BDK.BND debt. Beyond this, I will no longer be honoring the contract in the form I originally laid out. I previously intended to empty my non-legal wife's (we personally consider ourselves married, but legally, we are individual and thus have rights we'd otherwise forfeit) 401(k). I obviously did not want to do this, but it became clear it was necessary as I was looking at $200-250/wk interest on this single debt while having been financially raped by loans to various members of the community (No, Pirate is not the primary cause of my distress. Please don't turn this into some Pirate discussion.). After weeks of tha stress, on top of previous stress... heated arguments... -- this is no longer an option. I do not think her response to my actions is unreasonable (she's already effectively lost tens of thousands due to my actions), but this clearly affects my ability to repay within what I'd consider a reasonable time-frame. I currently have a negative net worth excluding my residence which would be protected under a personal bankruptcy filing which I will not pursue unless a suit is formally filed against me. I'd advise against taking action on potential cynicism, and suggest you give me at least a couple months to confirm I am indeed making a decent effort toward repaying what I owe.

I am unable to pay interest on my current BDK.BND debt. It's impossible for me to keep up with that, living expenses, and interest on other debts which are small enough where I can close them - and I apologize, in a sense, for the unfairness of how this is being handled. BDK.BND-holders, who I've always wanted most protected from risk, are now getting the shaft. I cannot subject my wife to more loss, and will be forcing BDK.BND holders to suffer as a result of my unwillingness to liquidate my residence. I apologize for the trust I've violated, the business mismanagement, and this default as a result. If I were unable to compartmentalize, I would be unable to write this. I am truly and deeply sorry. I also apologize for not having the emotional fortitude to prevent what I'm also about to announce: I will not be communicating much, if at all. I will likely not read anything written in this thread beyond this post for months. I just can't handle it when there are many things I need to do to get the situation in order. I will not be responding to phone calls, Skype messages, nor responding to emails. I will not be clarifying what I've written, and will not be responding to questions. I just can't right now, and understand how bad that looks and is. Again, I apologize. I will post an impersonal message each time I make a dividend payment.

All BTC I currently own will go toward BDK.BND payments. These will come in the form of irregular, unannounced dividends -- there will no longer be .001BTC/bond dividends each week. I will never buy BDK.BND back, and that section of the contract can be considered practically void. I can do nothing but assure everyone that I have no intent to make any purchases of BDK.BND units, and will allow them to trade freely on GLBSE as people value them given I have absolutely no information on when, and in what amount, these bonds will be repaid. However, I promise I will repay the debt as it stands, as I'm able. So long as GLBSE is active, I am alive, and earning income, I will continue to make dividend payments on BDK.BND units as a gesture of goodwill (and appreciation for not suing me into bankruptcy) beyond the .101BTC "hard debt" I currently consider as existing. Basically - I will be making larger, more rapid payments until dividends beyond this date reach .101BTC/bond. After that time, I will continue paying irregular dividends in a way which is appropriate for the gratitude I owe, and possible for the amount I need to live. I am unable to provide a repayment schedule or dividend schedule. Essentially - I'm giving what I can without forcing an unreasonable amount of loss (beyond what I've currently caused) onto my non-legal wife, and I naively hope everyone trusts me to be doing exactly what I'm saying I will. I'll provide instructions in my will to give an update (with death certificate) on this forum in the event of my death. Though things have been pretty shit lately, I am not at all suicidal -- just gave the info in that last sentence as an FYI.

-Ben

(Additionally... Someone may remember I recently posted assets/liabilities on my side. This included many of my non-legal wife's assets. The CU/bank assets have been largely emptied to repay CD-holders and my mother, who fronted us money to purchase this house [I've since defaulted on that loan, too, after a partial repayment so I could repay CD-holders]. There is still one outstanding CD-holder who has been excessively generous in providing me time to repay.)

(Many individuals have my home address [NOT the Spring Arbor address. That is a family member's house. DO NOT release that address.]. I would prefer my home address not be released publicly, but would also not consider public release of that information unwarranted. If you are coming for a visit, I would like at least a voice message a day or two prior. Harm toward family's off-limits, and I would physically object to bodily harm which may result in my stay in a hospital, as that'd further impede repayment. I am armed, so please keep ideas of physical violence in check.)
I wish you the very best. I hope you can solve your family and financial situation Smiley
I still consider you one of the best and nicest lenders/community member that I have meet.
At least you have the balls to default in the way a default is suppose to be.

I think there's a great lesson the community can learn from this, never guarantee rates. It's not viable long term, things changes.
//DeaDTerra
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September 30, 2012, 07:12:10 PM
 #111

Would you consider paying a smaller weekly amount and/or trying to buy back the shares at market prices?

It would have been nice if there was a way to clear out the order book when making such an announcement so people with orders up do not get screwed.

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September 30, 2012, 09:28:34 PM
 #112

9/30/12

Effective immediately,

I am defaulting on my BDK.BND debt. Beyond this, I will no longer be honoring the contract in the form I originally laid out. I previously intended to empty my non-legal wife's (we personally consider ourselves married, but legally, we are individual and thus have rights we'd otherwise forfeit) 401(k). I obviously did not want to do this, but it became clear it was necessary as I was looking at $200-250/wk interest on this single debt while having been financially raped by loans to various members of the community (No, Pirate is not the primary cause of my distress. Please don't turn this into some Pirate discussion.). After weeks of tha stress, on top of previous stress... heated arguments... -- this is no longer an option. I do not think her response to my actions is unreasonable (she's already effectively lost tens of thousands due to my actions), but this clearly affects my ability to repay within what I'd consider a reasonable time-frame. I currently have a negative net worth excluding my residence which would be protected under a personal bankruptcy filing which I will not pursue unless a suit is formally filed against me. I'd advise against taking action on potential cynicism, and suggest you give me at least a couple months to confirm I am indeed making a decent effort toward repaying what I owe.

I am unable to pay interest on my current BDK.BND debt. It's impossible for me to keep up with that, living expenses, and interest on other debts which are small enough where I can close them - and I apologize, in a sense, for the unfairness of how this is being handled. BDK.BND-holders, who I've always wanted most protected from risk, are now getting the shaft. I cannot subject my wife to more loss, and will be forcing BDK.BND holders to suffer as a result of my unwillingness to liquidate my residence. I apologize for the trust I've violated, the business mismanagement, and this default as a result. If I were unable to compartmentalize, I would be unable to write this. I am truly and deeply sorry. I also apologize for not having the emotional fortitude to prevent what I'm also about to announce: I will not be communicating much, if at all. I will likely not read anything written in this thread beyond this post for months. I just can't handle it when there are many things I need to do to get the situation in order. I will not be responding to phone calls, Skype messages, nor responding to emails. I will not be clarifying what I've written, and will not be responding to questions. I just can't right now, and understand how bad that looks and is. Again, I apologize. I will post an impersonal message each time I make a dividend payment.

All BTC I currently own will go toward BDK.BND payments. These will come in the form of irregular, unannounced dividends -- there will no longer be .001BTC/bond dividends each week. I will never buy BDK.BND back, and that section of the contract can be considered practically void. I can do nothing but assure everyone that I have no intent to make any purchases of BDK.BND units, and will allow them to trade freely on GLBSE as people value them given I have absolutely no information on when, and in what amount, these bonds will be repaid. However, I promise I will repay the debt as it stands, as I'm able. So long as GLBSE is active, I am alive, and earning income, I will continue to make dividend payments on BDK.BND units as a gesture of goodwill (and appreciation for not suing me into bankruptcy) beyond the .101BTC "hard debt" I currently consider as existing. Basically - I will be making larger, more rapid payments until dividends beyond this date reach .101BTC/bond. After that time, I will continue paying irregular dividends in a way which is appropriate for the gratitude I owe, and possible for the amount I need to live. I am unable to provide a repayment schedule or dividend schedule. Essentially - I'm giving what I can without forcing an unreasonable amount of loss (beyond what I've currently caused) onto my non-legal wife, and I naively hope everyone trusts me to be doing exactly what I'm saying I will. I'll provide instructions in my will to give an update (with death certificate) on this forum in the event of my death. Though things have been pretty shit lately, I am not at all suicidal -- just gave the info in that last sentence as an FYI.

-Ben

(Additionally... Someone may remember I recently posted assets/liabilities on my side. This included many of my non-legal wife's assets. The CU/bank assets have been largely emptied to repay CD-holders and my mother, who fronted us money to purchase this house [I've since defaulted on that loan, too, after a partial repayment so I could repay CD-holders]. There is still one outstanding CD-holder who has been excessively generous in providing me time to repay.)

(Many individuals have my home address [NOT the Spring Arbor address. That is a family member's house. DO NOT release that address.]. I would prefer my home address not be released publicly, but would also not consider public release of that information unwarranted. If you are coming for a visit, I would like at least a voice message a day or two prior. Harm toward family's off-limits, and I would physically object to bodily harm which may result in my stay in a hospital, as that'd further impede repayment. I am armed, so please keep ideas of physical violence in check.)

Did I tell you you have no business pretending like you're in BTC finance? You need to listen more.

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October 01, 2012, 08:18:08 PM
 #113

Well, at least he was honest? The only hope of him paying back those loans 100% is if he seriously values his reputation here. IMO, the best chance of redeeming any money is to consolidate the loans into the hands of a few individuals and work out a settlement for pennies on the dollar.
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October 01, 2012, 08:51:13 PM
 #114

How about you release a new bond, with a much lower, more sustainable interest rate, like 0.1% weekly, and use the sales of such to buy back this bond? You could also offer to trade shares 1:1 from the old bond to the new bond?

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October 02, 2012, 06:04:22 AM
 #115

10/2/12

Dividend Paid (will be after it hits GLBSE account in ~2h). 1 payment date has passed since last dividend.

Bonds Issued: 19590
"Hard Debt": (19590*.101)= 1978.59BTC
Dividend Payment: 173.59BTC
"Hard Debt" Remaining: (1978.59-173.59)= 1805BTC
Current "Soft Debt" Remaining: (((1959*1.01)+(1959*.01))-(173.59))= 1824.59BTC
Current bond value @ "lock in" rate (this is the amount I claim I am liable for assuming interest does not accumulate after the date I announced default): 0.092139BTC/bond
Current bond value @ "compounded" rate (this is the amount I claim I am liable for assuming interest DOES accumulate after the date I announced default): 0.093139BTC/bond

In the event that I catch up with "soft debt," I will stop paying on BDK.BND debt. So, in that sense, it would be wise to assume it is decreasing in fundamental value with each payment unless you think I'll be unable to ever pay this off, in which case, you could theorize on it increasing or decreasing in "real" value.

ETA: Revised "Soft Debt." Since dividend was made on 10/2 instead of 10/1, I should be liable for compounding interest BEFORE the dividend, not after.

ETA2: At 5/8 confs. Just an FYI - I decided I should at least post each Monday to release the new "Soft Debt" number, and show I'm still alive and aware of what's going on.

ETA3: Dividend has gone out. I've updated OP with critical information. (@GLBSE: ELEVEN confs before a credit, now?! Yeesh!)
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October 02, 2012, 10:13:28 AM
 #116

I am armed, so please keep ideas of physical violence in check.

Why is/are this/these weapon(s) not sold yet to pay back your creditors?
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October 02, 2012, 10:15:54 AM
 #117

I am armed, so please keep ideas of physical violence in check.

Why is/are this/these weapon(s) not sold yet to pay back your creditors?

maybe if he sold them, all his other assets gets "stolen" by his first visitor Wink

...couldnt resist...
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October 02, 2012, 10:17:42 AM
 #118

I am armed, so please keep ideas of physical violence in check.

Why is/are this/these weapon(s) not sold yet to pay back your creditors?

maybe if he sold them, all his other assets gets "stolen" by his first visitor Wink

...couldnt resist...

What other assets?

There's more to sell?

Why is it not sold yet?
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October 02, 2012, 10:19:26 AM
 #119

I am armed, so please keep ideas of physical violence in check.

Why is/are this/these weapon(s) not sold yet to pay back your creditors?

maybe if he sold them, all his other assets gets "stolen" by his first visitor Wink

...couldnt resist...

What other assets?

There's more to sell?

Why is it not sold yet?

afaik he considers his wife as an asset
but anyway: i think we dont have a choice and need to wait.
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October 02, 2012, 10:28:25 AM
 #120

I am armed, so please keep ideas of physical violence in check.

Why is/are this/these weapon(s) not sold yet to pay back your creditors?

maybe if he sold them, all his other assets gets "stolen" by his first visitor Wink

...couldnt resist...

What other assets?

There's more to sell?

Why is it not sold yet?

afaik he considers his wife as an asset
but anyway: i think we dont have a choice and need to wait.

I will need pictures before I make a purchase decision.
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October 02, 2012, 10:47:37 AM
 #121

GLBSE hasn't locked trading yet  Tongue
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October 02, 2012, 11:09:41 AM
 #122

GLBSE hasn't locked trading yet  Tongue

And it looks like your assets (not including defaulted loans) are (478+475+85+30) = 1068BTC, while hard debt is 1806, which gives a FV of 0.059. But the ask is 0.0495.  Hmmmm....
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October 02, 2012, 11:15:31 AM
 #123

Just to be absolutely clear -- there is nothing that can happen in the Bitcoiniverse which would cause me to default on BDK.BND. There is no need for investors to worry.

Nothing in the Bitcoiniverse can happen to make him default on BDK.BND.

Guess an economy needs more than pretty words and blind trust to work.
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October 02, 2012, 01:41:27 PM
 #124

Just to be absolutely clear -- there is nothing that can happen in the Bitcoiniverse which would cause me to default on BDK.BND. There is no need for investors to worry.

Nothing in the Bitcoiniverse can happen to make him default on BDK.BND.

Guess an economy needs more than pretty words and blind trust to work.

This needs to be preserved. Also this

Kluge: You, personally, are an idiot. Thinking oh herp derp, I r bankr nao --that's idiocy. Going around now acting like you're some sort of noteworthy character doing things, wheeling and dealing and so forth is risible. You are simply an idiot that helped a bunch of lambs to the slaughter.

Oh, Mr. Citizen Banker-Dentist thinks being called an idiot in a public forum for having been an idiot is unfair and unwarranted? Bully for you. Oh, your mommy always told you you're great and you fart runny rose water? Bully for her. Nobody else cares. What you are is a guy that helped a bunch of lambs to the slaughter.

So drop the pretense, get on your hands and knees and face the music. Oh, he can't take the "pure negativity". Why did you associate with a ponzi if you knew you couldn't take the negativity? Why did you pretend yourself a banker when you're nothing of the sort? What do you think happens to people that play pretend?

Go ahead, whine about how openness is a bad thing because idiots get to be called out and "it's just unfair". So very impressive. And when you're done with that, we can laugh at you over the kronos fiasco, too.  

Un-fucking-believable, the nerve of you idiots. "Limited amount of patience", the gall.

And yes, I claim dibs on having been the first one to tell him this. As I was the first one to say Pirate's a ponzi. Curious about the effect?

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.

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October 02, 2012, 02:34:08 PM
 #125

Kluge, I understand that you don't feel like communicating, but you should reconsider. You're showing goodwill by starting with payments, but communication will go a long way to keep your investors relatively "happy" while you work on repaying your debts. I wish you the best of luck!

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October 02, 2012, 06:13:13 PM
 #126

I want to make sure I have this straight, Kluge, please confirm...

What you're calling "hard debt" is the principal of the bonds (without interest) whereas "soft debt" is the principal plus compounded interest at 1%?

It sounds like you'd like to make good on the full soft debt, but don't foresee that happening, correct?  Though you will continue to pay toward the hard debt until it is extinguished.


Now for the advice part, which I hope you'll not take offense to.  I think most of your bondholders want to see you succeed, and hopefully can provide even more constructive ideas to help you out...

Communication: one of the things that caused other defaulters around here big problems was a lack of communication.  You need to avoid repeating the things you wrote in post 115 of this thread, and instead post a clear plan you can live with as well as weekly updates (even when you don't feel like it).  No need to obsess over every comment (please ignore the trolls), but weekly updates (even without payments) will show you still have some respect for your bondholders.

Income: do you have a source of income?  It's impossible to pay out what you don't have.

Buyback: there are shares for sale on GLBSE below your hard debt/share amount.  You should be buying those back on the open market before paying out divs.  Doing so will cut both the hard and soft debt amounts fastest.  I realize some might see it as unethical to buy those shares at a discount to book value, but keep in mind that someone is asking to get out of their BDK.BND position and is willing to take a loss, so help them - it's a win-win.

Conversion Rate Risk:  if your income is in USD and your payments are in BTC, any increase in the exchange rate could be a big problem (likewise a decrease could help you).  If you think the BTC is going to keep appreciating like most people around here do, it would benefit you to find a way to convert the debt to USD asap (even part of it).

Family: your family should be the most important thing to you.  Take care of them first.  And stop talking about them in here, it just attracts the crazies.  If you can't make any bond payments for a while because of something family related, make that week's update a little on the vague side.


Quoting today's update so I can find the numbers easily in the future.
10/2/12

Dividend Paid (will be after it hits GLBSE account in ~2h). 1 payment date has passed since last dividend.

Bonds Issued: 19590
"Hard Debt": (19590*.101)= 1978.59BTC
Dividend Payment: 173.59BTC
"Hard Debt" Remaining: (1978.59-173.59)= 1805BTC
Current "Soft Debt" Remaining: (((1959*1.01)+(1959*.01))-(173.59))= 1824.59BTC
Current bond value @ "lock in" rate (this is the amount I claim I am liable for assuming interest does not accumulate after the date I announced default): 0.092139BTC/bond
Current bond value @ "compounded" rate (this is the amount I claim I am liable for assuming interest DOES accumulate after the date I announced default): 0.093139BTC/bond

In the event that I catch up with "soft debt," I will stop paying on BDK.BND debt. So, in that sense, it would be wise to assume it is decreasing in fundamental value with each payment unless you think I'll be unable to ever pay this off, in which case, you could theorize on it increasing or decreasing in "real" value.

ETA: Revised "Soft Debt." Since dividend was made on 10/2 instead of 10/1, I should be liable for compounding interest BEFORE the dividend, not after.

ETA2: At 5/8 confs. Just an FYI - I decided I should at least post each Monday to release the new "Soft Debt" number, and show I'm still alive and aware of what's going on.

ETA3: Dividend has gone out. I've updated OP with critical information. (@GLBSE: ELEVEN confs before a credit, now?! Yeesh!)
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October 02, 2012, 11:11:02 PM
 #127

I want to make sure I have this straight, Kluge, please confirm...

What you're calling "hard debt" is the principal of the bonds (without interest) whereas "soft debt" is the principal plus compounded interest at 1%?

It sounds like you'd like to make good on the full soft debt, but don't foresee that happening, correct?  Though you will continue to pay toward the hard debt until it is extinguished.


Now for the advice part, which I hope you'll not take offense to.  I think most of your bondholders want to see you succeed, and hopefully can provide even more constructive ideas to help you out...

Communication: one of the things that caused other defaulters around here big problems was a lack of communication.  You need to avoid repeating the things you wrote in post 115 of this thread, and instead post a clear plan you can live with as well as weekly updates (even when you don't feel like it).  No need to obsess over every comment (please ignore the trolls), but weekly updates (even without payments) will show you still have some respect for your bondholders.

Income: do you have a source of income?  It's impossible to pay out what you don't have.

Buyback: there are shares for sale on GLBSE below your hard debt/share amount.  You should be buying those back on the open market before paying out divs.  Doing so will cut both the hard and soft debt amounts fastest.  I realize some might see it as unethical to buy those shares at a discount to book value, but keep in mind that someone is asking to get out of their BDK.BND position and is willing to take a loss, so help them - it's a win-win.

Conversion Rate Risk:  if your income is in USD and your payments are in BTC, any increase in the exchange rate could be a big problem (likewise a decrease could help you).  If you think the BTC is going to keep appreciating like most people around here do, it would benefit you to find a way to convert the debt to USD asap (even part of it).

Family: your family should be the most important thing to you.  Take care of them first.  And stop talking about them in here, it just attracts the crazies.  If you can't make any bond payments for a while because of something family related, make that week's update a little on the vague side.


Quoting today's update so I can find the numbers easily in the future.
10/2/12

Dividend Paid (will be after it hits GLBSE account in ~2h). 1 payment date has passed since last dividend.

Bonds Issued: 19590
"Hard Debt": (19590*.101)= 1978.59BTC
Dividend Payment: 173.59BTC
"Hard Debt" Remaining: (1978.59-173.59)= 1805BTC
Current "Soft Debt" Remaining: (((1959*1.01)+(1959*.01))-(173.59))= 1824.59BTC
Current bond value @ "lock in" rate (this is the amount I claim I am liable for assuming interest does not accumulate after the date I announced default): 0.092139BTC/bond
Current bond value @ "compounded" rate (this is the amount I claim I am liable for assuming interest DOES accumulate after the date I announced default): 0.093139BTC/bond

In the event that I catch up with "soft debt," I will stop paying on BDK.BND debt. So, in that sense, it would be wise to assume it is decreasing in fundamental value with each payment unless you think I'll be unable to ever pay this off, in which case, you could theorize on it increasing or decreasing in "real" value.

ETA: Revised "Soft Debt." Since dividend was made on 10/2 instead of 10/1, I should be liable for compounding interest BEFORE the dividend, not after.

ETA2: At 5/8 confs. Just an FYI - I decided I should at least post each Monday to release the new "Soft Debt" number, and show I'm still alive and aware of what's going on.

ETA3: Dividend has gone out. I've updated OP with critical information. (@GLBSE: ELEVEN confs before a credit, now?! Yeesh!)
"Hard debt" is principal + 1% (the buyout value originally outlined in contract) - so .101BTC/bond -- this can be almost certainly be paid off within a year even if everything goes against me.
"Soft debt" is what I believe I owe, and is hard debt + 1% week compounding interest on outstanding "soft debt" balance each Monday. -- this can be paid off if things start going my way and I can get a good chunk of the debt out of the way by the end of the year.


I would enjoy a USD loan to convert this debt to, and have tried, but do not have 2 years' worth of tax-verifiable income. I've gone to three separate CUs, and all refuse to talk about the loan, even if I put our residence (worth ~5x BDK.BND debt) as collateral, without 2 years' consistent, verifiable income. I have multiple plans to get this taken care of (outside of "maybe everyone'll just decide to pay back within a couple months") - I just need some luck for at least one of them to work. I'd prefer to keep most details of those plans to myself, and do not intend to change the way BDK.BND is being repaid. Because these plans require some luck in things working exactly as I'd like them, I cannot either a firm or loose repayment schedule other than "hard debt will probably be repaid within a year, soft debt may or may not be repaid eventually depending on my luck, and I'll give a weekly indication that I'm paying attention to the situation." If I have good luck, I can repay BDK.BND holders soft debt in ~1 month, and depends on me selling off my largest default (~3.7kBTC). This would also probably allow me to pay BDK-holders a reasonable amount instead of the negative equity amount. If I have moderate luck, my credit cards will be off the new member probationary period in ~2-4 months, and I can just load all my debt on there. If I have moderate-poor luck, repayment will rely on my employment income, BTC price doesn't deviate too much from where it is, and repayment will be painfully slow. If I have bad luck, the price of BTC will soar to $20/coin or more without sign of relief, and repayment will likely be unfeasible. If I have horrible luck, I'll be sued into personal bankruptcy.

Quick note @ TheBible: I don't consider having my emergency access to non-legal wife's 401(k) revoked part of "the Bitcoiniverse."
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October 03, 2012, 02:12:25 AM
 #128

Quick note @ TheBible: I don't consider having my emergency access to non-legal wife's 401(k) revoked part of "the Bitcoiniverse."

Yeah, you're quite the victim here.

Man, you wiped out your own wife's retirement account on Internet Funny Munny.  You could have at least stopped at losing all your own money, but no, you had to break someone else before burning out.  That's cold, man.
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October 03, 2012, 01:11:49 PM
 #129

Quick note @ TheBible: I don't consider having my emergency access to non-legal wife's 401(k) revoked part of "the Bitcoiniverse."

Yeah, you're quite the victim here.

Man, you wiped out your own wife's retirement account on Internet Funny Munny.  You could have at least stopped at losing all your own money, but no, you had to break someone else before burning out.  That's cold, man.

I think what actually happened was the wife said "There is no way in hell you are taking my retirement to pay for your stupid online play money!" (paraphrased)

So he didn't actually wipe out the account, he just removed it from the list of assets available to him.

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October 03, 2012, 01:19:21 PM
 #130

If I have moderate-poor luck, repayment will rely on my employment income,

What employment income? Last I checked you were a jobless do-nothing, sitting on his couch all day actively declining job offers relying on internet magic money to make you rich.
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October 03, 2012, 04:31:19 PM
 #131

If I have moderate-poor luck, repayment will rely on my employment income,

What employment income? Last I checked you were a jobless do-nothing, sitting on his couch all day actively declining job offers relying on internet magic money to make you rich.

Sir, your signature! Where did you get it? Can I get one too?

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October 04, 2012, 12:23:43 AM
 #132

Quick note @ TheBible: I don't consider having my emergency access to non-legal wife's 401(k) revoked part of "the Bitcoiniverse."

Yeah, you're quite the victim here.

Man, you wiped out your own wife's retirement account on Internet Funny Munny.  You could have at least stopped at losing all your own money, but no, you had to break someone else before burning out.  That's cold, man.

I think what actually happened was the wife said "There is no way in hell you are taking my retirement to pay for your stupid online play money!" (paraphrased)

So he didn't actually wipe out the account, he just removed it from the list of assets available to him.

I sure hope so.
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October 04, 2012, 03:31:00 PM
 #133

"Hard debt" is principal + 1% (the buyout value originally outlined in contract) - so .101BTC/bond -- this can be almost certainly be paid off within a year even if everything goes against me.
"Soft debt" is what I believe I owe, and is hard debt + 1% week compounding interest on outstanding "soft debt" balance each Monday. -- this can be paid off if things start going my way and I can get a good chunk of the debt out of the way by the end of the year.


I would enjoy a USD loan to convert this debt to, and have tried, but do not have 2 years' worth of tax-verifiable income. I've gone to three separate CUs, and all refuse to talk about the loan, even if I put our residence (worth ~5x BDK.BND debt) as collateral, without 2 years' consistent, verifiable income. I have multiple plans to get this taken care of (outside of "maybe everyone'll just decide to pay back within a couple months") - I just need some luck for at least one of them to work. I'd prefer to keep most details of those plans to myself, and do not intend to change the way BDK.BND is being repaid. Because these plans require some luck in things working exactly as I'd like them, I cannot either a firm or loose repayment schedule other than "hard debt will probably be repaid within a year, soft debt may or may not be repaid eventually depending on my luck, and I'll give a weekly indication that I'm paying attention to the situation." If I have good luck, I can repay BDK.BND holders soft debt in ~1 month, and depends on me selling off my largest default (~3.7kBTC). This would also probably allow me to pay BDK-holders a reasonable amount instead of the negative equity amount. If I have moderate luck, my credit cards will be off the new member probationary period in ~2-4 months, and I can just load all my debt on there. If I have moderate-poor luck, repayment will rely on my employment income, BTC price doesn't deviate too much from where it is, and repayment will be painfully slow. If I have bad luck, the price of BTC will soar to $20/coin or more without sign of relief, and repayment will likely be unfeasible. If I have horrible luck, I'll be sued into personal bankruptcy.

Quick note @ TheBible: I don't consider having my emergency access to non-legal wife's 401(k) revoked part of "the Bitcoiniverse."

Thanks Kluge, that's what I was looking for.

On the loan - have you tried prosper.com or lendingclub.com?  Both offer unsecured loans up to $25k and have lenders who fund debt consolidations (basically what you are trying to accomplish).  Locking in your exchange rate could be huge if it keeps rising.

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October 06, 2012, 01:26:49 AM
 #134

KLUDGE ITS YOUR LUCKY DAY!

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October 06, 2012, 01:41:48 AM
 #135

I've been watching the news on GLBSE with interest, but all most everyone has is speculation given Nef's keeping fairly quiet. I have nothing extraordinary to report on my end.

AFAIK, a list will be provided to Issuers. I have no solid plans on how to proceed and will not until I see how the GLBSE situation is resolved and how many more "legal troubles" begin to arise for equity operations. As I have never sold equity, did register IOUCoin with The State, have a relatively small operation, and have never claimed BDK a bank, I doubt I'm at any significant risk. It'll depend on how aggressive investigations are, however. I'm sure there are a handful of obscure laws I've violated along the way which The State could pin on me if they were particularly interested.

As I am not at fault for missing payments between now and when a list is furnished to me, I believe it reasonable not to compound "soft debt" until a list is provided to me. Upon me being furnished a proper list of current investors, repayment will need to be negotiated with every single person individually. "Soft Debt" will not be accruing interest until I've had a reasonable amount of time to get into contact with everyone -- I'll announce when this is, and if you disagree, you can always sue. I will have a more concrete plan on what I believe is and isn't reasonable for "Soft Debt" to prevent non-communicative investors from having a 10kBTC debt from me in 2050 which their children decide to call.

In the extraordinarily slim case I am prosecuted by the SEC or a similar agency, non-legal wife is familiar with a contingency plan and will be able to pay if coins are in my account, though I doubt she'd be able (nor in any condition) to repay what's owed, nor be able to communicate with many tens of individuals to work repayment out. I do not intend to take liability for soft debt interest accrual if I'm incarcerated simply because it'd increase to an unrealistic amount.

I'll keep y'all posted as I'm made aware of or create relevant information.
-Ben
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October 06, 2012, 01:43:54 AM
 #136

KLUDGE ITS YOUR LUCKY DAY!
Yes... spies told me of your IRC posts. Wink

I'll admit what's happened with GLBSE is pretty convenient for me. My account was hacked months ago wiping out all securities I held on there, and the last thing I did on there was make a large-ish dividend payment on BDK.BND, so all I had in there was maybe 4 or 5 coins.
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October 06, 2012, 02:04:21 AM
 #137

KLUDGE ITS YOUR LUCKY DAY!
Yes... spies told me of your IRC posts. Wink

I'll admit what's happened with GLBSE is pretty convenient for me. My account was hacked months ago wiping out all securities I held on there, and the last thing I did on there was make a large-ish dividend payment on BDK.BND, so all I had in there was maybe 4 or 5 coins.

It wasn't hacked.  It was Nefario helping himself.   Wink

I'm not a Coinbase fan -- I placed a buy order, they took the funds out of my account, then a week later the price went up and they canceled the buy and closed my account.  You've been warned.  Use a different exchange.
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October 06, 2012, 02:15:25 AM
 #138

KLUDGE ITS YOUR LUCKY DAY!
Yes... spies told me of your IRC posts. Wink

I'll admit what's happened with GLBSE is pretty convenient for me. My account was hacked months ago wiping out all securities I held on there, and the last thing I did on there was make a large-ish dividend payment on BDK.BND, so all I had in there was maybe 4 or 5 coins.

It wasn't hacked.  It was Nefario helping himself.   Wink
..... That never occurred to me...
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October 06, 2012, 03:25:29 AM
 #139

His name is Nefario.  How could you people not see this coming?  How did you not learn your lesson after getting scammed by a guy named pirate?
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October 10, 2012, 06:14:20 AM
 #140

Sorry for not updating on Monday. Figured out why phone tether failed, finally (haven't had much time to look). Phone is unrooting itself (judging by Google, I'm the only person on Earth with this issue on an S3 through Sprint) which causes wifi tether to fail. It does this both during reboots and randomly while on. It resets to stock recovery image.... I've dinked around with some options this time... will see if it sticks.

I have been receiving some second-hand legal advice atop my own research. I believe I qualify for certain exceptions to usual Accredited Investor laws, and that GLBSE, which acted as both broker and exchange, afforded operators of underlying operations related to GLBSE securities certain legal protections. However, should anyone choose to act on contracts without that legal buffer (GLBSE), they may be acting criminally, even if an operator is clearly not facilitating any type of securities exchange. As such, I will not be claiming anything through GLBSE, nor do I have immediate plans to act on any information coming directly from GLBSE. I'm actively seeking first-hand legal advice from someone relevant which should help me decide how to proceed -- I sure don't know what I'm doing... CFR's fucking impossible to read and comprehend. It's like... For possible exemptions, refer to section (2) of §9313-C. §9313-C (2_: Exemptions allotted under §9311 1(c) are permitted unless conditions of §9313 2(d) and §9313 2(f) are made, in which case §9408 4(a) requirements must be met to satisfy the conditions of §9310-B 3(a), as defined in section 1504(a) of the Internal Revenue Code of 1954 (26 U.S.C. 1504(a)), as amended by §9590 and §9591.
[a]In a condition where the entity is a "magnanimous actuarial," as defined in §9311 1(c), filing must occur as outlined in §9311 1(c) except when acting as a "snatch latch," as defined in §9313-C 5(a).

Anyway... "Soft Debt" did not earn interest on 10/8/12 due to reasons I've given in previous posts. "Soft debt" likely will not increase any time in October, but possibly in November, depending on when GLBSE releases .csv files to Issuers, what's in them, and whether or not I'm legally allowed to act on the information.

For reference:
Bonds Issued: 19590
"Hard Debt": (19590*.92139)= 1805BTC
"Soft Debt": (1959*.093139)= 1824.59BTC
Current bond value @ "lock in" rate (this is the amount I claim I am liable for assuming interest does not accumulate after the date I announced default): 0.092139BTC/bond
Current bond value @ "compounded" rate (this is the amount I claim I am liable for assuming interest DOES* accumulate after the date I announced default): 0.093139BTC/bond
*"soft debt" or "compounded debt" accumulates interest only on Mondays where I have the possibility to repay. It does not accumulate interest while I do not have access to repay bond-holders, such as when GLBSE is down and I do not have ability to repay unit-holders. Please refer to Board 78.0, Topic 79923, Message 1248967, Paragraph 3 for more complete explanation, as amended by Board 78.0, Topic 79923, Message 1261518.
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October 10, 2012, 10:01:02 AM
 #141

KLUDGE ITS YOUR LUCKY DAY!
Yes... spies told me of your IRC posts. Wink

I'll admit what's happened with GLBSE is pretty convenient for me. My account was hacked months ago wiping out all securities I held on there, and the last thing I did on there was make a large-ish dividend payment on BDK.BND, so all I had in there was maybe 4 or 5 coins.

It wasn't hacked.  It was Nefario helping himself.   Wink

There were many accounts that were "hacked" on GLBSE that were managed by very safe and competent people. I honestly think Nefario was helping himself.
While it's possible, I definitely didn't have up-to-par security practices at the time. My LastPass account was compromised first. This was not long after Bitcoinica was hacked, which is what I first suspected the culprit, but believe I found I used a randomly-generated password for that.

After LastPass was compromised, the person next tried to get into my Gmail account. I don't believe there was anything compromising (well - plenty which could've humiliated me, but nothing financial, and I'm not sure why anyone would think I'd keep financial docs in my email account), though given this wasn't long after the JRO/Hermes drama, it's possible the person may've been looking for correspondence were they particularly paranoid. Were that the case, the person probably would've realized I didn't correspond with JRO & company with that address, or any address on LastPass. However, after the person got into the Gmail account, there was an activity lull for hours. It was not until I mentioned my GLBSE account hadn't been emptied, hours later, and was kind of curious about why, that it was actually compromised and emptied. I had changed my passwords far prior to it being emptied, but GLBSE didn't have login sessions expire back then, and sessions weren't logged out when I changed the password, which is just bad.

Now, while it likely wasn't Bitcoinica which had the same pw as on LastPass, I was cycling through a set of passwords back then. Sensitive financial sites usually shared one of two passwords, and though I had LastPass, only started using that recently, and didn't go through and randomize all previous passwords. It is very possible my GLBSE pw and LastPass pw were the same at that time.

I filed a complaint against the person with Amazon EC2, which I had an IP/time log of through Gmail, because the attacker originally tried to use Tor, which was blocked. Amazon EC2 Abuse got back with me indicating the user had some type of mobile service website, but didn't go into detail, and refused to unless I got the police involved or could get Gmail to verify. I tried pressing more, but they quit responding to me. I knew someone relevant in Gmail (through this forum, as it happens) who looked into whether or not he could verify the log as accurate, but it turned out that policy was to refuse assistance without a police report, which I didn't want to file because I wasn't sure how receptive they'd be to "someone stole a bunch of digital currency and securities on an questionably-legal exchange," nor what other investigations into me might result from me opening up. I did mention to Nefario that I may need logs from him in order to file with the police (which I was still internally arguing about), to which I don't believe he responded. He didn't present himself suspiciously to me, though I certainly would've appreciated him responding to calls/emails made to him before my account was emptied. Whoever did compromise the GLBSE account, however, was either exceptionally uncaring, or hateful, as they sold tons of securities for next-to-nothing, which I almost had to recognize as legitimate. However, Nefario took it upon himself to immediately lock the securities affected and reverse the transactions.

No reason to speculate on my behalf, though. It'd "fit" well in some aspects, but I certainly have no evidence. The attack was really queer for someone I'd assume would want to act quickly and quietly, so I still don't really know what to make of it. It'd be nice to have closure, if nothing else, because it still bothers me that I still have absolutely no idea why the attacker waited many hours between when he compromised the LastPass account to when he emptied my GLBSE account, and also appeared to wait for me to acknowledge he didn't empty it (or maybe he didn't realize I had an account? I never did get the logs from Nef on that, so dunno times).
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October 11, 2012, 04:42:54 AM
 #142

Working on work-arounds if I either do not receive or cannot legally act on db furnished by GLBSE. I don't know if my work-around will work, and relies on a third-party who I do not intend to discuss.

I do not intend to act on claims sent to me without me being given a current db (which I trust) of unit-holders noting a username and how many units they hold.

Here is the form I'd appreciate unit-holders sending to the email address associated with the public key:

**ENCRYPT USING GPG! PLEASE DO NOT SEND ME "NAKED" INFORMATION!! See bottom of message for public key to use.**
Code:
GLBSE username:
# of BDK units you own:
# of BDK.BND units you own:
GPG Public Key (if not signed):
Non-Throwaway Email Address (if not associated with key and you used a throwaway address to send from):
BTC Address to Receive Payouts:
**ENCRYPT USING GPG! PLEASE DO NOT SEND ME "NAKED" INFORMATION!! See bottom of message for public key to use.**

Additional notes, mostly for legal reasons:
*I will not be reimbursing any dividends you may have lost on GLBSE. It is your responsibility to reclaim anything I've paid on GLBSE, not mine.
*I will be filing for a scammer tag if you write me to say you own units, and it turns out you have never owned any.
*I will pay out when I have a usable db. I am making no guarantees as to when this may be. Payouts may begin as early as tomorrow, or as late as January, 2025. I am not even necessarily guaranteeing payout -- it relies on me being provided a trusted db I can legally use.
*BDK.BND is still in default and I still do not have enough to pay everyone out in full. For "soft debt" to begin accumulating interest again, I both need to be furnished a trusted db of unit-holders, and I need unit-holders to individually verify their holdings with me. BOTH of those conditions must be met both for payout and for "soft debt" to begin accruing.
*I will publicly note when I have received a trusted db.
EDIT: If GLBSE sends me a db which already includes the information I've asked for AND I can legally act on it, I will use that, and assuming you checked that you want Issuers to receive the email & payout address you provided, it would not be necessary to also send me identical information. Basically, give info for me and hope I'm provided a db by a third party, or give info to GLBSE and hope they provide me a db, or do both and pat yourself on the back for being aggressively diligent.

Use this to encrypt messages:
-----BEGIN PGP PUBLIC KEY BLOCK-----
Version: GnuPG v2.0.17 (MingW32)
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=WpYQ
-----END PGP PUBLIC KEY BLOCK-----
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October 11, 2012, 07:42:43 PM
 #143


Here is the form I'd appreciate unit-holders sending to the email address associated with the public key:

How do we know which email address is associated with that public key?

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October 11, 2012, 08:28:21 PM
 #144

It was not until I mentioned my GLBSE account hadn't been emptied, hours later, and was kind of curious about why, that it was actually compromised and emptied. I had changed my passwords far prior to it being emptied, but GLBSE didn't have login sessions expire back then, and sessions weren't logged out when I changed the password, which is just bad.


That's funny, because back when this was discussed Nefario wouldn't admit any wrongdoing.

How do we know which email address is associated with that public key?

http://pool.sks-keyservers.net:11371/pks/lookup?op=vindex&search=0x6160E1CAC8A3C52966FD76998A736F0E2FB7B452 <<< replace with key that interests you.

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October 12, 2012, 02:27:13 AM
 #145


Here is the form I'd appreciate unit-holders sending to the email address associated with the public key:

How do we know which email address is associated with that public key?
If using GPA, create a .txt file, enter my public key in there, save it. Open up GPA, goto "Keys"->"Import Keys" and navigate to the txt file you saved. Click "OK" on the popup and the associated email address will be displayed in your keyring.

Idunno for other clients.
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October 15, 2012, 08:02:42 AM
 #146

Monday check-in.

Have about 5% of all BDK.BND units accounted for from claim forms, 0% of BDK units, so... long while to go. Still don't have a db verifying unit-holders, so interest won't be accruing for anyone today -- it's looking unlikely that I'll receive a .csv before any other Issuers. On my repayment front, it's looking moderately possible I'll have my JRO debt purchased by Saint Anonymous in 2-3 weeks, which'd provide enough to pay back all BDK.BND-holders in one go, pay off BDK-holders in a more favorable manner than under the negative equity provision, and even pay off debts taken out to pay off debts. Wouldn't be debt-free, but at least the remaining debt wouldn't have a crushing interest rate and'd be denominated in something which consistently loses value instead of being at risk of 10% swings day-to-day.
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October 15, 2012, 06:03:09 PM
 #147

Still don't have a db verifying unit-holders, so interest won't be accruing for anyone today

Why does it matter wether unit-holders have been validated? You know how many shares are out and how much you owe to each of those shares, the interest should still be accruing. It should not matter who owns the shares, they should still be earning interest until this is all sorted out.

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October 16, 2012, 02:16:15 PM
 #148

Monday check-in.

Have about 5% of all BDK.BND units accounted for from claim forms, 0% of BDK units, so... long while to go. Still don't have a db verifying unit-holders, so interest won't be accruing for anyone today -- it's looking unlikely that I'll receive a .csv before any other Issuers. On my repayment front, it's looking moderately possible I'll have my JRO debt purchased by Saint Anonymous in 2-3 weeks, which'd provide enough to pay back all BDK.BND-holders in one go, pay off BDK-holders in a more favorable manner than under the negative equity provision, and even pay off debts taken out to pay off debts. Wouldn't be debt-free, but at least the remaining debt wouldn't have a crushing interest rate and'd be denominated in something which consistently loses value instead of being at risk of 10% swings day-to-day.

Just for clarification, if this JRO debt purchase goes through, you'll be able to pay off the remaining balance of BDK.BND bonds? Assuming, of course, that you get a Database from GLBSE with bondholders who have decided to share their receiving addresses? That sounds like pretty awesome news for BDK.BND holders!
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October 17, 2012, 08:18:33 AM
 #149

Still don't have a db verifying unit-holders, so interest won't be accruing for anyone today

Why does it matter wether unit-holders have been validated? You know how many shares are out and how much you owe to each of those shares, the interest should still be accruing. It should not matter who owns the shares, they should still be earning interest until this is all sorted out.
I am unable to pay off debt due to circumstances outside my control, increasing the interest I have to pay out as I'd otherwise be paying off principal. I'm not taking the liability of interest payments due to GLBSE's failure to give me a db immediately after or prior to shutdown as any reasonable company would do. Someone may successfully sue me for lost interest, and I'll use that as a basis to sue GLBSE. Otherwise, I'm not willing to negotiate this... unless the JRO debt is purchased and I'm feeling a bit less like a wroth, selfish asshole. Smiley

@Rygon: That's right. It could be good news. It's something to hope for, but probably not to expect. It could be possible that only a portion of the debt is purchased, which'd still likely give me the ability to buy out BDK.BND as soon as GLBSE gives me the means to do so. It'd be great for everyone involved. JRO'd get a debt-holder who isn't losing his shit and sending out demand letters, I'd get back thousands of coins, BDK.BND and BDK holders get repayment relatively quick, and nobody has to touch the US "justice" system.
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October 17, 2012, 01:53:18 PM
 #150

Still don't have a db verifying unit-holders, so interest won't be accruing for anyone today

Why does it matter wether unit-holders have been validated? You know how many shares are out and how much you owe to each of those shares, the interest should still be accruing. It should not matter who owns the shares, they should still be earning interest until this is all sorted out.
I am unable to pay off debt due to circumstances outside my control, increasing the interest I have to pay out as I'd otherwise be paying off principal. I'm not taking the liability of interest payments due to GLBSE's failure to give me a db immediately after or prior to shutdown as any reasonable company would do. Someone may successfully sue me for lost interest, and I'll use that as a basis to sue GLBSE. Otherwise, I'm not willing to negotiate this... unless the JRO debt is purchased and I'm feeling a bit less like a wroth, selfish asshole. Smiley


OK, that makes sense. Have you received any communication from GLBSE as an asset issuer?

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October 19, 2012, 10:18:48 PM
 #151

Still don't have a db verifying unit-holders, so interest won't be accruing for anyone today

Why does it matter wether unit-holders have been validated? You know how many shares are out and how much you owe to each of those shares, the interest should still be accruing. It should not matter who owns the shares, they should still be earning interest until this is all sorted out.
I am unable to pay off debt due to circumstances outside my control, increasing the interest I have to pay out as I'd otherwise be paying off principal. I'm not taking the liability of interest payments due to GLBSE's failure to give me a db immediately after or prior to shutdown as any reasonable company would do. Someone may successfully sue me for lost interest, and I'll use that as a basis to sue GLBSE. Otherwise, I'm not willing to negotiate this... unless the JRO debt is purchased and I'm feeling a bit less like a wroth, selfish asshole. Smiley


OK, that makes sense. Have you received any communication from GLBSE as an asset issuer?
Nothing at all. I haven't received the few coins in there, either, though I submitted a claim soon after the AML requirement came down. I've heard other Issuers saying they haven't had coins in sub-accounts (when you create an asset, it creates a "sub-account" to keep funds from mixing) refunded, and that's the only place my coins were, so it'll probably be worked out soon.

Earlier, I tried to reach Nef at a personal email address asking for a .csv of who owns what, since Issuers will have to do their own claims process anyway (unless they move to another exchange). As long as usernames match up, I really don't need any claim code scheme... It'd be more polished and smooth, but not any more useful (aside from being absolutely sure of ownership) than having everyone communicate directly with me given I have no intent to "re-issue" BDK.BND on another exchange, just pay directly to addresses until the debt's clear.
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October 20, 2012, 06:23:39 AM
 #152

His name is Nefario.  How could you people not see this coming?  How did you not learn your lesson after getting scammed by a guy named pirate?

My name is Tittiez, so does that mean after I rob you I'll smother you with my teets?
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October 28, 2012, 09:54:20 PM
 #153

Almost-Monday check-in (figured I should be early since I forgot to check in last week).

Nothing to report. I've tried poking the person who may've been interested in buying the JRO debt, but've heard nothing. He may still be meeting with JRO, postponed his semi-regular trip to 20M, or had no interest. Still not a single word from Nefario. I snagged a mostly-at-home job as a technical writer (manuals) for a family business in Jackson, which wouldn't pay living expenses were I to rely on it, so while I'm still hunting... Free escrow is back on. Reciprocating tips for bdk.bnd holders...  Undecided  Tongue

https://bitcointalk.org/index.php?topic=120218.0
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November 02, 2012, 07:38:01 PM
 #154

Just in case it isn't obvious, I only recently noted this from the GLBSE blog:
"To clarify, if you have not approved to have your payment address and contact details shared with your issuers, you are essentially terminating any contract you have with them."

That is false and nonsensical. Issuers have no need for GLBSE to have contact information go through a middleman (GLBSE). We merely need a sheet of names tied to amounts of units held sent directly to us and nobody else. There's no reason we can't handle claims ourselves, and were Issuers to claim due diligence in salvaging this situation, there is no alternative to handling claims ourselves. It's almost certain some people will not send information to GLBSE, whether it's because they haven't been paying attention (sending users an email update would probably be a good idea...), are paranoid a government agency is waiting for people to claim accounts before prosecuting, or for whatever other reason.

To clarify, there is no logical reason why a GLBSE unit-holder needs to pass on information to Nefario to pass on to us when a user could just pass on information directly to the person they have a contract with, and the idea that a user's contract will be void simply because the user didn't send information to a defunct exchange is completely wrong. His claim is ridiculous, and cannot be taken as evidence that he should continue stalling the release of information to Issuers. They're OUR contracts, not his.
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November 02, 2012, 07:57:15 PM
 #155

There are so many ways in which the GLBSE shutdown could have been handled better.  I just hope they get around to wraping this up soon.

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November 06, 2012, 12:48:16 AM
 #156

Another Monday goes by. I managed to get in contact with the potential debt-buyer of JRO's, and it's a definite "no." The "Anon" debt you probably aren't aware of unless you saved my public sheets while they were up is being settled with a penalty rate we agreed on. However, I'll likely only receive discounted equity in a registered company I'd have to try to sell unless I misunderstood the weird situation. This should eventually bring in an extra 200-500BTC. Have had trouble getting a hold of imsaguy, but I've heard he is still settling debts with interest. Given I have much more use of money now than later, would be okay with waiving interest in favor of expedited repayment, and that should bring in another 200-350BTC, depending on negotiations. I have another ~35BTC in my wallet from mining and some other small earnings, ~5BTC being held hostage at GLBSE, another 8BTC Nef agreed to pay for canceling the Kronos IPO way back, and that should put me at ~440-900BTC I can pay back by early 2013, and can possibly pay the rest back by converting USD to BTC, depending on repay by Imsa and "Anon."

The other big wildcard, of course, is still GLBSE. I'll give it four more Mondays, then consider getting a .csv a lost cause and implement a best-guess claims system. I've received a couple new claims, but the vast majority of BDK.BND units have not been claimed. I thought I saved the sheet for BDK->BDK.BND conversion which happened ~3 months ago, but I can't find it. Will look for it again... would give a much higher confidence in divvying out many of the BDK.BND units.

On other fronts, planning to rent out house/property and move into a smaller apartment until we're on a more sound financial footing. This'd give roughly $100-300/mo income after factoring in rent to live somewhere else, utilities, insurance, and property taxes. We've alternately thought about doing some renovation on particularly bad parts of the house and listing it which'd get me debt-free and then some. Either way, moving'd give us a place to live with high-speed Internet access and be close to work -- I really was stunned to find out we can't even get DSL here. Given I have just about no money, I shelved the idea of a WISP. The 2.4GHz band was totally useless in this endeavor, too. We were thinking cut advertised range by 2/3 for NLoS considering it goes through trees but not earth, but it turns out we needed to cut advertised range by about 39/40 even when there's a LoS. The pro router with a fairly powerful external antenna did marginally better than cheap $15 wireless consumer routers on the same frequency, and using a 900MHz frequency would simply be economically non-viable given the dramatically lower throughput per $ spent on router/antenna and the additional money needed to buy a wireless modem for each house to use the 900MHz band (on top of a "normal" WLAN router to broadcast a 2.4GHz signal in their house). With that said, though.... It could still be a great option in relatively rural/suburban trailer parks, where ISP plans are often expensive for bandwidth they may not need (DSL is often a minimum of $20-25/mo + equipment, while cable is often $30-40/mo + equipment). $10/mo would be fine for a reliable 256kbps symmetric connection, $15/mo for 512kbps, which'd be fast enough for low-quality video, put/get photos relatively fast, and browse the web, of course. Dramatically superior to dial-up, and superior to DSL for those not needing much bandwidth. The population density, low building height, and thin building construction are ideal. I have identified a few parks as well as great areas to mount an antenna (for example, there's a subdivision about 35m higher than an adjacent trailer park - there's literally a cliff separating the subdivision from the trailer park).... ... but the idea's shelved, I swear.
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November 06, 2012, 10:09:12 AM
 #157

The other big wildcard, of course, is still GLBSE. I'll give it four more Mondays, then consider getting a .csv a lost cause and implement a best-guess claims system.

I hope it doesn't come to this, but if you really suspect that there is a possibility that we might fall back to best-guess, you might want to start collecting the information now, while there is still a high probability that GLBSE will release the data. This should reduce the number of false claims and also save some time later.
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November 06, 2012, 10:23:57 AM
 #158

The other big wildcard, of course, is still GLBSE. I'll give it four more Mondays, then consider getting a .csv a lost cause and implement a best-guess claims system.

I hope it doesn't come to this, but if you really suspect that there is a possibility that we might fall back to best-guess, you might want to start collecting the information now, while there is still a high probability that GLBSE will release the data. This should reduce the number of false claims and also save some time later.

https://bitcointalk.org/index.php?topic=79923.msg1264078#msg1264078
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November 11, 2012, 08:46:24 AM
 #159

Update (counts as Monday check-in).

We've likely settled on selling the house with almost everything we moved into it a few months ago. Planning on heading over to Youngstown on Monday or Tuesday. There's a great building with relatively low rent which'd include two upstairs residential units and a downstairs commercial space for about $1k/mo with utilities included. Within walking distance of just about everything and we can actually get a high-speed Internet connection. Once we settle on somewhere to rent, we move the few things we're taking and list the house. Snag entry-level employment in Youngstown, wait for the house to sell, then pay everyone back.

Once listed, it might take 2-3 months to snag an offer on the house given it needs work and's in a very rural area, but it's in a fantastic school district and was bid on by quite a few people who were particularly interested in the horse barn and pasture, so hopefully it won't be some drawn-out six-month bullshit like with the house in Erie. Like the house in Erie, though, I'll make a forum post on here accepting payment in BTC should someone be interested. It might come with a couple FPGAs which you can use purposefully for.... another month?  Smiley

Still no word from Nefario. Probably safe to assume he will not be releasing information to Issuers at this point, so PLEASE file claims now. There will be a claims deadline set for January 28th, 2013. I will not honor claims made after that date, even if it's a .csv from Nefario he decides to send in 2016. I haven't decided on exactly what criteria must be met, so please include as much information as possible before I decide on requirements. As each day passes, I'm less confident about new claims, so just to make absolutely clear: FILE YOUR CLAIMS EARLIER THAN LATER! If Guy-I-Never-Heard-Of claims 5000 units today, and Guy-I-Never-Heard-Of claims 5000 units on January 10th when there are only 6000 unclaimed units, I'm almost certainly not going to honor Guy-I-Never-Heard-Of-Who-Filed-His-Claim-In-January's claim. Also keep in mind this applies to both BDK and BDK.BND. Should I not have full payment ready, semi-formal promissory notes will be sent out to unit-holders for their individual approval within a few days after the cut-off date for claims, converting BDK/BDK.BND units into a more standard debt note with binding payment schedules and late fees. See https://bitcointalk.org/index.php?topic=79923.msg1264078#msg1264078 on how to file a claims form.

I'll try to have a more cohesive claims process posted at the next Monday parole meeting.  Wink
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November 17, 2012, 11:02:46 PM
 #160

Early Monday check-in. Should have some other news (likely good) for my debtors before the 26th. I'll post when I know instead of waiting.  Smiley

Claims notification & more info about that posted @ https://bitcointalk.org/index.php?topic=126404.0
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November 20, 2012, 01:31:53 AM
 #161

Monday parole meetings will now be done exclusively via email (if you filed a claim which didn't have an email address, please send one to me). I don't have anything else to really report. Am quickly nearing the half-way mark in units being claimed, and the majority are from people I've previously dealt with - so that's good. I directly contacted everyone (I think) who did a BDK->BDK.BND transfer, with one exception because he has me on "ignore." A few people should be paid out within a week, and the remaining unit-holders will be those who I can't immediately pay and need to draft a promissory note for, or those whose claims I can't verify.
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November 20, 2012, 01:09:41 PM
 #162

Giga apparently received asset info from Nef yesterday. https://bitcointalk.org/index.php?topic=75802.msg1347273#msg1347273

AFAIK, he's the only one so far. I haven't received anything, yet. The claims process will continue, but at least now it looks like there's a fair chance I'll get a list from Nef.
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December 05, 2012, 08:55:40 AM
 #163

I posted this in email update, but fwiw, I am no longer considering any list Nefario might send as reliable, keeping in mind I still don't even have a list of unit-holders. My reasoning behind this being I have no confidence in Nefario after evidence's come up indicating the lists are hand-made and exclude claimants who did not meet Nefario's exclusion criteria, which together indicates bullshit. I believe it would be a safer bet to go off of people I trust, using the "best guess" method, than trusting data from someone I don't trust and excluding those Nefario may hold a grudge against. However, I'm not saying I won't take Nefario's list into consideration when processing claims. Summed up - this entire situation is FUBAR.

There's a bit over a month and a half to file claims for BDK & BDK.BND units. If you haven't done so already, please do so ASAP. https://bitcointalk.org/index.php?topic=126404
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