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Author Topic: [GLBSE] BDK.BND (1%/week) *IN DEFAULT*  (Read 15262 times)
Kluge
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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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Kluge
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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...
Kluge
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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...
Kluge
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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 ?


Kluge
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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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Bitcoin Oz
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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.


Kluge
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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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Bitcoin Oz
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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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