|
brendio (OP)
|
 |
May 23, 2012, 02:40:51 PM |
|
By my count that's 406BTC left in fee-free deposits. Those 420 in pledges better get them in quick.  It's down to 192 BTC now. We're almost there. I won't say how much is pledged/considering deposits, but only to say that it far exceeds what's left fee free. |
|
|
|
|
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
|
vuce
|
|
May 23, 2012, 02:43:39 PM |
|
After I get the first 1700 BTC, I'll pay out 6.75% on further deposits.
Just to clarify, after initial 1700 btc you'll pay 6.75% on every deposit or just the last ones (those after 1700 btc)? As per the OP, I'll pay 6.75 % on those after the 1700, but the first 1700 will continue to receive 7 % until withdrawn. Or until other withdrawals take the aggregate below 2000 BTC, then everyone will receive 5.6% until it gets back up again (But hopefully that won't happen. It's one reason I set a minimum one month term). Or until pirate lowers rates or defaults etc. Thanks for clarifying. Too bad there's the one month term which is a dealbreaker for me. |
|
|
|
|
|
brendio (OP)
|
|
May 23, 2012, 02:48:11 PM |
|
After I get the first 1700 BTC, I'll pay out 6.75% on further deposits.
Just to clarify, after initial 1700 btc you'll pay 6.75% on every deposit or just the last ones (those after 1700 btc)? As per the OP, I'll pay 6.75 % on those after the 1700, but the first 1700 will continue to receive 7 % until withdrawn. Or until other withdrawals take the aggregate below 2000 BTC, then everyone will receive 5.6% until it gets back up again (But hopefully that won't happen. It's one reason I set a minimum one month term). Or until pirate lowers rates or defaults etc. Thanks for clarifying. Too bad there's the one month term which is a dealbreaker for me. I'm reconsidering a GLBSE listing. Current depositors would have the option to transfer their deposit over to it (but wouldn't have to). That would allow more liquidity without giving me more work. I wanted to make sure demand was there before I do anything though. I may close the private offering, or limit it further once we reach the top interest level. Still weighing up options. |
|
|
|
|
vuce
|
|
May 23, 2012, 02:52:46 PM
Last edit: May 23, 2012, 03:09:44 PM by vuce |
|
After I get the first 1700 BTC, I'll pay out 6.75% on further deposits.
Just to clarify, after initial 1700 btc you'll pay 6.75% on every deposit or just the last ones (those after 1700 btc)? As per the OP, I'll pay 6.75 % on those after the 1700, but the first 1700 will continue to receive 7 % until withdrawn. Or until other withdrawals take the aggregate below 2000 BTC, then everyone will receive 5.6% until it gets back up again (But hopefully that won't happen. It's one reason I set a minimum one month term). Or until pirate lowers rates or defaults etc. Thanks for clarifying. Too bad there's the one month term which is a dealbreaker for me. I'm reconsidering a GLBSE listing. Current depositors would have the option to transfer their deposit over to it (but wouldn't have to). That would allow more liquidity without giving me more work. I wanted to make sure demand was there before I do anything though. I may close the private offering, or limit it further once we reach the top interest level. Still weighing up options. As much as I love GLBSE I don't think it's particularly well suited for this, as the price of the bond cannot be kept constant. |
|
|
|
|
|
brendio (OP)
|
|
May 23, 2012, 03:23:23 PM
Last edit: May 23, 2012, 03:47:26 PM by brendio |
|
We now have 2000 BTC in. Further deposits will earn 6.75 % weekly.
|
|
|
|
ciuciu
Donator
Hero Member
 Offline
Activity: 588
Merit: 500
|
|
May 23, 2012, 04:12:05 PM
Last edit: May 23, 2012, 10:36:46 PM by ciuciu |
|
|
|
|
|
|
Philj
|
|
May 23, 2012, 05:06:53 PM |
|
As much as I love GLBSE I don't think it's particularly well suited for this, as the price of the bond cannot be kept constant.
I think it would be great if we could buy the bonds direct for the fixed price, and GLBSE is just used as a way to pay the dividend. Using a setup like this would allow for the creator to very easily pay however many account holders there are instead of going through and sending multiple interest payments each week. |
|
|
|
|
|
brendio (OP)
|
|
May 23, 2012, 06:24:08 PM |
|
As much as I love GLBSE I don't think it's particularly well suited for this, as the price of the bond cannot be kept constant.
I think it would be great if we could buy the bonds direct for the fixed price, and GLBSE is just used as a way to pay the dividend. Using a setup like this would allow for the creator to very easily pay however many account holders there are instead of going through and sending multiple interest payments each week. Interesting idea. I have ideas for something that I will try to nut out in the next couple of days. |
|
|
|
|
Philj
|
|
May 24, 2012, 12:10:09 PM |
|
When will you pay the interest? will everyone get it on a specific day (every sunday for example), or will you do it every week based on the day we deposited.
Also how do you intend to handle depositing additional funds? If I made my first deposit on Tuesday, and I make another deposit the following Thursday, will I just get a single interest payment each week, or one for each deposit on the day the deposit was made.
|
|
|
|
|
|
brendio (OP)
|
|
May 24, 2012, 12:29:37 PM |
|
Is there the possibility to compound the weekly interest (i.e. choosing not to get weekly payment but to compound it?).
No. See my earlier response. Is it correct that this by default gets reinvested and that interest could be withdrawn without affecting my good standing and top interest rate earned in the future?
No, I get my interest paid out each week. I find it a good indicator that things are still in order with Pirate. I don't think I could get partial interest reinvestment with Pirate, so I will pay out all interest to depositors. They may redeposit it, subject to the minimum deposit amount at the time, and it will be treated as a new deposit with regards to the applicable interest rate. |
|
|
|
|
brendio (OP)
|
|
May 24, 2012, 12:45:48 PM |
|
When will you pay the interest? will everyone get it on a specific day (every sunday for example), or will you do it every week based on the day we deposited.
Also how do you intend to handle depositing additional funds? If I made my first deposit on Tuesday, and I make another deposit the following Thursday, will I just get a single interest payment each week, or one for each deposit on the day the deposit was made.
See: when would the cycle begin ?
From now until next Monday, I will process deposits as of 12 pm UTC, then I'll do it weekly on Mondays from then. Interest to be paid within 48 hours of Pirate paying. I'll pro-rata payments for this week, and then only pay whole weeks from then on. I'll make my best efforts to make interest payments sooner than 48 hours, but I make no promises because I am sometimes away from Internet access. Everyone will get their interest at the same time. From Monday next week, deposits will be credited before the Monday 12 pm UTC cut-off or they start from the following week. Current deposits accrue interest from the day deposits were made. Withdrawal requests (after the minimum one month term) need to be made by the Monday 12 pm UTC cut-off and will be paid within 48 hours of Pirate processing it. Also, one thing to add if I haven't already is that should pirate partially return funds because his capacity is full, they will be returned to depositors in reverse chronological order of that in which they were deposited. I want to try to keep this as simple and hassle free as possible. |
|
|
|
Epoch
Legendary
Offline
Activity: 922
Merit: 1003
|
|
May 25, 2012, 02:22:41 AM |
|
Watching.
|
|
|
|
|
|
brendio (OP)
|
|
May 25, 2012, 04:38:52 AM |
|
Minimum deposit is now 200 BTC.
I'm working on a GLBSE listing. Look out for it soon.
|
|
|
|
|
brendio (OP)
|
|
May 25, 2012, 08:58:02 AM |
|
My GLBSE offer is launching on Monday. My private offer here is now closed to new depositors. Current depositors may still add to their accounts. Also note provisions for depositors to convert their holders. Special Provisions for depositors of Brendio’s Pirate Pass Through Program ( https://bitcointalk.org/index.php?topic=82772.0) Depositors in Brendio’s Pirate Pass Through program may choose to convert their deposits into GLBSE Bonds at Par Value. I will waive the Issuance Fees for the first month for depositors, and prior to listing there will be no GLBSE Transfer Fee. Please note that depositors on the 7 % rate will revert to 6.75 % upon conversion, since Bonds are fungible and there is no means to differentiate original depositors. Conversion is completely optional. Depositors may leave their funds in the private program, although the program will close to new deposits once the bond launches. If you choose to convert, you will still receive your pro-rated interest for this (part) week. |
|
|
|
|
bitdragon
|
|
May 25, 2012, 09:03:30 AM |
|
I take it my deposit is safely in your hands and accruing interest as I write  One quick point for my simple mind and hassle free managing of this. Can I add to my deposit with you on a weekly basis by depositing to my same address before 12pm UTC on Mondays ? 12pm is thus noon right? and if so is the minimum increment of 200BTC ? I receive some interest weekly and others monthly and am interested in how to move them around efficiently and some with you. |
|
|
|
|
brendio (OP)
|
|
May 25, 2012, 09:16:35 AM |
|
I take it my deposit is safely in your hands and accruing interest as I write One quick point for my simple mind and hassle free managing of this. Can I add to my deposit with you on a weekly basis by depositing to my same address before 12pm UTC on Mondays ? 12pm is thus noon right? and if so is the minimum increment of 200BTC ? I receive some interest weekly and others monthly and am interested in how to move them around efficiently and some with you. Yes, your deposit is busily accruing interest with pirate. I'll reduce the minimum additional deposit amount for current depositors back to 50 BTC. Your main deposit is earning 7 %, but any additional deposit will earn 6.75 % from noon UTC on Mondays. |
|
|
|
|
brendio (OP)
|
|
May 28, 2012, 11:33:14 PM |
|
Okay, depositors, I've got the interest payment from BS&T, but I need to do some calculations and triple check things before sending out, so please bear with me. The pass-through interest is less than the full 7% because it goes on the average balance. We got the 5.6% level on 22/5 and 7% on 24/5. It requires a bit of figuring out and cross checking.
|
|
|
|
|
|
MrTeal
Legendary
Offline
Activity: 1274
Merit: 1004
|
|
May 29, 2012, 03:18:29 AM |
|
 You have a single depositor with 10k BTC invested? I'm surprised they don't have their own account.
|
|
|
|
|
|
brendio (OP)
|
|
May 29, 2012, 03:52:09 AM |
|
A depositor pointed out a (minor) mistake in my spreadsheet. I did a "sort by date" command, and it looks like some of the 7% depositor accidentally got put in the 6.75 % group. I have to head out now, but I'll have a look at it tonight and send the difference to those affected.
As I said, I'm looking forward to easier calculations from next week onwards.
|
|
|
|
|
