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Author Topic: [CLOSING...] MOVETO.FUND - MoveTo Growth Fund  (Read 11429 times)
cytokine
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September 04, 2012, 06:50:49 PM
 #141

I'm exhausted but I finished up a major code refactoring. Everything is all nice and clean now and multithreaded so it's a bit faster. It also has a manual pre-filter to ignore a ton of junk assets which really helps to speed things up.

I haven't added the asks and probably will not since the last trade price is more meaningful now that liquidity has mildly improved. I have also added in more prudent asset filters, which became a necessary modification to the system given the high risk of GLBSE issues. Additionally, I'm hoping that after the pirate situation is resolved liquidity will improve further as people move more funds into the GLBSE.

Anyhoo, just for fun here's a fresh set of debug outputs from the new/updated version 2 of MOVETO.FUND's backbone:

Quote
....
updating data/glbse/trades
recent_id: 243047978762383360
[u'trade', u'4@0.9498', u'JTME', u'1346782318']
Count: 1, min_id: 243048779824103424, recent_id: 243047978762383360

....
updating data/glbse/index
["BTC","JLP","JLP-BMD","BITCOINTORRENTZ","ENJAN16","BM","BMMO","EN","BIT.INC","TYGRR.BOND-B","TYGRR.TECH","UBTC","CRYPTOL","CC","CIB-SOLUTIONS","MU","COGNITIVE","IBB","M.ETF","MPOE.ETF","BTCSYN","RSM","MERGEDMINING","FPGA.CONTRACT","SATOSHISDAEMON.HORSE","CHEAPERINBITCOINS-STOCKS","PUREMINING","BST","BTCWEB","SS","TYGRR.BOT","FPGA-EU","AA","BITBOND","BFLS","GIGAMINING","BTCMC","YABMC","TCC","BFLS.FUTURES","CANMINE","PPT","PPT.A","BTC-MINING","ABM","MATH","FPGA-IPCORE-DEV","JAH","RUGATU","BDK","PPT.B","ANTI-PIRATE","PPT.C","ZIP.A","ZETA-MINING","TEEK.A","TEEK.B","BDK.BND","GOLD","SILVER","PPT.D","TICKER","PLATINUM","RAREEARTH","DMC","REBATE","TYGRR.BOND-A","BIOETHANOL","GREEN","PPT.DIV","JTGB","IMPACT","PPT.E","HEDGE","BMF","007","MINING","NONVERBA","MOORE","TYGRR.BOND-P","ABSORB.1.4-6.LONG","ABSORB.1.4-6.SHORT","HEDGE.TYGRR.BOND-B.LONG","HEDGE.TYGRR.BOND-B.SHORT","FZB.A","FOO.PPPPT","BIB.PIRATE","HEDGE.TEEK.B.LONG","HEDGE.TEEK.B.SHORT","HEDGE.GIGA.LONG","HEDGE.GIGA.SHORT","MOVETO.FUND","PIMP","USD","OBSI.1MHS","B-FCMC","CPA","BTCASS_BOND_A","SYNERGY","STANDARD.GOLD","STANDARD.FIAT","FUTUREFUND","NASTY","BBBB","UDN","PAJKA.BOND","YXWINE-CARR2010","POLY.10.1","HYDRO.BONDS","BIB.BVPS","OBSI.ABMO","BIF-AG-INDEX","MEI.DEEPBIT.A","ADMINSORTED","POLY.10.-2","METAL","BDT","ASIC.COOP","BFLS.RIG","BITNODES","METAL.SILVER","MINING_B.HEADS.FUT","MINING_B.TAILS.FUT","BIF.BTCST.PPT","BTCS","THUNDERCM.MIF.SHARES","YARR","JTME","ASIC_RUS.SHA","OBSI.HRPT","ARS","DI.BFLSC.FAIL","DI.BFLSC.SUCCEED","PUREASIC","FPGAMINING","BITCOINRS","MEI.DEEPBIT.B","MEI.SLUSH.B","MEI.OZCOIN.B","TEEK.USD","LTC-MINING","CBGB","BTC-BOND","SLV-BUFFALO","BIF.1YR.LOAN","BIF.P2P.LOANS","MAR","MEI.DEEPBIT.A1","MEI.SLUSH.A","CIUCIU.BOND","GMVT-BOT","ASICMINER","BIF.5-10.MININGBOND","TEEK.PPT","GIPPT","NYAN","NYAN.A","NYAN.B","NYAN.C","TYGRR.BOND-D","TYGRR.BOND-PI","PGM","CIUCIU.MINING","YABIF","MMM","BLUECHIP","BITCOINMINV","V.HRL","KRAKEN","GERBITIN.PYRA","FDBF","GSDPT","BAKEWELL"]

....

downloading dividends: 2.222222 % complete
accessing https://www.glbse.com/api/dividends/asset/JLP-BMD
accessing https://www.glbse.com/api/dividends/asset/BITCOINTORRENTZ
downloading dividends: 2.222222 % complete
downloading dividends: 2.222222 % complete
updating data/glbse/dividends/JLP-BMD
....
downloading dividends: 97.777778 % complete
accessing https://www.glbse.com/api/dividends/asset/FDBF
downloading dividends: 98.888889 % complete
updating data/glbse/dividends/GERBITIN.PYRA
accessing https://www.glbse.com/api/dividends/asset/GSDPT

....

unpacking bars: 2.222222 % complete
updating data/glbse/bars/BITCOINTORRENTZ
updating data/glbse/bars/JLP-BMD
updating data/glbse/bars/BMMO
updating data/glbse/bars/TYGRR.BOND-B
updating data/glbse/bars/TYGRR.TECH
updating data/glbse/bars/CC
updating data/glbse/bars/MU
....
updating data/glbse/bars/YABIF
updating data/glbse/bars/MMM
updating data/glbse/bars/BLUECHIP
updating data/glbse/bars/BITCOINMINV
updating data/glbse/bars/GERBITIN.PYRA
updating data/glbse/bars/FDBF
updating data/glbse/bars/GSDPT

....

culling bad data and removing IPO assets...
calculating indicators...
building spreadsheet...
done
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There are several different types of Bitcoin clients. Hybrid server-assisted clients like Electrum get a lot of their network information from centralized servers, but they also check the server's results using blockchain header data. This is perhaps somewhat more secure than either server-assisted clients or header-only clients.
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September 04, 2012, 10:07:53 PM
 #142

MOVETO.FUND Monthly Report 9/1/2012

Portfolio (Using last trade prices as of 9/1/2012)
SYMBOLSHARESPRICEVALUE
COGNITIVE21010.641344.64
BDK.BND43390.1015440.4085
TYGRR-TECH1531153
ABM120.364.32
BDT24761.042575.04
TEEK.B3471.0347
IBB60.553.3
ZIP.A*1390.5180.81
MPOE.ETF41.45.6
CPA1270.0810.16
NASTY9870.75740.25
TYGRR-BOND.D4791.0479
GOLD10.010.01
MOORE10.5090.509
CIUCUI.BOND590.15.9
OBSI.HRPT10.1020.102
TYGRR.BOND-P**20000.4800
TEEK.USD20.10.2
GMVT-BOT10.140.14
BTC0.431869710.4318697
STARFISH2200.633412200.6334
NCKRAZZE*240012400

Valuation
Total: 11581.5347697
# Shares: 9749
NAV per share: 1.1879715632
Last HWM: 1.1694110613
New HWM: 1.1694110613***

* Indicates security is in technical default
** Insured at 0.4 BTC per share
*** High-Water-Mark locked since no performance fees are being charged this month until the situation with NCKRAZZE is resolved.

Summary
There is not much for me to say at this time given that there were sufficient posts made here over this past month that everyone knows exactly what is going on. I hope some clarity emerges over the month of September so that we can get back on track.

Whatever happens, I will keep you posted. Take care,
-cytokine

I re-read this and wanted to preface it by saying I mean this constructively, I'm just not sure how to say it nicely:

I think your NAV/share is going to tank and you are being too optimistic.

TYGRR.TECH is in liquidation, you're probably not going to get 1 btc/share.
ZIP.A is dead, should be marked to zero.
TYGRR.BOND-P is not averaging .4.  It looks like it will go to zero.
NCKRAZZE is having major pains.  You are his biggest fan, but that's not going to get your BTC back.
TEEK.B is struggling, though it may not go to zero.
TYGRR.BOND-D when BOND-P fails goat will be struggling making this one questionable, you have more than 90% of the outstanding shares of this issue
BDT's price is holding up, but there has been some drama and its unlikely you'll get more than 1.0 for any significant number of shares.

I'm looking at this and projecting a low-end nav/share of 0.8 btc (if pirate and everyone dependent upon him fails to pay it could go lower but I doubt it).  Likely nav/share right at 1.0 btc (hoping Nick can liquidate expeditiously).  If you manage to keep it over 1.1 btc/share it will be a miracle (e.g. pirate pays).

I wish you would post MOVETO's full holdings more frequently (though not so often as to give away your strategies).

I also wish you the best of luck and hope the worst case doesn't happen.

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September 05, 2012, 10:10:33 AM
 #143

MOVETO.FUND Monthly Report 9/1/2012

Portfolio (Using last trade prices as of 9/1/2012)
SYMBOLSHARESPRICEVALUE
COGNITIVE21010.641344.64
BDK.BND43390.1015440.4085
TYGRR-TECH1531153
ABM120.364.32
BDT24761.042575.04
TEEK.B3471.0347
IBB60.553.3
ZIP.A*1390.5180.81
MPOE.ETF41.45.6
CPA1270.0810.16
NASTY9870.75740.25
TYGRR-BOND.D4791.0479
GOLD10.010.01
MOORE10.5090.509
CIUCUI.BOND590.15.9
OBSI.HRPT10.1020.102
TYGRR.BOND-P**20000.4800
TEEK.USD20.10.2
GMVT-BOT10.140.14
BTC0.431869710.4318697
STARFISH2200.633412200.6334
NCKRAZZE*240012400

Valuation
Total: 11581.5347697
# Shares: 9749
NAV per share: 1.1879715632
Last HWM: 1.1694110613
New HWM: 1.1694110613***

* Indicates security is in technical default
** Insured at 0.4 BTC per share
*** High-Water-Mark locked since no performance fees are being charged this month until the situation with NCKRAZZE is resolved.

Summary
There is not much for me to say at this time given that there were sufficient posts made here over this past month that everyone knows exactly what is going on. I hope some clarity emerges over the month of September so that we can get back on track.

Whatever happens, I will keep you posted. Take care,
-cytokine

I re-read this and wanted to preface it by saying I mean this constructively, I'm just not sure how to say it nicely:

I think your NAV/share is going to tank and you are being too optimistic.

TYGRR.TECH is in liquidation, you're probably not going to get 1 btc/share.
ZIP.A is dead, should be marked to zero.
TYGRR.BOND-P is not averaging .4.  It looks like it will go to zero.
NCKRAZZE is having major pains.  You are his biggest fan, but that's not going to get your BTC back.
TEEK.B is struggling, though it may not go to zero.
TYGRR.BOND-D when BOND-P fails goat will be struggling making this one questionable, you have more than 90% of the outstanding shares of this issue
BDT's price is holding up, but there has been some drama and its unlikely you'll get more than 1.0 for any significant number of shares.

I'm looking at this and projecting a low-end nav/share of 0.8 btc (if pirate and everyone dependent upon him fails to pay it could go lower but I doubt it).  Likely nav/share right at 1.0 btc (hoping Nick can liquidate expeditiously).  If you manage to keep it over 1.1 btc/share it will be a miracle (e.g. pirate pays).

I wish you would post MOVETO's full holdings more frequently (though not so often as to give away your strategies).

I also wish you the best of luck and hope the worst case doesn't happen.



Some points have to be corrected, for fairness:
TYGRR.BOND-P is really worth 0.4 as it's insured with his own money; that means if Pirate pays MOVETO.FUND benefits, if not the loss is Cytokine's.
TEEK.B has had losses and the interest reduced, but It seems TEEK is willing to follow the contract and gradually buy back the shares for about 1, by filling each week the asks below that price up to 15% of the outstanding bonds.

I do share the other concerns, though, and I am glad I sold my shares at 1.19 Smiley Looking forward to invest again in the mid term future, hopefully.
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September 05, 2012, 05:09:33 PM
 #144

I re-read this and wanted to preface it by saying I mean this constructively, I'm just not sure how to say it nicely:

I think your NAV/share is going to tank and you are being too optimistic.

TYGRR.TECH is in liquidation, you're probably not going to get 1 btc/share.
ZIP.A is dead, should be marked to zero.
TYGRR.BOND-P is not averaging .4.  It looks like it will go to zero.
NCKRAZZE is having major pains.  You are his biggest fan, but that's not going to get your BTC back.
TEEK.B is struggling, though it may not go to zero.
TYGRR.BOND-D when BOND-P fails goat will be struggling making this one questionable, you have more than 90% of the outstanding shares of this issue
BDT's price is holding up, but there has been some drama and its unlikely you'll get more than 1.0 for any significant number of shares.

I'm looking at this and projecting a low-end nav/share of 0.8 btc (if pirate and everyone dependent upon him fails to pay it could go lower but I doubt it).  Likely nav/share right at 1.0 btc (hoping Nick can liquidate expeditiously).  If you manage to keep it over 1.1 btc/share it will be a miracle (e.g. pirate pays).

I wish you would post MOVETO's full holdings more frequently (though not so often as to give away your strategies).

I also wish you the best of luck and hope the worst case doesn't happen.



Some points have to be corrected, for fairness:
TYGRR.BOND-P is really worth 0.4 as it's insured with his own money; that means if Pirate pays MOVETO.FUND benefits, if not the loss is Cytokine's.
TEEK.B has had losses and the interest reduced, but It seems TEEK is willing to follow the contract and gradually buy back the shares for about 1, by filling each week the asks below that price up to 15% of the outstanding bonds.

I do share the other concerns, though, and I am glad I sold my shares at 1.19 Smiley Looking forward to invest again in the mid term future, hopefully.

Thanks Francesco for filling in these details for me.

Yes, it is a worrisome time in the bitcoin financial world, and trust me I am also deeply disturbed by the systemic crisis caused by pirate and the myriad of financial instruments that were "secretly" exposed to his operations. What's happening now is akin to realizing that the king has no clothes, and we're getting everyone nice and naked to see who is still swimming and who is not. It's giving me great information on who I can trust and who I cannot going forward.

That said, regarding marking things down: right now I just mark everything according to the last trade price. If I did it any differently, then everything would just become subjective and I don't want to go down that rabbit hole. We will take losses when they occur, but I don't want to mark anything down based on a speculation or guessing because that's unfair to my shareholders. For example, eventually Goat will buy back TYGRR.TECH and we'll mark it at whatever we have to at that point, and so on. Trust me, I've been messaging him repeatedly about buying this back so we can get it cleared ASAP. If there's a different approach I should take however, then definitely let me know, as long as it's objective and fair to everyone. I am always open to suggestion as I have learned a lot of good stuff by listening to my investors.

At this point since I am the majority shareholder I'm really the one holding the bag at the end of it all no matter what happens going forward, but at the same time I am also much more optimistic than everyone else seems to be at this time. We shall see what happens. Whatever you decide to do, just remember that it's your decision and to take responsibility for it. That is my philosophy, and a lesson that many are learning at this time.
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September 06, 2012, 08:40:52 PM
 #145

That said, regarding marking things down: right now I just mark everything according to the last trade price. If I did it any differently, then everything would just become subjective and I don't want to go down that rabbit hole. We will take losses when they occur, but I don't want to mark anything down based on a speculation or guessing because that's unfair to my shareholders.

Last trading price could be 10 percent different within hours or even minutes. Have you considered to mark according to 24 hours average or 5 days average? I think 5 days average at most cases represent better the value of a given asset, unless there is a default. Since you do your calculation weekly 5 days average would work fine for you I think.
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September 06, 2012, 08:51:03 PM
 #146

That said, regarding marking things down: right now I just mark everything according to the last trade price. If I did it any differently, then everything would just become subjective and I don't want to go down that rabbit hole. We will take losses when they occur, but I don't want to mark anything down based on a speculation or guessing because that's unfair to my shareholders.

Last trading price could be 10 percent different within hours or even minutes. Have you considered to mark according to 24 hours average or 5 days average? I think 5 days average at most cases represent better the value of a given asset, unless there is a default. Since you do your calculation weekly 5 days average would work fine for you I think.

Thanks vendor, that's a great recommendation. That would certainly eliminate a lot of the volatility while still being an objective measure of valuation. I'll start doing this then for the NAV unless other investors disagree. I think the 5-day average is probably the best since that's where most of the noise occurs IMO.

EDIT - OP updated to reflect the new method of calculating the NAV
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September 08, 2012, 12:42:18 PM
 #147

Just an FYI guys I'll be doing the NAV update tomorrow.

BTW Goat retired TYGRR.BOND-D last night, so I took the liberty of buying up all of the outstanding sell orders of MOVETO.FUND below the NAV per share. So for those of you who wished to exit at this time, you are out.

However, for those who may wish to enter at this time: I have temporarily suspended sales of the fund until the NAV is updated tomorrow. The rationale is that I want to see how this pirate situation plays out this weekend before resuming sales. Thanks.
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September 08, 2012, 01:16:40 PM
 #148

Just an FYI guys I'll be doing the NAV update tomorrow.

BTW Goat retired TYGRR.BOND-D last night, so I took the liberty of buying up all of the outstanding sell orders of MOVETO.FUND below the NAV per share. So for those of you who wished to exit at this time, you are out.

However, for those who may wish to enter at this time: I have temporarily suspended sales of the fund until the NAV is updated tomorrow. The rationale is that I want to see how this pirate situation plays out this weekend before resuming sales. Thanks.
What is happening this weekend?

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September 09, 2012, 05:50:12 PM
 #149

Just an FYI guys I'll be doing the NAV update tomorrow.

BTW Goat retired TYGRR.BOND-D last night, so I took the liberty of buying up all of the outstanding sell orders of MOVETO.FUND below the NAV per share. So for those of you who wished to exit at this time, you are out.

However, for those who may wish to enter at this time: I have temporarily suspended sales of the fund until the NAV is updated tomorrow. The rationale is that I want to see how this pirate situation plays out this weekend before resuming sales. Thanks.
What is happening this weekend?

Nothing apparently.

NAV updated to 1.1758086495

And the credit crunch continues...
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September 12, 2012, 01:25:10 AM
 #150

Just an FYI guys I'll be doing the NAV update tomorrow.

BTW Goat retired TYGRR.BOND-D last night, so I took the liberty of buying up all of the outstanding sell orders of MOVETO.FUND below the NAV per share. So for those of you who wished to exit at this time, you are out.

However, for those who may wish to enter at this time: I have temporarily suspended sales of the fund until the NAV is updated tomorrow. The rationale is that I want to see how this pirate situation plays out this weekend before resuming sales. Thanks.
What is happening this weekend?

Nothing apparently.

NAV updated to 1.1758086495

And the credit crunch continues...

Nckrazze says 3 years to pay back and jokes that he's 9 years old.  Has he sent you *anything*?

BDT is on shaky ground, and it looks like you hold nearly half the outstanding shares.

If those both go to zero then MOVETO's nav will be a little below .7 btc/share (based on the holdings posted on the first).

Please tell me you've made some amazing trades in the past 10 days.

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September 12, 2012, 05:45:07 PM
 #151

Just noticing, I wouldn't pay a penny for BDK.BND either

*355BTC in good loans
*6040BTC in defaulted loans
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September 12, 2012, 06:17:27 PM
 #152

Just an FYI guys I'll be doing the NAV update tomorrow.

BTW Goat retired TYGRR.BOND-D last night, so I took the liberty of buying up all of the outstanding sell orders of MOVETO.FUND below the NAV per share. So for those of you who wished to exit at this time, you are out.

However, for those who may wish to enter at this time: I have temporarily suspended sales of the fund until the NAV is updated tomorrow. The rationale is that I want to see how this pirate situation plays out this weekend before resuming sales. Thanks.
What is happening this weekend?

Nothing apparently.

NAV updated to 1.1758086495

And the credit crunch continues...

Nckrazze says 3 years to pay back and jokes that he's 9 years old.  Has he sent you *anything*?

BDT is on shaky ground, and it looks like you hold nearly half the outstanding shares.

If those both go to zero then MOVETO's nav will be a little below .7 btc/share (based on the holdings posted on the first).

Please tell me you've made some amazing trades in the past 10 days.

As far as I know Nick is going to be slowly making payments until the position is eliminated. We will not be earning any interest though, but will reinvest the payments into other stronger securities. I'm looking to sell back BDT soon as well.

Just noticing, I wouldn't pay a penny for BDK.BND either

*355BTC in good loans
*6040BTC in defaulted loans

I'm going to try to negotiate a sale for this, but Kluge is making plans to repay as well by, for one thing, getting a job. Sad I know, but I do trust him to uphold his debts, and unlike Nick he has promised to continue making interest payments.

Yes I know pirate has screwed up a lot of people, and a lot of deposit takers lied and were secretly, non-transparently and dishonestly investing more than they could afford into him (and we're definitely affected by this), but please try not to take it out on me. We will eventually come out of this credit crunch and survive and grow. I will not stop with my mission by running the spreadsheet every day to decide on new positions, to mark the NAV according to the 5-day average trading price for each asset we own, and help take steps to increase transparency in the bitcoin investment world. I believe that, thus far, I have set a good example by being honest and putting my own money on the line right there with my investors. Despite the fact that some were dishonest with me, I have always been honest - it's in my own long-term interest to be honest anyway, not to mention that even if I were dishonest, I would have my assets frozen by Nefario and be immediately doxed by other members. All scammers deserve prison in my opinion, and nothing less. They make me literally sick to my stomach.

Sorry for the rant, but I'm pretty pissed right now at what is going on in the community.
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September 12, 2012, 08:46:03 PM
 #153

I will not stop with my mission by running the spreadsheet every day to decide on new positions, to mark the NAV according to the 5-day average trading price for each asset we own, and help take steps to increase transparency in the bitcoin investment world. I believe that, thus far, I have set a good example by being honest and putting my own money on the line right there with my investors.

Kudos for that.  And thanks for answering our tough questions without stooping to the petty name calling that's prevalent in other threads.

Sorry for the rant, but I'm pretty pissed right now at what is going on in the community.

Rightfully so I'd say.  You're not the only one.
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September 13, 2012, 04:20:44 PM
 #154

I am sorry if it seems we are judging or blaming you; I do believe you're making your best. It must really be a nightmare to have responsibility for other people's money these days, however good your strategies could be in a sane market.
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September 13, 2012, 05:08:19 PM
 #155

I am sorry if it seems we are judging or blaming you; I do believe you're making your best. It must really be a nightmare to have responsibility for other people's money these days, however good your strategies could be in a sane market.

Thank you Francesco, I really appreciate this comment.
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September 13, 2012, 09:50:44 PM
 #156

You have every right to be pissed at the dishonesty displayed and nothing to be sorry for cytokine.  Any successful trading strategy is dependent on a foundation of half decently trustworthy issuers.  The majority of GLBSE offerings at this emergent stage have a ways to go yet to put it mildly.  I'm still optimistic for the future and feel that recent events have shown who is who and served as a wake up call going forward. I'm confident these markets will bring real innovation and profits and already have in some cases.

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September 15, 2012, 04:14:02 AM
 #157

How can you make investment decisions when the majority of the market is dishonest ?

Im a little disilusioned with the whole bitcoin investment scene right now :/

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September 15, 2012, 04:54:12 AM
 #158


Yes I know pirate has screwed up a lot of people, and a lot of deposit takers lied and were secretly, non-transparently and dishonestly investing more than they could afford into him (and we're definitely affected by this), but please try not to take it out on me. We will eventually come out of this credit crunch and survive and grow. I will not stop with my mission by running the spreadsheet every day to decide on new positions, to mark the NAV according to the 5-day average trading price for each asset we own, and help take steps to increase transparency in the bitcoin investment world. I believe that, thus far, I have set a good example by being honest and putting my own money on the line right there with my investors. Despite the fact that some were dishonest with me, I have always been honest - it's in my own long-term interest to be honest anyway, not to mention that even if I were dishonest, I would have my assets frozen by Nefario and be immediately doxed by other members. All scammers deserve prison in my opinion, and nothing less. They make me literally sick to my stomach.

Sorry for the rant, but I'm pretty pissed right now at what is going on in the community.

Thought this was worth quoting because it is a common experience, and probably in higher proportion with Bitcoin than normal currencies.  Yes, some people lied and passed funds into Pirate, and others simply screwed up or stole funds sucking a lot of coins out of the economy.  I can understand the shit cytokine is experiencing because I've had it as well, and sticking with it rather than hiding or claiming some "hack" is to be commended.
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September 15, 2012, 07:54:29 AM
 #159


Yes I know pirate has screwed up a lot of people, and a lot of deposit takers lied and were secretly, non-transparently and dishonestly investing more than they could afford into him (and we're definitely affected by this), but please try not to take it out on me. We will eventually come out of this credit crunch and survive and grow. I will not stop with my mission by running the spreadsheet every day to decide on new positions, to mark the NAV according to the 5-day average trading price for each asset we own, and help take steps to increase transparency in the bitcoin investment world. I believe that, thus far, I have set a good example by being honest and putting my own money on the line right there with my investors. Despite the fact that some were dishonest with me, I have always been honest - it's in my own long-term interest to be honest anyway, not to mention that even if I were dishonest, I would have my assets frozen by Nefario and be immediately doxed by other members. All scammers deserve prison in my opinion, and nothing less. They make me literally sick to my stomach.

Sorry for the rant, but I'm pretty pissed right now at what is going on in the community.

Thought this was worth quoting because it is a common experience, and probably in higher proportion with Bitcoin than normal currencies.  Yes, some people lied and passed funds into Pirate, and others simply screwed up or stole funds sucking a lot of coins out of the economy.  I can understand the shit cytokine is experiencing because I've had it as well, and sticking with it rather than hiding or claiming some "hack" is to be commended.

You were all warned that exactly this would happen. But instead of keeping the bitcoin safe in the blockchain, refused to believe it and chose to do absolutely nothing. Just kept waiting and waiting, until it was gone. How is that commendable?

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September 15, 2012, 06:06:00 PM
 #160



You were all warned that exactly this would happen. But instead of keeping the bitcoin safe in the blockchain, refused to believe it and chose to do absolutely nothing. Just kept waiting and waiting, until it was gone. How is that commendable?

Bullshit.  cytokine and the investors in this fund (myself included) were very aware of the pirate risk and did everything possible to avoid exposure. Keeping bitcoin safe in the blockchain? really?  So instead of growing the economy and supporting bitcoin businesses we're supposed to hoard it all away where it does nothing but sit there?  The problem so far has been fraudulent activities by trusted members, not people wanting to support the fledgling economy and willing to take some risk. 

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