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Author Topic: [GLBSE] FOO.PPPPT - Perpetual Pure Pirate Pass-Through Bonds - 7% weekly  (Read 11735 times)
drakahn
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May 24, 2012, 03:24:11 AM
 #21

I'll get in on this for sure

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bitfoo
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May 27, 2012, 05:00:49 PM
 #22

Just a little bump.

IPO is in less than 24 hours. There are already more than 750 bids piled up on GLBSE, so you may want to adjust the price appropriately to get hold of some. Beware of last-minute sniping.

So far, this is the only Pirate pass-through on GLBSE that sells at 1.0 BTC and returns 7% a week, i.e., a full 7% return on investment. If I issue more bonds in future, they will probably be at a slightly higher sale price. So make use of the current offer while you can. Good luck!

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May 27, 2012, 06:39:18 PM
 #23

Well, there's nearly no chance to get in at 1.0 BTC anyways... Wink

I hope you'll recognize the high demand and issue more shares than these 1500 asap (preferrably still this week).

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bitfoo
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May 27, 2012, 06:52:50 PM
 #24

Well, there's nearly no chance to get in at 1.0 BTC anyways... Wink

I hope you'll recognize the high demand and issue more shares than these 1500 asap (preferrably still this week).

I may actually have to issue some extra shares tomorrow, because of a mistake I made in estimating pirate's interest payout. He pays interest based on the average deposit amount in the previous week, for which I believe the cutoff time is 12 AM CST. If I put in 2000 BTC after IPO tomorrow, the average for the week might end up being less than 2000, which gives me only 5.6%, and that leaves me out of pocket (because I've committed to 7% no matter what happens). I'm considering issuing around 500 more (at the same 1 BTC rate), to put us safely in the highest interest rate tier. I am still thinking about this and will confirm shortly.

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May 27, 2012, 10:12:25 PM
 #25

Update:

A total of 1000 bonds will be sold tomorrow during the IPO. This will bring the total number of bonds issued to 2500:

IPO: 1000
Pre-IPO: 1000
Held by me: 500

There are already enough bids on GLBSE to absorb the planned sale of 1000 bonds. I hope this minor change does not disrupt anyone's plans. Smiley

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May 28, 2012, 03:22:06 PM
 #26

Update:

A total of 1000 bonds will be sold tomorrow during the IPO. This will bring the total number of bonds issued to 2500:

IPO: 1000
Pre-IPO: 1000
Held by me: 500

There are already enough bids on GLBSE to absorb the planned sale of 1000 bonds. I hope this minor change does not disrupt anyone's plans. Smiley

Holding out for higher bids now?  Don't like the way this ipo is being handled at all.  Withdrawing bids.
drakahn
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May 28, 2012, 03:28:07 PM
 #27

not sure what happened there... i missed out i guess, oh well, over to tygrr.p

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bitfoo
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May 28, 2012, 03:29:08 PM
 #28

Holding out for higher bids now?  Don't like the way this ipo is being handled at all.  Withdrawing bids.

As far as I know, I hit the sell button exactly on the hour, to the second. The GLBSE twitter feed has the log of all trades.

Thanks to everyone who placed bids. All shares have been sold, and all pre-IPO shares have been transferred. Funds are on their way to BTCST as we speak. There was a fairly big order that came in at the last moment, I'm sorry if anyone got out-sniped by it!

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May 28, 2012, 04:26:35 PM
 #29

Congratulations on a successful IPO!

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May 28, 2012, 06:22:37 PM
 #30

I guess there will be no way to reinvest dividends unless you count purchasing other's bonds?
bitfoo
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May 28, 2012, 06:31:48 PM
 #31

Thank you bitfoo, congratulations for the success of the IPO!

No, thank you all for investing! I will come up with a plan to address any further demand.

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May 28, 2012, 06:33:44 PM
 #32

I guess there will be no way to reinvest dividends unless you count purchasing other's bonds?

Yes, for this bond, that is correct. You either buy from others or from me if I'm issuing more. There may be something else in the works for people who want to reinvest though...

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May 29, 2012, 02:03:08 PM
 #33

Quote
trade:1@1.249:FOO.PPPPT:1338297560

 Shocked Shocked Someone really wanted a share.
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May 29, 2012, 05:26:30 PM
 #34

Quote
trade:1@1.249:FOO.PPPPT:1338297560

 Shocked Shocked Someone really wanted a share.

3.5 Weeks of interest - depending on the risk you want to attach to the underlying security.......still a value.
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May 29, 2012, 05:45:47 PM
 #35

Quote
trade:1@1.249:FOO.PPPPT:1338297560

 Shocked Shocked Someone really wanted a share.

3.5 Weeks of interest - depending on the risk you want to attach to the underlying security.......still a value.

Not when there's a half dozen comparable offerings trading for much lower prices. The counterparty risk is really the same for all these PPT bonds, so paying 1.249 for these over one of the PPT issues, Brendio's, Goat's, etc would take  a long time to recover that investment.
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May 29, 2012, 11:59:14 PM
 #36

Security issued:2608

What.

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bitfoo
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May 30, 2012, 12:15:38 AM
 #37

Security issued:2608
What.

From the OP:
I reserve the right to sell the bonds I hold at any time, buy more bonds from the open market, or deposit more money with BTCST and issue myself bonds for the same.

This is essentially how I will address any additional demand. I do not intend to issue mass amounts of shares on a weekly basis like Goat. That is more risk than I would want to take on, eg, in the event that I have to buy back all the bonds at some point. I also don't want to send too many coins to pirate because I fear there is a risk of reduced interest rates if we keep doing that.

What I will do instead is arbitrage the bid side from time to time, if there is pent-up demand, and if it is worth doing so. This will not be at pre-announced times, or even guaranteed to happen. This isn't a share of a company where issuing more bonds dilutes the value of existing shares - each bond here is actually backed by 1 BTC in my BTCST account. The floor price can be expected to follow market rates of other pirate bonds. For example, Goat promises to sell his bonds at 1.02 for returns of 0.068 BTC a week. That translates into a clean price of 1.05 BTC for the FOO.PPPPT bond. (Dirty price on any given day will usually be the clean price + accrued interest). Of course, other market participants are welcome to do their own arbitrage as well. I expect the prices of the bonds to follow each other fairly well. As long as others keep issuing more pirate bonds, please do not expect much up-side to this bond either. If pirate stops accepting deposits, that would be a different story altogether.

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May 30, 2012, 12:25:19 AM
 #38

Security issued:2608
What.

From the OP:
I reserve the right to sell the bonds I hold at any time, buy more bonds from the open market, or deposit more money with BTCST and issue myself bonds for the same.

This is essentially how I will address any additional demand. I do not intend to issue mass amounts of shares on a weekly basis like Goat. That is more risk than I would want to take on, eg, in the event that I have to buy back all the bonds at some point. I also don't want to send too many coins to pirate because I fear there is a risk of reduced interest rates if we keep doing that.

That's fine, I was just wondering.  Wink

What I will do instead is arbitrage the bid side from time to time, if there is pent-up demand, and if it is worth doing so. This will not be at pre-announced times, or even guaranteed to happen. This isn't a share of a company where issuing more bonds dilutes the value of existing shares - each bond here is actually backed by 1 BTC in my BTCST account. The floor price can be expected to follow market rates of other pirate bonds. For example, Goat promises to sell his bonds at 1.02 for returns of 0.068 BTC a week. That translates into a clean price of 1.05 BTC for the FOO.PPPPT bond. (Dirty price on any given day will usually be the clean price + accrued interest). Of course, other market participants are welcome to do their own arbitrage as well. I expect the prices of the bonds to follow each other fairly well. As long as others keep issuing more pirate bonds, please do not expect much up-side to this bond either. If pirate stops accepting deposits, that would be a different story altogether.

How do you arbitrage a bond on GLBSE? I'm missing something here...  Undecided

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bitfoo
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May 30, 2012, 12:32:40 AM
 #39

How do you arbitrage a bond on GLBSE? I'm missing something here...  Undecided

If you find TYGRR.P bonds for sale cheaper than some bids on FOO.PPPPT, you can buy some TYGRR.P, sell FOO.PPPPT, and pocket the difference, assuming that the two bonds are fungible. Or if you have direct access to a pirate account, you can sell FOO.PPPPT and deposit with pirate directly. Until GLBSE allows short-selling, it won't be possible to do this unless you are already holding some FOO.PPPPT, but that's the general idea.

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May 30, 2012, 12:53:12 AM
 #40

How do you arbitrage a bond on GLBSE? I'm missing something here...  Undecided

If you find TYGRR.P bonds for sale cheaper than some bids on FOO.PPPPT, you can buy some TYGRR.P, sell FOO.PPPPT, and pocket the difference, assuming that the two bonds are fungible. Or if you have direct access to a pirate account, you can sell FOO.PPPPT and deposit with pirate directly. Until GLBSE allows short-selling, it won't be possible to do this unless you are already holding some FOO.PPPPT, but that's the general idea.

Exactly what I am wondering, do you just trade the bonds OTC with someone else?

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