[GLBSE] FOO.PPPPT - Perpetual Pure Pirate Pass-Through Bonds - 7% weekly

[bitfoo]

Have you made sure that brendio will honor the "FOO.PPPPT will always pay out the full amount of interest available" clause? Meaning, if he earns more than 7%, he has to pay even more than 0.07 BTC/week?

It is my understanding that he will follow the contract, but I'll let him confirm this point (he might be away until Monday).

Edit:
Do you pay out 1.07 BTC as soon as you got them even if I send you shares this monday right AFTER the interest payment or do you wait until the next monday?
Edit2:
Rechecked, seems you wait until the next monday.

Yeah, sorry if that was unclear. I pay out 1 BTC principal + 0.07 BTC interest that I receive for that week, which is why you need to send me the bonds *before* interest payment, and I send back the 1.07 *after* interest payment. I wish I could afford to pay out an extra 0.07 BTC from my pocket, but I'm not pirate.

[sebnow]

What will the relationship between FOO.PPPPT and BIB.PIRATE be? BIB.PIRATE has a lower rate, but it will be operated by the same person. Will they be merged? If not, what's the advantage of keeping BIB.PIRATE shares, as opposed to trading in for FOO.PPPPT? Shares are at about the same price at the moment.

[silverbox]

Uh why is the title of this thread 6.67% now?

[MrTeal]

Uh why is the title of this thread 6.67% now?

Look one page back, there's a half dozen posts on that same topic.

[silverbox]

Uh why is the title of this thread 6.67% now?

Look one page back, there's a half dozen posts on that same topic.

Ah gotcha, didn't look far enuf back

[bitfoo]

Uh why is the title of this thread 6.67% now?

Ok ok, it's back to 7% now. 7% interest on par value of 1 BTC, with a variable premium on entry into the fund.

BTW, bond sales are now active again, until the fund is transferred over to brendio.

[brendio]

Have you made sure that brendio will honor the "FOO.PPPPT will always pay out the full amount of interest available" clause? Meaning, if he earns more than 7%, he has to pay even more than 0.07 BTC/week?

I invested in this, as it is the highest (even highest possible) yielding PPT on the market and I hope it stays that way!

Edit:
Do you pay out 1.07 BTC as soon as you got them even if I send you shares this monday right AFTER the interest payment or do you wait until the next monday?
Edit2:
Rechecked, seems you wait until the next monday.

Hi Sukrim, I will honour the contract exactly as stated:

FOO.PPPPT Contract / Terms and conditions:

At least 1 BTC per bond sold will be deposited with the issuer's account in Bitcoin Savings and Trust (BTCST) (https://bitcointalk.org/index.php?topic=50822.0). Each bond will be paid out a weekly coupon not later than 24 hours after BTCST pays out interest on the account. The value of the weekly coupon will be exactly x% of 1 BTC, where x is the interest rate that the total value of bonds issued receives from the underlying investment. If interest rates or tiers change in the future, I will make every effort (i.e., issue enough bonds) to attract the highest interest rate possible from BTCST. The current amount invested, and corresponding interest rate will always be published on the bitcointalk.org forum thread for this bond (https://bitcointalk.org/index.php?topic=83013.0). If BTCST defaults on the loan, or otherwise returns the funds for any reason, the bonds will be bought back for exactly the fraction of principal that is returned, if any. No on-demand buyback option will be provided. I reserve the right to call for a buy back of all outstanding bonds at a rate of 1 BTC + one week's worth of interest at any time. I do not assume any liability or provide any insurance for loss of these funds by BTCST. Please do your own due diligence before investing, and never invest more than you can afford to lose!

The highest available rate at the moment is 7 % weekly. The bonus interest, if achieved, is paid only one a month, and is not guaranteed, as it depends on account activity, so investors should not count on it when deciding to invest.

What will the relationship between FOO.PPPPT and BIB.PIRATE be? BIB.PIRATE has a lower rate, but it will be operated by the same person. Will they be merged? If not, what's the advantage of keeping BIB.PIRATE shares, as opposed to trading in for FOO.PPPPT? Shares are at about the same price at the moment.

FOO.PPPPT will be kept separate, at least for the immediate future, but they will share the one BS&T Trust account. The two issues has slight differences in their terms, which affect which one is more attractive to different investors. One major advantage of BIB.PIRATE is the mechanism for wholesale investors.

I just got back from a big weekend away. I will work with bitfoo on the final details in the coming days and we will then make a jointly signed statement.

[bitfoo]

Here is the jointly signed statement as promised:

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

Effective 05:00 UTC, Jul 30th 2012, 'bitfoo' (gpg key id 0x7087E81EDF0E3996) will transfer complete ownership of the FOO.PPPPT asset on the GLBSE (https://glbse.com/asset/view/FOO.PPPPT) to 'brendio' (gpg key id 0xB943789241C3973E). After this date, brendio assumes all liabilities regarding payment of coupons, principal and full adherence to the listed asset contract terms, releasing bitfoo of the same. This transfer of ownership and liability is contingent on the occurrence of each of the following events:

1) pirateat40 (operator of the underlying investment, Bitcoin Savings and Trust / BS&T) transfers all funds held in bitfoo's BS&T account to brendio's account.
2) Nefario or another admin of GLBSE transfers control of the FOO.PPPPT asset to brendio.
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Note that the interest for this week is accrued in my account, so I'm still liable to pay it out.

[brendio]

I concur with the above statement, although if you check the signatures, you can already see that.

Welcome to those investors who will be staying on under the new ownership.

I look forward to continuing to provide the reliable service for which both FOO.PPPPT and BIB.PIRATE are known.

[Micon]

seriously?  you are basically an affiliate for a scammer.

This is a small piece of the largest ponzi scheme in BTC history.

added to Micon's list of things to never, ever send your BTC to and get all you can back if you already have.

[Gladamas]

seriously?  you are basically an affiliate for a scammer.

This is a small piece of the largest ponzi scheme in BTC history.

added to Micon's list of things to never, ever send your BTC to and get all you can back if you already have.

Please, go ahead and spread some FUD at #btcst on Freenode, or at a thread listed here!

[EskimoBob]

any news on those juicy dividends?

[bitfoo]

any news on those juicy dividends?

I see the dividend payment marked as pending on my account, but it hasn't hit my wallet yet. You could look out for it on the interest payment address.

[bitfoo]

Update:

Dividends went out yesterday, soon after pirate paid them out. Brendio: check your BS&T account, it should be 5989 BTC richer already.
Nefario will transfer control of the asset shortly. All that's remaining is some buyback requests - for which I've put in a withdrawal request with pirate but am still waiting to receive the funds. Again, keep an eye on the interest address if you're waiting for BTC from the buyback - it's out of my hands for the moment. Thanks!

[brendio]

Update:

Dividends went out yesterday, soon after pirate paid them out. Brendio: check your BS&T account, it should be 5989 BTC richer already.
Nefario will transfer control of the asset shortly. All that's remaining is some buyback requests - for which I've put in a withdrawal request with pirate but am still waiting to receive the funds. Again, keep an eye on the interest address if you're waiting for BTC from the buyback - it's out of my hands for the moment. Thanks!

The funds show up in my BS&T account. We are now just waiting on Nefario to transfer over control of the asset on GLBSE.

[cedus]

All that's remaining is some buyback requests - for which I've put in a withdrawal request with pirate but am still waiting to receive the funds.

Sad to be one of those "some". Pirateeee!

Edit: I also got my coins+extra. Thanks foo and everything best for the future!

[Jurek]

I hope this gets fixed no later than today..

Edit: yup, all is well. Pirate did his part, now waiting for foo. Thanks for help foo. It was a pleasure.

[bitfoo]

Edit: yup, all is well. Pirate did his part, now waiting for foo. Thanks for help foo. It was a pleasure.

I checked with pirate again this morning, apparently he had forgotten to do the withdrawal because it was clubbed together with the request for transfer of funds to brendio. Got the funds immediately, and I just sent them out with an extra 0.02 per bond to compensate for the delay. Enjoy!

[Nefario]

Asset control has been passed to Brendio.

Nefario

[brendio]

Asset control has been passed to Brendio.

Nefario

I confirm that I am now in control of the asset FOO.PPPPT.

I have created a new thread for the asset so that I can keep the OP up to date. If you have any questions, please ask them there.

Brendio.