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Author Topic: [GLBSE] BIB.PIRATE -- Bitcoin Investment Bank Pirate Bonds 4.75 % wkly from 20/8  (Read 11240 times)
brendio
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May 25, 2012, 08:45:13 AM
 #1

The Offering
 
The Bitcoin Investment Bank is offering GLBSE investors the opportunity to gain ongoing exposure to Bitcoin Savings & Trust (BS&T). Each bond represents an investment of 1 BTC in the BS&T and pays a weekly variable rate of 6.75 % of the Par Value of the bond. The investment is held in trust for the Bondholders. No insurance is offered or implied. The coupon rate will adjust should Pirate adjust his rates and shall be 25 basis points below that of a 2000 BTC investment in the underlying fund with BS&T.

The Bonds are perpetual, but may be recalled by the Issuer at a 50 basis point premium to Par Value plus the value of the next due Coupon.

The Bonds are offered and redeemed on a wholesale basis, letting the market take care of pricing.

Ticker: BIB.PIRATE

The Contract

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

Bitcoin Investment Bank Pirate Bonds offer bondholders exposure to an underlying investment in funds held in pirateat40’s Bitcoin Savings & Trust (BS&T)

Par Value: Each bond has an initial Par Value of 1 BTC and is backed by an investment of 1 BTC held in trust by the Issuer with BS&T [https://bitcointalk.org/index.php?topic=50822.0] as the Underlying.
 
Coupons: The Coupon on this bond is paid weekly. The Coupon Rate is equal to the 7-Day Interest Rate on Deposits applicable for a deposit of 2000 BTC in the Underlying, minus a fee to the Issuer of 25 basis points (0.25 %). The Coupon Rate is multiplied by the Par Value of the Bond to determine the Coupon. At the time of issue, the weekly coupon equates to 0.0675 BTC per Bond.
 
No Insurance Offered or Implied: This bond offering shares completely the counterparty risk of the underlying. Should BS&T fail to make interest payments or return capital to investors, the issuer of BPPT bonds will not be liable to reimburse losses and investors have no recourse against the Issuer.
 
Call Back: The Issuer reserves the right at any time to buy back of all outstanding bonds at a price equal to (1.005 times the Par Value) plus the full weekly Coupon.
 
Issuance and Market Making: Bonds will not be offered directly on GLBSE. Bonds are offered on a wholesale basis to Market Makers. A registered Market Maker may obtain Bonds from the Issuer by delivering to the Issuer a sum equal to the Par Value of the Bonds plus the GLBSE Transfer Fee plus the Issuance Fee. The Issuance Fee is set at 2 BTC fixed.
 
By way of example, an order by a Market Maker for 200 Bonds with a Par Value of 1 BTC and at the current GLBSE Transfer Fee rate of 20 basis points would require a sum of 202.4 BTC (200 x 1 BTC + 200 x 0.2 % + 2 BTC).
 
These funds must clear (6 confirmations) with the Issuer by the Cut-Off Time to be issued for that week. The Cut-Off Time is set as Mondays at 12 pm UTC. Bonds will be transferred to the GLBSE account of the Market Maker after the previous week's coupon has been paid (and carry no entitlement to that coupon). The Market Maker is free to sell the bonds on market of hold them in its own account.
 
The Issuer reserves the right to also act as a  Market Maker.
 
Redemption: A Market Maker may redeem bonds at any time by notifying the Issuer and transferring the bonds to be redeemed to the GLBSE account of the Issuer. At some time after the next Cut-Off Time, the Market Maker will receive bitcoins equal to the Par Value of the Bonds plus that week's coupon minus the Redemption Fee. The Redemption Fee is set at 2 BTC fixed.
 
By way of example, a Market Maker redeeming 200 Bonds with a Par Value of 1 BTC and a Coupon of 0.065 BTC would receive a sum of 211.5 BTC (200 x 1 BTC + 200 x 6.75 % - 2 BTC).
 
Forced withdrawal in the Underlying: The situation may arise in which the Issuer's holding in the Underlying is returned by a Forced Withdrawal [see https://bitcointalk.org/index.php?topic=50822.msg605957#msg605957]. Should the forced withdrawal relate solely to funds deposited during a Market Maker Issuance, the forcefully withdrawn funds will be returned to the Market Maker (less the Issuance Fee), and no new bonds will be issued relating to those funds.
 
Should the forced withdrawal relate to previously deposited funds, all bond holders shall immediately receive a Special Dividend payment according to the proportion of the fordec withdrawal to remaining funds and the Par Value of the Bonds will be reduced by the amount if this Special Dividend.
 
Risk: It is the Issuer’s opinion that this Bond Offering carries risk and investors are advised to familiarise themselves with such risks before investing.
 
Definitions and Capitalised Terms:
Issuer: The issuer is "brendio" trading as the "Bitcoin Investment Bank".
Par Value: The value in BTC held in trust by the Issuer in the Underlying.
The Underlying: The underlying investment in which trust funds are invested, namely, pirateat40’s Bitcoin Savings & Trust, as outlined in the bitcointalk.org thread here: https://bitcointalk.org/index.php?topic=50822.
Pirate, pirateat40: The user known on bitcointalk.org and #bitcoin-otc as pirateat40, also referred to as simply “pirate”.
BS&T: BS&T refers to pirateat40’s investment scheme as outlined in the thread https://bitcointalk.org/index.php?topic=50822, currently known as Bitcoin Saving & Trust, and future names under which it may trade.
7-Day Interest Rate on Deposits: The weekly interest rate offered by pirateat40 for a deposit of 2000 BTC, as detailed https://bitcointalk.org/index.php?topic=50822.
Coupon Rate: The 7-Day Interest Rate on Deposits minus the Issuer management fee of 25 basis points.
Coupon: The Coupon is equal to the Par Value of the Bond multiplied by the Coupon Rate.
Market Maker: A wholesale investor in the Bond offering who has registered with the Issuer.
Cut-Off Time: The time by which orders need to be received from Market Makers for the Issuance or Redemption of bonds to be processed that week. The Cut-Off Time is set as Mondays at 12 pm UTC.
Issuance Fee: A fixed fee of 2 BTC payable to the Issuer for the issuance of any number of Bonds in a single transaction.
Redemption Fee: A fixed fee of 2 BTC payable to the Issuer for the redemption of any number of Bonds in a single transaction.
GLBSE Transfer Fee: The fee levied by GLBSE for the off-market transfer of assets between users of GLBSE. At time of issue, this fee is 20 basis points.
-----BEGIN PGP SIGNATURE-----
Version: GnuPG v2.0.17 (MingW32)

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=GwWi
-----END PGP SIGNATURE-----

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May 25, 2012, 08:46:24 AM
 #2

FAAAAAAQ (Frequently Asked, Actually Asked and Anticipated Questions)
 
What is BS&T?
 
Bitcoin Savings and Trust is a program operated by forum member pirateat40 that pays high rates of return on investment, for which it is difficult for the average investor to get a referral [https://bitcointalk.org/index.php?topic=50822.0]. Many have called the operation into question. [https://bitcointalk.org/index.php?topic=79294.0]
 
Do you offer any insurance?
 
No. If BTCST defaults and runs away with our money, we lose everything.
 
How often are coupons paid?
 
Coupons are to be paid weekly within 48 hours of BS&T making payment on the Underlying.
 
How many more bonds will you issue?
 
There is no limit to the number of bonds to be issued, so long as the cumulative Par Value of all outstanding bonds is backed by a deposit in BS&T. The number of bonds currently issued can be found here.

How are bonds issued?

The Issuer offers Bonds to wholesale investors, or Market Makers, who may then sell on the open market. New bonds must be paid for by Mondays 12 pm UTC and will be transferred to the wholesale investor after that week's dividend had been paid. (New bonds are not eligible for a dividend in the week in which they are issued.)
 
How much are you selling bonds for?

The Issuer will not directly sell bonds on GLBSE, but rather will deal on a wholesale basis with Market Makers. Market Makers determine prices for which it is profitable for them to operate.

What is Par Value?

The Par Value of the Bond represents the value of the funds held per Bond by the Issuer in the Underlying BS&T account. The initial Par Value shall be 1 BTC per Bond.

Will you buy back my bonds if I want out?
 
The Issuer will not buy bonds back directly, but there is a facility for Market Maker redemption, so you should always be able to find a willing buyer for your bonds, at a rate that takes into account their fees. If the Market Value of the bonds falls far below the Par Value, then there is an incentive for market makers to buy and redeem bonds, providing a floor under prices and ensuring liquidity.
 
 
How does one become a “Market Maker”?

Fill in the form here or PM the Issuer. You’ll need to provide a GLBSE username to which Bonds can be transferred, a bitcoin address for proceeds of redemption and forced withdrawals, and you will be supplied with a personalised deposit address.

Is there a minimum order for Market Makers?

There is no minimum order, but because the Issuance and Redemption Fees are fixed at 2 BTC, smaller orders will be less economical on a relative basis.

Will the Issuer trade on market?

Notwithstanding that the roles of Issuer and Market Maker are separate, the Issuer reserves the right to undertake Market Making activities to ensure liquidity.

Do the bonds expire?

The Bonds are issued perpetually. However, the Issuer reserves the right to call back outstanding Bonds at a price not less than a 50 basis point premium to the Par Value plus the upcoming Coupon.
Do you have any reputation?

The Issuer is listed under the “List of honest traders” (https://bitcointalk.org/index.php?topic=484.0) and is listed under the #bitcoin-otc “Web of Trust” (http://bitcoin-otc.com/viewratingdetail.php?nick=brendio&sign=ANY&type=RECV). The Bitcoin Investment Bank has previously issued the BIB.GOAT asset (not matured).

Are you GLBSE-verified(TM)?
 
Yes.
 
Why is your phone number and address not verified?
 
I have had missed verification calls from Nefario on at least two occasions. Hopefully he can reach me soon. I've submitted my detail for address verification, but have not yet received any word from Nefario about it.
 
How old is your account with BS&T?
 
The Issuer has held an account with BS&T continually since 4 November 2011.

What happens if Pirate defaults?

If pirateat40 fails to pay an interest coupon or return funds to the Issuer, the Bonds will be impaired and funds in the Underlying, if any, will be returned to Bondholders in proportion to Par Value of the Bonds. That is, if pirate pays back only half of the invested funds, Bondholders would receive 50 % of the Par Value of the Bonds. If pirateat40 defaults completely, Bondholders will receive no return and shall have no recourse against the Issuer to make good on any losses of capital or interest.

What happens if Pirate returns funds invested (forced withdrawal)?

How this situation is handled depends on when the forced withdrawal occurs. If the forced withdrawal occurs during Bond Issuance to a Market Maker, the Market Maker will have their funds returned (less the Issuance Fee) and new bonds will not be issued to them.

If the forced withdrawal occurs for funds for which bonds have already been issued, the Issuer will make an announcement in this thread and issue a Special Dividend in proportion to the amount of the returned funds. Thereafter, the Par Value of the bonds will be reduced by the amount of the Special Dividend and the weekly coupon will be calculated on the basis of the reduced Par Value. Further issuances and Redemptions will also take place at the new Par Value of the Bond.

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May 25, 2012, 08:47:22 AM
 #3

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.

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May 25, 2012, 09:16:44 AM
 #4

What's the ticker symbol and when is the IPO?

Would it still be possible to split bonds 1:10 or 1:100 so each represents 0.1 or 0.01 BTC in pirate's accounts for liquidity? Currently all pass through offers are for 1 BTC a piece or above, which makes it hard to reinvest mining income for example or to compound manually.

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May 25, 2012, 09:28:38 AM
 #5

What's the ticker symbol and when is the IPO?

Would it still be possible to split bonds 1:10 or 1:100 so each represents 0.1 or 0.01 BTC in pirate's accounts for liquidity? Currently all pass through offers are for 1 BTC a piece or above, which makes it hard to reinvest mining income for example or to compound manually.

I would like this

14ga8dJ6NGpiwQkNTXg7KzwozasfaXNfEU
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May 25, 2012, 09:29:35 AM
 #6

What's the ticker symbol and when is the IPO?

Would it still be possible to split bonds 1:10 or 1:100 so each represents 0.1 or 0.01 BTC in pirate's accounts for liquidity? Currently all pass through offers are for 1 BTC a piece or above, which makes it hard to reinvest mining income for example or to compound manually.

The ticker symbol is to be announced. I'm waiting for contact from Nefario to fix an error stopping me from listing under my preferred ticker.

I've already submitted the contract and I'm not that keen to change it. A Par Value of 1 BTC per bond avoids a lot of decimal places (and associated fat finger errors) and, in my opinion, is more intuitive.

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May 25, 2012, 09:43:39 AM
 #7

The Bitcoin Investment Bank is offering GLBSE investors the opportunity to gain ongoing exposure to Bitcoin Savings & Trust (BS&T)...
... Bonds will not be offered directly on GLBSE. Bonds are offered on a wholesale basis to Market Makers.

I find this ambiguous. Are there some middlemen (Market Makers) who are going to do the selling on GLBSE? What would be their cut? What amount of additional risk this introduce?

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May 25, 2012, 09:55:53 AM
 #8

As far as I understand it: He mostly (not only, he reserves the right to sell himself) will sell shares in bulk to people who invest at least 200 BTC + his fees + GLBSE fees. These can then keep the bonds or sell them on GLBSE, potentially at a premium.

As there are fees involved I guess the minimum price for these bonds to buy on the open market will be ~1.01 BTC, if not higher.

One of the extra risks is that brendio will only buy back from initial market makers, not everyone - so even if you buy 1k bonds FROM market makers, you (weirdly) cannot redeem them with brendio, even though he charges a fee etc.

Market makers add no real risk, as payments are done by brendio, not passed on by them.

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May 25, 2012, 10:00:12 AM
 #9

The Bitcoin Investment Bank is offering GLBSE investors the opportunity to gain ongoing exposure to Bitcoin Savings & Trust (BS&T)...
... Bonds will not be offered directly on GLBSE. Bonds are offered on a wholesale basis to Market Makers.

I find this ambiguous. Are there some middlemen (Market Makers) who are going to do the selling on GLBSE? What would be their cut? What amount of additional risk this introduce?
Yes, Market Makers act as middlemen to sell on GLBSE. Their cut is the difference between what it costs them to get them from me and what price they can get on the open market. This vastly reduces the risk for me as Issuer and means I do not need to try to work out what price to offer the bonds for. The market takes cares of that. Note that I can take off my Issuer hat and put on a Market Maker hat as well if there is not sufficient liquidity from third parties. The redemption clause should also help put a floor under the price and make it easier for people to get their funds out without having to accept low-ball bids on market.

This post provides a bit of background on the idea, which I have expanded on.

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May 25, 2012, 10:03:59 AM
 #10

As far as I understand it: He mostly (not only, he reserves the right to sell himself) will sell shares in bulk to people who invest at least 200 BTC + his fees + GLBSE fees. These can then keep the bonds or sell them on GLBSE, potentially at a premium.

As there are fees involved I guess the minimum price for these bonds to buy on the open market will be ~1.01 BTC, if not higher.

The 200 BTC minimum is only there until launch. After that, there's no minimum investment amount.

One of the extra risks is that brendio will only buy back from initial market makers, not everyone - so even if you buy 1k bonds FROM market makers, you (weirdly) cannot redeem them with brendio, even though he charges a fee etc.

Anyone can become a market maker. They just need to PM me with a GLBSE username. It depends on how big someone's holding is as to whether they are better off redeeming with me directly or selling to someone on market.

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May 25, 2012, 10:06:40 AM
 #11

The Bitcoin Investment Bank is offering GLBSE investors the opportunity to gain ongoing exposure to Bitcoin Savings & Trust (BS&T)...
... Bonds will not be offered directly on GLBSE. Bonds are offered on a wholesale basis to Market Makers.

Technically, this is a contradiction, since brendio can offer bonds directly on GLBSE in his optional role as market maker. Brendio, you may want to clean up this language and/or be more specific. For example, is there a "runway" of time after the initial opening on GLBSE during which you will not assume the role of market maker? This would help market makers who want to make a quick profit be sure that you won't undersell them on GLBSE after taking their 2BTC fee.

Otherwise, this is an extremely cool initiative, and I'm looking forward to seeing where it goes!  Grin
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May 25, 2012, 10:20:30 AM
 #12

The Bitcoin Investment Bank is offering GLBSE investors the opportunity to gain ongoing exposure to Bitcoin Savings & Trust (BS&T)...
... Bonds will not be offered directly on GLBSE. Bonds are offered on a wholesale basis to Market Makers.

Technically, this is a contradiction, since brendio can offer bonds directly on GLBSE in his optional role as market maker. Brendio, you may want to clean up this language and/or be more specific. For example, is there a "runway" of time after the initial opening on GLBSE during which you will not assume the role of market maker? This would help market makers who want to make a quick profit be sure that you won't undersell them on GLBSE after taking their 2BTC fee.

Otherwise, this is an extremely cool initiative, and I'm looking forward to seeing where it goes!  Grin
I would be amenable to something like this. I don't really want to increase my personal exposure to pirate, so I will only market make if there is insufficient third party activity. An alternative to a time embargo period could be a minimum price below which I will not sell.

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May 25, 2012, 02:29:14 PM
 #13

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.
...
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.

Brendio, just to clarify:

Can current private program depositors convert their deposits into GLBSE Bonds are Par Value at any time (before or after the bond launch)? Or is there a time limit on this?

Also, does 'will close to new deposits' apply to existing private program depositors as well or will they be able to add to their deposits even after the launch?

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May 25, 2012, 03:07:22 PM
 #14

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.
...
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.

Brendio, just to clarify:

Can current private program depositors convert their deposits into GLBSE Bonds are Par Value at any time (before or after the bond launch)? Or is there a time limit on this?

Also, does 'will close to new deposits' apply to existing private program depositors as well or will they be able to add to their deposits even after the launch?

Current private program depositors may convert their deposits into GLBSE Bonds at Par Value at any time, even after the bond launch. I'm waiving the 2 BTC Issuance Fee for at least the first month. After launch, depositors will need to pay the GLBSE Transfer Fee (0.2 %).

Existing private program depositors may add to their deposits even after the launch (for now at least).

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May 26, 2012, 03:41:48 AM
 #15

I just edited the FAAAAAAQ to note that the GLBSE Transfer Fee does not apply prior to launch (since it is not levied on assets with less than 20 BTC trade volume).

Also, the next two people to register as market makers here will get a lifetime 50 % reduction on the Issuance and Redemption Fees.

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May 27, 2012, 09:45:31 AM
 #16

Interesting, I will convert my deposit to this asset.

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May 28, 2012, 12:03:29 PM
 #17

Trading in this asset is now open. Please note, however, that the weekly coupon cycle will not begin until after BS&T's next interest payment, expected in around 3 or 4 hours. (The interest earned on the deposits until then will be paid to the market makers/previous depositors.)

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May 28, 2012, 01:08:34 PM
 #18

To give an update on the number of GLBSE traded BIB.PIRATE securities, I have issued 13007 bonds. Of these, 10644 are in accounts other than that of the issuer. 2363 bonds remain in the account of the Issuer to represent to total sum invested in my private program.

Further bonds will be issued or recalled as bonds are issued to and redeemed from wholesale investors.

Breakdown of BIB.PIRATE Issued Bonds
GLBSE-traded10644
Private Program2363
Total BTC with BS&T13007

The current breakdown can be found at: http://goo.gl/9pm2U

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May 28, 2012, 02:36:26 PM
 #19

GLBSE-traded10644
Private Program2363
For the 2363 Private Program bonds that currently exist, as they get withdrawn or converted, is there a minimum amount below which they no longer earn the top-tier interest rate?

Or will they continue to earn the top-tier interest regardless of their quantity (if they can be converted to BIB-PIRATE at any time to earn 6.75%, it would not make sense to hold them in the Private Program should their interest rate drop below that)?

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May 28, 2012, 02:43:51 PM
 #20

GLBSE-traded10644
Private Program2363
For the 2363 Private Program bonds that currently exist, as they get withdrawn or converted, is there a minimum amount below which they no longer earn the top-tier interest rate?

Or will they continue to earn the top-tier interest regardless of their quantity (if they can be converted to BIB-PIRATE at any time to earn 6.75%, it would not make sense to hold them in the Private Program should their interest rate drop below that)?
The private program will continue to get the top tier rate so long as the total of private + BIB.PIRATE is enough for the top tier. It's all in my one account with pirate. I've included the private program as "reserved" so that the total issued equals my holding with BS&T.

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