[GLBSE] BIB.PIRATE -- Bitcoin Investment Bank Pirate Bonds 4.75 % wkly from 20/8

[John (John K.)]

Just a question: Are you recalling all bonds on July or?

Buy Back
Date/time of buyback: 04:42, Tue Jul 24
Buyback price:1.0725

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[brendio]

Just a question: Are you recalling all bonds on July or?

Buy Back
Date/time of buyback: 04:42, Tue Jul 24
Buyback price:1.0725

No. I don't plan on it. There is an option in the contract for me to recall the bonds for Par Value + 50 basis points + a week's coupon. It's there as a safety measure for me in case a lot of people cash out and my balance drops below 2000 BTC, or anything else comes up such that I am unable to continue offering the bonds. I hope that this offering is around for a long time to come. But I realised that there could be a perverse incentive for me to issue a heap of bonds and sell them at a large premium and then buy them back straight away under the buy back clause and keep the premium, minus 50 basis points. So I set the buy back date at least 8 weeks in the future, to give investors assurance that this is not my intention. The buyback function of GLBSE is optional, and I don't currently intend to use it any time soon. You can be assured that a buy back won't occur before July 24, and hopefully won't for a while afterwards either, because it would be very expensive for me, since I own less than 2.5 % of the issued bonds.

However, those buying BIB.PIRATE bonds at a large premium, especially after July, should make themselves aware of this clause before investing.

[brendio]

Just a note that I'm away on an extended long weekend holiday, so I won't be online as regularly, but I will still be on around the cut-off time on Monday, and then again on Tuesday to issue the dividends.

[brendio]

Six hours left for wholesale bond purchases for this week. At this stage, 700 new bonds will be issued on the wholesale market.

[brendio]

There will be 2700 new bonds will be issued after tomorrow's dividend payment.

The current breakdown of issued bonds can be found here.

[tosku]

At what time will the dividend payment be done?

[brendio]

At what time will the dividend payment be done?

Coupons (dividends) are paid as soon as practicable after pirate pays interest on the underlying, taking into account that I'm not always online, I'm generally sleeping when pirate pays, and I first need to transfer the interest into GLBSE and wait for confirmations. I have said in the FAAAAAQ that I will make payments within 48 hours. It will likely always be sooner than that, but I don't want to make a promise that other circumstances (in meatspace) may make me unable to keep.

I would really like to be able to set an ex-dividend time at the same time as when pirate pays, such that I can pay dividends to anyone who held bonds at that time, even if they subsequently sold them. Currently, GLBSE does not offer this functionality, so you need to hold the bond at the time the dividend is paid in order to receive the dividend. Best to check the dividend payment list on the asset page to ascertain whether the bond has been paid yet for that week.

I have requested Nefario add the ex-div functionality. If you think it is a good idea, please also let Nefario know. The more requests he gets, the more liley he is to implement it. I think it would be great not only for all the pirate pass-through bonds, but also the mining bonds where the dividend payments/coupons relate to an underlying trigger (e.g. difficulty change).

[brendio]

GLBSE is acting weird. Not nice when you're dealing with large sums.

I deposited the interest into GLBSE, but my balance showed slightly less than what I deposited, even though there were already funds in my account. I tried paying the dividend anyway, and my balance recovered the lost balance (i.e. it decreased considerably, but by less than the amount of the dividend). It looks like the dividend has gone out, and it shows up in my personal account, but is not listed on the asset page.

I'll raise it with Nefario later when I get a chance, but if someone could confirm they got a dividend and it was for 0.0675 that would be great.

[John (John K.)]

GLBSE is acting weird. Not nice when you're dealing with large sums.

I deposited the interest into GLBSE, but my balance showed slightly less than what I deposited, even though there were already funds in my account. I tried paying the dividend anyway, and my balance recovered the lost balance (i.e. it decreased considerably, but by less than the amount of the dividend). It looks like the dividend has gone out, and it shows up in my personal account, but is not listed on the asset page.

I'll raise it with Nefario later when I get a chance, but if someone could confirm they got a dividend and it was for 0.0675 that would be great.

I got the dividends for all of my bonds, thanks! 

[mollison]

I'll raise it with Nefario later when I get a chance

Get that cleared up?

[MrTeal]

Not sure how I missed subbing this thread.

[brendio]

I'll raise it with Nefario later when I get a chance

Get that cleared up?

I sent an email to support. Never got a reply. Sadly, this is becoming common with my GLBSE emails.

[brendio]

Dividend has been paid and bonds transferred to market makers.

Current issued bonds: 16080.

In other news, today is the one year anniversary of my bitcointalk account.

[John (John K.)]

I'll raise it with Nefario later when I get a chance

Get that cleared up?

I sent an email to support. Never got a reply. Sadly, this is becoming common with my GLBSE emails.

I guess you'll be better off posting a thread in the Trading Discussion. IMO, emails to GLBSE normally get ignored until it's posted publicly in the forums.

[jcdf]

How do we purchase these bonds wholesale, in bulk? Do we just get on GLBSE and wait for them to come on the market or do we purchase them directly from you to become market makers ourselves?

[brendio]

How do we purchase these bonds wholesale, in bulk? Do we just get on GLBSE and wait for them to come on the market or do we purchase them directly from you to become market makers ourselves?

Wholesale, by definition, is buying directly from me, the Issuer.

Read the contract clauses Issuance and Market Making to see how it works. Ask me if you have any further questions, otherwise you can fill in the form here (https://docs.google.com/spreadsheet/viewform?formkey=dFloaExSNU9IeF85MGZBQlQ5Sm5aYlE6MQ), or PM me to register your interest.

There is no minimum order for MMs, although it works out more economical for bulk orders.

[brendio]

Dividends paid.

[eleuthria]

I saw it mentioned earlier, but I wanted to check.  Right now GLBSE is implying there WILL be a buyback on July 24th.  Do you know if this is going to be forced upon you by GLBSE even though you've stated you don't want to do that?  I know quite a few people (myself included) that were taking that buyback on the listing as a guaranteed event.  We'd prefer it doesn't happen of course .

[brendio]

I saw it mentioned earlier, but I wanted to check.  Right now GLBSE is implying there WILL be a buyback on July 24th.  Do you know if this is going to be forced upon you by GLBSE even though you've stated you don't want to do that?  I know quite a few people (myself included) that were taking that buyback on the listing as a guaranteed event.  We'd prefer it doesn't happen of course .

No, the buyback function of GLBSE is optional. The buy-back clause was included in the contract because there is a low probably that I will live forever, and thus I _may_ need to discontinue operations _at some stage_. I included the July date to indicate that July would be the earliest that I am able to invoke this clause, but at this stage it is not my intention to do so, so long as the payments from pirate keep coming in. In case you haven't worked out, the buy back would actually cost me money (buy back clauses should have a bit of hurt for the issuer--beware of those that don't!), and thus it is an absolute last resort.

[brendio]

Funds are on their way to GLBSE for dividend. Waiting for 5 more confs.