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Author Topic: Summary of GLBSE Bitcoin Savings & Trust passthroughs  (Read 1417 times)
MrTeal
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June 12, 2012, 04:03:48 PM
 #1

I haven't seen a compilation of all the new Pirate Pass Through options since they started springing up, so I thought I would post on here from my own notes. All the times I list correspond to GLBSE time. This was just made by scrapping the threads and GLBSE listings, so there could be inaccuracies that I would love to correct.

PPT.X (PPT.A, PPT.B, PPT.C, PPT.D, PPT.E)
Main Thead: https://bitcointalk.org/index.php?topic=76594.0
Issuer: BurtW, PatrickHarnett, dollartrader, hashking, imsaguy and ineededausername
First Sale: April 20th, 2012

Bond Issue: Up to 3000 shares are issued each week, at 20:00 GLBSE time Friday evening. Normally up to 12,000 bonds in circulation at any one time. The final number of shares to be sold that week will be announced in the main thread 24 hours before the same. Bidding for shares is competitive for whatever amount of shares is for sale. If there are less bids above 1.0 than shares available, bids below 1.0 will not be filled. The bond issues rotate each week; first PPT.A will be available, followed by PPT.B, etc.
Bond Sales: Sales of the bonds prior to the recall date must be done on the open market.
Bond Recall: The bonds are recalled 27 days and 22 hours after they are issued, at 18:00 on Friday.
Bond Dividend: Each PPT.X bond returns 1.28BTC at the time of the bond recall.

Pirate Default: Bond will payout 0.32BTC at the scheduled time.
Pirate Forced Withdrawal: Bond will payout 1.28BTC at the scheduled time.
Pirate Rate Change: Bond will payout 1.28BTC at the scheduled time.


PPT.DIV
Main Thead: https://bitcointalk.org/index.php?topic=81637.0
Issuer: BurtW, PatrickHarnett, dollartrader, hashking, imsaguy and ineededausername
First Sale: May 19th, 2012

Bond Issue: 9000 shares issued at start. No additional shares are issued and they must be purchased on the open market.
Bond Sales: Any sale of shares must be done on the open market.
Bond Recall: Perpetual shares, no forced recall.
Bond Dividend: Dividend payed Mondays. Variable payout, depends on the profit from the PPT.X series bond issued 31 days earlier.

Pirate Default: Bond will have zero value.
Pirate Forced Withdrawal: Bond will have zero value.
Pirate Rate Change: Bond will continue to pay based on PPT profits.


TYGRR.BOND-P
Main Thead: https://bitcointalk.org/index.php?topic=82573.0
Issuer: Chaang-Noi (Goat)
First Sale: May 19th, 2012

Bond Issue: 14733, as of 09:18 June 11, 2012. The issuer will fill all asks down to 1.02BTC immediately following the dividend payment.
Bond Sales: Any sale of shares must be done on the open market or through the issuer. Issuer will repurchase shares for 1BTC.
Bond Recall: No forced recall policy listed.
Bond Dividend: Dividend payed Tuesday Mornings. Each bond returns a dividend of 0.068BTC.

Pirate Default: Bond will have zero value.
Pirate Forced Withdrawal: Policy not listed
Pirate Rate Change: Bond will continue to pay with dividends reflecting the new rate.


FOO.PPPPT
Main Thead: https://bitcointalk.org/index.php?topic=83013.0
Issuer: Bitfoo
First Sale: May 28th, 2012

Bond Issue: 3897, as of 13:20 June 11, 2012. After dividend payments, the seller will place 100 shares at 1.05BTC. The ask wall price will increase by 0.01BTC per day.
Bond Sales: Perpetual shares, any sale of shares must be done on the open market.
Bond Recall: Bonds can be recalled at any time for 1BTC + 1 week's interest.
Bond Dividend: Dividend payed Monday around noon. Each bond returns a dividend of 0.07BTC.

Pirate Default: Bond will have zero value.
Pirate Forced Withdrawal: Bonds will be bought back in proportion to returned funds.
Pirate Rate Change: Rate will be tied to the Pirate rate for the entire fund.


BIB.PIRATE
Main Thead: https://bitcointalk.org/index.php?topic=83590.0
Issuer: Brendio
First Sale: May 28th, 2012

Bond Issue: 13584, as of 20:46 June 11, 2012. Issuer does not place bonds on the open market, and instead sells bonds privately. Current bond cost is is 1.002BTC + a fixed 2BTC transaction fee for each order.
Bond Sales: Sale of shares can be done on the open market, or returned to the issuer. Shares returned before the dividend cutoff for the week will be payed 1.0675BTC per share, minus a fixed 2BTC fee.
Bond Recall: Perpetual shares. The issuer reserves the right to call back the bonds at any time for 1.068BTC (1.005BTC + the weekly dividend)
Bond Dividend: Dividend payed Mondays. Each bond returns a dividend of 0.0675BTC.

Pirate Default: Bond will have zero value.
Pirate Forced Withdrawal: "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 forced withdrawal to remaining funds and the Par Value of the Bonds will be reduced by the amount if this Special Dividend."
Pirate Rate Change: Bonds continue, with new dividend rate of BS&T rate - 0.25%.
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MrTeal
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June 12, 2012, 04:05:04 PM
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Reserved.
notme
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June 12, 2012, 04:18:38 PM
 #3

Here's a more thorough list:
https://bitcointalk.org/index.php?topic=81542.0

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
MrTeal
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June 12, 2012, 04:25:55 PM
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Thanks for that. I didn't include any of the lending forum options since Patrick has already covered them. This is focusing on the GLBSE listed securities.
notme
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June 12, 2012, 05:05:59 PM
 #5


Thanks for that. I didn't include any of the lending forum options since Patrick has already covered them. This is focusing on the GLBSE listed securities.

Ah I didn't notice the GLBSE in the title... or maybe you added it Wink.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
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June 14, 2012, 01:11:32 PM
 #6

TYGRR.BOND-P
Bond Sales: Any sale of shares must be done on the open market or through the issuer. Issuer will repurchase shares for 1BTC.
Have you got a link to anywhere that Goat has stated he will buy back the bonds for 1 BTC. I've scanned the thread and may have missed it, but I never saw it stated explicitly. I'm trying to do some comparison calculations of running yields and yields to maturity for the various perpetual bonds.

EDIT: From the contract:

Quote
The bond will not be bought back unless BTCST refunds the deposit.

MrTeal
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June 14, 2012, 01:15:03 PM
 #7

TYGRR.BOND-P
Bond Sales: Any sale of shares must be done on the open market or through the issuer. Issuer will repurchase shares for 1BTC.
Have you got a link to anywhere that Goat has stated he will buy back the bonds for 1 BTC. I've scanned the thread and may have missed it, but I never saw it stated explicitly. I'm trying to do some comparison calculations of running yields and yields to maturity for the various perpetual bonds.

I'm going off this quote here.
https://bitcointalk.org/index.php?topic=82573.msg910680#msg910680
It's not in the terms and conditions, but Goat committed to buying back the bonds provided Pirate will return the funds.
brendio
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June 14, 2012, 01:20:07 PM
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TYGRR.BOND-P
Bond Sales: Any sale of shares must be done on the open market or through the issuer. Issuer will repurchase shares for 1BTC.
Have you got a link to anywhere that Goat has stated he will buy back the bonds for 1 BTC. I've scanned the thread and may have missed it, but I never saw it stated explicitly. I'm trying to do some comparison calculations of running yields and yields to maturity for the various perpetual bonds.

I'm going off this quote here.
https://bitcointalk.org/index.php?topic=82573.msg910680#msg910680
It's not in the terms and conditions, but Goat committed to buying back the bonds provided Pirate will return the funds.

Okay, thanks. Missed that.

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June 14, 2012, 02:03:13 PM
 #9

I've made a spreadsheet comparing the running yields and the yields to maturity of the various perpetual passthrough bonds. I've had to make various assumptions, so if you want to test your own assumption, click on the tab at the bottom of the sheet and copy the sheet to a new spreadsheet.

tl;dr: Despite the difference in face value coupon rates, the actual running yields for current buyers are very similar. Yield over your holding period depends on number of bonds and your holding period.

Web page version
Google Doc

Code:
Asset Cost Coupon Running Yield Redmptn Price Commission Loss to Mat. Hold. Per. Weekly LTM (%) Yield to Mat. Weeks to recoup capital
FOO.PPPPT 1.05 0.07 6.67% 1 0.5% -0.055 10 -0.52% 6.14% 15
TYGRR.BOND-P 1.02 0.068 6.67% 1 0.5% -0.025 10 -0.25% 6.42% 15
BIB.PIRATE 1.012 0.0675 6.67% 1 1.20% -0.024 10 -0.24% 6.43% 14.9925925925926

bitfoo
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June 14, 2012, 10:21:24 PM
 #10

Nice thread and analysis. Just wanted to clarify some minor points regarding FOO.PPPPPPPPPPPT:

FOO.PPPPT
Bond Recall: No policy stated on forced bond recall.
Pirate Rate Change: Rate change policy not stated.

Bond Recall: I have a clause which states that I can recall at any time, at a rate of 1.0 BTC + one week's interest.
Pirate Rate Change policy: The contract says that the interest is tied to the interest rate that the entire fund gets from BS&T.

MrTeal
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June 14, 2012, 10:24:22 PM
 #11

Nice thread and analysis. Just wanted to clarify some minor points regarding FOO.PPPPPPPPPPPT:

FOO.PPPPT
Bond Recall: No policy stated on forced bond recall.
Pirate Rate Change: Rate change policy not stated.

Bond Recall: I have a clause which states that I can recall at any time, at a rate of 1.0 BTC + one week's interest.
Pirate Rate Change policy: The contract says that the interest is tied to the interest rate that the entire fund gets from BS&T.


Thanks bitfoo, the OP is updated.
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