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Author Topic: [GLBSE] BIB.BVPS - Invest in BitVPS through GLBSE - BIB depositary receipts  (Read 7678 times)
brendio
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June 13, 2012, 04:03:51 PM
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tl;dr: The Bitcoin Investment Bank (BIB) BitVPS GLBSE Depositary Receipts allow investors on GLBSE to invest in BitVPS. Each depositary receipt represents one share of the underlying S.BVPS BitVPS shares on MPEx.


Contract

Bitcoin Investment Bank (BIB) BitVPS GLBSE Depositary Receipts

Ticker: BIB.BVPS

1. Holdings: Each (1) depositary receipt (BIB.BVPS) represents an investment in one (1) share of the underlying security BitVPS, trading under the ticker S.BVPS on MPEx.

2. Dividends: The holder of a depositary receipt is entitled to the dividends of the underlying securities.

3. Audited accounts: At all times, holdings in BIB.BVPS shall be backed by holdings of S.BVPS shares by BIB's authorised representative. BIB.BVPS securities may be issued or bought back and cancelled at any time, such that at all times all outstanding BIB.BVPS securities are backed by the underlying S.BVPS security in the ratio stated in clause 1. GPG-signed account statements shall be provided by BIB's authorised representative to a third-party auditor to verify that BIB.BVPS are indeed backed by the underlying securities.

4. Liquidation rights: In the event of liquidation of BitVPS, proceeds of liquidation shall be distributed holders of depositary receipts by either a dividend or a buy-back offer by BIB.

5. Terms of the BVPS shares: Investors should familiarise themselves with the IPO agreement for BitVPS published at http://polimedia.us/bitcoin/mpex.php?mpsic=S.BVPS before making an investment decision. BIB does not guarantee the investment performance or credit worthiness of BitVPS.

6. BIB is in no way associated with BitVPS and no representation is intended or implied. Rapeghost (rg) was contacted prior to issue and has expressed no concerns about this offer.

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brendio
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June 13, 2012, 05:10:06 PM
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The ticker has been registered and the asset is due to launch on Monday.

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June 13, 2012, 05:26:49 PM
 #3

While the financials can be found on the BitVPS website, I have found it more helpful to summarise them in a spreadsheet.

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June 13, 2012, 06:48:00 PM
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Subbed.
ditto

Don't mix your coins someone said isn't legal
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June 13, 2012, 09:33:56 PM
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Is there some kind of control of the content inside your servers?? Was thinking of kiddie porn and stuff like that..
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June 13, 2012, 10:33:12 PM
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Was thinking of kiddie porn and stuff like that..
Well there's your problem.

Don't mix your coins someone said isn't legal
brendio
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June 14, 2012, 02:25:58 AM
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Is there some kind of control of the content inside your servers?? Was thinking of kiddie porn and stuff like that..

Brendio doesn't own BitVPS, Rapeghost does, he's only allowing a "pass-through" asset that allows you to buy BitVPS stock (which is on MPEX) on GLBSE.

Anyways, like most web hosting services, BitVPS has a clause in their TOS which disallows any activities that are illegal in the US, and any customer found in violation of the TOS will have their account closed. I'm also pretty sure they do some form of verification to make sure you are who you say you are.

(I'm not affiliated with BitVPS)

Thanks, Blazr for answering the question.

For those who missed it:

6. BIB is in no way associated with BitVPS and no representation is intended or implied. Rapeghost (rg) was contacted prior to issue and has expressed no concerns about this offer.

Please direct operational question regarding BitVPS to rapeghost (rg). You can try the OP for the underlying security here, but you're probably more likely to get a response chatting to rg on IRC.

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June 17, 2012, 12:31:38 PM
 #8

The ticker has been registered and the asset is due to launch on Monday.

Just under 24 hours to go until launch.

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Per aspera ad astra!


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June 18, 2012, 06:01:21 AM
 #9

How many shares are you offering at the IPO?

brendio
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June 18, 2012, 10:45:39 AM
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How many shares are you offering at the IPO?

I will be issuing 70,000 depositary receipts. Of these, the Bitcoin Investment Bank will retain a long standing investment of around 20,000 and 27,680 will be transferred to an investor currently holding BitVPS shares through my brokerage service. That leaves just over 20,000 shares to be offered for sale upon listing.

Ben Walsh (beamer)
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June 18, 2012, 11:28:56 AM
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What premium will these be offered at over the price on the other exchange ?

How many shares are you offering at the IPO?

I will be issuing 70,000 depositary receipts. Of these, the Bitcoin Investment Bank will retain a long standing investment of around 20,000 and 27,680 will be transferred to an investor currently holding BitVPS shares through my brokerage service. That leaves just over 20,000 shares to be offered for sale upon listing.

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brendio
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June 18, 2012, 11:55:56 AM
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What premium will these be offered at over the price on the other exchange ?

How many shares are you offering at the IPO?

I will be issuing 70,000 depositary receipts. Of these, the Bitcoin Investment Bank will retain a long standing investment of around 20,000 and 27,680 will be transferred to an investor currently holding BitVPS shares through my brokerage service. That leaves just over 20,000 shares to be offered for sale upon listing.
The premium will vary depending on demand and market conditions.

Originally I was planning to make the premium 10-15 %, as I need to make back the 8 BTC listing fee before I even start turning a profit. The recent rise in the price of S.BVPS, no doubt in anticipation of a GLBSE listing, means I can lower the premium to closer to 5 % or so, which is in what I charge for my private brokerage service. I will be looking to commission a trading bot at some stage, and this increase in efficiency should allow me to offer lower spreads.

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June 18, 2012, 12:15:30 PM
 #13

And we're live.

12507 DRs left at 0.0045 BTC each.

brendio
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June 18, 2012, 12:19:08 PM
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I left it quite late in arranging for auditing of my MPEx account, but I have been in contact with someone and hope to have it sorted out soon.

brendio
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June 18, 2012, 12:55:06 PM
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And we're live.

12507 DRs left at 0.0045 BTC each.
And we're sold out.

brendio
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June 18, 2012, 01:54:55 PM
 #16

And we're live.

12507 DRs left at 0.0045 BTC each.
And we're sold out.
Owing to popular demand, I have purchased more S.BVPS on MPEx and issued more BIB.BVPS. Get in quick!

TehZomB
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June 24, 2012, 05:50:26 AM
 #17

Huh. Well you just saved me 20 BTC Smiley

brendio
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July 05, 2012, 09:13:36 AM
 #18

Dividends of 4033 Satoshis per depositary receipt have been paid out of the June earnings.

The results are posted on the BitVPS website.

EskimoBob
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July 05, 2012, 12:28:28 PM
 #19

Dividends of 4033 Satoshis per depositary receipt have been paid out of the June earnings.

The results are posted on the BitVPS website.

LOL! Why did you not want to use this puny little number 0.00004033 BTC?

While reading what I wrote, use the most friendliest and relaxing voice in your head.
BTW, Things in BTC bubble universes are getting ugly....
brendio
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July 05, 2012, 01:12:18 PM
 #20

BitVPS now has a blog to help keep clients and investors up to date with the latest news.

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