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usagi
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July 02, 2012, 06:23:15 AM
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John (John K.)
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July 02, 2012, 06:29:39 AM
 #2

If pirate suddenly defaults, will  you still buy your shares back at 1 btc?  Shocked
Saw that.

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July 02, 2012, 06:48:11 AM
 #3

YARR MATEY, HERE BE THE SEVEN C'S (C IS FOR CONTRACT)
C-2. Each bond will pay as coupon 0.01 per day excluding Sundays.
C-6. All unpaid coupons from prior months will be paid on or before the 7th of each month.
How often are coupons paid? It is unclear to me for the above clauses whether it is daily (except Sunday) or once a month on the 7th.

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July 02, 2012, 06:58:01 AM
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Excellent new asset usagi. Cant beat daily returns.

Edit: when is the IPO !!!!!

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July 02, 2012, 07:03:48 AM
 #5

What's the issue price?

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July 02, 2012, 07:29:56 AM
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yeah, when's the IPO???

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July 02, 2012, 10:54:15 AM
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Plus, this is perpetual, and pays out essentially the same as foo.pppt -- which costs between 1.05 and 1.12 but is not insured at all.
Foo pays 7 Bitcents in 7 days, you pay 6 bitcents in 7 days (1 cent each day except sunday?). Or do you mean you pay for example 2 bitcents on mondays?
Can I trade in shares of other PPT assets as well in exchange for yours?

I still hope there's a dividend API soon, so daily payments are easily possible to automate...

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July 02, 2012, 11:05:33 AM
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Plus, this is perpetual, and pays out essentially the same as foo.pppt -- which costs between 1.05 and 1.12 but is not insured at all.
Foo pays 7 Bitcents in 7 days, you pay 6 bitcents in 7 days (1 cent each day except sunday?). Or do you mean you pay for example 2 bitcents on mondays?
Can I trade in shares of other PPT assets as well in exchange for yours?

I still hope there's a dividend API soon, so daily payments are easily possible to automate...

Im guessing thats the cost to be 100% insured the other 6 days a week. Seems perfectly reasonable to me.

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July 02, 2012, 11:49:17 AM
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How likely are your Pirate funds to be displaced by earlier account holders? Or, for how long have you held a Pirate account? What happens if funds are displaced?

Thanks,
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July 02, 2012, 12:09:48 PM
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Im guessing thats the cost to be 100% insured the other 6 days a week. Seems perfectly reasonable to me.
To me too, but after all last time I checked 6% is less than 7%. Not "essentially the same".

Might be interesting to buy YARR + CPA shares so you get some of the profits from that missing payment on sunday back.
Still I kinda find it a little bit odd/misleading to claim dividends every day but not pay sundays. 0.0085 BTC per day per share (also on sundays) would give even slighly better returns to usagi but be really "daily" (or 0.009 for slightly worse conditions for usagi but one decimal place less).

By the way, "subbing" is not needed any more, please use the watchlist @PsychoticBoy! (check my sig)

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July 02, 2012, 12:14:20 PM
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Im guessing thats the cost to be 100% insured the other 6 days a week. Seems perfectly reasonable to me.
To me too, but after all last time I checked 6% is less than 7%. Not "essentially the same".

Might be interesting to buy YARR + CPA shares so you get some of the profits from that missing payment on sunday back.
Still I kinda find it a little bit odd/misleading to claim dividends every day but not pay sundays. 0.0085 BTC per day per share (also on sundays) would give even slighly better returns to usagi but be really "daily" (or 0.009 for slightly worse conditions for usagi but one decimal place less).

By the way, "subbing" is not needed any more, please use the watchlist @PsychoticBoy! (check my sig)

I guess it could also work like that and stick to the  wording of "every day".

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July 02, 2012, 02:07:51 PM
 #12

Interesting new offering.  Do I understand this correctly?

Each week you plan to sell 100 bonds.  Your expected selling price is 1.20 per bond.  So you plan to take in 120 BTC per week.

100 of this must go into your BS&T account leaving 20 BTC.

However, in order to satisfy the 100% insurance requirement you will need to add 80 BTC out of your own pocket each week in order to deposit 100 BTC into your insurance account.

I am assuming you will simply deposit the 100 BTC in your GLBSE account and use it to issue the permanent buy order at 1.0 BTC.

Bottom line from your point of view:

Every week you will need to come up with about 80 BTC out of your own pocket (could be less, but may actually be more).
Every day you will need to pay out the dividend out of your own pocket (Pirate only pays once per week to reimburse you).
For all this effort you will eventually make 1 BTC per week (the Sunday payments) on about 80 BTC invested.

A return to you of only 1.25% per week on money that has the same default risk as a direct depost that would make you 7% per week.

Unless I am missing something this is a horrible investment for you and I did not even mention all the GLBSE fees which will make it even worse.


Maybe he's assuming he can raise a fund >(7/1.25) times larger than the principal he could have only alone? The margins are thinning for passthroughs as well, as more and more people offer Pirate passthroughs. You guys ever wonder how big Pirate's web is?

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July 02, 2012, 02:40:12 PM
 #13

Who is "we" and why should "we" be any more trustworthy than the magical "Bitcoin Savings and Trust"?

I don't understand how this fixes the problem. So, now I have a nonexistent rabbit instead of an unknown pirate? What is your backing, whom should I pay a visit in case coins vanish?
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July 02, 2012, 03:27:13 PM
 #14

On the other hand, if you would rather stick with YARR, we are fully insured by CPA, and CPA is Photo ID verified with the GLBSE  Grin

It might be considered proper conduct to add that CPA is also run by you.

Anyway, some sort of ID verification might help, at least if it isn't on the level that can be faked in half an hour. What sort of Photo ID verification is this, and who is the verified person in question?

Quite frankly, this is an incredibly good deal. If it actually is legitimate, I can easily get you funds at just half the interest rate. That or I could fly over to wherever you live and check things out in person. In fact, probably both. But chances are it'll just be my longest late April Fool's flight.
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July 02, 2012, 07:16:30 PM
 #15

Please disclose the claims paying ability of CPA such as a basic three line balance sheet (assets, liability, spare liquid assets).  Without this information, the 100% insurance is only as good as the backer, and I'm not interested in taking "someone's word" on this.  An investor now has to rely on YARR, CPA and BS&T all doing their best to meet obligations.

As a counter example, Starfish BCB backs deposits (approx 9000BTC worth) with assets of approx 29,000 coins.
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July 02, 2012, 10:29:27 PM
 #16

What's your plan for the upcoming interest reduction?

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
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July 03, 2012, 01:33:38 AM
 #17

What's your plan for the upcoming interest reduction?

Can you point me to a thread about that ? Its one sign of a ponzi collapsing...not that I think it is one.

Its interesting to say the least.....

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July 03, 2012, 01:42:54 AM
 #18

See the OP of the main BS&T thread

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
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July 03, 2012, 02:32:04 AM
 #19

Interesting.  Still paying a great rate though.  I think people are spoiled.

I keep very little stuff tied up in Pirate stuff, just dabble here and there.

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July 03, 2012, 02:35:51 AM
 #20

Interesting.  Still paying a great rate though.  I think people are spoiled.

I keep very little stuff tied up in Pirate stuff, just dabble here and there.

Its hard to go past that kind of return but not knowing what he does to earn those returns really makes me hesitate.

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