closed

[Meni Rosenfeld]

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?

I believe the intention is to have a permanent buy order in place for all the outstanding bonds at 1.0 BTC per bond.  He cannot have the buy order placed without having the BTC in his GLBSE account.  So, you are assured that all the BTC are in place in the GLBSE account and no matter what happens - even a total Pirate default - you will always be able to sell your bonds back at 1.0 BTC per bond.

This is a great plan and does give the customers 100% insurance and assurance.  Is that correct?

If the bond is sold for 1.3 BTC, if he keeps 1 BTC sitting in GLBSE for a permanent 100% bid wall, he only has 0.3 BTC to invest in Pirate or elsewhere, and will still need to generate 0.07 BTC weekly, or 23% weekly ROI. I don't believe they can do that. More likely is that they will place some bids for day-to-day demand, and given time will replenish executed bids, withdrawing from investments if necessary.

And, they didn't commit to doing even that. They said that they will execute any asks within a reasonable time frame, without any clue what is "reasonable".

And, usagi can cancel any bids at any time, so this doesn't really answer Vandroiy's question.

[Luceo]

If the bond is sold for 1.3 BTC, if he keeps 1 BTC sitting in GLBSE for a permanent 100% bid wall, he only has 0.3 BTC to invest in Pirate or elsewhere, and will still need to generate 0.07 BTC weekly, or 23% weekly ROI. I don't believe they can do that. More likely is that they will place some bids for day-to-day demand, and given time will replenish executed bids, withdrawing from investments if necessary.

And, they didn't commit to doing even that. They said that they will execute any asks within a reasonable time frame, without any clue what is "reasonable".

I would guess that in the absence of a default, these will sell pretty well at > 1BTC without any need for usagi to rebuy.

[Sukrim]

I would also guess there won't be more than 1/4th or 1/5th of outstanding shares covered by an active 1 BTC bid, if at all (I also really don't like the "reasonable" timeframe, especially when talking right before about "Each bond you buy can be exchanged for 1 bitcoin face value AT ANY TIME!").

Some hard numbers ("10% of all outstanding bonds can be sold back immediately through an open bid offer @1.0BTC by the operator - we will operate a bot to keep this bid up-to-date every 10 minutes and will rebalance the GLBSE account behind at least every 72h after big sales") that usagi would be comfortable with to commit to (and beat on a regular basis...) would probably be better than having "We'll try our best" as contract...

[PatrickHarnett]

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.

Oddly enough I didn't see a reply to this in the thread even though I would swear I responded to it earlier.

To put it on record, we will shortly be releasing statements which will assuage your concerns, including a spreadsheet which lists the information you have requested. The reason why it hasn't been released already is that we need to put a public face on what amounts to private customer data. We can't release the actual spreadsheets we use to track accounts because they contain sensitive customer information. You can, however, buy in as an insider and receive direct access to the company spreadsheets. Several people have gone that route and I must say, any one of them are qualified to answer your questions. That they have not chosen to do so already is their own prerogative. I won't reveal their names in public as some of them have requested anonymity but if they choose to do so that is up to them.

Thank you - I wasn't expecting a full release of customer specific data, only the overall ability to make good the promises.  This is made a bit harder in bitcoin as the ability to have wide/diversified holdings is much less than in other markets.

[Vandroiy]

• CPA is operated by usagi
• Its funds stem from some GLBSE entry
• My question on the photo ID verification was blatantly ignored

This is not an insurance. For all we know, he could not just refuse to pay, but run with the money of the insurance operation as well.

Name your backing, your identity, and any other information that is expensive to fake, and link it in here. Or else label your thread as the joke it is.

[filharvey]

The ipo says you will pay 0.01 every day but contract says except Sunday. What is it?

[Bitcoin Oz]

The ipo says you will pay 0.01 every day but contract says except Sunday. What is it?

It pays out every day except for sundays.

It doesnt say 7 days a week except sundays

[Sukrim]

Each bond you buy can be exchanged for 1 bitcoin face value AT ANY TIME!

vs.

C-3. We will fill any ask placed at 1 bitcoin or less within a reasonable time frame.

and

And the beautiful thing is, each bond pays out 0.01 bitcoins EVERY DAY! (except Sundays!)

You read that right -- if pirate defaults we will buy back your bonds for 1 bitcoin each!

And they pay 0.01 bitcoins EVERY DAY!

* Will there be a bidwall at 1.0 BTC operated by you all the time?
* Why 0.01 "every" day (except sundays) instead of 6/700 BTC really every day?
* Can we trade in existing PPT shares?
* How old is your pirate account and who owns it?

[Sukrim]

You pay 6 100th of 1 Bitcoin per week on 6 out of 7 days. If you pay 6 bitcents spread on 7 days, you pay 6/700 of 1 Bitcoin every day. There might be a slight loss due to rounding errors, but that's it.

#4 is because even if Pirate himself doesn't default he might push out (because he's just such a honest guy taking care not to get too much money... ) your account(s) with a forced withdrawal. Then you'd need to come up with the interest on your own (unlikely) or buy back at 1.3 (not 1.0, as pirate didn't default) or say that one of the backing investments changed their terms and you can only pay out 4 Bitcents per week or so... To properly assess that risk (well, one of the few risks that is actually assessable concerning pirate) we'd need to kow the date these accounts were opened.

[wirmola]

Where can I find info about your backers for this project? This is kind of necessary for having insured bonds I think.
  And are you planning to verify your address and phone number, Kind of funny to start the first ''serious'' bitcoin based insurance company and not even list/verify their address or phone number for their investors....?
 I am super interested in both CPA and YARR, but without having this info I can not invest in you. I mean anyone can say their product is insured or even triple insured and still go with the money..
 
 

[nimda]

Where can I find info about your backers for this project? This is kind of necessary for having insured bonds I think.
  And are you planning to verify your address and phone number, Kind of funny to start the first ''serious'' bitcoin based insurance company and not even list/verify their address or phone number for their investors....?
 I am super interested in both CPA and YARR, but without having this info I can not invest in you. I mean anyone can say their product is insured or even triple insured and still go with the money..

Out of curiosity, what are you investing in now? I don't see why CPA or YARR is special and has to provide any extra information.

Almost everything I invest in is verified on the GLBSE. The only exception is Goat, and I feel he's earned it by now.
Are you really saying that you won't identify on the GLBSE, so there is zero collateral for you running off with all the money?

[wirmola]

Where can I find info about your backers for this project? This is kind of necessary for having insured bonds I think.
  And are you planning to verify your address and phone number, Kind of funny to start the first ''serious'' bitcoin based insurance company and not even list/verify their address or phone number for their investors....?
 I am super interested in both CPA and YARR, but without having this info I can not invest in you. I mean anyone can say their product is insured or even triple insured and still go with the money..

Out of curiosity, what are you investing in now? I don't see why CPA or YARR is special and has to provide any extra information.

I was having a few CPA and have a bunch of YARR reserved, but cancelling those until I know what u are doing. My other investments are not so interesting for you.. If I'm going to insure or buy stocks or bonds or  something with your ''fully legitimate'' insurance company  then i want to know where to come and get my money in case of something goes wrong..  Your replies and answers are a little too arrogant/ignorant for having me investing in you..

And no.. I did not read the faq... maybe you or someone else can direct me to it's location..

[nimda]

What a great response to my question. It appears you're insulting me, but you're simultaneously not giving me any information on what I did wrong.

[nimda]

I apologize

[wirmola]

And no.. I did not read the faq... maybe you or someone else can direct me to it's location..

tsukino.ca/cpa/faq

For what it's worth I'm sorry if you feel I am arrogant but put yourself in my shoes -- you are telling me that you are not going to invest money with CPA unless you get more disclosure. But you haven't bothered to read the discussion threads which link to the CPA website  

You really should go there first, and read the discussion thread. All of what you have asked for is there.

thanks for the faq link.. I have somehow missed all that!!!
Gonna read it and re-think the situation..

[bravetheheat]

Very interesting proposal 

Can't wait to get shares of this - my first on GLBSE.

[unclescrooge]

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.

Oddly enough I didn't see a reply to this in the thread even though I would swear I responded to it earlier.

To put it on record, we will shortly be releasing statements which will assuage your concerns, including a spreadsheet which lists the information you have requested. The reason why it hasn't been released already is that we need to put a public face on what amounts to private customer data. We can't release the actual spreadsheets we use to track accounts because they contain sensitive customer information. You can, however, buy in as an insider and receive direct access to the company spreadsheets. Several people have gone that route and I must say, any one of them are qualified to answer your questions. That they have not chosen to do so already is their own prerogative. I won't reveal their names in public as some of them have requested anonymity but if they choose to do so that is up to them.

Hello,

Do you have a date to the release of these documents? I'm curious at how you can insure 10 000 btc from a "business" in which risk cannot be asserted (except as being very very high).

Anyway I bought CPA shares as I think this can be a very good deal, in the short run anyway

[Bitcoin Oz]

Somoene placed a bid of 2.0 before LOL

Thats pretty nuts.

[Bitcoin Oz]

Somoene placed a bid of 2.0 before LOL

Thats pretty nuts.

Well, theoretically, if someone is willing to pay 1.05 for a share of FOO, which is completely uninsured, they should be willing to pay 2 for a share of YARR. In a pirate default you get 1 bitcoin back from YARR, so it's actually a better deal if you think pirate will default.

That being said, FIRST YARR DIVVIES GO OUT TODAY ME MATEYS! AHOY! 0.01! AHOY!

Dividends will be paid in just over 3.5 hours from the timestamp on this post...

ARRRR !

[Ocean6]

looks good!