closed

[dust]

After much consideration, I’ve decided to close down Bitcoin Savings & Trust.  

As of today, YARR pays 1% per week (0.01 per share) payable on monday or tuesday. It is not worthless; it is worth 1 bitcoin. A bidwall will be put up over the weekend. Do not sell your shares for less than 1 bitcoin. Your value of 1 bitcoin is guaranteed by CPA. You WILL get your 1 bitcoin. Please allow 2 to 4 weeks for complete liquidation if there is a complete default by pirate.

YARR'S ACCOUNT STATUS:

2337 outstanding shares
2420 BTC in PIRATE SUB-ACCOUNTS and PPT PRODUCTS.
2200 BTC in MINING and OTHER

Our responsibility to shareholders is completely covered by out investments in MINING and OTHER, with a 100 shortfall to be made up by CPA in the case pirateat40 does not return investor's bitcoins. However, we expect that we will shortly receive final payouts for all PPT and SUB-ACCOUNT pirate products we own, and that a complete wrap-up of the fund as a pirate passthrough will be completed by next friday.

We advise you to place an ask for your shares at 1 bitcoin now to avoid transaction fees; do not sell under 1, we will be maintaining a bidwall at 1 for the near future.

If pirate ends up defaulting and not returning coins, don't worry. Just allow us some time to liquidate the fund.

Any questions, I will remain available here. Please post your questions and concerns here!

If pirates returns coins with interest, shouldn't an additional final dividend be paid to make up for the lost 0.01/day payments?

[dust]

Is there going to be another buyback and/or bidwall in the near future?  There are quite a few coins selling at 1.0.

[dust]

After much consideration, I’ve decided to close down Bitcoin Savings & Trust.  

As of today, YARR pays 1% per week (0.01 per share) payable on monday or tuesday. It is not worthless; it is worth 1 bitcoin. A bidwall will be put up over the weekend. Do not sell your shares for less than 1 bitcoin. Your value of 1 bitcoin is guaranteed by CPA. You WILL get your 1 bitcoin. Please allow 2 to 4 weeks for complete liquidation if there is a complete default by pirate.

YARR'S ACCOUNT STATUS:

2337 outstanding shares
2420 BTC in PIRATE SUB-ACCOUNTS and PPT PRODUCTS.
2200 BTC in MINING and OTHER

Our responsibility to shareholders is completely covered by out investments in MINING and OTHER, with a 100 shortfall to be made up by CPA in the case pirateat40 does not return investor's bitcoins. However, we expect that we will shortly receive final payouts for all PPT and SUB-ACCOUNT pirate products we own, and that a complete wrap-up of the fund as a pirate passthrough will be completed by next friday.

We advise you to place an ask for your shares at 1 bitcoin now to avoid transaction fees; do not sell under 1, we will be maintaining a bidwall at 1 for the near future.

If pirate ends up defaulting and not returning coins, don't worry. Just allow us some time to liquidate the fund.

Any questions, I will remain available here. Please post your questions and concerns here!

If pirates returns coins with interest, shouldn't an additional final dividend be paid to make up for the lost 0.01/day payments?

As I've already stated the fund has been paying in advance the entire time, so the interest we receive will go to our profit as we've been allowing people to buy in the day after pirate has paid and still receive full dividends.

Now, I can't tell you what the market will do, but I can tell you I am operating a bidwall at 1, and after next week's 1% we will no longer be paying dividends. After a couple of weeks, if people still don't want to sell at 1, we will just pay a dividend of 1 and the shares will become worthless (or whatever people want to pay for them).

As we liquidate and buy-back shares at 1, we are removing backing from the fund and returning it to our investors.

If you still hold shares at that point they'll be worth the paper they are printed on and nothing more. But we fully intend to keep our word about returning investor's money in pirate one way or another. We have already bought back over 200 shares and have a sizeable (and growing!) bidwall at 1.

The bonds can become worthless? I have a few and they are trading under 1 btc now? I thought they would always be worth 1 btc?

A dividend of 1 will be paid, then they will become worthless.

[lenny_]

When dividends will be paid? We are still waiting.

[Gladamas]

If Pirate pays out, are you going to buyback/pay dividends for 1.0 BTC, or more?

[Bitcoin Oz]

Any news on the final payout for YARR ?

[ciuciu]

Usagi, any news?

[ciuciu]

Usagi, any news?

Well, I bought back about 2,000 shares already. I'm just hammering it home. The difficulty is that selling the shares depresses the market price of the shares I am trying to sell, so I have to space it out a little.

Put up your shares at 1, and I'll buy them. Should take another 2 weeks to clear the remaining 600 or so shares.

So, you are holding on your shares and getting dividends while we are getting nothing?

[ciuciu]

Usagi, any news?

Well, I bought back about 2,000 shares already. I'm just hammering it home. The difficulty is that selling the shares depresses the market price of the shares I am trying to sell, so I have to space it out a little.

Put up your shares at 1, and I'll buy them. Should take another 2 weeks to clear the remaining 600 or so shares.

So, you are holding on your shares and getting dividends while we are getting nothing?

Dividends from pirate?? Are you kidding?

He has not paid out dividends in weeks. Making a number on a paper go up is not paying out dividends. Esp when the guy even claims he defaulted.

Dividends from the shares she refuses to sell, not from the pirate.

[bitlane]

So, you are holding on your shares and getting dividends while we are getting nothing?

Have you had your head buried in the sand for the past 2 weeks ? ....perhaps away on another planet ?

[ciuciu]

So, you are holding on your shares and getting dividends while we are getting nothing?

Have you had your head buried in the sand for the past 2 weeks ? ....perhaps away on another planet ?

Bitlane please make an effort to read until the end.

Thanks.

[ciuciu]

Usagi, any news?

Well, I bought back about 2,000 shares already. I'm just hammering it home. The difficulty is that selling the shares depresses the market price of the shares I am trying to sell, so I have to space it out a little.

Put up your shares at 1, and I'll buy them. Should take another 2 weeks to clear the remaining 600 or so shares.

This was always my problem with YARR. You never want to be forced to sell assets. Lucky for you assets seem to be holding okay. I honestly assumed GLBSE fail when Pirate failed.

TBH your problem with YARR was that I thought of a good idea long before you did ;-) Your TYGRR.BOND-PI was essentially a copy of YARR except that instead of holding assets you had a Cassius coin. That about sums it up.

May I remind you that the second pirate defaulted, I bought back 1,000 shares of YARR and went about answering investor's questions on IRC, skype and PM while you went boating for the weekend. I didn't sleep all weekend trying to trade, sell assets, and buy back shares of YARR. Right now I've bought back around 70% of the issue with no loss due to panic selling the assets of YARR. So I don't think it is fair for you to comment on YARR the way you did.

As for ciuciu's words. I've been selling assets and moving money to pay back on YARR this entire time. So it's a little unfair and frankly quite vindictive that ciuciu said what he did. What you may not know is that ciuciu is just upset because I canceled his (very large, 2000+ coin) pirate contract with CPA and told him to buy YARR, about 2 weeks before pirate defaulted. Ciuciu has no right to say what he does because he doesn't know anything, he doesn't own any YARR. So he doesn't know I've been buying shares back ( a lot of shares ). I had talked to him before and he refused to buy YARR. So I know he is just bitter and it pisses me off that he would try to badmouth me in that way. When this is said and done several of the ppl who had accounts with CPA said they would let me reveal the names and size of their contracts. That will put a nice sock in the mouth of anyone that wants to badmouth CPA in the future.

As for the dividends from YARR's backing, that is owned by the backers. I put up over 1,000 bitcoins of my own personal money to back YARR. Of course I am entitled to the dividends. They're my shares. At what point does the contract say I will continue to pay dividends after pirate has defaulted? This is how insurance companies make money. We make money by charging a fair rate and then making money by investing the premiums wisely. No big suprise here.

My only care here is that when this pirate garbage is finally said and done, nobody will be able to say CPA didn't fulfil it's obligations.

Usagi, do not start this. You offered me 2000 YARR at 1.2 provided I give you an additional 2000 BTC without insurance. I refused it and it was the best decision I ever made.
Contrary to what you think, I own 30 YARR and as proof I can send them direct to you on GLBSE.

My problem is that, I get nothing while I wait for you to sell the backing you insist you have, while NYAN.A is getting a dividend. Maybe you can pay a 1% weekly dividend for the YARR too.

[puffn]

The second pirate defaulted, you sold the crap out of your bonds as shown by the dividend numbers.

[ciuciu]

Usagi, do not start this.

You said, "Dividends from the shares she refuses to sell, not from the pirate." What the hell are you talking about?

You offered me 2000 YARR at 1.2 provided I give you an additional 2000 BTC without insurance. I refused it and it was the best decision I ever made.
Contrary to what you think, I own 30 YARR and as proof I can send them direct to you on GLBSE.

My problem is that, I get nothing while I wait for you to sell the backing you insist you have, while NYAN.A is getting a dividend. Maybe you can pay a 1% weekly dividend for the YARR too.

Your problem is you expect me to do something that was never in the contract. The contract for YARR explicitly and in detail states what will happen when pirate defaults. You are the only one complaining about this and your complaint is not based on logic or reality.

One, you didn't even ask me whether or not I would sell the shares, second you don't know whether or not I have sold the shares, so don't sit there and say that I refuse to sell the shares.

Let me read you again your post "The difficulty is that selling the shares depresses the market price of the shares I am trying to sell, so I have to space it out a little." This shares bring you dividends, don't they?
Where in the contract it says that I have to wait for you to sell your shares? You told us that YARR is very strong and liquid and you wanted to sell it for 2000BTC profit a week or two ago.
The pirate is in default. How much time do you want me to wait, a lifetime? I have my own investors to make happy, so I really do not care about your hurt feelings. You also said you have deposits with Patrick and Hash so maybe is time to withdraw them and pay your debts.

I like the way you try to bring in personal drama instead of answering questions and give a clear timeline.

[thirdlight]

This shares bring you dividends, don't they?

Of course. And these dividends, along with the captial raised from selling shares, is what is used to buy back YARR. Or am I missing something?

[ciuciu]

This shares bring you dividends, don't they?

Of course. And these dividends, along with the captial raised from selling shares, is what is used to buy back YARR. Or am I missing something?

This was OK, until the pirate declared default. From that moment, she is using my funds with no benefit for me.

[Bitcoin Oz]

All my YARR shares have been bought back at 1 btc each. Thanks Usagi 

[ciuciu]

Serena, you attacked me personally as you always do when somebody doesn't agree with you.
I repeat, in my opinion you can't get dividends on the backing after the pirate defaulted because you are using my BTC without my permission. This is the third week after you stopped paying dividend for YARR, so I want my BTC back.

Thank you.

[ciuciu]

Serena, you attacked me personally as you always do when somebody doesn't agree with you.

Ok, give me 3 examples.

Well, you said always -- should be pretty easy to come up with some examples?

Nahh this isn't a personal attack. If you wanted a personal attack I'd just tell people what you did with the money you took when you launched CIUCIU.BOND and were shorting mining stocks.

I repeat, in my opinion you can't get dividends on the backing after the pirate defaulted because you are using my BTC without my permission. This is the third week after you stopped paying dividend for YARR, so I want my BTC back.

Thank you.

Read the contract. If you think I broke it, go e-mail nefario.

I don't see anyone else complaining.

Serena, do you think when you write?

So according with your contact, as sketchy as it is, when will you buy my shares back? Are you turning in a japanese pirate?

Thank you.

[ciuciu]

Serena, you attacked me personally as you always do when somebody doesn't agree with you.

Ok, give me 3 examples.

Well, you said always -- should be pretty easy to come up with some examples?

Nahh this isn't a personal attack. If you wanted a personal attack I'd just tell people what you did with the money you took when you launched CIUCIU.BOND and were shorting mining stocks.

I repeat, in my opinion you can't get dividends on the backing after the pirate defaulted because you are using my BTC without my permission. This is the third week after you stopped paying dividend for YARR, so I want my BTC back.

Thank you.

Read the contract. If you think I broke it, go e-mail nefario.

I don't see anyone else complaining.

Serena, do you think when you write?

So according with your contact, as sketchy as it is, when will you buy my shares back? Are you turning in a japanese pirate?

Thank you.

You're welcome.

Again, you forgot to answer the question. Please do not give me the silent treatment .