Closing

[puffn]

In order to initiate that motion, and for that motion to fail, I would need to own a piece of shit. My dog makes enough that I wont pay for it.

Pay out 200% pps, and 1mhs wouldn't suck.

[puffn]

Clean up your ABMO, by getting rid of the 1M share issuance, and I will lay off.

[puffn]

Clean up your ABMO, by getting rid of the 1M share issuance, and I will lay off.

What makes you think your opinion matters?

Anything with Obsi in front of it is awful. Don't buy.

I am just sharing my investment analysis of you and your "filth" with my investors in a place where they can see it.

I also don't like you. So, anyone else who sees this, well, that's just icing.

[Factory]

Driving down the share price to .1 each week and then potentially cutting the dividend due to that action seems like you have no real interest in creating value for shareholders.

Could you explain otherwise?

These aren't shares.

Okay. I will re-word it.

Can you please explain how you plan to deliver value to bond holders? If you issue new bonds every week @ .1 it will keep the price low and has the potential to continually reduce dividends for current bond holders.

Please post how you plan to deliver value to bond holders. As of right now, the terms of this issuance appears to create a lose-lose situation for investors.

[Maged]

Damn you people are stupid.

Honestly, I don't understand why such stuff is even allowed on GLBSE, this is right against rule #9 imho:

9. The Exchange reserves the right to suspend trading of any asset, or suspend access to an asset creator's account, for failure of an asset creator to provide requested information, or in the event of suspected fraud.

I highly suspect fraud in this venture and I think I'm not the only one, judging from posts so far.

From your prior posts in my threads it seems you suspect anything you don't understand, and thus end up suspecting nearly everything. I know how scary it can be to live with paranoia and fear and hope you can overcome them one day.

Gee, this sounds familiar. Congratulations, folks, you fell for the second most obvious ponzi scheme on this forum. I'd say that "that takes skill!", but it really doesn't. You all should have known going into this that you weren't going to get what you expected.

[puffn]

The chances of coupon rates being reduced this much every week is very low with so many bonds out there. To cut the coupon rate in half requires a doubling of outstanding bonds. Large numbers doubling just a few times become very large numbers. So new bond purchases will affect the coupon rate less and less with each passing week.

As an economist, I am going to tell you that what you just said was bullshit. As a person, I am going to tell you that anything you say is bullshit.

Yes, you eventually will drive these people to zero. That makes you an asshole, not a reputable businessperson.

Edit: I don't know if anyone told you, but ASICs are coming. So, yeah, most people are projecting large increases in difficulty.

[Bitcoin Oz]

The chances of coupon rates being reduced this much every week is very low with so many bonds out there. To cut the coupon rate in half requires a doubling of outstanding bonds. Large numbers doubling just a few times become very large numbers. So new bond purchases will affect the coupon rate less and less with each passing week.

As an economist, I am going to tell you that what you just said was bullshit. As a person, I am going to tell you that anything you say is bullshit.

Yes, you eventually will drive these people to zero. That makes you an asshole, not a reputable businessperson.

Edit: I don't know if anyone told you, but ASICs are coming. So, yeah, most people are projecting large increases in difficulty.

A good reason to avoid mining bonds like the plague.

[GeoRW]

I'm not your investor, but I wonder what currency are the loans denominated in? If it's BTC, then those poor borrowers will suffer highly by the recent bitcoin price increase and will start to default massively. (365% yearly interest rate for a loan is itself enormous and I would expect high default rate). On the other hand if loans are denominated in USD then I wonder how you can keep the 1% daily interest rate while bitcoin price increases.

[Bitcoin Oz]

I'm not your investor, but I wonder what currency are the loans denominated in? If it's BTC, then those poor borrowers will suffer highly by the recent bitcoin price increase and will start to default massively. (365% yearly interest rate for a loan is itself enormous and I would expect high default rate). On the other hand if loans are denominated in USD then I wonder how you can keep the 1% daily interest rate while bitcoin price increases.

No rational actor would take loans at those rates and I expect hes investing in pirate.

[bitcoinbear]

The chances of coupon rates being reduced this much every week is very low with so many bonds out there. To cut the coupon rate in half requires a doubling of outstanding bonds. Large numbers doubling just a few times become very large numbers. So new bond purchases will affect the coupon rate less and less with each passing week.

As you say, the number of oustanding coupons, shares, whatever you want to call them, is increasing every time you sell more of them. Is there a limit to the number you will sell? As the total outstanding rises, will that affect the amount you are able to pay in dividends?

[dust]

I'm not your investor, but I wonder what currency are the loans denominated in? If it's BTC, then those poor borrowers will suffer highly by the recent bitcoin price increase and will start to default massively. (365% yearly interest rate for a loan is itself enormous and I would expect high default rate). On the other hand if loans are denominated in USD then I wonder how you can keep the 1% daily interest rate while bitcoin price increases.

1% compounded daily is 3778% yearly.

Unless the operator posts proof otherwise, everyone should assume this is a pirate passthrough.  The weeks with less than 1% payouts make the business look more legitimate and allow the operator to make a profit as he always gets 7%/week from pirate.  When pirate defaults, all the operator has to do is say "annnnnd it's gone" because after all, it is a "high risk" fund and you must be "not afraid of risk" to invest in it.

[btharper]

I'm not your investor, but I wonder what currency are the loans denominated in? If it's BTC, then those poor borrowers will suffer highly by the recent bitcoin price increase and will start to default massively. (365% yearly interest rate for a loan is itself enormous and I would expect high default rate). On the other hand if loans are denominated in USD then I wonder how you can keep the 1% daily interest rate while bitcoin price increases.

1% compounded daily is 3778% yearly.

Unless the operator posts proof otherwise, everyone should assume this is a pirate passthrough.  The weeks with less than 1% payouts make the business look more legitimate and allow the operator to make a profit as he always gets 7%/week from pirate.  When pirate defaults, all the operator has to do is say "annnnnd it's gone" because after all, it is a "high risk" fund and you must be "not afraid of risk" to invest in it.

Obsi has stated (in his original post even) that this is not a pirate backed venture. If you believe this or not is your own call to make though of course. There is however a clause stating that investment price is returned during an "orderly shutdown" of business. I would assume however that red flags would be raised if he shut down within a week of pirate defaulting however.

[puffn]

Yeah, that is when we start throwing red flags.

[totaleclipseofthebank]

whiners

no problem lowering coupon rates

I will respond only to questions/posts in this thread that I deem worthwhile

This is one of the most shameless scams I've seen on the boards

[bitcoinbear]

Eventually, the expansion of the new location will be complete. They will reach saturation level on new loans for that area & returns will level off as they build a 'warchest' using their own money from the profits to use as backing for their loans & debt buys. Once that happens there may be a quiet period of lower returns until a new location is opened.

It seems some of the whiners in this thread felt entitled to daily 1% returns for eternity. I'm telling you all right now: the 1% days are a peak. The title of this thread says 'up to 1%' for a reason. There are so many factors affecting payouts beyond new bond sales that it seems many of you haven't thought through. We might get stable periods of consistent 1% payouts, or we might not and get considerably lower returns.

If the payout buffer ever reaches dangerously low levels, you can bet your butt I will have no problem lowering coupon rates to where they need to be. I am not going out of pocket on this one. I already cut into my personal profits to smooth payouts as it is.

I am a bit confused about one point here: Clearly you have no intention of paying above 1%, and the recent dividend share history shows you hitting 1%. My question is: it seems you are earning >1% and only paying out 1%, where is the rest of the profit going? Are you taking it, or is the excess profit remaining in the fund to be reinvested as growth, or is it just providing a buffer account for future payouts when the investment makes <1%?

And one other question: It seems there is a limit to the amount of money you can invest in this business (whatever it is), when you get to that limit do you plan to stop selling shares?

Not trying to troll, just trying to help you develope a clearer picture of what your plans are.

[bitcoinbear]

I'm not your investor, but I wonder what currency are the loans denominated in? If it's BTC, then those poor borrowers will suffer highly by the recent bitcoin price increase and will start to default massively. (365% yearly interest rate for a loan is itself enormous and I would expect high default rate). On the other hand if loans are denominated in USD then I wonder how you can keep the 1% daily interest rate while bitcoin price increases.

The loans are mostly denominated in USD. Other fiat currencies are sometimes handled, but I am not privy to the intricate details of how they handle exchange rates between them. I have stated previously that the rise in BTC price is a major factor affecting coupon rates, the only thing allowing us to hit 1% consistently is the weekly retarget when more bonds are converted at the higher prices.

At some point this will stop being the case, either a small number of new bonds will be sold after a large price increase, or the BTC price will rocket up and make hitting the 1% target highly unlikely. Judging from the reaction to this week's short-term rate reduction, I just can't wait for that shitstorm to hit 

What happens if the BTC/USD rate drops, would that effect the payments at all?

[Bitcoin Oz]

Damn you people are stupid.

Honestly, I don't understand why such stuff is even allowed on GLBSE, this is right against rule #9 imho:

9. The Exchange reserves the right to suspend trading of any asset, or suspend access to an asset creator's account, for failure of an asset creator to provide requested information, or in the event of suspected fraud.

I highly suspect fraud in this venture and I think I'm not the only one, judging from posts so far.

From your prior posts in my threads it seems you suspect anything you don't understand, and thus end up suspecting nearly everything. I know how scary it can be to live with paranoia and fear and hope you can overcome them one day.

Gee, this sounds familiar. Congratulations, folks, you fell for the second most obvious ponzi scheme on this forum. I'd say that "that takes skill!", but it really doesn't. You all should have known going into this that you weren't going to get what you expected.

Yet I see no scammer label on the guy. Maybe we need a new "Ponzi" label.

[dust]

I wonder how many 1% payouts there will be now that pirate pays < 7% ?

[Bitcoin Oz]

I wonder how many 1% payouts there will be now that pirate pays < 7% ?

I have popcorn 

[glub0x]

I wonder how many 1% payouts there will be now that pirate pays < 7% ?

I have popcorn 

I have popcorn and bonds !