[GLBSE] BDT - 3% weekly interest bond, backed by Bitdaytrade

[ianspain]

Meni, another question, has Alberto invested any of the funds from BDT into Pirate???

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[Meni Rosenfeld]

Meni, another question, has Alberto invested any of the funds from BDT into Pirate???

No.

[Bitcoin Oz]

Uhmm.. no dividends today?

Presumably Alberto was unable to pay the coupons because he's not home. I talked with him and he said he will do it tomorrow.

Meni, are you ready to stand by the information you have given us?

Here are some good highlights

"pay back every last satoshi of debt, bringing to the table his personal assets if necessary (of which he has enough to cover his obligations)"
"I have documents verifying his identity, and I have confirmed his address by sending a physical letter."

I did indeed check Alberto's background to the best of my understanding. I sent a letter to the address in Italy he gave me and he learned its contents (which means either he or someone he is in touch with can access mail sent to this address), and I have an ID scan. My impressions from the process were that he intends and is able to make good on his obligations. But I am not omniscient and I am not a forensic expert. If I was 100% certain of this I would have just lent him the money myself, and it was clear that investors are sharing the counterparty risk. If it turns out I was wrong there is only a limited degree to which I can be held accountable.

guys, one last question, has Alberto started working full time on the bitdaytrade or is he still working in the family restaurant?

He was scheduled to start working on Bitdaytrade full time next month.


Alberto was originally supposed to be home today and resume working with me on resolving the current situation; he now says there's been a change in plans and it will be tomorrow evening. Let's wait until tomorrow.

Presumably you spoke to Alberto on skype and he used the name "jjfarren"
A simple search on this forum https://bitcointalk.org/index.php?topic=77195.0 reveals who that name belongs to.

[ianspain]

any news???

[Meni Rosenfeld]

any news???

As mentioned Alberto is scheduled to be back home a few hours from now, at which point he will pay the coupons.

[ianspain]

will these include the late penalities?

[Meni Rosenfeld]

Alberto is back home, and has paid the coupon of 0.032 BTC per bond, which includes the compensation for being 2 days overdue.

We have also discussed the future of the BDT bonds in light of the recent accusations on reddit and the forum and decided the following:
1. It will be hard to establish trust when Alberto is sitting on 10K BTC of debt which some people are worrying they're not getting back.
2. It's going to take a lot of time to establish trust in the Bitdaytrade platform, during which he pays a lot of coupons on the bonds without a revenue stream to show for it.

Therefore we are taking a strategic move to significantly lower his debt. As part of the process he has already recalled 2000 BDT bonds that were in my possession; he sent me about 4200 BTC to start offering people to sell their bonds back at their face value of 1 BTC each, and a bid has been placed. More bids will be placed once Alberto shuffles some funds around, as will I; it is expected that everyone will have a chance to sell. (In this I am letting go of the "not handling the funds myself" rule, but given the circumstances I believe it's best if I take the lead in handling this.)

I recommend that people take us on our offer. It makes sense for all parties involved, and ideally Alberto will only be in debt to me until we can figure out exactly how much capital he needs and at what terms. This is not a forced buyback though and people have a right to keep their bonds.

Alberto will make an announcement discussing the suggested security deficiencies and what he plans for the future of the Bitdaytrade platform.

[Bjork]

Alberto is back home, and has paid the coupon of 0.032 BTC per bond, which includes the compensation for being 2 days overdue.

We have also discussed the future of the BDT bonds in light of the recent accusations on reddit and the forum and decided the following:
1. It will be hard to establish trust when Alberto is sitting on 10K BTC of debt which some people are worrying they're not getting back.
2. It's going to take a lot of time to establish trust in the Bitdaytrade platform, during which he pays a lot of coupons on the bonds without a revenue stream to show for it.

Therefore we are taking a strategic move to significantly lower his debt. As part of the process he has already recalled 2000 BDT bonds that were in my possession; he sent me about 4200 BTC to start offering people to sell their bonds back at their face value of 1 BTC each, and a bid has been placed. More bids will be placed once Alberto shuffles some funds around, as will I; it is expected that everyone will have a chance to sell.

I recommend that people take us on our offer. It makes sense for all parties involved, and ideally Alberto will only be in debt to me until we can figure out exactly how much capital he needs and at what terms. This is not a forced buyback though and people have a right to keep their bonds.

Alberto will make an announcement discussing the suggested security deficiencies and what he plans for the future of the Bitdaytrade platform.

I just wanted to say that I am very pleased with this outcome. 

[pyramining]

I also appreciate what has been done.

[Rygon]

Alberto is back home, and has paid the coupon of 0.032 BTC per bond, which includes the compensation for being 2 days overdue.

We have also discussed the future of the BDT bonds in light of the recent accusations on reddit and the forum and decided the following:
1. It will be hard to establish trust when Alberto is sitting on 10K BTC of debt which some people are worrying they're not getting back.
2. It's going to take a lot of time to establish trust in the Bitdaytrade platform, during which he pays a lot of coupons on the bonds without a revenue stream to show for it.

Therefore we are taking a strategic move to significantly lower his debt. As part of the process he has already recalled 2000 BDT bonds that were in my possession; he sent me about 4200 BTC to start offering people to sell their bonds back at their face value of 1 BTC each, and a bid has been placed. More bids will be placed once Alberto shuffles some funds around, as will I; it is expected that everyone will have a chance to sell. (In this I am letting go of the "not handling the funds myself" rule, but given the circumstances I believe it's best if I take the lead in handling this.)

I recommend that people take us on our offer. It makes sense for all parties involved, and ideally Alberto will only be in debt to me until we can figure out exactly how much capital he needs and at what terms. This is not a forced buyback though and people have a right to keep their bonds.

Alberto will make an announcement discussing the suggested security deficiencies and what he plans for the future of the Bitdaytrade platform.

Glad to see this. I had a sell order up at 1.0, and was surprised it got filled. I presume it was because of this action.

[macboy80]

Alberto is back home, and has paid the coupon of 0.032 BTC per bond, which includes the compensation for being 2 days overdue.

We have also discussed the future of the BDT bonds in light of the recent accusations on reddit and the forum and decided the following:
1. It will be hard to establish trust when Alberto is sitting on 10K BTC of debt which some people are worrying they're not getting back.
2. It's going to take a lot of time to establish trust in the Bitdaytrade platform, during which he pays a lot of coupons on the bonds without a revenue stream to show for it.

Therefore we are taking a strategic move to significantly lower his debt. As part of the process he has already recalled 2000 BDT bonds that were in my possession; he sent me about 4200 BTC to start offering people to sell their bonds back at their face value of 1 BTC each, and a bid has been placed. More bids will be placed once Alberto shuffles some funds around, as will I; it is expected that everyone will have a chance to sell. (In this I am letting go of the "not handling the funds myself" rule, but given the circumstances I believe it's best if I take the lead in handling this.)

I recommend that people take us on our offer. It makes sense for all parties involved, and ideally Alberto will only be in debt to me until we can figure out exactly how much capital he needs and at what terms. This is not a forced buyback though and people have a right to keep their bonds.

Alberto will make an announcement discussing the suggested security deficiencies and what he plans for the future of the Bitdaytrade platform.

I must say that, despite all of the negative comments and such, this matter has been handled to my satisfaction. This is a very much appreciated move. Thank you Meni and Alberto.

[der_meister]

Good news, I hope things will be going smoothly in future. Less than month, but so much drama Thank you, Meni.

[Bitcoin Oz]

Alberto is back home, and has paid the coupon of 0.032 BTC per bond, which includes the compensation for being 2 days overdue.

We have also discussed the future of the BDT bonds in light of the recent accusations on reddit and the forum and decided the following:
1. It will be hard to establish trust when Alberto is sitting on 10K BTC of debt which some people are worrying they're not getting back.
2. It's going to take a lot of time to establish trust in the Bitdaytrade platform, during which he pays a lot of coupons on the bonds without a revenue stream to show for it.

Therefore we are taking a strategic move to significantly lower his debt. As part of the process he has already recalled 2000 BDT bonds that were in my possession; he sent me about 4200 BTC to start offering people to sell their bonds back at their face value of 1 BTC each, and a bid has been placed. More bids will be placed once Alberto shuffles some funds around, as will I; it is expected that everyone will have a chance to sell. (In this I am letting go of the "not handling the funds myself" rule, but given the circumstances I believe it's best if I take the lead in handling this.)

I recommend that people take us on our offer. It makes sense for all parties involved, and ideally Alberto will only be in debt to me until we can figure out exactly how much capital he needs and at what terms. This is not a forced buyback though and people have a right to keep their bonds.

Alberto will make an announcement discussing the suggested security deficiencies and what he plans for the future of the Bitdaytrade platform.

Its interesting that bitscalper sent you 4000 coins because thats how many went missing from kronos.io

Things that make you go hmmm

[Meni Rosenfeld]

Its interesting that bitscalper sent you 4000 coins because thats how many went missing from kronos.io

Things that make you go hmmm

I'm not sure I'm following your logic. Whatever the Kronos incident was, it predated the BDT IPO in which Alberto raised about 10K BTC. So he would have more than 4K BTC anyway.

[Bjork]

Any news on the bugfixes/security risks? 

[gigantic]

Meni, BDT is offline for some time now, does that mean its the end of the 3%/week bond?

[Meni Rosenfeld]

Any news on the bugfixes/security risks?  

Meni, BDT is offline for some time now, does that mean its the end of the 3%/week bond?

Alberto says he will write a status update later this evening.

[labestiol]

Alberto will make an announcement discussing the suggested security deficiencies and what he plans for the future of the Bitdaytrade platform.

Alberto says he will write a status update later this evening.

[LoweryCBS]

Alberto will make an announcement discussing the suggested security deficiencies and what he plans for the future of the Bitdaytrade platform.

Alberto says he will write a status update later this evening.

Wanna hear something funny?

I felt so relieved to have gotten rid of my BDT bonds, even at a loss (before the buy-back), and while I went looking for a place to invest the proceeds, I decided to park the coins in my Bitcoinmax account for a few days.

*barf*

[Bitcoin Oz]

Alberto will make an announcement discussing the suggested security deficiencies and what he plans for the future of the Bitdaytrade platform.

Alberto says he will write a status update later this evening.

Wanna hear something funny?

I felt so relieved to have gotten rid of my BDT bonds, even at a loss (before the buy-back), and while I went looking for a place to invest the proceeds, I decided to park the coins in my Bitcoinmax account for a few days.

*barf*

That sucks man. I only lost about 8btc selling off this steaming pile of crap so I consider myself lucky.