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Author Topic: [BTC-TC] BTC-BOND - 0.03% Daily  (Read 18934 times)
Namworld
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July 20, 2012, 08:53:27 AM
 #1

Hello,

BTC-BOND is a true bond. A straightforward loan.

This is a 0.03% daily interest loan bond.

Free Insurance
Assuming catastrophic turn for bitcoins & all the bitcoin market, your investment will keep a 1 USD per bitcoin value, limiting a potential complete loss of it's value.

Contract
Quote
Interests:
- Bonds shall pay a variable interest of no less than 0.03% daily.

Bonds value:
- Bonds have a face value of 0.01 BTC
- Bonds retain a minimum of 0.01 USD value each. Should any event make Bitcoins
become valued at less than 1 USD per Bitcoin or impossible to be transacted, you
may request to redeem your bonds for 0.01 USD instead.

Redeeming Bonds:
- Bonds can be redeemed at face value anytime upon request.
- Redeeming bonds may take some time to liquidate positions or procure more BTC.

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Namworld
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July 20, 2012, 08:54:05 AM
 #2

*Reserved*

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Sukrim
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July 20, 2012, 10:03:59 AM
 #3

Please give an exclusive list of assets that will be used as backing. I'm honestly suspecting that you would use this to funnel money to BTC-MINING, another GLBSE asset of yours.

https://bitfinex.com <-- leveraged trading of BTCUSD, LTCUSD and LTCBTC (long and short) - 10% discount on fees for the first 30 days with this refcode: x5K9YtL3Zb
Mail me at Bitmessage: BM-BbiHiVv5qh858ULsyRDtpRrG9WjXN3xf
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July 20, 2012, 06:02:43 PM
 #4

The assets are indeed backed by my shares of BTC-Mining currently but the funds were not planned to go toward BTC-Mining. The loan will be used outside of GLBSE. I also plan to diversify the backing assets.

I added an auditing link. You may keep an eye on it and see if it becomes diversified enough in your taste should you be interested in secured bonds.

I may convert at some point later to automatic updates. I use 2 step verification and I want to verify if API allows to put in trades anyway. I don't want to allow API if it does. Will ask nefario about that first.

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July 30, 2012, 04:44:41 PM
 #5

Can't see the auditing link :p
Namworld
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July 30, 2012, 06:33:00 PM
 #6

Ah, sorry, there was a typo in the BB code. Fixed.

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Namworld
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August 20, 2012, 08:14:58 AM
 #7

Interest paid.

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September 24, 2012, 04:48:44 AM
 #8

Interest paid.

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TradeFortress
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September 24, 2012, 05:21:28 AM
 #9

'Secured Loan Bonds'? More like "7% insured bonds"
Namworld
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September 24, 2012, 05:31:08 AM
 #10

'Secured Loan Bonds'? More like "7% insured bonds"

Uhmm? A secured loan bond is simply a loan bond where the issuer pledge a specific asset as collatoral. In this case, GLBSE assets.

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September 24, 2012, 05:42:51 AM
 #11

What's with the last '200% collateral' one? Not enough takers?

The majority of the holdings are BTC-MINING and GIGAMINING.
BTC-MINING - pays 1% / week, pretty low risk
GIGAMINING - pays near 2% / week, prices are going down as we speak, prob. will collapse soon

This is essentially a BTC-MINING / GIGAMINING pass through. Instead of investing into BTC-BOND where they promise you $1 per BTC (lol)

If GIGAMINING value drops (which it will), btc-bond will turn into ****. If asic is a failure and mining related stocks collapses, again btc-bond will turn into ****.

This isn't necessary a bad investment, it's just that you can cut the middleman and get 2x-4x while the middleman provides nearly no security.

And again - if BTCs are worth nothing - this is the only case where you will get your lowball $1 / BTC - what's to prevent Namworld from running away? Nobody would care, the mods of bitcointalk.org will probably shut down the servers, and you won't ever get your 7% insurance.
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September 24, 2012, 06:41:05 AM
 #12

The thread in the long term deposit forum is just a notice for those looking for deposit options. Although this is on GLBSE, it works similar to a deposit.

The first and official thread is this one.

1. The "middleman" here provides at least 50% of the total portfolio value to hedge against any loss. This guarantee that unless the portfolio loses more than 50% of the total value, there is still be 100% of loan value in collateral as assets. As such, Gigamining going to 0 BTC would not result in a loss for BTC-BOND holders.

2. Although the loan can be used outside of GLBSE, the contract stipulates that there should at least be 200% of loan value in GLBSE assets to back up the loan. The portfolio value is updated regularly. If you see the portfolio losing too much value for your taste, going near or under 200% of loan value, people are free to request to redeem their bond.

3. The $1 guarantee is an extra guarantee that if Bitcoins should fail due to any issue (loss of confidence, etc.), you have the option to redeem $1 per BTC loaned. I will pay $1 per BTC regardless if they are rendered unusable/valueless.

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gabbynot
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October 22, 2012, 08:10:16 PM
 #13

Any news on this?  Have you heard anything from Nefario?
Namworld
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October 23, 2012, 11:19:14 AM
 #14

Not yet, other than balance being paid. Asset information will probably be forwarded after GLBSE pays all balance.

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Namworld
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December 06, 2012, 12:18:26 AM
 #15

Quote
PLEASE GO HERE FOR GLBSE CLOSEDOWN CLAIMS INFORMATION:
https://bitcointalk.org/index.php?topic=129362.0

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gabbynot
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December 22, 2012, 07:19:17 PM
 #16

So what are the next steps?  How is this all going to get settled?
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December 22, 2012, 10:04:41 PM
 #17

So what are the next steps?  How is this all going to get settled?
Yeah. I own a share on BTC-mining and would like to know when I would get my dividends...
Namworld
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December 24, 2012, 08:24:37 PM
 #18

BTC-BOND has just been approved to move to BTCT.CO

I'll provide you instructions.

@TradeFortess, wrong thread. But I haven't heard anything from Amazingrando lately. I'll still try to get it relisted on BTCT.CO too for now.

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Namworld
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January 01, 2013, 08:59:05 AM
 #19

Transfer to BTCT.co almost complete. Most have already been transferred or repaid, with interest accrued since GLBSE closed paid.

No legal requirements, processed during the holidays upon receiving the final list (and some prior), no fuss.

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gabbynot
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January 08, 2013, 12:57:42 PM
 #20

Hey, thanks for the "extra" dividend to all shareholders today - very cool!

(And thanks for the relatively smooth transition from GLBSE as well)
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