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Author Topic: [GLBSE] GIPPT Delisting 100% paid.  (Read 18850 times)
DeaDTerra
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July 30, 2012, 10:42:10 PM
 #1

Hey Guys!
After a long time with a lot of ideas I have finally decided to create my own asset, and not only be a investor on GLBSE but also a Issuer of my own asset!
So with no further ado, I bring you Gamma Insured Pirate Pass Through!

Name: Gamma Insured Pirate Pass Through (in short GIPPT)
Summary: GIPPT is a insured pirate pass through, this asset is run by DeaDTerra and Insured by INeedAUserName. Each bond has a face value of 1 BTC and represents 1 insured BTC with Pirate. The Bond pays 1.8%% in dividend each week, it’s a safe and secure way to invest with Pirate. Get the interest rate but none of the risk!


GIPPT Contract

5000 Bonds will be released at the IPO, each for 1 BTC each. The issuer holds the right to issue further shares for the same price or higher. Each bond has a face value of 1 BTC and gives the holder the right to a 2.5% interest rate per week (0.025 BTC per bond and week). This interest will be paid as a dividend once a week on Wednesday at 21:00 (GMT+1).  Bonds have no voting rights. In case of Pirate default INeedAUsername will pay 95% of the bonds face value to the bond holder, while DeaDTerra will pay the other 5%. The Issuer has the right to buy back all the bonds for any reason and at anytime for the face value of 1 BTC after paying out that week’s interest rate. In the case of where Pirate changes his interest rate, or the way he pays out the issuer has the right to change the contract appropriately.

The asset will be sold on the 3rd of August at 19:00 GMT+1, 5000 bonds will be sold, out of which 1000 Bonds can be pre-ordered. The bonds will be sold for 1 BTC each.

For additional information and for details go to: https://docs.google.com/document/d/1w0m-Goxlekfj-W3SVKpCGo862KVcbzeaTgCt59uujvw/edit#


Contact information:
Email: Terragubben@gmail.com
Skype: Terragubben
PM: DeaDTerra

*edit* The contract will be updated shortly to show the new interest rate changes Smiley
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DeaDTerra
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July 30, 2012, 10:42:55 PM
 #2

Reserved Smiley
//DeaDTerra
Shadow383
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July 30, 2012, 10:52:54 PM
 #3

Is there some way to guarantee payment in the event of a default? Will coins be kept in escrow, do you have other assets that would fund it or what?

I'm interested, but I need to be confident that the insurer can cough up >5000BTC at short notice in the event of a BTCST default.

From my perspective here, what you're offering is essentially a weekly CDS at a rate of 4.5% per week (not unreasonable given the risks involved). Would you consider selling CDS outright? (that is, say, I pay you 4.5BTC/week and in return you guarantee payment of 100BTC if pirate defaults). I'm not sure GLBSE has a way to offer that but I'm sure there would be interest.


But yeah, I'll buy some if you can make me confident that the insurance can and will be honoured in a timely manner in the event of default  Wink
Sukrim
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July 30, 2012, 10:53:47 PM
 #4

Instead of getting 2.5% with your scheme, I could get ~7% on 1 BTC (e.g. with FOO.PPPPT) and deposit a second BTC in cold storage, bringing my total profit per week to ~3.5%. How is 2.5% a good deal?

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Winterfrost
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July 30, 2012, 10:54:21 PM
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Is there some way to guarantee payment in the event of a default? Will coins be kept in escrow, do you have other assets that would fund it or what?

I'm interested, but I need to be confident that the insurer can cough up >5000BTC at short notice in the event of a BTCST default.

+1 to this Smiley

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DeaDTerra
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July 30, 2012, 10:57:35 PM
 #6

Regarding the backing questions, please check the google document.
"
How can we guarantee that the bonds are insured?
95% of the face value of the bonds are insured by INAU (INAU), these 95% will be split up and deposited into trustable third party lenders, for example HashKing. They will sign a Gpg contract stating that if pirate defaults or fails to return the amount deposited with him then, they will pay this amount to me (DeaDTerra). The 5% I cover will be done using personal holdings, these will be held in Gamma Bitcoin Fund and will always be accessible.
"
I will be backing 5% of the bonds face value while INAU backs the rest 95% of the face value, giving a total backing/insurance of 100% of the face value. INeedAUserName is a major lender that has been in the game for a long time, he has no problems backing 5000 Bitcoins. The safety of these Bitcoins will be guaranteed thanks to third party lenders that will hold the coins, and pay them out to me in case of a pirate default. Hence neither me or INeedAUsername will have direct access to these funds.
//DeaDTerra
DeaDTerra
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July 30, 2012, 11:03:43 PM
 #7

Instead of getting 2.5% with your scheme, I could get ~7% on 1 BTC (e.g. with FOO.PPPPT) and deposit a second BTC in cold storage, bringing my total profit per week to ~3.5%. How is 2.5% a good deal?
Insuring pirate is a big risk, and as you are trading 1:2 as you pay 1 BTC to essentially get 1 BTC in pirate and 1 in Backing, we can not offer as good rates as normal uninsured pass through.
//DeaDTerra
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July 30, 2012, 11:11:09 PM
 #8

But you have the 5000 BTC in backing already rallied up somewhere and the second BTC to be deposited at pirate will anyways come from users, not you?

Also, will the BTC that are insurance backing and that are "invested" somewhere completely pirate free? It might be the case that they are "invested" in a hidden PPT and in the case of a default would take down the person holding the backing too!

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DeaDTerra
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July 30, 2012, 11:13:55 PM
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But you have the 5000 BTC in backing already rallied up somewhere and the second BTC to be deposited at pirate will anyways come from users, not you?

Also, will the BTC that are insurance backing and that are "invested" somewhere completely pirate free? It might be the case that they are "invested" in a hidden PPT and in the case of a default would take down the person holding the backing too!
Indeed, that is the case.
We will do out best to find lenders with as low pirate exposure as possible, but to be honest it's hard to find anyone that's totally free from exposure, as there's both indirect and direct exposure levels. We will make sure that the lenders realize that it will be used to back a pirate default and hence can not be involved in pirate investments. In the case where the deposits fail to payout, INAU will go in and pay his debt personally.
//DeaDTerra
Shadow383
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July 30, 2012, 11:15:56 PM
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Instead of getting 2.5% with your scheme, I could get ~7% on 1 BTC (e.g. with FOO.PPPPT) and deposit a second BTC in cold storage, bringing my total profit per week to ~3.5%. How is 2.5% a good deal?

Let's look at a scenario in which pirate defaults in just 4 weeks for simple maths:

You put 200 BTC in here - you end up with 220.762 BTC, you're +20.762

You put 100 BTC with pirate, and 100 BTC locked away, paying half your interest into the cold storage coins each week to keep your insured amount level - each amount goes up to 114.752 BTC, so you had 229, but you just lost half, so you're -85.25.

With a bit of maths, we can see that it'd take 71 weeks for your pirate funds to "catch up" so that you'd be better off after a default with your method.

Straightforward enough?
Shadow383
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July 30, 2012, 11:18:44 PM
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But you have the 5000 BTC in backing already rallied up somewhere and the second BTC to be deposited at pirate will anyways come from users, not you?

Also, will the BTC that are insurance backing and that are "invested" somewhere completely pirate free? It might be the case that they are "invested" in a hidden PPT and in the case of a default would take down the person holding the backing too!
Indeed, that is the case.
We will do out best to find lenders with as low pirate exposure as possible, but to be honest it's hard to find anyone that's totally free from exposure, as there's both indirect and direct exposure levels. We will make sure that the lenders realize that it will be used to back a pirate default and hence can not be involved in pirate investments. In the case where the deposits fail to payout, INAU will go in and pay his debt personally.
//DeaDTerra
Any chance you can give us a breakdown (even in % terms) of where the insurance funds will be kept?
DeaDTerra
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July 30, 2012, 11:27:19 PM
 #12

But you have the 5000 BTC in backing already rallied up somewhere and the second BTC to be deposited at pirate will anyways come from users, not you?

Also, will the BTC that are insurance backing and that are "invested" somewhere completely pirate free? It might be the case that they are "invested" in a hidden PPT and in the case of a default would take down the person holding the backing too!
Indeed, that is the case.
We will do out best to find lenders with as low pirate exposure as possible, but to be honest it's hard to find anyone that's totally free from exposure, as there's both indirect and direct exposure levels. We will make sure that the lenders realize that it will be used to back a pirate default and hence can not be involved in pirate investments. In the case where the deposits fail to payout, INAU will go in and pay his debt personally.
//DeaDTerra
Any chance you can give us a breakdown (even in % terms) of where the insurance funds will be kept?
The exact placings/splitting  of the fund has yet to be decided, I will give you guys rolling updates as we move towards the IPO Smiley
//DeaDTerra
DeaDTerra
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July 30, 2012, 11:27:49 PM
 #13

I have hit my 10 PMs per hour, so please give me some time to answer your pm Tongue
If you can please email me Wink
//DeaDTerra
DeaDTerra
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July 30, 2012, 11:47:29 PM
 #14

I also want to add that if you want to pre-order the shares you pay 1.02 BTC per share, as you have to pay for the transaction fee as well Smiley But on the other hand you get guaranteed bonds, and at the face value of the bond.

Edit: Bed is calling, any questions or concerns will be answered tomorrow morning.
//DeaDTerra
Shadow383
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July 31, 2012, 01:53:09 AM
 #15

I really do wish you the best of luck but surely the fact that I'm more interested in the assets you're buying as insurance than the assets that make up the yield-paying bond tells you something  Wink
That is, with Pirate's current level of deposits and assuming trust account interest stays where it is Pirate's liabilities will increase by about 1 million BTC in the time taken for you to break even.

Best of luck  Wink
DeaDTerra
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July 31, 2012, 03:27:23 PM
 #16

All the pre-order shares have sold out, so if you want shares I recommend posting a bid before the 3rd of August at 19:00 GMT +1 to ensure that you get your bonds Smiley
//DeaDTerra
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July 31, 2012, 09:15:36 PM
 #17

It seems to me that this is basically a bet by the issuers/backers that Pirate won't default in the next 20 weeks. The issuers will obviously lose money on a Pirate default, and it will take over 20 weeks to "generate" the backing through the reduced weekly rate. However, it's not a bet against the buyers, because the buyers don't lose money if pirate doesn't default in 20 weeks. They simply don't earn as much as they would with an uninsured pass-through.

Is this correct?

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
DeaDTerra
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July 31, 2012, 09:18:15 PM
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It seems to me that this is basically a bet by the issuers/backers that Pirate won't default in the next 20 weeks. The issuers will obviously lose money on a Pirate default, and it will take over 20 weeks to "generate" the backing through the reduced weekly rate. However, it's not a bet against the buyers, because the buyers don't lose money if pirate doesn't default in 20 weeks. They simply don't earn as much as they would with an uninsured pass-through.

Is this correct?
Correct the lower rate will pay off the backings and generate profit after the threshold has passed. The bet is not against the buyers as they will always receive the 1 BTC back independent if pirate defaults or not Smiley INAU stands for 95% of the backing and I for 5% of it. Hence 100% of the face value of the bond is covered.
//DeaDTerra
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July 31, 2012, 09:24:12 PM
 #19

Well then I wish you the best of luck in your bet. I've done some math, and it turns out GIPPT is worth over 1.2 BTC. A little birdie told me you were selling pre-ipo shares for less than that, so I bet I'll be buying a few at IPO.

Cheers

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
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July 31, 2012, 09:25:42 PM
 #20

Will the IPO price also be 1.02??

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