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Author Topic: [GLBSE] GIPPT Delisting 100% paid.  (Read 18844 times)
DeaDTerra
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August 16, 2012, 02:34:00 PM
 #101

Hmm, even though I suspect these bonds will have their rates lowered to ~1.8%, I think pirate lowering his rates will actually increase the value of these bonds.  I suspect more people will be wanting to sell the uninsured passthroughs and investing in insured ones.
I suspect these bonds will have their rates lowered to ~1.8%

I assume the rate stays the same, because the 2.5% is the interest from EIEIO, so Pirate lowering rates shouldn't affect our dividend.
The Rates will be lowered, as according to the contract I have the right to do so whenever pirate changes his rate.
So from this week onwards Gamma Insured Pirate Pass Through will pay 1.5% a week.
As before the bond will be insured and the payouts guaranteed as long as pirate keeps paying them Smiley
//DeaDTerra

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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.

So a 40% decrease in interest rates for a 29% decrease in pirate's rate is "appropriate"? 1.78% sounds more appropriate to me.
I will discuss it tonight further with INAU when he comes online tonight, it's not final just yet.
//DeaDTerra
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DeaDTerra
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August 16, 2012, 08:45:16 PM
 #102

After talking things over with INAU the new rate will be 1,8% a week Smiley
//DeaDTerra
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August 16, 2012, 08:50:01 PM
 #103

After talking things over with INAU the new rate will be 1,8% a week Smiley
//DeaDTerra

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August 17, 2012, 07:04:27 PM
 #104

Pirate has closed his BS&T. What will happen now with owners of GIPPT shares? Will you buy back all shares for 1 BTC each?

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August 17, 2012, 08:54:09 PM
 #105

Pirate has closed his BS&T. What will happen now with owners of GIPPT shares? Will you buy back all shares for 1 BTC each?
The shares will be bought back for 1 BTC independent on if Pirate defaults or not.
//DeaDTerra
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August 17, 2012, 09:36:02 PM
 #106

Pirate has closed his BS&T. What will happen now with owners of GIPPT shares? Will you buy back all shares for 1 BTC each?
The shares will be bought back for 1 BTC independent on if Pirate defaults or not.
//DeaDTerra

Good to hear! Stupid noob question: do we need to do anything (put up shares sale at 1 btc) or will the buyback be automatic?
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August 18, 2012, 12:24:12 AM
 #107

Pirate has closed his BS&T. What will happen now with owners of GIPPT shares? Will you buy back all shares for 1 BTC each?
The shares will be bought back for 1 BTC independent on if Pirate defaults or not.
//DeaDTerra

Good to hear! Stupid noob question: do we need to do anything (put up shares sale at 1 btc) or will the buyback be automatic?

I'm assuming each bond will recieve interest also, so they should be bought back for ~1.018 each

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August 18, 2012, 05:39:16 AM
 #108

Pirate has closed his BS&T. What will happen now with owners of GIPPT shares? Will you buy back all shares for 1 BTC each?
The shares will be bought back for 1 BTC independent on if Pirate defaults or not.
//DeaDTerra

Good to hear! Stupid noob question: do we need to do anything (put up shares sale at 1 btc) or will the buyback be automatic?

I'm assuming each bond will recieve interest also, so they should be bought back for ~1.018 each
This will not be the case unless pirate pays out a last dividend. As the interest rate in itself is not insured.
//DeaDTerra
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August 18, 2012, 06:14:39 PM
 #109

I'm sorry to say, but I'm afraid it was a big mistake to invest in this bond.

If Pirate starts paying back on Monday, we will get our money much later as the people that invested directly with Pirate (without insurance). Pirate's paying back by account-age, so if you invested with BitcoinMax you will be one of the first, but with GIPPT it can take up to two weeks according to Pirate. After that, there will be some additional delay, because it has to be transfered to GLBSE. It seems we'll really be the last in line, and this is a big disadvantage while prices are dropping because of cashouts.

If Pirate decides not to pay back, we will also not see our money anytime soon. I expected INAU to start liquidating immediately after the news of the closing, but he has done nothing at all. The escrow funds are still with imsaguy, and INAU hasn't even requested them back yet. Even if he decides Monday that it's finally time to request a withdrawal, it will take at least two weeks, because he has to give imsaguy two weeks notice. After that, there will be some additional delay, because everything has to be transfered to GLBSE. So again, it seems we'll really be the last in line compared to the other insured bonds, and this is a big disadvantage as we don't know how the market will react to a default.

So in both scenario's, it seems GIPPT is the worst possible option. I really hope DeadTerra and INAU take their responsibility and buy us out this weekend, but it seems its just not gonna happen anytime soon.

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August 18, 2012, 06:17:34 PM
 #110

I'm sorry to say, but I'm afraid it was a big mistake to invest in this bond.

If Pirate starts paying back on Monday, we will get our money much later as the people that invested directly with Pirate (without insurance). Pirate's paying back by account-age, so if you invested with BitcoinMax you will be one of the first, but with GIPPT it can take up to two weeks according to Pirate. After that, there will be some additional delay, because it has to be transfered to GLBSE. It seems we'll really be the last in line, and this is a big disadvantage while prices are dropping because of cashouts.

If Pirate decides not to pay back, we will also not see our money anytime soon. I expected INAU to start liquidating immediately after the news of the closing, but he has done nothing at all. The escrow funds are still with imsaguy, and INAU hasn't even requested them back yet. Even if he decides Monday that it's finally time to request a withdrawal, it will take at least two weeks, because he has to give imsaguy two weeks notice. After that, there will be some additional delay, because everything has to be transfered to GLBSE. So again, it seems we'll really be the last in line compared to the other insured bonds, and this is a big disadvantage as we don't know how the market will react to a default.

So in both scenario's, it seems GIPPT is the worst possible option. I really hope DeadTerra and INAU take their responsibility and buy us out this weekend, but it seems its just not gonna happen anytime soon.



Those worst possible options assume a default.  We do not know Pirate's financial situation, but we know that the DeadTerra is a respectable and honest member of the community.  INAU also has his reputation to protect.  You read the prospectus, you knew the risks and how the process would go.  Let's let this play out and let our man do his thing.
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August 18, 2012, 06:49:59 PM
 #111

Those worst possible options assume a default.  

No, as explained above, the worst possible option for GIPPT holders is the case that he does NOT default.


You read the prospectus, you knew the risks and how the process would go.

Even though, there wasn't a guarantee they'd be to in you 24/48/72 hours.

In the prospectus there isn't any timeframe mentioned how fast the pay out will take place. Even if's after 1 year from now, it would still not violate the contract in any way, but would that be fair? I asked DeadTerra to agree on a timeframe, but he has no idea about that. Obviously I was a bit too optimistic when thinking it would be a couple of days, but anything more than two weeks just doesn't seem fair.

The main reason why I'm unhappy with the situation is that I tried to get out GIPPT long before this whole situation. I sold as much as I could, but at no point there were any substantial amounts of bids, so I'm still stuck with most the shares. The only other option was to sell under IPO price. And now Pirate is closed, I'm still stuck with them for weeks/months, since I cannot get any guarantee about a timeframe.
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August 18, 2012, 06:59:33 PM
 #112

I'm sorry to say, but I'm afraid it was a big mistake to invest in this bond.

If Pirate decides not to pay back, we will also not see our money anytime soon. I expected INAU to start liquidating immediately after the news of the closing, but he has done nothing at all. The escrow funds are still with imsaguy, and INAU hasn't even requested them back yet. Even if he decides Monday that it's finally time to request a withdrawal, it will take at least two weeks, because he has to give imsaguy two weeks notice. After that, there will be some additional delay, because everything has to be transfered to GLBSE. So again, it seems we'll really be the last in line compared to the other insured bonds, and this is a big disadvantage as we don't know how the market will react to a default.

So in both scenario's, it seems GIPPT is the worst possible option. I really hope DeadTerra and INAU take their responsibility and buy us out this weekend, but it seems its just not gonna happen anytime soon.



I can see that the delay can be a big problem for those who wish to cash out directly, but I disagree if you meant to say that for that reason GIPPT has turned out to be one of the worst insured PPTs. Actually, it has turned out to be one of the better.
For other insured PPTs you paid an insurance premium of 50-60% of the face value of each bond, with GIPPT you paid none. This is one of the main reasons I chose GIPPT in the first place.
With GIPPT you will receive the same amount of BTC that you put in if Pirate defaults . For other bonds, you will receive 1 BTC for each 1.5 BTC (+/-) you put in. Since Pirate defaulted so soon after insured PPTs became fashionable, you would not have had the time to profit from the higher interest rates these other bonds offered.

So I don't think you can say that it was a big mistake to invest in this bond, compared to other insured PPTs.

The only thing that worries me personally with the delay is that I won't be able to relax 100% before the money are in my account. I now there are reputable people behind this bond (that's why I bought them), but this being DramaCoin and all, you can never be too sure...  Smiley

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August 18, 2012, 07:07:00 PM
 #113

Since Pirate defaulted so soon after insured PPTs became fashionable

Pirate hasn't defaulted.

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August 18, 2012, 09:10:16 PM
 #114

Since Pirate defaulted so soon after insured PPTs became fashionable

Pirate hasn't defaulted.

Sorry, I meant to say closed shop the wrong word came out. I'm probably brain washed by spending too much time on this forum...
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August 18, 2012, 09:15:04 PM
 #115


For other insured PPTs you paid an insurance premium of 50-60% of the face value of each bond, with GIPPT you paid none. This is one of the main reasons I chose GIPPT in the first place.


That was my reason too, but as I've seen BTC price dropping 30% in a couple of hours, it may turn out to be more profitable to pay 50% insurance premium and have your coins back soon enough to sell them on MtGox, then to have to wait weeks for your money, and see prices drop even more.

I do see your point. I've got no intention of selling the coins just yet so it's not a problem for me, but I can see how it could be for others.
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August 21, 2012, 09:06:04 AM
 #116

When will the insurance funds be requested?  All signs point to a default as of now.  If we are not payed dividends Wednesday then I would consider the funds "defaulted" and insurance should be payed out.

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August 21, 2012, 09:12:53 AM
 #117

Good question. When is it considered a default?

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August 21, 2012, 10:03:49 AM
 #118


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<DeaDTerra> It's a delay not a default, when he hasn't paid and no one has heard of him and we are sure he doesn't plan to pay then it's a default.
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August 21, 2012, 12:00:02 PM
 #119

From the contract:

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).

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%.


Looks pretty clear cut to me.  There are only 2 possible "states" of the bond.

Non-defaulted: we receive 2.5% per week

Defaulted: we receive the insurance money. 

It would be reasonable to assume a few days or so to obtain the insurance money, but if the dividends are not payed Wednesday the bond should be assumed to be "defaulted" and the insurance funds should be on the way

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August 21, 2012, 04:40:25 PM
 #120

Hi DeadTerra,

Can you please let us know when you will buy back the bonds? Goat is already doing it.
https://bitcointalk.org/index.php?topic=98420.80

Thank you.

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