[GLBSE] GIPPT Delisting 100% paid.

[Vandroiy]

Logic question.

Supposedly, someone offers to lock up 5k in escrow and then insure 5k pirate coins with it, paying 2.5% interest to customers on them. If the same person were to just place the 5k into BS&T and take the whole interest himself, he would never have more risk, but always more profit.

I don't see why anyone would make such an offer.

[DeaDTerra]

Logic question.

Supposedly, someone offers to lock up 5k in escrow and then insure 5k pirate coins with it, paying 2.5% interest to customers on them. If the same person were to just place the 5k into BS&T and take the whole interest himself, he would never have more risk, but always more profit.

I don't see why anyone would make such an offer.

INAU does this through some very smart accounting
Which makes it more profitable to do this insurance then it would be for him to directly invest in Pirate. I can not give away the details of course, but trust me I have seen the math it works out
Btw where is my micon sign of approval? I haven't gotten one yet
//DeaDTerra

[DeaDTerra]

The 5000 shares have now been issued, they will be up for sale in 25 minutes!
Make sure to place your bids
//DeaDTerra

[DeaDTerra]

Some errors with GLBSE has delayed the IPO slightly
The shares should be up for sale in a couple of minutes.
//DeaDTerra

[Lobstertorch]

Some errors with GLBSE has delayed the IPO slightly
The shares should be up for sale in a couple of minutes.
//DeaDTerra

http://i3.kym-cdn.com/photos/images/original/000/037/491/f5.gif

[DeaDTerra]

Some errors with GLBSE has delayed the IPO slightly
The shares should be up for sale in a couple of minutes.
//DeaDTerra

Hahhaha kind of xD
Anyways now the bonds have been sold
I also setup a small ask wall at 500 bonds, I will refresh this walll when needed.
2500 bonds left for grabs
//DeaDTerra

[Mushoz]

No this will not be the case please read the google document provided for details
Imsaguy, will hold INeedAuserNames backings, and in the case where pirate defaults he will transfer them to me .
They will be making interest rate and there's of course a chance of a default, in this case the debt for the insurance still lies with INeedAUserName.
If both ImsaGuy and INeedAUserName defaults then, I will pay out my 5% and we will shut down (this is a VERY unlikely scenario, I highly doubt this will happen. It would take a three fold default for this scenario to happen)

Imsaguy makes his profits mostly from mining, which is why we chose him

I'd just like to confirm this.  Tonight, INAU and I executed a GPG contract that effectively bought out all EIEIO.A holdings.  Those coins can be recalled from EIEIO on a two week notice.  It gives me latitude to interact directly with DeaDTerra should INAU go missing in action.

Thank you for the confirmation
Now I just need INAU to get his ass onto the forums and confirm the third part xD
//DeaDTerra

Just got some shares, thanks
Do you have any news on INAU? I would love to have a confirmation from him if possible.
I've PM'd him, but he isn't responding

Thank you very much in advance!

[DeaDTerra]

No this will not be the case please read the google document provided for details
Imsaguy, will hold INeedAuserNames backings, and in the case where pirate defaults he will transfer them to me .
They will be making interest rate and there's of course a chance of a default, in this case the debt for the insurance still lies with INeedAUserName.
If both ImsaGuy and INeedAUserName defaults then, I will pay out my 5% and we will shut down (this is a VERY unlikely scenario, I highly doubt this will happen. It would take a three fold default for this scenario to happen)

Imsaguy makes his profits mostly from mining, which is why we chose him

I'd just like to confirm this.  Tonight, INAU and I executed a GPG contract that effectively bought out all EIEIO.A holdings.  Those coins can be recalled from EIEIO on a two week notice.  It gives me latitude to interact directly with DeaDTerra should INAU go missing in action.

Thank you for the confirmation
Now I just need INAU to get his ass onto the forums and confirm the third part xD
//DeaDTerra

Just got some shares, thanks
Do you have any news on INAU? I would love to have a confirmation from him if possible.
I've PM'd him, but he isn't responding

Thank you very much in advance!

Okay great!
I am talking to him on skype atm, I will get him to post a confirmation here
//DeaDTerra

[ineededausername]

Hello, I can confirm I am insuring 95% of these bonds.

[DeaDTerra]

The following contract has been signed by the two parties involved
Imsaguy also has to notify me if INAU has requested a cancel of the Deposit, to make sure that we have enough backing for the bonds. Also if ImsaGuy defaults then INAU is still responsible for the backing and insurance.

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

- -----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

This contract is a loan provided by ineededausername to imsaguy.

(1) Addresses

ineededausername - 112N78zVYPairAzsBZgejEaob7gE8CenW7
imsaguy - 1CntCXtyq2kFiYpFwpua2k2XaKdHffLz2A

(2) Terms

3750 BTC was provided to imsaguy's designated address on August 2, 2012.  In return, imsaguy shall pay 9% interest on every 2nd day of a month to ineededausername's designated address.  The principal will be returned if one of the following happens:

  (a) imsaguy, having provided 2 weeks' notice, requests that the loan be terminated on the 2nd of some month.
  (b) ineededausername, having provided 2 weeks' notice, requests that the loan be terminated on the 2nd of some month.

(3) Collateralization

This debt shall be used as collateral for DeaDTerra's GIPPT (Insured Pirate Passthrough) bond.  In case ineededausername defaults on that debt, imsaguy must pay as much principal and interest (up to the current principal and interest due) as necessary back to the holders of GIPPT bonds. 
- -----BEGIN PGP SIGNATURE-----
Version: GnuPG v1.4.11 (GNU/Linux)
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=kXcs
- -----END PGP SIGNATURE-----
-----BEGIN PGP SIGNATURE-----
Version: GnuPG v2.0.19 (MingW32)
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=2+D7
-----END PGP SIGNATURE-----

[Koekiemonster]

Logic question.

Supposedly, someone offers to lock up 5k in escrow and then insure 5k pirate coins with it, paying 2.5% interest to customers on them. If the same person were to just place the 5k into BS&T and take the whole interest himself, he would never have more risk, but always more profit.

I don't see why anyone would make such an offer.

INAU does this through some very smart accounting
Which makes it more profitable to do this insurance then it would be for him to directly invest in Pirate. I can not give away the details of course, but trust me I have seen the math it works out
Btw where is my micon sign of approval? I haven't gotten one yet
//DeaDTerra

This answer worries me. It just doesn't make sense like Vandroiy pointed out. No way to clarify this? I don't see how everyone is buying this, but not wondering why the hell anyone would offer this?!

[dust]

Logic question.

Supposedly, someone offers to lock up 5k in escrow and then insure 5k pirate coins with it, paying 2.5% interest to customers on them. If the same person were to just place the 5k into BS&T and take the whole interest himself, he would never have more risk, but always more profit.

I don't see why anyone would make such an offer.

INAU does this through some very smart accounting
Which makes it more profitable to do this insurance then it would be for him to directly invest in Pirate. I can not give away the details of course, but trust me I have seen the math it works out
Btw where is my micon sign of approval? I haven't gotten one yet
//DeaDTerra

This is a weak answer to a very good question by Vandroiy.  I wouldn't want to get screwed out of the insurance money by some "smart accounting" if/when pirate defaults.

[dust]

The following contract has been signed by the two parties involved
Imsaguy also has to notify me if INAU has requested a cancel of the Deposit, to make sure that we have enough backing for the bonds. Also if ImsaGuy defaults then INAU is still responsible for the backing and insurance.

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

...

-----END PGP SIGNATURE-----

TL;DR: There aren't 5k coins in escrow.

[DeaDTerra]

Logic question.

Supposedly, someone offers to lock up 5k in escrow and then insure 5k pirate coins with it, paying 2.5% interest to customers on them. If the same person were to just place the 5k into BS&T and take the whole interest himself, he would never have more risk, but always more profit.

I don't see why anyone would make such an offer.

INAU does this through some very smart accounting
Which makes it more profitable to do this insurance then it would be for him to directly invest in Pirate. I can not give away the details of course, but trust me I have seen the math it works out
Btw where is my micon sign of approval? I haven't gotten one yet
//DeaDTerra

This is a weak answer to a very good question by Vandroiy.  I wouldn't want to get screwed out of the insurance money by some "smart accounting" if/when pirate defaults.

Well, I can't exactly say how as then everyone would copy INAU and the secret would be lost, but at the same time saying nothing is kind of lame xD
so I gave a half assed answer.
//DeaDTerra

[DeaDTerra]

The following contract has been signed by the two parties involved
Imsaguy also has to notify me if INAU has requested a cancel of the Deposit, to make sure that we have enough backing for the bonds. Also if ImsaGuy defaults then INAU is still responsible for the backing and insurance.

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

...

-----END PGP SIGNATURE-----

TL;DR: There aren't 5k coins in escrow.

The amount after the third party lender is not the full amount correct.
INAU bets that pirate will not default within the time where the deposit doesn't cover the full backing (after a couple of months with interest it will), If pirate defaults before the full amount is covered in the deposit then INAU will pay the difference, exactly the same as if IMSAguy defaults
//DeaDTerra

[DeaDTerra]

The following contract has been signed by the two parties involved
Imsaguy also has to notify me if INAU has requested a cancel of the Deposit, to make sure that we have enough backing for the bonds. Also if ImsaGuy defaults then INAU is still responsible for the backing and insurance.

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

...

-----END PGP SIGNATURE-----

TL;DR: There aren't 5k coins in escrow.

The amount after the third party lender is not the full amount correct.
INAU bets that pirate will not default within the time where the deposit doesn't cover the full backing (after a couple of months with interest it will), If pirate defaults before the full amount is covered in the deposit then INAU will pay the difference, exactly the same as if IMSAguy defaults
//DeaDTerra

A additional 5000 BTC will be placed with HashKing, he will sign a similar contract. Hence INAU will have more then enough backing with third party lenders to back up the insurance
//DeaDTerra

[OneEyed]

Something is missing in the contract: the case of pirateat40 simply stopping his fund and reimbursing the principal. In this case, you should add that you will place a bid at face value for every bond. Right now, if pirateat40 choses to stop his operation without defaulting,  the bonds become worthless while you can keep all the invested money.

Also, it would be great to let people the possibility to buy out if the interet rates drop too much. For example, for a change of more of 0.5 points, you should place a bid at face value for every bond for at least two weeks.

[DeaDTerra]

Something is missing in the contract: the case of pirateat40 simply stopping his fund and reimbursing the principal. In this case, you should add that you will place a bid at face value for every bond. Right now, if pirateat40 choses to stop his operation without defaulting,  the bonds become worthless while you can keep all the invested money.

Also, it would be great to let people the possibility to buy out if the interet rates drop too much. For example, for a change of more of 0.5 points, you should place a bid at face value for every bond for at least two weeks.

Of course if pirate stops paying interest but he pays out the whole amount deposited with him. Then I will buy back the bond for 1 BTC each
I would ofc not keep the invested money if pirate stopped paying out, that would be silly. The face value of the bonds would still be 1 BTC and I would buy them back.

I can't keep ask walls up all the time, sorry. I think it's best if the market decided what the bonds are worth in case where pirate changes his rates.
To keep 5000 BTC on GLBSE for 2 weeks is simply not possible, or convenient.
//DeaDTerra

[DeaDTerra]

only 1700 Bonds left!
Go get them while you can
//DeaDTerra

[DeaDTerra]

Get you bonds today!, First dividend will go out on Wednesday
That's 2,5% in 3 days
only 1600 Bonds left!
//DeaDTerra