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Author Topic: [GLBSE] Nyancat Financial: Your Friend for Life (see post #2 for FAQ)  (Read 17524 times)
AngryCatfish
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August 05, 2012, 11:26:46 PM
 #21

Sold out already, anymore on the way?
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August 06, 2012, 01:37:45 AM
 #22

If one wanted equal exposure to A, B, and C, is there any significant difference between purchasing shares of each versus just getting NYAN?

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August 06, 2012, 01:39:54 AM
 #23

Sold out already, anymore on the way?

I'm thinking about it. It's just that people are gravitating towards pirate and high risk and they are going to lose a lot of money like this.

Please, for your own sake, I've stopped sale of NYAN.C as it was selling over 5x faster than A or B. Sure, pirate is popular, but people for your own sake stop buying so much pirate. You're going to lose your money.

Using C to leverage into B and A  Smiley

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August 06, 2012, 02:51:03 AM
 #24

If one wanted equal exposure to A, B, and C, is there any significant difference between purchasing shares of each versus just getting NYAN?

I was wondering this also.  The difference I see is you could gain/lose if the share prices of A, B, or C moved much more than NYAN.  But your dividend earnings should be equal.

Losing hundreds of Bitcoins with the best scammers in the business - BFL, Avalon, KNC, HashFast.
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August 12, 2012, 06:15:07 PM
 #25

Well done!

Beating Pirate's rates with a hedge on Pirate-backed assets is simply amazing.

Buying more NYAN.C
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August 17, 2012, 11:51:15 PM
 #26

How do you think pirate shutting down will affect NYAN ?

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August 18, 2012, 09:47:58 AM
 #27

How do you think pirate shutting down will affect NYAN ?

The effect on NYAN.C will be quite surprising. All our books are public. I'll just leave it there, or I might be accused of a pump and dump Smiley

Where can I find the public books?
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August 18, 2012, 03:27:04 PM
 #28

How do you think pirate shutting down will affect NYAN ?

The effect on NYAN.C will be quite surprising. All our books are public. I'll just leave it there, or I might be accused of a pump and dump Smiley

Where can I find the public books?

They're on our webpage. It's posted in the OP and on the GLBSE asset page. I don't have a link handy but you can just check the OP and cut and paste.

I don't see a link in the op, so here it is: http://www.tsukino.ca/cpa/nyan/

Click NYAN.C in the spreadsheet to see that one.

I'm not sure how to decipher the "surprising effect on NYAN.C."

It seems none of the issuers in bitcoin land know how to make proper financial statements and it drives me crazy.

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August 18, 2012, 03:42:16 PM
 #29



I'm not sure how to decipher the "surprising effect on NYAN.C."

It seems none of the issuers in bitcoin land know how to make proper financial statements and it drives me crazy.

That may be (I don't really know how a proper statement should look) , but I'm more more annoyed by the ones that don't even try to make one at all. And they are in the majority.
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August 18, 2012, 07:28:00 PM
 #30

PPT.DIV is now effectively worthless, so that will drop the value a bit. As long as Pirate returns the coins, the NAV shouldn't be too detrimentally affected, but the interest rates will most likely decrease, depending on what usagi does with the coins from bought-back pass-through bonds. Speaking of, do you have any preliminary plans at this point, usagi?

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August 18, 2012, 07:57:50 PM
 #31

The effect on NYAN.C will be quite surprising. All our books are public. I'll just leave it there, or I might be accused of a pump and dump Smiley
Holdings:
Pirate:
-YARR
-TYGRR.BOND-P
-BIB.PIRATE
-PPT.DIV
-FOO.PPPT
-BIF.BTCST.PPT

Non-pirate (Exposure still possible)
-TEEK.B
-OBSI.HRPT
-GMVT-BOT
-Loan to NYAN.B

Assuming all the coins come back as has been said by pirateat40 (making the assumption, I know some people don't believe this will happen), there will simple be a large amount of uninvested capital until it can be invested and returns will almost certainly drop temporarily (even if just because of short-term instability from pirate closing up). Nyan.A is guaranteed, though I don't expect using the insurance will be necessary. I don't expect any impact on Nyan.B either. Nyan.C will likely float and I have no idea what the returns will be. From there I can't really say anything, hopefully Usagi can enlighten us on the plans for the further out timeframe.
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August 18, 2012, 08:34:05 PM
 #32

No such thing. I'm not bound by any set of arbitrary rules such as those imposed by the SEC on a NYSE listing. Therefore, the financial statements I have issued so far are proper in that they provide a proper amount of information necessary for you to value my company in relation to others. I'm not sure what else you would want to see, feel free to make a suggestion.

....

On an unrelated note, please look very carefully at what you said NYAN.C holds vs. what the spreadsheet says NYAN.C holds Wink

usagi, I think what he is saying is that the financial statements provided, relative to GAAP, IAS or IFRS, look like they are scrawled with crayon on a placemat.

But I get your point about .C; but to me it is fairly moot since I hold both .C and YARR. It is going to be fun watching how you handle .C ......

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August 18, 2012, 09:17:31 PM
 #33

No such thing. I'm not bound by any set of arbitrary rules such as those imposed by the SEC on a NYSE listing. Therefore, the financial statements I have issued so far are proper in that they provide a proper amount of information necessary for you to value my company in relation to others. I'm not sure what else you would want to see, feel free to make a suggestion.

....

On an unrelated note, please look very carefully at what you said NYAN.C holds vs. what the spreadsheet says NYAN.C holds Wink

usagi, I think what he is saying is that the financial statements provided, relative to GAAP, IAS or IFRS, look like they are scrawled with crayon on a placemat.

But I get your point about .C; but to me it is fairly moot since I hold both .C and YARR. It is going to be fun watching how you handle .C ......


I didn't mean to offend you Usagi.  You should be commended for making the effort that you are, and for making your books as open as you are.

What frustrates me is trying to figure out what you (and anyone else around here with self-designed financial statements) are trying to convey with your statements.

The simplest thing to make would be a Balance Sheet.  It shows what you have and what you owe at a certain point in time.  Google and wikipedia will give you copious examples to copy from.  You don't need to have taken a single accounting course to make one.  If you track your bitcoins in any common financial software (e.g. Quickbooks, possibly Quicken or gnucash) there's probably a menu option for generating and exporting one.

The thing about financial statements is, you want people to know how to read them.  That's why there are standards; in the US we go by GAAP (Generally Accepted Accounting Principles).  This makes it easy for someone who knows what they're doing to look at your company's financial condition and quickly understand the situation.  It also makes it easier to compare companies.

Most of the ppl running issues on glbse are hobbyists with little or no financial background, not professional money managers or accountants.  So it stands to reason that we get "made up" financial statements.

My comment wasn't meant as an attack, rather I was trying to point out the frustration of being told to go look at a financial statement that, while it probably makes total sense to the author, looks like nothing I've seen before.

usagi
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August 19, 2012, 10:20:14 AM
 #34

sunday
Ilikeham
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August 19, 2012, 10:58:24 PM
 #35

Frankly I'm happy with the statements as they exist.

I hold a balanced shot of NYAN and am happy with the management. I definitely approve the "go big or go home" risk reward ration on NYAN C.
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August 20, 2012, 12:29:04 AM
 #36

...the Johnathan Ryan Owens/Alberto Armani fiasco...

There may be some resolution to the above:
https://bitcointalk.org/index.php?topic=93445.msg1114170#msg1114170
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August 20, 2012, 06:00:16 AM
 #37

If you have not yet diversified into NYAN.C, now is a great time to get in. We have to be truthful about how the market is valuing NYAN.C and sell it at 0.90, but if you feel that Pirate will return the coins, NYAN.C is a great play on "trust pirate". On the other hand, if you have been NYAN.C heavy we reccomend now buying .A and .B and holding NYAN.C.

Hmm? Are you selling NYAN.C shares at 0.90?

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August 26, 2012, 01:08:46 PM
 #38

NYANCAT FINANCIAL: YOUR FRIEND FOR LIFE

Nyancat Financial Weekly Letter to Shareholders
Sunday August 26th, 2012

also available at: http://www.tsukino.ca/cpa/nyan/nyancat-statements/2012-34-nyan-statement/

Slow week. Special decision about NYAN.C. Let's get down to work.

NYAN   paid 1.00%
NYAN.A paid 1.00%
NYAN.B paid 2.00%
NYAN.C paid 2.18% (0.01961814 per share on a NAV of 0.90).

FUND PERFORMANCE:
NYAN.A

NYAN.A had a stable cash flow all week. We got paid 0.37 for each GIPPT so far, with
hopefully more to come, but in any case we received enough money from operations
that we didn't need to rely on NYAN.B for this week's income. Management advice is to
hold NYAN.A and buy under 1. It appears to be maturing as a rock-solid investment fund
and the support it gets from NYAN.B and NYAN.C is considerable. Given that the pirate crash
won't even take NYAN.C to zero, there doesn't seem to be a lot of risk inherent in A.

NYAN.B
B class shares had an amazing week. NYAN.B single-handedly made enough money to pay dividends
for NYAN.A and NYAN.B, with overflow into C -- not counting the money overflow from NYAN.A.
All in all we're pleased with the performance of NYAN.B. We chalk this up to making a few
good trades here and there. Due to the pirate panic we were able to snap up some shares on
the cheap, and turn them over for a rather large profit (over 100% profit in one case).
Although it was for a small number of shares so it was diluted by the rather average returns
(2%-2.5%) of the rest of the fund. Management advises that NYAN.B is a hold and that NYAN.B
is currently overbought. We recommend diversifying into NYAN.A at this time.

NYAN.C
We have little choice but to mark the assets in NYAN.C to market. Keep in mind that while
NYAN.A and NYAN.B participated in buying PPT's at reduced prices, any losses affect NYAN.C
first. Right now we've decided to mark the PPT's in NYAN.C to market at 0.5 bitcoins per
share. This has dropped the NAV of NYAN.C to 0.70. However, we have decided to pay dividends
of 2.18% even though the value of NYAN.C has gone down. There are two main reasons for this
decision. One is the very important idea that pirate has not defaulted yet. We feel this is
a market panic and that the value of NYAN.C will recover. It therefore does not make sense
to us to kill the value of NYAN.C completely and not pay dividends. Investors in NYAN.C are
advised to hold. We will continue to pay dividends on NYAN.C to mitigate your losses and
pray that pirate pays back the money. The deal here is that Pirate owes about $4-5 million
dollars worth of bitcoins, and it is completely reasonable that he take 2 to 3 weeks to
organize and begin paying back investors. One might think he has interest money from
continuing operations but this is not necessarily the case. Closing out his contracts may
have prevented him from profiting from continuing operations because there are no more
continuing operations. Once again we advise against market panic and advice investors to
HOLD NYAN.C. In fact if you believe Pirate will pay back, like we do, this is a nice time
to start accumulating NYAN.C.

NYAN
NYAN had a rough week because we lost NAV due to exposure to NYAN.C. But we are just
going to mark this stuff to market and get the pain over with. NYAN did pay a small
dividend this week and is worth about 1 now. Next week dividends should be about 1%
again, and we should be able to maintain a value close to 1 btc per share.


The Latest from Pirate:
(credit to Maged and others for posting these)
Aug. 19,  1:10am: https://bitcointalk.org/index.php?topic=101599.msg1111681#msg1111681
Aug. 19,  2:20am: https://bitcointalk.org/index.php?topic=101339.msg1111794#msg1111794
Aug. 20,  5:50pm: https://bitcointalk.org/index.php?topic=101339.msg1116828#msg1116828
Aug. 21,  2:30am: https://bitcointalk.org/index.php?topic=101339.msg1121336#msg1121336
Aug. 21, 10:00pm: https://bitcointalk.org/index.php?topic=101339.msg1121336#msg1121336
Aug. 22,  6:10am: https://bitcointalk.org/index.php?topic=101339.msg1122532#msg1122532 (The Bitlane Blowup)
Aug. 22,  6:00pm: https://bitcointalk.org/index.php?topic=101339.msg1124039#msg1124039


Ok guys, thank you for your support, I will remain here to answer any questions you may have!

Serena

==========================================

Question from BinaryMage:
Q: Last week you announced a NAV of 0.90. Will you sell NYAN.C shares at 0.90?

A: Hello BinaryMage. Last week we didn't do that and kept the ask at 1, but this week we will be selling 480 shares of NYAN.C at the nav price of 0.70. We have decided to cap outstanding shares of NYAN.C at 3,000 until the other funds reach at least 3,000 (and probably 5,000) each. This is to help NYAN.C make more money and increase it's appeal to investors. A large part of the dividends on NYAN.C are overflow from A and B, especially due to the pirate crash. In this way, we can quickly repair the value of NYAN.C. It may be a rough couple of weeks until the pirate situation resolves itself, but we feel confident that once the pain is out of the system the overflow from A and B coupled together with NYAN.C's other investments will quickly repair the value of the fund.

For example let's say pirate crashes and the NAV of .C goes to 0.25. 1% overflow from .B and 1% overflow from .A is 0.02 bitcoins per share into .C. if .C itself makes 1% then that's 1% + (1%/0.25) + (1%/0.25) or 9% weekly interest rate for NYAN.C. So you see, rushing into NYAN.C is probably a bad idea NAV wise, but considering the dividend .C is likely to pay more than .A per share even when it's NAV is much lower. In a way, we feel you should value NYAN funds by the dividend they pay and not by their NAV. So then, if .A and .B both have a NAV of 1, and B pays 2x as much, is B worth 2x as much? Valuing these things can be tricky but I suggest that you just hold .C for now, regardless of the NAV, it should pay 0.01 per share or more going forward and we feel that's not too bad.
+1

Its awesome that NYAN.C has held up and a full pirate default wont even take it to 0.

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August 26, 2012, 01:58:53 PM
 #39

+1 Thats why NYAN.C is such a great idea. If pirate defaults, still 1-2% dividends which looks kind of like a giga share which is valued at around 1 so this share is worth value even if the principle goes to shit. I wish I thought of it.
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August 27, 2012, 05:03:03 AM
 #40

Thank you usagi for managing this chain of events intelligently, not making any rash decisions, and being mostly frank. It's not a common sight in the Bitcoin economy right now, but it most certainly is a welcome one.

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