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Author Topic: [GLBSE] YABIF - Turbulent Market, Secure Investments  (Read 3952 times)
puffn
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August 06, 2012, 04:59:19 AM
Last edit: August 23, 2012, 06:16:18 PM by puffn
 #1

Yet Another Bitcoin Investment Fund

IPO Live 1 BTC per share
The purpose of this fund is to provide a method for people to securely and easily invest in GLBSE stocks. Our goal is to take as much of the risk out of investing as possible by investing companies that are verified, have plausible business models, and good rates of return. The target rate of this fund is 2 percent per week. We aim to have a diversified portfolio with at least 90% capital deployment at any time.

My contract with you the investor.

Net asset value will be disclosed at least once per month. This will be presented as a balance sheet with a breakdown by sector.

There will be no under the table deals. All shares will be issued on the open market with a maximum of a 2% discount to spot price, NAV, or 5 day average.

I will hold a large majority of my own money in this fund. I will also be taking a management fee of 3%. Dividends will be disbursed when no deals are on the market, or when shares are being offered.

No information that could lead to insider trading will be disclosed to anyone. As most of my capital will be in the fund, almost all insider trading risk will be severely limited.

A 67% approval on a motion is necessary to proceed with a wind down of assets. In the event that I can no longer continue as fund manager, assets will be disbursed according to share ownership.

Why Invest with me?

  • Let me do the hard work
  • Focus on safe stocks
  • Transparent Operations
  • Good returns
  • Uncapped Returns
  • Low Fees
  • No off-market share sales

Looking for safe diversification? YABIF: Good Returns, Low Fees, Low Risk.

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August 06, 2012, 06:53:05 AM
Last edit: August 09, 2012, 01:41:33 AM by puffn
 #2

I have been thinking of creating a Bitcoin Investment Fund. Most of the investments of the fund would be GLBSE securities. There seems to be a lack of funds that focus on low risk high quality investments, and hopefully, this can be used to fill that niche. Ideally, companies that would be selected for this fund would be the more transparent insured pirate pass throughs, mining investments with good outlooks, and perhaps other low risk ventures.

I would of course be willing to get verified on GLBSE with the services I have. I do not use Linked In, however, I would be willing to verify everything else. I would be willing to verify on the forum in a similar manner to BitcoinINV. I would also be willing to disclose some of these items to large investors, and trusted members of the community.

Dividends and capital gains will be disbursed if there are no opportunities in the market. The management fee will be 3 percent of all returns. Please note that this is performance based pay. I do not get paid if you do not earn. This may be subject to change in the event that pirate defaults as I believe that his rates have an affect on interest rates of assets.

Net Asset Value will be disclosed once per month. This will be on the first date of the month.

I will be purchasing shares with all of my holdings, this will keep me from having a conflict of interest with the fund's interest. It will also help to further align my interest with the investors. I mine on the side, so any coins I make will be used to purchase shares on the open market at the same price you do. All additional share sales will be announced three days in advance on this forum and will be sold at a 2% discount to the 5 day average price, or the NAV whichever is higher. The share price will be recalculated once per day until every share is sold. There will be no private or pre IPO sales.

I will not disclose any information that would be considered insider knowledge.

Any further suggestions?

EDIT: Individual investments will not be disclosed, however, sector percent will be.
EDIT 3: Upon resolution of the fund, assets will be dispersed and liquidated to shareholders according. This can be initiated by shareholders at a point when 67% approve of a motion, this can also happen if I determine that I can no longer execute my responsibilities to you.

If any trusted members would like to see my ID, please pm me with your email address and a short reminder. The IPO is slated to be on Monday the 13th. I cannot guarantee full verification via GLBSE at IPO time, but I should at a minimum have ID either confirmed on GLBSE or posted directly here. I have just  sent them an email, so things should be fine. On Saturday, the final details for the IPO will be placed in the top post with the top post's contents moved to this post. This way the main details for the issue will be available first with the information already provided to you available just below that. Thanks.

Looking for safe diversification? YABIF: Good Returns, Low Fees, Low Risk.

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August 06, 2012, 07:50:04 AM
Last edit: August 08, 2012, 10:22:38 PM by puffn
 #3

I really appreciate that feedback Usagi. I have good reason for seeking more capital for investment. As far as shares go, initially, I want to expand slowly to build trust with my issue holders. Anything I can do to reduce the risk associated with my person will greatly enhance the value of the shares. This is also why I am willing to be so transparent. I also think that the transparency of my fund is enticing. No funds from this investment will ever leave GLBSE through me. I can tell you that my investment analysis really will benefit my investors. I put a lot of time into this for my own private use, and can pass this along to others in the community through this fund.

I agree with your thoughts on the fee structure. I had that figure in there in order to add predictability to the returns. It would be useful to have the option of employing additional capital if needed.

There are so many issues on GLBSE that are rotten apples right now. There is a bit of a lending bubble right now combined with a huge shift in a large sector of the market (mining). I can provide people with a fund that will get them the best returns possible without taking large risks.

I can provide better returns than NYAN by not capping returns at 1% and 2%.

Edit to avoid double post: I think this product deserves a chance. There are a lot of funds out there, but there is not one that goes after the "blue chip" stocks for value. This product does not exist. You include some issues like YABMC in your BMF package. That stock will probably only payout .06 before ASICs are supposed to arrive. So, at the .13 that it is going for right now, it is essentially a gamble. This is the kind of risk I want to insulate my investors from. I also do the due diligence on Pirate exposure, whether the company is actually mining, or just paying out mining dividends. Finally, I have some good experience in pricing issues which can go a long way in determining yields.


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August 09, 2012, 02:05:02 AM
 #4

Final contract terms have been announced(unless there is an oversight). IPO is scheduled for 2 pm EST on Monday. I am working towards getting full verification (minus linked in) on GLBSE. Those who wish to have a copy of my ID please PM me, and I will consider your request. Those who I do confirm for this (3-5 of you) please use some discretion as I would prefer to not have that floating around the internet. I would be happy to answer any questions you may have regarding this issue.

Looking for safe diversification? YABIF: Good Returns, Low Fees, Low Risk.

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August 09, 2012, 08:30:16 AM
 #5

Yet Another Bitcoin Investment Fund

The purpose of this fund is to provide a method for people to securely and easily invest in GLBSE stocks. Our goal is to take as much of the risk out of investing as possible by investing companies that are verified, have plausible business models, and good rates of return. The target rate of this fund is 2.5 percent per week. We aim to have a diversified portfolio with at least 90% capital deployment at any time.

My contract with you the investor.

Net asset value will be disclosed at least once per month. This will be presented as a balance sheet with a breakdown by sector.

There will be no under the table deals. All shares will be issued on the open market with a maximum of a 2% discount to spot price, NAV, or 5 day average.

I will hold a large majority of my own money in this fund. I will also be taking a management fee of 3%. Dividends will be disbursed when no deals are on the market, or when shares are being offered.

No information that could lead to insider trading will be disclosed to anyone. As most of my capital will be in the fund, almost all insider trading risk will be severely limited.

A 67% approval on a motion is necessary to proceed with a wind down of assets. In the event that I can no longer continue as fund manager, assets will be disbursed according to share ownership.

Why Invest with me?

  • Let me do the hard work
  • Focus on safe stocks
  • Transparent Operations
  • Good returns
  • Uncapped Returns
  • Low Fees
  • No off-market share sales

Glade I'm setting a bar for Verification, I am always willing to invest a little in someone count me in for a couple of shares. It just takes a couple shares from everyone to get some thing going!

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August 12, 2012, 03:47:18 AM
Last edit: August 12, 2012, 06:37:19 PM by puffn
 #6

YABIF is going live on Monday at 2PM. We will payout all earnings in dividends until all 1000 shares are sold. Shares are 1 BTC each. At this moment, verification of my GLBSE Identity is still not updated. Therefore, I am extending the time for private messages about this matter.

Looking for safe diversification? YABIF: Good Returns, Low Fees, Low Risk.

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August 12, 2012, 02:03:20 PM
 #7

Have had nothing but Great transactions and communications with puffn, so far will invest with him for sure.

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August 13, 2012, 07:08:08 AM
 #8

Now verified with everything but facebook. IPO goes live in ~11 hours.

Looking for safe diversification? YABIF: Good Returns, Low Fees, Low Risk.

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August 13, 2012, 08:46:59 AM
 #9

Might get a few shares to see how it goes Smiley

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August 13, 2012, 07:15:55 PM
 #10

IPO is live. Get your shares while they are available. There are only 360 shares left.

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August 14, 2012, 12:28:12 AM
 #11

How often will you pay out dividends ?

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August 14, 2012, 02:33:07 AM
Last edit: August 14, 2012, 02:43:09 AM by puffn
 #12

I will pay dividends every Monday.

Since there is a lack of bids right now, I want to make it known that I am willing to buy shares back at .95 at any time. Just pm me, and I will put the bid up.

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August 14, 2012, 02:42:22 AM
 #13

I will pay dividends every Monday. Since there is a lack of bids right now, I want to make it known that I am willing to buy shares back at .95 at any time. Just pm me, and I will put the bid up.

Thanks.

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August 14, 2012, 05:11:17 AM
 #14

I decided that I am going to release a dividend of .2% every day until all shares are sold. This should make it more fair for early investors. The return per week will be higher than 1.4%. So, this should not be a problem.

Looking for safe diversification? YABIF: Good Returns, Low Fees, Low Risk.

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August 14, 2012, 05:50:34 AM
 #15

Got a small amount of shares for my personal account and depending how it goes will pick some up for BitcoinRS in future.
Will you have any pirate exposure ? Any assets off glbse ?

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August 14, 2012, 06:11:21 AM
 #16

Less than 10% of assets are planned to be insured pirate pass throughs, however, this is higher right now due to my person assets transferred in being higher than that.

No assets are going to be held off of GLBSE.

0 pure pirate in any company in this fund outside of those.

Looking for safe diversification? YABIF: Good Returns, Low Fees, Low Risk.

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August 14, 2012, 08:29:56 AM
 #17

I decided that I am going to release a dividend of .2% every day until all shares are sold. This should make it more fair for early investors. The return per week will be higher than 1.4%. So, this should not be a problem.

Does this mean that there will be an extra dividend on Mondays in addition to the .2% daily dividend? If there isn't, then the return per week is exactly 1.4%, not higher.

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August 14, 2012, 12:59:09 PM
 #18

Until all shares are sold there will be a .2% per day. Any excess profits will be distributed on Monday.

Once all shares are sold, dividends will revert to being paid on Mondays only. I will not have my early investors diluted by Sunday sales.

Looking for safe diversification? YABIF: Good Returns, Low Fees, Low Risk.

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August 14, 2012, 03:01:13 PM
 #19

Until all shares are sold there will be a .2% per day.

Where is the .2% coming from, have you already started pulling in profits?

CryptoNote needs you! Join the elite merged mining forces right now here in Fantomcoin topic: https://bitcointalk.org/index.php?topic=598823.0
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August 14, 2012, 03:05:30 PM
 #20

I have some issues from my personal investments that I transferred in that do not fit the risk profile of this issue that I am liquidating and replacing with equities that do fit the low risk, blue chip issues that I promised would be in this.

Looking for safe diversification? YABIF: Good Returns, Low Fees, Low Risk.

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August 15, 2012, 07:24:55 PM
 #21

Pirate lowering his rate did have an effect on a few of our investments. However, I believe this is just general fear on the market. Some assets are chugging along nicely though.

Bitcoin Mining Investments will begin paying out dividends in the next week or two, and this should boost share value significantly. I have had extensive conversations with Daniel on his business goals, and we have crafted a long term strategy that will be very profitable as the market transitions from GPU mining to ASIC mining.

Remember, in the event of a full pirate melt down, our total maximum loss is 3.33% of fund value. Pirate's current decline hardly touched our long term assets. In the short term however, some excess dividends held over to Monday will be kept in the fund's possession instead of being disbursed. I will release the numbers on Monday along with current NAV.

Looking for safe diversification? YABIF: Good Returns, Low Fees, Low Risk.

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August 19, 2012, 12:49:07 AM
 #22

Sorry for the late update today folks. My sister got married. We had our insured pirate holdings in YARR, and have lost about 2.5% of portfolio value. In order to counteract this, I have decided to suspend our IPO and our dividends. This way, you will be able to trade your assets freely on the market. It takes no genius to determine that there will be some major shifts in the market in the coming weeks. Interest rates should lower significantly now that both pirate and BDT are on the downswing. The dividend will be reinstated as soon as I can possibly can. Thank you for your patience and understanding.

Looking for safe diversification? YABIF: Good Returns, Low Fees, Low Risk.

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August 19, 2012, 08:24:51 AM
 #23

Sorry for the late update today folks. My sister got married. We had our insured pirate holdings in YARR, and have lost about 2.5% of portfolio value. In order to counteract this, I have decided to suspend our IPO and our dividends. This way, you will be able to trade your assets freely on the market. It takes no genius to determine that there will be some major shifts in the market in the coming weeks. Interest rates should lower significantly now that both pirate and BDT are on the downswing. The dividend will be reinstated as soon as I can possibly can. Thank you for your patience and understanding.

If you do not reasonably think that you will be able to further go on as planned, and especially that early in the IPO, you should put a buy order at face value and return funds to the investors, and reopen YABIF when the market has settled down.

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August 19, 2012, 02:47:37 PM
 #24

Sorry for the late update today folks. My sister got married. We had our insured pirate holdings in YARR, and have lost about 2.5% of portfolio value. In order to counteract this, I have decided to suspend our IPO and our dividends. This way, you will be able to trade your assets freely on the market. It takes no genius to determine that there will be some major shifts in the market in the coming weeks. Interest rates should lower significantly now that both pirate and BDT are on the downswing. The dividend will be reinstated as soon as I can possibly can. Thank you for your patience and understanding.

If you do not reasonably think that you will be able to further go on as planned, and especially that early in the IPO, you should put a buy order at face value and return funds to the investors, and reopen YABIF when the market has settled down.

This is an investment fund, not a bond. If you want your shares to never lose value, start a motion to turn this into a bond. I gave you adequate warning about how we would fair in such an event. Had something I personally did, like make a typo happen, I would cover your losses, however, a market wide phenomenon like this who's risk was apparent from the beginning is not something I will cover you for.

Looking for safe diversification? YABIF: Good Returns, Low Fees, Low Risk.

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August 23, 2012, 09:58:17 AM
 #25

Where can I find the breakdown by sector, as described in the contract? How is the fund doing?

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August 23, 2012, 06:13:37 PM
 #26

Our NAV is currently ~.974 BTC per share. The fund is currently holds the following percent in each sector:
Mining 79% (2 bonds, 2 Companies)
Bitcoin 12%
ETFs 9%.

We are doing fairly well, I have diversified our holdings more, and am looking for some opportunities on the market to invest 12%. Mostly, I am looking to get more funds out of mining and into businesses. However at this point, the fund seems reflect the post-pirate GBLSE market in that it is dominated by mining backed assets.

Normal dividends should return in a week or two once out NAV reaches 1.0. I will also resume our IPO at that point

Looking for safe diversification? YABIF: Good Returns, Low Fees, Low Risk.

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August 30, 2012, 10:47:55 PM
 #27

Our NAV is currently ~.974 BTC per share. The fund is currently holds the following percent in each sector:
Mining 79% (2 bonds, 2 Companies)
Bitcoin 12%
ETFs 9%.

We are doing fairly well, I have diversified our holdings more, and am looking for some opportunities on the market to invest 12%. Mostly, I am looking to get more funds out of mining and into businesses. However at this point, the fund seems reflect the post-pirate GBLSE market in that it is dominated by mining backed assets.

Normal dividends should return in a week or two once out NAV reaches 1.0. I will also resume our IPO at that point

Hi.

It's been one week since the last update. What are the news?

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August 30, 2012, 11:13:07 PM
Last edit: August 30, 2012, 11:48:11 PM by puffn
 #28

Great news. NAV is up again. I think I will be able to swing a dividend on Monday. I reduced our holdings in mining issues by about 10% from our last update, and that portion along with 6%(of 12%) of our bitcoin reserves went into ETFs. I expect the dividend will shake out to be about half of a percent. I can provide a closer estimate as we get closer to the day.

Thanks for sticking with me these past few weeks. I know it has been rough.

Looking for safe diversification? YABIF: Good Returns, Low Fees, Low Risk.

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September 05, 2012, 08:24:00 AM
 #29

Sorry for the late update today folks. My sister got married. We had our insured pirate holdings in YARR, and have lost about 2.5% of portfolio value. In order to counteract this, I have decided to suspend our IPO and our dividends. This way, you will be able to trade your assets freely on the market. It takes no genius to determine that there will be some major shifts in the market in the coming weeks. Interest rates should lower significantly now that both pirate and BDT are on the downswing. The dividend will be reinstated as soon as I can possibly can. Thank you for your patience and understanding.

If you do not reasonably think that you will be able to further go on as planned, and especially that early in the IPO, you should put a buy order at face value and return funds to the investors, and reopen YABIF when the market has settled down.

This is an investment fund, not a bond. If you want your shares to never lose value, start a motion to turn this into a bond. I gave you adequate warning about how we would fair in such an event. Had something I personally did, like make a typo happen, I would cover your losses, however, a market wide phenomenon like this who's risk was apparent from the beginning is not something I will cover you for.

Hi.

There is something I don't understand though when looking at the numbers on GLBSE:

Payment dateTotal paidShares paidPayment per share
2012-08-14 11:221.3266630.002
2012-08-15 10:421.336650.002
2012-08-16 09:481.3346670.002
2012-08-17 11:331.3386690.002
2012-09-03 12:381.112761980.00562

The number of shares in the fund has decreased. As far as I know, this is only possible if the fund operator buys back shares in the fund capacity, which reduces the value of the fund. I don't see that anywhere in the contract, and this also goes against the purpose of using GLBSE for an investment fund, which is to prevent withdrawals from drying up the fund liquidities.

Could you please explain how at least 471 shares out of 669 (more than 70% of the shares!) were paid back, to whom (especially if this is to you as the fund operator) and at which price, especially when you denied my request as in investor to return the funds when you chose to stop the IPO?

Since there is a lack of bids right now, I want to make it known that I am willing to buy shares back at .95 at any time. Just pm me, and I will put the bid up.

Here, you talk about putting a bid to buy shares back at .95, but you would do so as an individual, right? Doing it by diminishing the fund value would be detrimental for the other investors. Moreover, reducing the number of fund shares by exchanging private messages would certainly qualify as an "under the table deal".   

One of your selling points was the absence of under the table deals and insider trading, as well as transparency of operations (I quote those parts below for easy reference). Also, you said that a wind down of the assets would require 67% of the votes, while it appears that a wind down did occur (going from 669 shares to 198) without any motion being presented and voted.

I sincerely hope that this is all a misunderstanding on my side and that you stuck to the terms agreed to by your investors, but your lack of communication especially regarding the apparent wind down makes it hard to assert what's really going on here.

There will be no under the table deals. All shares will be issued on the open market with a maximum of a 2% discount to spot price, NAV, or 5 day average.

I will hold a large majority of my own money in this fund. I will also be taking a management fee of 3%. Dividends will be disbursed when no deals are on the market, or when shares are being offered.

No information that could lead to insider trading will be disclosed to anyone. As most of my capital will be in the fund, almost all insider trading risk will be severely limited.

A 67% approval on a motion is necessary to proceed with a wind down of assets. In the event that I can no longer continue as fund manager, assets will be disbursed according to share ownership.

Why Invest with me?

  • Let me do the hard work
  • Focus on safe stocks
  • Transparent Operations
  • Good returns
  • Uncapped Returns
  • Low Fees
  • No off-market share sales

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September 05, 2012, 02:24:03 PM
Last edit: September 05, 2012, 02:39:12 PM by puffn
 #30

Someone wanted out at .95. I obliged them. I thought I was doing the right thing for you and your shares by letting them out below NAV. I jumped on the opportunity to do so. I apologize to all of my investors for doing so.

Also, yes, a dividend of ~.56% was paid. I project next weeks dividend to be well over 1%. A more detailed view of NAV and assets will be posted this afternoon.

Looking for safe diversification? YABIF: Good Returns, Low Fees, Low Risk.

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September 05, 2012, 03:59:38 PM
 #31

Someone wanted out at .95. I obliged them. I thought I was doing the right thing for you and your shares by letting them out below NAV. I jumped on the opportunity to do so. I apologize to all of my investors for doing so.

So, if I understand you correctly (please correct me if I'm wrong), one investor, which is not you, who owned more than 70% of the shares, asked to be out and was reimbursed 0.95 BTC per share, without the other investors being asked or even told about it.

This is a serious wind down of the fund, which should have been acknowledge in a motion (which would have passed, since he had more than 67% of the votes) according to the terms of the contract. At least, other investors should have been warned, as a fund with less liquidities is probably much less efficient because of the limited leverage capabilities.

Can you clarify your offer to buy shares at 0.95 BTC at any time in the future? Will the money come from your personal wallet, or will it be a fund wind down (which, again, requires a vote as per your terms)? Reimbursing shares with the fund money may require that you liquidate assets at less than ideal conditions, and the remaining investors will suffer from this.

I'm sorry to bother you with so many questions, but the current way you are handling the fund is much too opaque in my opinion, and those questions and the corresponding answers should probably put in a FAQ in this thread. Also, I would hate to discover later from GLBSE admins that you were indeed the beneficiary of the buy back and that you concealed this information from investors.

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September 05, 2012, 04:50:55 PM
Last edit: September 05, 2012, 07:37:13 PM by puffn
 #32

.95 will be offered to any investor out of firm funds. If more than a 5 percent are requested, a motion will be raised. Does 5 percent sound fair to you? If so, I will start a motion to add this to the front page, and you can quote this for future reference. I feel that any less than 5% will just make for motion spam, and any more would fit your meaning of material change.


I'm sorry to bother you with so many questions, but the current way you are handling the fund is much too opaque in my opinion, and those questions and the corresponding answers should probably put in a FAQ in this thread. Also, I would hate to discover later from GLBSE admins that you were indeed the beneficiary of the buy back and that you concealed this information from investors.

Lets me and you work on communication together. It is a warning sign to me that you feel you need to apologize to me before asking a question.

Why don't you come up with a list of changes to how we run things and we can work out the wording, and put them up to motion.

Edit:

NAV right now is ~1.024.

~5% of assets are in Bitcoin.
~71% of assets are in Mining.
~24% of assets are in Investment Funds.

Motion raised: In the event that someone wishes to withdraw funds greater than 5% of Assets from the fund, a motion must be created.

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September 12, 2012, 03:27:53 AM
Last edit: September 12, 2012, 04:01:30 AM by puffn
 #33

Current NAV is 1.014.

~6% are in Bitcoin
~70% are in Mining
~24% are in Investment Funds

Motion will finish tomorrow. I assume it will pass, and when it does, I will update the contract. No further motions have been requested.

addendum: dividend was paid this week. More of the same coming next week. Our underlying securities are looking fundamentally sound this week. The next dividend will probably be a little lower, but I hope to surpass 1 percent per week returned since IPO soon.

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September 20, 2012, 07:36:58 PM
 #34

The nav per share for this week is 1.01.

We have repurchased 8 shares since my last update. The buy back was done on the open market.

The current holdings of the fund are

84% mining related.
14% investment fund
2% bitcoin


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September 30, 2012, 11:15:19 PM
Last edit: September 30, 2012, 11:54:13 PM by puffn
 #35

It appears that there has been a recent trend in glbse motions for there to be problems with the voting. This has become apparent from the recent results for other companies in which there were more votes than there were shares. In light of this, our recent news of being bought by nyan may have been based on invalid data. Therefore, we will be waiting for news from Nefario on when this situation will be fixed. After that, we will evaluate what needs to be done as far as voting again, or going ahead with the sale.

The dividend for this week will as always be paid on Monday. Around 98% of our funds are invested in mining related enterprises. Current NAV is 1.011.

We remain unaffected by the closures of the various lending schemes, move to, goat, or obsi. Though I wish them and their investors all the best.

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October 01, 2012, 06:26:41 AM
 #36



We remain unaffected by the closures of the various lending schemes, move to, goat, or obsi. Though I wish them and their investors all the best.

You are exposed to a different kind of risk. Your returns will be cut in half when the block subsidy goes to 25.

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October 16, 2012, 12:35:14 AM
 #37

So. I got my coins back, so maybe ther's hope also for shares? What's the situation? (what about Usagi?)
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October 16, 2012, 04:44:40 AM
 #38

I have only received an email saying my coins were sent. I have not received coins, or information on my share holders.

As soon as I do have information, I will be happy to formulate a plan for ongoing operations. I imagine some sort of wind down will have to occur, though I have no idea how I will start that. Mostly, I assume that I will use personal dividends and dividends from my shares to repurchase shares over time.


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