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Author Topic: [GLBSE] FOO.PPPPT - Perpetual Pure Pirate Pass-Through Bonds - 5% weekly nxt wk  (Read 3975 times)
brendio
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August 06, 2012, 09:51:37 PM
Last edit: August 15, 2012, 09:48:18 PM by brendio
 #1

Now under new management!

The issuer of such assets as BIB.GOAT, BIB.BVPS and BIB.PIRATE is now pleased to take over management of FOO.PPPPT. The original contract will be honoured in full.

If you are new to the forum, please be sure to check out pirateat40's thread.

If you wish to share opinions or doubts about the underlying operation, BS&T, please do so in the threads linked from pirate's OP.

Local thread rule: Only discussion relevant to FOO.PPPPT will be allowed here. There are plenty of other thread for sharing accusations about the underlying business of BS&T and conspiracy theories etc. Investors doing their due diligence are encouraged to check them out before making a decision to invest. Nothing in this thread should be taken as a recommendation to invest. Obtain your own legal or financial advice if necessary.

From the original thread:

Since Pirate Pass-through bonds are the flavor of the month, I'm rolling out my own. Announcing FOO.PPPPT: the "Perpetual Pure Pirate Pass-Through" bond. Here is the asset on GLBSE: https://glbse.com/asset/view/FOO.PPPPT

Each bond represents 1 BTC invested in Bitcoin Savings & Trust.

Current status:

Total bonds issued (at 1 BTC face value): 5832
Expected weekly interest: 0.07 BTC per bond
Interest payment address: 1C9cJqCH2ZzJpqhVr5yr5eR18p1a7uD6RY
New bond sales: Suspended
Buybacks: Suspended

Daily bond issuance:
Up to 100 bonds will be issued per "cycle" at a pre-determined price. These will be in the form of an ask wall on GLBSE. The price starts at 1.05 BTC immediately after dividend payment, and goes up by 0.01 BTC every day according to the following schedule:

Code:
GLBSETime 02:00 AM Tuesday   - 1.06 BTC
GLBSETime 02:00 AM Wednesday - 1.07 BTC
GLBSETime 02:00 AM Thursday  - 1.08 BTC
GLBSETime 02:00 AM Friday    - 1.09 BTC
GLBSETime 02:00 AM Saturday  - 1.10 BTC
GLBSETime 02:00 AM Sunday    - 1.11 BTC
GLBSETime 02:00 AM Monday    - 1.12 BTC (before dividend payment)
GLBSETime xx:xx    Monday    - 1.05 BTC (after dividend payment)

GLBSETime = EDT (GMT - 04:00). A "cycle" involves the sale of some bonds, deposit with pirate, and confirmation that he has accepted the coins. There may be any number of cycles per day.

Weekly bond buyback procedure:

Transfer your bonds at any time to the asset account on GLBSE (account name = bitfoo:FOO.PPPPT). You do not need to notify me when transferring them. The cutoff time for this is Monday 02:00 AM GLBSETime (EDT). After the Monday dividend payment, I will e-mail pirate for a withdrawal of all accumulated buyback requests. Once the funds are returned from BS&T, each bond will be paid the face value of 1 BTC + 1 week's interest. A fixed fee of 1 BTC will be deducted per buy-back transaction. If you send me bonds more than once in the same week, it still counts as just one transaction. I cannot let the account balance fall too low, so I reserve the right to suspend the buy-back option at any time. If more buy-backs are requested in a particular week than I can honor, requests will be processed on a first-come, first-served basis, and the remaining bonds will be returned.



Original post:

tl;dr: Pirate bonds, weekly 7% coupon payments. No fees, no commissions, no frantic bidding every week, no insurance, just pure Pirate! This is as close as it gets to the real deal (maybe even better).

The story is simple: I currently have 500 BTC with Pirate/BTCST, earning 5.6% a week. I want to bump up my interest rate. Hence I am auctioning off the remaining space in my account through GLBSE. I will sell 1500 bonds at 1 BTC each on the 28th of May, 2012 at 11:00 EDT (GLBSE time).

A total of 2000 bonds will be issued, and I will keep 500 myself, to represent my portion of the investment. Our interest rate will always be the interest that would be received at BTCST by the total value of bonds issued. Currently this means that I will pay out 7% a week, even if all bonds do not sell during IPO. I will always publicly disclose the total number of issued bonds. The address at which BTCST pays our interest will also be disclosed. I reserve the right to sell the bonds I hold at any time, buy more bonds from the open market, or deposit more money with BTCST and issue myself bonds for the same.

I will do pre-IPO sales of minimum 100 bonds at 1 BTC each. At least 750 bonds will be reserved for sale during the IPO itself. All pre-IPO bonds have been reserved.



FAQ:

Pirate? BTCST? WTF are you talking about?

https://bitcointalk.org/index.php?topic=50822.0
https://bitcointalk.org/index.php?topic=82849.0

What's in it for you?

  • Increased interest rate with BTCST.
  • Increased liquidity for my BTCST investment: I (and all of you) can increase or decrease our level of BTCST investment as we wish by trading these bonds on the open market, while still maintaining the highest interest rate possible.

Aren't you losing money by doing this with no commissions?

A little bit. There's the IPO fee of 8 BTC, and the trade fee on 1500 bonds is 7.5 BTC. However, the potentially increased interest rates from BTCST means that I can recover this loss in 2 weeks, and then gain further out. This keeps the interest pass-through simple (and "pure") as opposed to taking a cut off the initial bond sale or interest payments like the other bond issuers. If you're paying any kind of fee to deposit coins with pirate, you should be demanding some insurance as well. Which leads me to...

Do you offer any insurance?

No. If BTCST defaults and runs away with our money, we lose everything. If pirate returns a portion of our coins, I will buy back the bonds for exactly the fraction of principal that is returned.

When do you pay interest / coupons?

Almost always the same day, never more than 24 hours after BTCST pays out. Currently, interest payments from BTCST are due every Monday at 13:00 EDT. Since the IPO is 2 hours before this date, you will lose 2 hours of interest for the first week, this gives me enough time to move the money into BTCST. You have to be holding the bond at the time of coupon payment, i.e. payments are not pro-rated.

How many more bonds will you issue?

I am currently only issuing enough bonds (1500) to get to the next interest rate tier. I do not intend to issue any further bonds, unless I feel there is significant demand, in which case any further bonds issued will be priced slightly higher. This one-time issuance keeps my overhead low, allowing me to pass through all the interest to you. Of course, if BTCST's interest rate tiers change, I will always strive to reach the top interest rate offered by issuing more bonds.

Will you buy back my bonds if I want out?

For the moment, no. Withdrawing money from the account would cause a drop in interest rates. If you PM me, I might be able to do it using my own BTC liquidity. However, this cannot be guaranteed, especially for large amounts. Buy this bond if you want to deposit some BTC and receive steady payments. Of course, the benefit of GLBSE is that you can put your bonds up for sale at any time, I'm sure people will grab them if the price is right.

Who are you, why should I trust you?

Good question. I have been in the Bitcoin community for a year now. Almost 20 of those 365 days have been spent on this forum (*gulp*). I also lurk on a bunch of bitcoin IRC channels. Come Friday, I will be verified with GLBSE. I will gladly disclose (and can prove) my real identity in PM (if you're planning to buy bonds pre-IPO). My real-world job involves doing research with tax-payer money, and publishing papers. In this field, reputation is everything and I wouldn't do anything to tarnish it.

Is pirateat40 ok with having millions of pass-through bond issuers?

I don't know about millions, but I have his personal blessing to issue this bond.

How old is your account with BTCST?

December 15, 2011.



All discussions, comments, and brickbats welcome. I will update the OP to clarify. Contract terms are coming up in the following post.

Original contract signed by bitfoo:

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

FOO.PPPPT Contract / Terms and conditions:

At least 1 BTC per bond sold will be deposited with the issuer's account in Bitcoin Savings and Trust (BTCST) (https://bitcointalk.org/index.php?topic=50822.0). Each bond will be paid out a weekly coupon not later than 24 hours after BTCST pays out interest on the account. The value of the weekly coupon will be exactly x% of 1 BTC, where x is the interest rate that the total value of bonds issued receives from the underlying investment. If interest rates or tiers change in the future, I will make every effort (i.e., issue enough bonds) to attract the highest interest rate possible from BTCST. The current amount invested, and corresponding interest rate will always be published on the bitcointalk.org forum thread for this bond (https://bitcointalk.org/index.php?topic=83013.0). If BTCST defaults on the loan, or otherwise returns the funds for any reason, the bonds will be bought back for exactly the fraction of principal that is returned, if any. No on-demand buyback option will be provided. I reserve the right to call for a buy back of all outstanding bonds at a rate of 1 BTC + one week's worth of interest at any time. I do not assume any liability or provide any insurance for loss of these funds by BTCST. Please do your own due diligence before investing, and never invest more than you can afford to lose!
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-----END PGP SIGNATURE-----

Signed contract transferring the asset to me:

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

Effective 05:00 UTC, Jul 30th 2012, 'bitfoo' (gpg key id 0x7087E81EDF0E3996) will transfer complete ownership of the FOO.PPPPT asset on the GLBSE (https://glbse.com/asset/view/FOO.PPPPT) to 'brendio' (gpg key id 0xB943789241C3973E). After this date, brendio assumes all liabilities regarding payment of coupons, principal and full adherence to the listed asset contract terms, releasing bitfoo of the same. This transfer of ownership and liability is contingent on the occurrence of each of the following events:

1) pirateat40 (operator of the underlying investment, Bitcoin Savings and Trust / BS&T) transfers all funds held in bitfoo's BS&T account to brendio's account.
2) Nefario or another admin of GLBSE transfers control of the FOO.PPPPT asset to brendio.
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brendio
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August 06, 2012, 09:52:26 PM
Last edit: August 07, 2012, 06:58:33 AM by brendio
 #2

Updated OP:

Since Pirate Pass-through bonds are the flavor of the month, I'm rolling out my own. Announcing FOO.PPPPT: the "Perpetual Pure Pirate Pass-Through" bond. Here is the asset on GLBSE: https://glbse.com/asset/view/FOO.PPPPT

Each bond represents 1 BTC invested in Bitcoin Savings & Trust.

Current status:

Total bonds issued (at 1 BTC face value): 5989
Expected weekly interest: 0.07 BTC per bond
New bond sales: Open
Buybacks: Suspended

Daily bond issuance:
Up to 200 bonds will be issued per "cycle" at a pre-determined price. These will be in the form of an ask wall on GLBSE. The price starts at 1.05 BTC immediately after dividend payment, and goes up by 0.01 BTC every day according to the following schedule:

Code:
GLBSETime 02:00 AM Tuesday   - 1.06 BTC
GLBSETime 02:00 AM Wednesday - 1.07 BTC
GLBSETime 02:00 AM Thursday  - 1.08 BTC
GLBSETime 02:00 AM Friday    - 1.09 BTC
GLBSETime 02:00 AM Saturday  - 1.10 BTC
GLBSETime 02:00 AM Sunday    - 1.11 BTC
GLBSETime 02:00 AM Monday    - 1.12 BTC (before dividend payment)
GLBSETime xx:xx    Monday    - 1.05 BTC (after dividend payment)

GLBSETime = EDT (GMT - 04:00). A "cycle" involves the sale of some bonds, deposit with pirate, and confirmation that he has accepted the coins. There may be any number of cycles per day.

Weekly bond buyback procedure:

Transfer your bonds at any time to the asset account on GLBSE (account name = brendio:FOO.PPPPT). You do not need to notify me when transferring them. The cutoff time for this is Monday 02:00 AM GLBSETime (EDT). After the Monday dividend payment, I will e-mail pirate for a withdrawal of all accumulated buyback requests. Once the funds are returned from BS&T, each bond will be paid the face value of 1 BTC + 1 week's interest. A fixed fee of 1 BTC will be deducted per buy-back transaction. If you send me bonds more than once in the same week, it still counts as just one transaction. I cannot let the account balance fall too low, so I reserve the right to suspend the buy-back option at any time. If more buy-backs are requested in a particular week than I can honor, requests will be processed on a first-come, first-served basis, and the remaining bonds will be returned.



Original post:

tl;dr: Pirate bonds, weekly 7% coupon payments. No fees, no commissions, no frantic bidding every week, no insurance, just pure Pirate! This is as close as it gets to the real deal (maybe even better).

The story is simple: I currently have 500 BTC with Pirate/BTCST, earning 5.6% a week. I want to bump up my interest rate. Hence I am auctioning off the remaining space in my account through GLBSE. I will sell 1500 bonds at 1 BTC each on the 28th of May, 2012 at 11:00 EDT (GLBSE time).

A total of 2000 bonds will be issued, and I will keep 500 myself, to represent my portion of the investment. Our interest rate will always be the interest that would be received at BTCST by the total value of bonds issued. Currently this means that I will pay out 7% a week, even if all bonds do not sell during IPO. I will always publicly disclose the total number of issued bonds. The address at which BTCST pays our interest will also be disclosed. I reserve the right to sell the bonds I hold at any time, buy more bonds from the open market, or deposit more money with BTCST and issue myself bonds for the same.

I will do pre-IPO sales of minimum 100 bonds at 1 BTC each. At least 750 bonds will be reserved for sale during the IPO itself. All pre-IPO bonds have been reserved.



FAQ:

Pirate? BTCST? WTF are you talking about?

https://bitcointalk.org/index.php?topic=50822.0
https://bitcointalk.org/index.php?topic=82849.0

What's in it for you?

  • Increased interest rate with BTCST.
  • Increased liquidity for my BTCST investment: I (and all of you) can increase or decrease our level of BTCST investment as we wish by trading these bonds on the open market, while still maintaining the highest interest rate possible.

Aren't you losing money by doing this with no commissions?

A little bit. There's the IPO fee of 8 BTC, and the trade fee on 1500 bonds is 7.5 BTC. However, the potentially increased interest rates from BTCST means that I can recover this loss in 2 weeks, and then gain further out. This keeps the interest pass-through simple (and "pure") as opposed to taking a cut off the initial bond sale or interest payments like the other bond issuers. If you're paying any kind of fee to deposit coins with pirate, you should be demanding some insurance as well. Which leads me to...

Do you offer any insurance?

No. If BTCST defaults and runs away with our money, we lose everything. If pirate returns a portion of our coins, I will buy back the bonds for exactly the fraction of principal that is returned.

When do you pay interest / coupons?

Almost always the same day, never more than 24 hours after BTCST pays out. Currently, interest payments from BTCST are due every Monday at 13:00 EDT. Since the IPO is 2 hours before this date, you will lose 2 hours of interest for the first week, this gives me enough time to move the money into BTCST. You have to be holding the bond at the time of coupon payment, i.e. payments are not pro-rated.

Will you buy back my bonds if I want out?

For the moment, no. Withdrawing money from the account would cause a drop in interest rates. If you PM me, I might be able to do it using my own BTC liquidity. However, this cannot be guaranteed, especially for large amounts. Buy this bond if you want to deposit some BTC and receive steady payments. Of course, the benefit of GLBSE is that you can put your bonds up for sale at any time, I'm sure people will grab them if the price is right.

Who are you, why should I trust you?

Good question. I have been in the Bitcoin community for a year now. Over 32 of those 365 days have been spent on this forum (*gulp*). I am verified with GLBSE. I am not invisible to google.

Is pirateat40 ok with having millions of pass-through bond issuers?

I don't know about millions, but I have his personal blessing to issue this bond.

How old is your account with BTCST?

November 4, 2011.


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August 07, 2012, 12:18:03 AM
 #3

Will you be issuing yourself bonds when you deposit money in your own BS&T for yourself (as bitfoo did)?

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August 07, 2012, 06:56:16 AM
 #4

In line with updating the OP, you may want to edit the transfer procedure to your username instead of bitfoo's on GLBSE. Other than that it looks pretty solid.
brendio
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August 07, 2012, 07:03:58 AM
 #5

In line with updating the OP, you may want to edit the transfer procedure to your username instead of bitfoo's on GLBSE. Other than that it looks pretty solid.
Thanks for picking that up.

Quick update: This week's payment is showing as pending on the BS&T site, but has not yet been paid.

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August 07, 2012, 03:17:45 PM
 #6

Dividends paid. There was a glitch in my account and the interest payment was missed until now. I PMed pirate and he got it sorted out.

It's funny how with all the FUD around, a small glitch like that gets one on edge.

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August 08, 2012, 09:23:36 AM
 #7

Updated OP:
Current status:
Buybacks: Suspended
So you're not offering buybacks atm? Any particular reason why buybacks are suspended? Are you planning to start offering buybacks in the future, when? In general, what is your policy regarding buybacks, so that we can somehow estimate when the buybacks are available and when they are not?
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August 08, 2012, 06:59:17 PM
 #8

Updated OP:
Current status:
Buybacks: Suspended
So you're not offering buybacks atm? Any particular reason why buybacks are suspended? Are you planning to start offering buybacks in the future, when? In general, what is your policy regarding buybacks, so that we can somehow estimate when the buybacks are available and when they are not?

Please be aware that buybacks are not provided for as part of the original contract.

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

FOO.PPPPT Contract / Terms and conditions:

At least 1 BTC per bond sold will be deposited with the issuer's account in Bitcoin Savings and Trust (BTCST) (https://bitcointalk.org/index.php?topic=50822.0). Each bond will be paid out a weekly coupon not later than 24 hours after BTCST pays out interest on the account. The value of the weekly coupon will be exactly x% of 1 BTC, where x is the interest rate that the total value of bonds issued receives from the underlying investment. If interest rates or tiers change in the future, I will make every effort (i.e., issue enough bonds) to attract the highest interest rate possible from BTCST. The current amount invested, and corresponding interest rate will always be published on the bitcointalk.org forum thread for this bond (https://bitcointalk.org/index.php?topic=83013.0). If BTCST defaults on the loan, or otherwise returns the funds for any reason, the bonds will be bought back for exactly the fraction of principal that is returned, if any. No on-demand buyback option will be provided. I reserve the right to call for a buy back of all outstanding bonds at a rate of 1 BTC + one week's worth of interest at any time. I do not assume any liability or provide any insurance for loss of these funds by BTCST. Please do your own due diligence before investing, and never invest more than you can afford to lose!
-----BEGIN PGP SIGNATURE-----
Version: GnuPG v1.4.11 (GNU/Linux)

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See also this quote from bitfoo's FAQ:
Quote
Will you buy back my bonds if I want out?

For the moment, no. Withdrawing money from the account would cause a drop in interest rates. If you PM me, I might be able to do it using my own BTC liquidity. However, this cannot be guaranteed, especially for large amounts. Buy this bond if you want to deposit some BTC and receive steady payments. Of course, the benefit of GLBSE is that you can put your bonds up for sale at any time, I'm sure people will grab them if the price is right.

That will pretty much be my policy going forward. We are still around 300 BTC off the new 7% limits. Meaning, if my account does not get another 300 BTC (from FOO.PPPPT, BIB.PIRATE, or my private deposit program) this week (by August 13), interest rates will drop 1 %. I would want to have at least a 1000 BTC buffer over the limit before I open buy backs again on FOO. If wholesale redemption of bonds is important to you, then BIB.PIRATE is probably more suitable for you. Bond redemption is written into its contract.

cedus
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August 09, 2012, 01:31:46 AM
 #9

Actually that bolded part was the very reason why I asked, since I wasn't sure how you as a new owner interpret it. There's always possibility for confusion if in one place is written "no on-demand buyback" yet elsewhere is separately described the weekly buyback procedure (ie. is the latter considered as "on-demand"). But got the info I needed, will look into BIB.PIRATE more closely too. Hopefully you'll find those missing 300 Satoshis somewhere. Smiley
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August 09, 2012, 03:22:49 AM
 #10

Actually that bolded part was the very reason why I asked, since I wasn't sure how you as a new owner interpret it. There's always possibility for confusion if in one place is written "no on-demand buyback" yet elsewhere is separately described the weekly buyback procedure (ie. is the latter considered as "on-demand"). But got the info I needed, will look into BIB.PIRATE more closely too. Hopefully you'll find those missing 300 Satoshis somewhere. Smiley

The original contract didn't require me (now brendio) to provide for buybacks. I merely provided the option as a courtesy since we were comfortably in the highest interest tier back then. It's a good clause for times like this when brendio needs more funds to get the max interest rate possible.

BTW, I believe he needs more like 30,000,000,000 Satoshis at the moment!

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August 09, 2012, 03:26:17 AM
 #11

That will pretty much be my policy going forward. We are still around 300 BTC off the new 7% limits. Meaning, if my account does not get another 300 BTC (from FOO.PPPPT, BIB.PIRATE, or my private deposit program) this week (by August 13), interest rates will drop 1 %. I would want to have at least a 1000 BTC buffer over the limit before I open buy backs again on FOO. If wholesale redemption of bonds is important to you, then BIB.PIRATE is probably more suitable for you. Bond redemption is written into its contract.

Does this mean that a bulk bond redemption on BIB.PIRATE could suddenly cause interest rate reductions on FOO.PPPPT and your private deposit program as well?

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August 09, 2012, 09:16:49 AM
 #12

That will pretty much be my policy going forward. We are still around 300 BTC off the new 7% limits. Meaning, if my account does not get another 300 BTC (from FOO.PPPPT, BIB.PIRATE, or my private deposit program) this week (by August 13), interest rates will drop 1 %. I would want to have at least a 1000 BTC buffer over the limit before I open buy backs again on FOO. If wholesale redemption of bonds is important to you, then BIB.PIRATE is probably more suitable for you. Bond redemption is written into its contract.

Does this mean that a bulk bond redemption on BIB.PIRATE could suddenly cause interest rate reductions on FOO.PPPPT and your private deposit program as well?

Yes. The interest tier is calculated on my account balance, which now includes FOO.PPPPT, BIB.PIRATE, and my private deposits.

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August 12, 2012, 12:20:01 AM
 #13

That will pretty much be my policy going forward. We are still around 300 BTC off the new 7% limits. Meaning, if my account does not get another 300 BTC (from FOO.PPPPT, BIB.PIRATE, or my private deposit program) this week (by August 13), interest rates will drop 1 %. I would want to have at least a 1000 BTC buffer over the limit before I open buy backs again on FOO. If wholesale redemption of bonds is important to you, then BIB.PIRATE is probably more suitable for you. Bond redemption is written into its contract.

Does this mean that a bulk bond redemption on BIB.PIRATE could suddenly cause interest rate reductions on FOO.PPPPT and your private deposit program as well?

Yes. The interest tier is calculated on my account balance, which now includes FOO.PPPPT, BIB.PIRATE, and my private deposits.

So how are we coming along with racking up those extra 300 BTC ?

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August 12, 2012, 07:28:26 AM
 #14

That will pretty much be my policy going forward. We are still around 300 BTC off the new 7% limits. Meaning, if my account does not get another 300 BTC (from FOO.PPPPT, BIB.PIRATE, or my private deposit program) this week (by August 13), interest rates will drop 1 %. I would want to have at least a 1000 BTC buffer over the limit before I open buy backs again on FOO. If wholesale redemption of bonds is important to you, then BIB.PIRATE is probably more suitable for you. Bond redemption is written into its contract.

Does this mean that a bulk bond redemption on BIB.PIRATE could suddenly cause interest rate reductions on FOO.PPPPT and your private deposit program as well?

Yes. The interest tier is calculated on my account balance, which now includes FOO.PPPPT, BIB.PIRATE, and my private deposits.

So how are we coming along with racking up those extra 300 BTC ?
We have the extra funds. The interest rate will remain at 7% on August 13 (or whenever pirate changes the rates).

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August 12, 2012, 08:50:00 PM
 #15

That will pretty much be my policy going forward. We are still around 300 BTC off the new 7% limits. Meaning, if my account does not get another 300 BTC (from FOO.PPPPT, BIB.PIRATE, or my private deposit program) this week (by August 13), interest rates will drop 1 %. I would want to have at least a 1000 BTC buffer over the limit before I open buy backs again on FOO. If wholesale redemption of bonds is important to you, then BIB.PIRATE is probably more suitable for you. Bond redemption is written into its contract.

Does this mean that a bulk bond redemption on BIB.PIRATE could suddenly cause interest rate reductions on FOO.PPPPT and your private deposit program as well?

Yes. The interest tier is calculated on my account balance, which now includes FOO.PPPPT, BIB.PIRATE, and my private deposits.

So how are we coming along with racking up those extra 300 BTC ?
We have the extra funds. The interest rate will remain at 7% on August 13 (or whenever pirate changes the rates).
Great to hear. Thanks for the heads up.
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August 13, 2012, 10:18:21 PM
 #16

Dividends have been paid. I've also put 100 bonds up for sale at 1.05 BTC if anyone's interested in getting in on the action.

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August 15, 2012, 09:50:00 PM
 #17

Rates will be decreasing to 5% from after next week's dividend in line with the reduction in the rate of the underlying investment in pirateat40's BS&T.

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August 17, 2012, 06:40:35 PM
 #18

Pirate40 closed the shop and returns money to investors. How are you going to handle this?

While reading what I wrote, use the most friendliest and relaxing voice in your head.
BTW, Things in BTC bubble universes are getting ugly....
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August 17, 2012, 08:06:18 PM
 #19

Buying FOO.PPT at 0.2 per share, capacity to take most of the issue. PM me for a request. Offer good today only.
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August 17, 2012, 08:43:15 PM
 #20

Buying FOO.PPT at 0.2 per share, capacity to take most of the issue. PM me for a request. Offer good today only.

Probably a good idea not to sell in to bottom feeder bids.

Lets see what brendio has to say and then panic Smiley

Here is the original announcement  https://bitcointalk.org/index.php?topic=50822.msg605957#msg605957

As you see, Pirate is NOT! defaulting but just closing the shop for now. 

While reading what I wrote, use the most friendliest and relaxing voice in your head.
BTW, Things in BTC bubble universes are getting ugly....
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