Topic: [BitFunder] Graet.Loan - Paying 0.05% interest daily - page 13. (Read 53018 times)

First, thanks for the update! Sorry you're getting so much flame.
Second, are you going to convert graet.loan shares into direct shares when Bitfunder closes on December 1st? Or do you have another plan?

Thanks!

How much is still in circulation?


Whatever, doesn't mean shit what you consider. Give us the numbers, how much is there to redeem and how much assests you have that you can liquidate. What are your income streams? What is the risk of default in case bitcoin raises to 1k USD, 5k, 10k?

While you were busy on your vacation you lost 60% of portfolio? That is very irresponsible considering how much liabilities you have.

Give us numbers, because your considerations are just empty words. And if there is a risk of default in case of increasing bitcoin exchange rates, which is happening as we speak, then just tell it. We don't want to be in dark. If you don't give us numbers, I will start considering sponsoring someone to pay you a visit and get the numbers and real situation.

What will happen with GPT.YABMC & GPT.ESecBTC?

i have 1099..
if bitfunder close.
how can we receive the interest.
thanks.

I world continue hold the bonds when you make a  good treatment of graet.loan : Continue daily dividend, can be redeemed at the right time

Thank you so much Graet, I'm holding a small amount of Graet.Loan and would trust you.

Hi folks,
Apologies for not responding earlier, been very busy plus trying to work out the best way to manage graet.loan with the changes at BitFunder. My initial hope had was to find a larger investor that could buy graet.loan from US based lenders and continue on BitFunder, BitFunder announcing it will close made that harder.

Timing in BitcoinWorld seems to be an important thing, the forums were down for days, came back, I went on a family vacation and a few hours after I left changes at BitFunder were announced, by the time I got home my portfolio had lost > 60% BTC value and I had a large number of redeem requests. In the past I have been able to fulfill redeem requests quickly but I do not have the liquidity to pay out many requests at once. The loan was mainly used to consolidate multiple smaller loans and to be able to use a central management system to pay interest, also in the past when possible I have bought back graet.loan on the market, not all 200,000 issued are still in circulation.

I still consider graet.loan to be a loan and intend to continue to pay interest and to buy back as I am able.

Best wishes
Graet

My plan originaly was to buy the bonds and wait for Graet's planned redemptions (from summer 2014 to 2015).
But the fact that Graet is not communicating is worrying me.

As far as I know Graet is from Austraulia - what steps should I take in order to prepare evidence before contacting Australian authorities? Anyone familiar with Australian law?

Did anyone of you received any info from Graet/Graem at IRC or other channels?

where is Graet?
It's time to say something...

what can we do for the bitfunder close.
please Greaet.
give we a message.

Will he be taking 5 minutes to communicate?

With BitFunder closing down will you be paying the dividend like Ukyo intends to?

Home loans are paid in fiat. These are bitcoins we are talking about, which went up in value about 100% since Graem Tee took this loan. His pool income will decrease, not because difficulty increases, but because mining is increasingly becoming the business of companies and large mining farms that don't need any pools.

His CrownCloud is purely fiat, and while pays a little, it is still fiat. If bitcoin goes up even more, Graem will soon have troubles to pay even the interest, and the loan itself will be very very hard to repay by face value of bonds.

Doesn't really matter if he converted BTC into fiat or not, part of which he did, the truth still is that raising BTC exchange will make harder and harder to pay anything.

While a lack of communication is worrying in itself - surely it's unreasonable to expect borrowers like this to be in a position to pay back a large percentage of the money at short notice.
Aside from the obvious exodus of US holders - there are probably many who just want to exit because of the increased exchange rate.

If you asked someone to suddenly cough up 25% of their home loan - they'd also not be in a position to do it, but that doesn't mean they can't afford the loan payments.

The circumstances are clearly unexpected by all.. and if Graet were to liquidate assets to pay people back sooner - it would pretty much defeat the purpose of having taken out this loan.

If he just communicated more, people (like me) might be willing to buy more of these shares - which would help those who need to exit.. but without the communication - we're left wondering/speculating if the underlying businesses are not going well (overexposure to mining, now with massively reduced income due to difficulty?)

In short - a failure to be able to quickly pay out in what amounts to a 'rush on the bank' is not such a concern - but the lack of information regarding his financial affairs is.

Graem must be shocked and in disbelief how bad this loan turned out. I want numbers on his BTC and fiat income. Numbers on investments and any other assets that can be liquidated. Numbers on redeemed shares and request length.

Graem, if you can't afford to redeem this loan fast, stop paying dividends as Ukyo does and put every penny you get into redeeming.

As I already said, I'm prepared for no dividends and less than face value rather than dragging this into the future even by a second longer than necessary.

TradeFortress has announced that the Great debt owned by BTCInvest is not being honored, and that as well as the lost bitcoins it's making necessary extra complications & verification requirements in the liquidation process for BTCInvest's 147 investors.

https://bitcointalksearch.org/topic/m.3412811

Please could you respond. Thanks.

Well, at least Ukyo replied (maybe thanks to the Bananery's rant).

I thought that Graet needed bitcoins (not fiat) due to the issue with his OzCoin pool. Did he said anywhere that he is converting the BTC to fiat?

Yes, we're fucked with this one as well. Graem is an idiot, who didn't think much when he took this loan or he's just can't see the simple fact of rising bitcoin exchange rate.

He took this loan to pay another loan. He says he could get a loan from a bank, but decided to try bitcoin loan on bitfunder. I made simple calculations. Graem took 2000BTC loan and converted it into fiat, he got around 225,000USD.

If he redeems all the shares by the end of 2013, which he won't, he'll pay back roughly 450,000USD. This makes it 100% in interest for 7 month. What bank gives loans with those interests? Maybe mafia.

Graem would have been better if he just took that loan and bought bitcoins, paid back fiat and now he would be much richer. Now he's broke and will probably go bankrupt soon.

Graem also lied about this "This loan is not tied to the success or failure of any business."

It is tied to his CrownCloud and OzCoin. OzCoin is currently 38THash/s. With 2% fee, he can make 332BTC in one year if his percentage stays the same. It won't, mining will soon be the thing of big companies who don't need any pools. It means that his share will drop.

His CrownCloud business is 100% fiat and doesn't pay much. Therefore, Graem's estimations to redeem by 2016 are bullshit. I don't even know how he calculated those estimates, he probably thought exchange rate will stay at 100USD for years now.

Tell me Graem, if the exchange rate is 500USD in 2016, will you come up with 1 million by then? And if it is 1000USD?

The way exchange rate grows, you're paying mafia like interest rates now, Graem. So, stop paying dividends, sell as much as you can what you own, I don't care what you, just redeem as much as possible as fast as possible. I'm prepared for no dividends and less than face value rather than dragging this into 2016, when we'll lose almost 100% of our investments.

I understand and I share your concerns aswell. The thing is: we really can't do anything. At least they are paying the interests, which shows that they still have (some) commitment to these loans, and enforces the theory that they aren't responding because they are really busy. If they did not really care at all, they wouldn't be even doing that.