Auction for a bitcoin bond - page 3.

grondilu

legendary

Activity: 1288

Merit: 1076

Quote from: ripper234 on March 31, 2011, 04:49:56 AM

Can you give a rough estimate in real calendar time when the bond will expire, for those of us who don't understand blockchains?

The time length is 20,000 - 16,000 = 4,000 blocks. There are about 6 blocks per hour, so 4,000 blocks is about 666 hours (?! number of the beast?? didn't do that on purpose!)

666 hours is 27 days, so about 4 weeks.

ripper234

legendary

Activity: 1358

Merit: 1003

Ron Gross

Can you give a rough estimate in real calendar time when the bond will expire, for those of us who don't understand blockchains?

gusti

legendary

Activity: 1099

Merit: 1000

Quote from: grondilu on March 31, 2011, 04:44:28 AM

Quote from: gusti on March 31, 2011, 04:41:31 AM

I understand you must pay the bid price now, and he will repay you the nominal value (100) at maturity time.
It's like a loan backed by a bond that you can also negotiate at market prices before maturity.

My bid is now 91.

You've just overbidded yourself, but why not...

Gusti leads with 91 BTC

That was before I saw you did not accept 90.000001 bid, but for sure there will be higher ones too.

grondilu

legendary

Activity: 1288

Merit: 1076

Quote from: gusti on March 31, 2011, 04:41:31 AM

I understand you must pay the bid price now, and he will repay you the nominal value (100) at maturity time.
It's like a loan backed by a bond that you can also negotiate at market prices before maturity.

My bid is now 91.

You've just overbidded yourself, but why not...

Gusti leads with 91 BTC

gusti

legendary

Activity: 1099

Merit: 1000

I understand you must pay the bid price now, and he will repay you the nominal value (100) at maturity time.
It's like a loan backed by a bond that you can also negotiate at market prices before maturity.

My bid is now 91.

grondilu

legendary

Activity: 1288

Merit: 1076

Quote from: Alex Beckenham on March 31, 2011, 04:30:44 AM

90.00000001

I can't accept this bid, since so far the bitcoin network only allows paiements with 0.01 BTC precision.

grondilu

legendary

Activity: 1288

Merit: 1076

Quote from: link=topic=5214.msg76194#msg76194 date=1301560211

I bid 100BTC, which means that if I win, I'll just let you keep the darn bond.

OK, to be honest, I'm really unsure how this works. You want someone to pay you now, in exchange for a payout in the future?

If you bid 100 BTC, this means you'll pay me 100 BTC at block 116,000, and I'll pay you back at block 120,000. You would lend me money at zero interest rate.

Alex Beckenham

full member

Activity: 154

Merit: 100

90.00000001

左

sr. member

Activity: 476

Merit: 250

I bid 100BTC, which means that if I win, I'll just let you keep the darn bond.

OK, to be honest, I'm really unsure how this works. You want someone to pay you now, in exchange for a payout in the future?

grondilu

legendary

Activity: 1288

Merit: 1076

Quote from: gusti on March 31, 2011, 04:21:44 AM

90

gusti leads with 90 BTC

gusti

legendary

Activity: 1099

Merit: 1000

90

grondilu

legendary

Activity: 1288

Merit: 1076

Quote from: theymos on March 31, 2011, 04:16:57 AM

80

theymos leads with 80 BTC

theymos

administrator

Activity: 5166

Merit: 12850

80

grondilu

legendary

Activity: 1288

Merit: 1076

Quote from: deadlizard on March 31, 2011, 04:14:40 AM

I'll bid 16.10 (my account balance, lol) to get the ball rolling Grin

deadlizard initiates the auction and leads with 16.10 BTC

deadlizard

member

Activity: 112

Merit: 11

I'll bid ฿16.10 (my account balance, lol) to get the ball rolling Grin

grondilu

legendary

Activity: 1288

Merit: 1076

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

As a proof of concept, I hereby launch an auction for a bitcoin bond.

This means that I promess to pay a certain amount of bitcoin (called "nominal"), at a certain date (called "maturity"). The nominal is 100 BTC. Maturity will occur at block number 120,000.

I sell this bond in an auction process that will occur on this thread. To bid, just post a message with your bid in bitcoins. Auction will end at block number 116,000. Paiement should then be done within 10 blocks.

No starting price, but if at the end I'm not happy with the final winning bid, I will cancel the auction.

If selling does occur, I will materialize it with a GnuPG signed document where I will mention whe nominal, the maturity and the bitcoin address where the nominal should be paid at maturity.

Happy bidding!
-----BEGIN PGP SIGNATURE-----
Version: GnuPG v1.4.11 (GNU/Linux)

iEYEARECAAYFAk2UNq0ACgkQq17371C4DmhQIQCg86UwjCUt0q8iyojsOXUI7juB
BpsAn2UtxuFqtXpLPwedvnYap+m2wrx9
=qC0c
-----END PGP SIGNATURE-----

Topic: Auction for a bitcoin bond - page 3. (Read 8675 times)