Topic: [BDK] - Liquidating, Permanent Closure - (Read 16730 times)

+1.  In my book, people who put forth their best effort to make things right after a wrong are held highly compared to people who have never been put in that position, at least with regards to integrity and trustworthiness.

Just wanted to say I had the privilege of meeting Kluge IRL last week to settle up a deposit I had with him.  I've dealt with a number of deposit-takers on this board and Kluge is clearly at the top of the list in terms of both honesty & communication.

I sincerely hope he doesn't leave Bitcoin for good - this community needs a lot more Kluges and a lot less Pirates.

1% a week is a massive amount of interest compared to even a credit card. Are you absolutely sure you should still be paying that if your debt level is already so high ?

So long as BTC price <$12 when wire hits Gox, there should be no problem getting CD-holders 100% in one lump. I'm meeting with a CD-holder tomorrow to hand him a lumpy envelope and enjoy some lunch.

BDK/IOU will be permanently ceasing operations effective immediately due to negative equity beyond what I can currently reinvest to save the operation.

CD-holders and bond-holders will be paid what they're due. I am not stating intent to default, nor will interest be withheld. Loans are also still expected to be repaid.

Once the remaining three CD-holders are repaid, I will lock this thread.

Accounting's finished, AFAIK. Need to go back and see which loans I failed to update, re-make my encrypted private logs of who I owe what since I lost that a while ago (I still have all the info, it's just scattered all over).

I'm going to be cancelling this shitty satellite service, soon, and replace it with nothing. Standard business hours will be solidified within a few days as I work it out with wife to drop me off at a damned Burger King, heh. Alternative is taking a riding mower to work, which I think'd be kinda fun. Oh... I guess I could take a bike. - Even walk.

I'm thinking 4am-10am as business hours. That keeps wife from claiming I'm abandoning daughter, gives me a time when I'm most awake, and also a time where I'm probably less likely to run into anyone I know at BK. Off those hours, I can't do much outside of phone calls and SMS. Phone might give me a Gmail notification a few hours after it was sent to me... but that's about the extent of how connected I can be.

I've decided to let BDK.BND move around until Monday - see what happens with it. I removed my askwalls, so we'll see if significant volume wants it up. If there aren't big nudges upward, I'll replace askwalls and set up bidwalls again on Monday for bond-holders. There are other factors poisoning the results (giving BDK.BND units for BDK units a few days ago, and current liquidity problems many face, as examples) I'll take what happens with it into account when establishing new rates when services resume... on Monday (9/10), I'm now thinking.

Maybe you should buy back BDK before you go offline, and further erode the value of those shares. They pay virtually nothing at this point due to massive losses, and now, with you not really participating for 2-3 months, they're going to show no value increase for that time? Remember, dividends are practically non-existent on BDK, so we're looking for (positive) growth. This hasn't been happening. We're trading .08BTC below your last offering price. That's just over 50% of the last offering price!!! anyone who bought in at .18 has lost their ass. You taking time offline suggests that negative growth will continue.

Been holding onto this hoping to see some value from it, and it's apparently not going to happen. I've very disappointed in the performance of BDK (and your apparent lack of concern about this)

Fwiw, I'm considering going Internet-less for 2-3 months while I wait for DSL to be installed in my area. I currently only have three depositors outside of BDK.BND and BDK. I'd buyback from the depositors and Imsaguy would handle payments to these securities during my departure. I'll update when I hear back from the engineer at the ISP on Monday.

Cheers,
Ben

One Icarus board is back up. Missing a mini-USB->USB cable. Should be able to find it next time I'm out. Don't think I've been neglecting finding business opportunities while moving.  Firstly, I've contacted a community-member about an existing, profitable operation I have a very profitable vision for (sells digital goods I'd be interested in a profit split of, but could make additional money selling it to depositors who'd wish to withdraw early at a penalty rate). I've also been talking to the extremely helpful-and-friendly deslok about setting up a Canopy connection in my area to get around DSL service going a mile too short. It's possible IOU.WIFI will be listed on GLBSE within a month. While lending services are paused, I'll be aggressively readying investor documentation and talking to neighbors, along with the DSL provider, about this new Canopy connection. I need to have this "set in stone" within four weeks, or I get hit with a $400+ cancellation fee from this shit satellite ISP I have to use. Expect me to be busier than usual, even with operations paused. As always, feel free to bother me on Skype (preferable -- check my forum profile) or cell phone (non-preferable -- 814-314-9308 -- please don't quote) if you have something important to ask.

Cheers,
Ben

Should have Internet connection some time Monday. Apologies for how slow I've been to respond. Cheers,
Ben

I plan on being mostly unavailable until mid-Wednesday. Heading out to do the final walk-through (and move all the lumber to repair/replace the deck) in a few minutes, and should own the house within 2-3h. Don't plan on fucking around, so should have everything moved from various houses and the deck repaired by mid-Wednesday. Everything else should be done soon, but isn't particularly pressing... need to rent a propane tank, though. Forgot about getting that done. There is no Internet out there, yet, so I'll get that scheduled tomorrow, and see if I can get a decent cell data connection to tether the laptop, to. For investors, this also means the piddle 1GH/s of hashing power will be offline whenever I move it - probably last thing Wednesday, so hopefully will have cable service by then (though, the dividend blackout's still in effect until August 27th, so it won't have any significant impact aside from equity/assets being lowered by... Idunno, .7BTC over what they could've been in a truly ideal situation, which might reduce next month's dividends by .0000000000000001/share or something). I'll probably come back to the house I'm currently in, which does have an Internet connection, a couple times per day, but I don't know if there'll be people waiting on me, or if I'll be able to fuck around inside the house and get BTC business taken care of.

If you absolutely need to get in touch with me now, feel free to call/text 814-314-9308. Leave a message, I'll read it to make sure you're not a time-wasting sales rep, and then I'll get back with you within a few minutes (assuming I get any reception)... or just keep calling over and over until I'm pissed off enough to answer the phone just to make you stop.  Please don't quote my phone number. Cheers,
Ben

For a limited time, I'm re-opening the offer to accept USD CDs. 4%/63D, 6.3%/94D. GoxUSD, ACH, bank/CU instant transfer (PNC or a CU which utilizes Shared Branching), accepted. If ACH, deposit starts when it clears in my account. Minimum: $500 -- Max: $5,000.

Cheers,
Ben

OP updated. CDs are being offered again. This is likely the last time I will reduce deposit rates until Pirate either significantly reduces rates, refunds depositors, or defaults, at which point I assume interest rates will drop dramatically across the board for everyone. I currently have moderate interest in obtaining 500BTC worth of new deposits, and low interest in obtaining 2500BTC worth of deposits.

Current BDK Pirate exposure is 1kBTC. I intend to deposit ~430BTC more, and then that will be the cap. Interest is to be fully returned each week. The remaining 2kBTC I'm seeking is to help consolidate imsaguy's loans at a reduced rate over what he currently pays his lenders/depositors.

IOUCoin is expected to launch in roughly one month. I may need additional funds at that time and may place an open order to sell BDK.BND at face value again. I'm currently willing to sell BDK.BND units at face value for large (100BTC+) investors.

ETA: Lending rates have also been reduced.

A few months ago, I had thousands of coins in Pirate, the vast majority of that insured. I eventually got out completely because I did not know what Pirate did, and have been fairly critical (though quietly) of him. Without understanding an investment, I had no interest in going forward with it once my insurer dropped out. This has very recently changed. I now believe, with a high level of confidence, that Pirate is legitimate, and his business model (certainly not the interest rates, however), are sustainable and sound. In fact, it is one of the most believable, surprisingly simple, and clever (across the board - including his clients and his own model) schemes I have yet come across in the Bitcoiniverse. I additionally believe, with a high level of confidence, that Pirate does exactly what he's said he does multiple times, and in our cynical imaginations, we have created unpleasant, convoluted explanations for what Pirate "really" does.

I will not disclose, for anyone, what he does unless something goes terribly wrong, at which point I will corroborate with the others who know what he's doing and probably posted well before I will. I intend to put roughly 15% to 25% of total BDK/IOU assets in an uninsured Pirate account until further notice.



With that said, I recognize the hypocrisy in what I've just written with regards to why I disliked how Pirate handled his affairs, and you'll have to trust I intend the best for my investors and have been truthful in my statements. To 1kBTC+ depositors, I can provide a notarized promissory note upon request, with full current USD value of BTC for collateral.

Returning phone tomorrow for a different make. Reception is simply terrible. Someone using a phone of a generation ago gets far superior reception (that is to say she gets a usable signal) on the same network and same connection settings -- 3G connection's useless for data, and frequently for phone conversations. I called someone yesterday, had my head pressed against a window, and it was still cutting out too much to have a comfortable conversation. Reversed roles with grandparents today when I called... I had to ask them to repeat everything they just said back to me. 

Aside that, tomorrow I need to hit up the nearby PNC bank to open an account, buy some groceries, grab a ladder and go tape up an air exhaust "chimney" in a property we bought so birds will stop dying in the garage before we move in, and some other small errands/chores. Will be mostly away tomorrow, and unresponsive to phone calls as well as email until I grab a different phone. Should be responsive to all contacts by the end of tomorrow.


Cheers,
Ben

Still have a boatload of coins looking for a good home. Hit me up. Cheers,
Ben

[Current BDK/IOU Depositor Services]
*Access to "Ghetto P&P Exchange" services. Ability to immediately (if you choose an instant method) exchange BTC for USD, and USD for BTC, at rates lower than BitInstant.

[Proposed New BDK/IOU Depositor Services]
*Cashback when you use BitMit. Use a referral ID I provide, and have all transaction fees you pay to BitMit fully refunded in the form of a credit to your IOUcoin account. I don't much care to bother Tosaki about this, so instead, I think we'll try out scraping the site, matching User IDs on my referral and commission page to BDK usernames.
*x% MemoryDealers discount. This needs to be negotiated directly. Idunno the exact e-commerce platform they use (whether or not this'd be feasible), but perhaps it would be preferable to ask for a code to apply to accounts, which provides a lifetime discount. It may be more worth talking to Netveano folks about this, as they handle quite a few other merchant-type sites.
*Discounted stays at 20Mission. This should be fun and easy to negotiate.
*Free gifts sent when lifetime amount of BTC deposited surpasses certain thresholds. For example, perhaps when you deposit 150BTC, you're given the option to be sent a free page of IBB BTC checks. 500BTC, free one-year BTC Magazine subscription. 1500BTC, free lower-value casascius coin. 3000BTC, free higher-value casascius coin. 10k+, you get.... Idunno, a free greenhouse kit with exotic seeds from "Galt's Lab" and a $50 giftcard for Menards.
*Monthly drawings for active depositors to receive a collection of interesting stuff in the style of IBB's treasure chests.

If anyone has other ideas, lay 'em on me.

Lastpass, GLBSE, and Gmail accounts are currently locked down with Google Authenticator, on top of the GLBSE account being more-or-less temporarily deactivated. I've thought about dumping LastPass for KeePass, and maybe it would be workable since syncing for networked computers is relatively simple, but haven't decided for sure. Credit Unions have notice to watch my accounts and confirm >$x transactions/day with me (none reported login attempts outside the IP address I provided). I can't talk about the police report, except to say AWS has stopped communicating with me directly and they will not be asking me to provide hard drives. Non-Gox Yubikeys are on their way to provide "3FA" where available, and 2FA where GoogleAuth/QR-auth isn't an option. SMS auth is also being utilized where available, but that's a pain in the ass to use with shoddy reception. I also intend to mix up 2FA, so not all permissions will be on one device, utilizing JAuth for an old offline laptop. A master backup of auth codes (the codes to produce codes) will be kept under lock and key in case one (or both) auth-code-producing device were to fail. The OS I was using has not been wiped, yet, but that will come soon -- fwiw, I only use it as necessary, a few minutes per day, usually with LAN disconnected. I moved all funds out of my previous wallet, and currently (temporarily), all funds are being held by two extremely-trusted individuals. I have not investigated to see if there were any network intrusions, but I'll look through logs at some point. I do not currently have evidence of any type of local intrusion, and doubt there was, but I am operating on the assumption that there was - just in case. Government documents/numbers will eventually be revoked for new ones to be assigned -- I again have no evidence that any of that was compromised, but there's nearly a decade of emails in my account, so I'm not sure what all I saved, and for a while, I had some ID saved on my PC as there were so many corporations and individuals demanding it to proceed with transactions. I also had tax filings saved unencrypted, so if there were local intrusion, it should be assumed the attacker could provide my ID, a utility bill, and my SSN if claiming to be me.

All "sensitive" site passwords are now unique, not a variation (and certainly not a shared variation) on a few sets of "brain keys." If anyone has any additional tips, the security is starting to feel over-burdening, but I'm keeping an open mind...

i want to apply loan
22BTC

That's what I like to hear. I was thinking of buying in, then this happened =( I will reconsider after you get your fortress up and running and you publicize the types of measures you have in place to prevent future theft. Best of luck! Can't wait to jump in once the moat has been dug.