Topic: [BitFunder] BTCINVEST - Low risk investment fund | Market cap: 2000+ BTC - page 8. (Read 45626 times)

So will the share holders receive dividends during liquidation?

I assume TF is not going to just firesale the funds assets, so it makes perfect sense why he is doing it this way. It sounds like he wants to gradually wind it down and get maximum value from the assets and slowly distribute the funds.

It is in shareholders interests to do it this way. Liquidating assets in 1 day will mean bigger losses for shareholders.

Ps. TF let me know on skype if you want to offload some AM shares to me.

I am a shareholder.

Why does the distribution have to be through coin lenders?

Surely you can just transfer the required number of bitcoins as a regular transaction?

EDIT!

Sorry I got CoinLenders confused with Inputs.IO, my mistake!

The question isn't about storing significant amounts of BTC on internet facing servers for security reasons. (Although if it were only about security and nothing more, then folks might ask why it would be the case that CoinLenders can only cover a fraction of its obligations to depositors at any one time, while Inputs.io does not have any such limitation -- or do you mean to say that Inputs.io is also unable to cover all its obligations to account holders at one time?)

Rather, the question is about the actual cash on hand (anywhere, in cold storage or otherwise) to pay depositors and how quickly depositors can expect to receive actual cash. If it were merely a matter of not storing large amounts of BTC on an internet facing server, nobody would worry about a delay of a couple of minutes to refill a hot wallet (not that CoinLenders has a normal hot wallet anyway, since it does not use the blockchain). Some, though, might wonder about how many days it could take to retrieve their cash, given that CoinLenders may not have the cash on hand anywhere, including in quickly retrievable cold storage.

As you know, this is not a theoretical question: CoinLenders has run out of cash to cover its deposits in the past and had to halt withdrawals for a couple of days. I'm simply asking about the extent to which distributions made from liquidation of the fund via CoinLenders accounts will be backed by actual cash versus soon-to-be cash. It would be wrong to characterise that question as having anything at all to do with "security reasons": cash is cash, whether it is sitting on a server or in cold storage.

If you've sent in a claim before this post, you should have received an reply.


Any subject, in the email body include a signed message and signature. The signed message should state your email and BTCINVEST.

You may need to wait 24-72 hours for claiming depending on when a batch is done. Verifying addresses, signed messages isn't something that's going to be rushed.

The first payment will be made on Wednesday. Liquidation is heavily dependent on other asset issuers as well like btcquick, as well as the assets obviously (if other people buy into our walls, for Graet/Ukyo loans if/when the issuer redeems).


For the first few days of a liquidation payment, yes. It is an unwise idea to store significant amounts of BTC on internet facing servers for security reasons.

Can you provide exact steps we have to do to have btc back ?

1. create coinlenders account (or use already created)
2. make sure that public btc address can be signed, if not change it to signable by you
3. send email to [email protected] using email from coinlenders

here is tricky part

what subject ?
what email body ?
what signed message should contain ?

should be like this

subject:
btcinvest liquidation

body:
public BTC address from bitfunder

signed message:
i am owner


why it should be like that ?
to easily process emails by script to avoid mistakes

disclaimer: i own few shares

TF managed to respond to previous requests within 9 hours or so. 

I've not heard back since submitting a request about 21 hours or so ago.  Is there a generalized timeline that you can give us for this TF?

Since CoinLenders is known to maintain cash reserves sufficient to cover only a fraction of its obligations to depositors, a number on a CoinLenders screen is not quite the same as receiving cash. Can you say whether distributions via CoinLenders will be ring-fenced so as to be available to participants for immediate withdrawal as actual cash? Or will distributions be pooled with other CoinLenders reserves, implying that the availability of actual cash will depend on how many other people are already attempting to withdraw from CoinLenders at any given time?

(Disclosure: I have never had any position in BTC INVEST. However, having liquidated my own BTC Growth hedge fund-style offering on BTC-TC a short time ago, after strongly outperforming the broader market during the meltdown, it is educational for me to observe how other fund operators manage the return of capital to participants -- including factors such as overall timeframe, general priorities, and resulting impact to NAV.)

Im pretty sure Tradefortress means what he said, that the redeem of shares hasen't been honored just like for many other investors. Dividends and possibly some redeems have been made since the October 8 announcement by Ukyo/Great, so i think calling it a default is a bit to much even if they haven't lived up to the contract, as redeems in the pace people have requested for it haven't been done.

Ukyo hasn't paid a dividend on Ukyo.Loan since 2013-10-23 at 11:43:00

That's approaching four days with no dividend. 

Both Ukyo and Graet are still paying dividends. Now seems like the very worst moment to liquidate everything, all stocks are at rock bottom, astute investment now may well pay huge dividends in a few months time when confidence has returned.

reconsider and re-list elsewhere


just maybe??

Why do you say that the debt isn't being honored when evidence seems to point to the fact that ukyo is redeeming shares and people are reported having their shares redeemed, although very slowly? Have you heard something from ukyo saying the debt won't be honored, because just three days ago he said he was working through the queue, and people are reporting having their shares redeemed.

I can't speak about graet.loan as I haven't been following it.

Ukyo.Loan thread: https://bitcointalksearch.org/topic/bitfunder-ukyoloan-paying-005-daily-258612
Graet.Loan thread: https://bitcointalk.org/index.php?topic=218324.40

Ukyo: https://bitcointalksearch.org/user/ukyo-35121
Graet: https://bitcointalksearch.org/user/graet-17548

I just sent my claim. fyi, thanks.

I don't have a coinlenders account, how can I receive the liquidation?
I do control my bitcoin address which is listed in this thread via the bitcoin-qt client. Surely a signed email from my public address is sufficent?

Also, what kind of distribution per share do you expect?

You said Graet debt had been defaulted on. His bitfunder listed debt is still paying dividends.


Are you saying that you will with-hold full or partial distributions to these two individuals as a way to recover some/all of the debt?

All claims emails received has been credited and/or replied to.

Email sent... hopefully I did it right.

one more loss, nice... at least last dividends will be paid?

BTCINVEST Claims / Liquidation

First of all, I apologize for the lack of communication in regards to BTCINVEST. I did not wish to make any premature announcements. A decision has been made to appropriately liquidate BTCINVEST's assets and distribute the total to shareholders. The liquidation process will be done through CoinLenders for ease of distribution, as well as verification - BTCINVEST currently owns Ukyo and Graet debt which is not being honored, and given past history it is probable that they may still hold BTCINVEST shares.

The asset list used for the claims / liquidation process is attached.

To claim, send an email to [email protected] from an email with a CL account with a signed message from your public bitcoin address listed on BitFunder. Unclaimed shares will have their liquidation payments reserved. The payments will be made over time to the CL account as assets are liquidated.