Topic: [BitFunder] TU.SILVER -- News & Reports (Read 6155 times)

We just shipped another 14oz. today.

speaking of deprived.
has s/he come back yet ?
if not... usagi = winner of this hole 'who is a scammer' debate thats been going on for years ?

i am interested in getting some silver... but I want the physical holdings... plus I need to test out my new walk in safe hehe

Anyone can redeem their silver at any time. The news release quoted above still stands. Nothing has really changed, which is why there has been no update. In fact i'm in the process of redeeming 14oz. of silver to a customer right now, it will be mailed out as soon as he gives me his shipping address.  Another recent redemption was for 49 oz.


I'd like that very much, and look forward to the day when my company news release threads are no longer trolled.

I think that if you are holding TU.SILVER shares, you should contact me and arrange to have your silver shipped to you. But there is no rush. I have a list of share holders, as long as you are able to sign a message with your address I will ship your silver anywhere in the world for free.

In fact if anything, NOW is the best time to move all your money into TU.SILVER. One of the beautiful things about TU.SILVER is that your silver is there no matter what. I am happy to say that TU.SILVER investors win in the long run. BMF, for example, after getting royally screwed by BTC-TC and then BitFunder in sequence, has been almost completely dessicated. At this point, without having any ability to invest it will have to shut down. But TU.SILVER investors are just peachy.

WRT the current "securities" situation, I think it is fair to say that the current environment is not supportive of any kind of website-based, bitcoin-based investment business. When it is, I will return in force, until then there's clearly no point trying. There's no reliable exchange. And there are few if any reliable investments. BitVPS is one of the only investments I value, because it has a consumable use.

The real world moves EXTREMELY slowly. I am still waiting on FedEx to clear silver shipments to me which I made 2 or 3 months ago. I am still waiting for MtGOX payments I requested 3+ weeks ago. The money and silver is there (I still have more than 50oz right on hand right now), it's just debatable how fast I am going to be able to box it for those who want it. 2 days? 3 days?

BitFunder announced on November 4 that it will be ceasing operations. (As of November 14 no user will be able to enter new positions or sell; as of December 2 all Bitcoins of all users will be transferred to their WeExchange accounts, and all assets will be transferred to the issuer; the BitFunder website itself will remain online until December 15.)

What are the plans for TU.SILVER? Do users need to do anything?

I currently am sitting at the bid which has been placed at book value.

is it above or below the book value?

Is it cowardly to protect my investors by placing a bid wall at 2x the public bid?

It would be a real shame if someone panic sold or made a mistake and lost money out of fear. I feel really bad for people who feel trapped in an investment and I want to offer them a very fair price. One of the cornerstones of TU.SILVER is it's amazing liquidity. I guarantee entry and exit within 0.25% of the NAV provided you advise me of the sale. As it stands now, I sleep easy knowing my investors cannot lose money if they need to sell Tu.SILVER in a hurry.

I look after my investors, you better believe it!

Coward.

TU.SILVER is operated in Asia by a non-US citizen. As such we are not under any US regulations regarding securities. However, to avoid offending our US brothers, effective immediately we will no longer process redemption orders destined for the United States. Further, all US citizens, regardless of their country of residence, are strongly encouraged to tender their shares for sale.

Please consider the following before buying or selling TU.SILVER:

1. I will strongly consider the discussions regarding the closure of BTC-TC and BitFunder to US customers in a final decision regarding the fate of the company.
2. No one is going to get screwed, the silver is there, so don't panic. The intent is merely to fill out all the forms, talk to all the lawyers, etc. that are needed to continue operating.
3. I have been in contact with a local lawyer over incorporation for quite some time. The goal is to open (or partner with) a local jewelry store. Such stores are common here and there is no problem selling over the internet. The question is how to structure the sales.
4. The easiest solution seems to be to bypass securities laws by restructuring as a pure silver store. This plan has been loosely outlined in our last monthly report. Under the current plan, TU.BOND would simply not be offered and the money would go towards free shipping and/or repurchasing units at or above a fair price.
5. In order to avoid screwing current investors the company will not repurchase shares below fair value, unless a market sale order is in place which we must fill before purchasing higher-priced shares. We therefore advise all current customers NOT to enter sale orders below our fair value.
6. The sunset clause for selling your shares under this repurchase plan is October 31st, 2013.
7. We will post the current fair value as determined by our internal company spreadsheets in our alert box on BitFunder. This will be updated on a daily basis.
8. There is no liquidity problem. If every share was offered for sale tomorrow I could probably buy them all back within 2 weeks.
9. After Halloween, TU.SILVER will be worth and worth only, the price of kitcosilver.com divided by the average of the mtgox average price and the last traded price. At that point we will be a pure silver store, and units on BitFunder will be treated as "warehouse receipts", and have no other value.

10. The fair price for TU.SILVER as determined by our internal company spreadsheet is currently 0.0540. The company will now begin repurchase by issuing bids for TU.SILVER at or above this price.

Your silver is located in Asia and is completely safe. I just want to make sure it stays that way! I welcome any discussion over this, but keep in mind the main decision seems to be going on in the BTC-TC and/or BitFunder threads. I'm going with the community on this one.

Granted, there is a giant pile of silver sitting between me and my investors. My point is that if you have an apple and an orange and they both pay you 1 BTC a year, which one is worth more. Of course in real life, it's never that simple!

It's unfair to compare BTC-BOND with TU.SILVER. BTC-BOND is personal debt - it won't go up or down, whereas TU.SILVER is not.

As I said -- personal trading account. I said "me" and that there is a reason why "I" am doing it. What precisely is the source of your confusion?

Keep in mind:

1. I do not have any power or control over what price other people place their bids and asks at.
2. I cannot force people to sell shares to me at NAV nor buy them at a price they feel it isn't worth paying.
however,
3. I can create market pressure.

Please ask yourself, there are more than 20 people holding more than 1,000 shares of TU.SILVER. Why don't anyone of them place an ask under 0.09?

All I can do is create pressure. I can pay out close to what we make from trading, which allows investors to set the value of TU.SILVER based on the income it generates. For example, investors can compare the payment of TU.SILVER to something like BTC-BOND. For example (just for example) if BTC-BOND is worth 0.01 per share and pays approx. 11% a year in interest, then what would TU.SILVER be worth if it paid 10x as much per day as BTC-BOND?

In theory, a payment of 10x per day what BTC-BOND would insinuate that all other things being equal, TU.SILVER would be worth 10x what BTC-BOND is worth. Creating pressure like that is all I can do. Unfortunately you and others have shown it is not possible to simply say "TU.SILVER is worth 0.05 per share" because then I get people posting fake spreadsheets telling people I scammed 8,000 BTC. It's not worth the trouble, sorry bro.

What would be wiser than paying out these distributions is for TU.SILVER to reinvest some of it's spare cash in the mining sector or in more silver, and really explode in value for it's shareholders. But it's our policy to let our holders decide what they want to do with the money. It is not company policy to run an investment fund, so we don't bother trying. Running an investment fund is a pain in the neck (trust me I know). I rather enjoy letting TU.SILVER alone and just making payments day by day.

Dear Investors;

I am happy to report the results of our third week under the daily distribution policy! (previous week | next week).


Management Guidance: We are confident that we can maintain current cashflow into the forseeable future.

This week's report will be delayed again because I spent the entire week coding a new database schema for kongzi.ca and fixing up BMF. o_O

Good luck and happy stacking!

Sincerely,
usagi

Oh -- wait a minute. I almost forgot. There's just one more thing...

Our latest shipment has arrived, and new pictures have been added to our profile page on BitFunder!
Here's a look at some of the glorious new silver we've received today, which is backing YOUR shares of TU.SILVER!


Freedom Girl 1oz Rounds!


Canadian Maples (gram-sized!)


Lakota Nation "Crazy Horse" 1oz rounds!


... and "Sitting Bull" half-oz are available too!


We also carry John Galt rounds!


Please ask if you have any questions.
Make no mistake, TU.SILVER is the most trustworthy fund in the entire community, or my name isn't Tsukino Usagi!

Dear Investors;

I am happy to report the results of our second week under the daily distribution policy! (previous week | next week)


This week's report will be delayed because I spent the entire weekend restoring some backups o_o

Good luck and happy stacking!

Sincerely,
usagi

That listing was made before I signed with BitFunder. I'm not planning to list TU.SILVER anywhere else for the foreseeable future.

As for the NO votes, now you are beginning to get a picture of how much financial damage Deprived has caused me on these forums. He's been harassing me for about 10 months now.

Check BTCT "AWAITING APPROVAL" tab -> Silver fund

Thank you Usagi

Status update:
I've replaced my bid at 100 x 0.0525 (give you a little bonus ^^). It's a real bid, feel free to sell into it.

Again, sorry about having to cancel the bid earlier, I know it's not a requirement, but I do like to keep it up just in case someone needs to sell in a hurry. The last thing I want to see is someone forced to sell out far below fair value.

In the future, should you need to sell just send me a PM and I can make sure there's sufficient liquidity available for you (or just place a limit order and i'll see it within 24h). Thanks for your support!