Topic: [BTC-TC] BTC-Trading Pass-Through Fund (BTC-TRADING-PT) is closed - page 7. (Read 18917 times)

Sunday, March 10, 2013

Overview

Asset Information
Assets: 120 shares of LTC-GLOBAL
Shares Outstanding: 1200
NAV: 0.1593 (based on the LTC-GLOBAL 7 day average price of 320.49 LTC)

Dividend Information
Weekly dividend: 0.07238 BTC
Weekly dividend (per share): 0.00006032 BTC
Weekly Yield: 0.04%
Annualized Yield: 1.97%

Management Fee
Normal Fee (%0.02 of assets): 7.69 LTC
Waived: 0.0 LTC
Fee Paid: 7.69 LTC

Detailed information can be found here: https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE

Commentary

The big news for the week is the huge increase in the value of LTC relative to both BTC and USD. This increase has been reflected in both the NAV and the dividend.

The price of LTC-GLOBAL shares has fallen this week, primarily due to shareholders cashing out after the big LTC price jump, but also due to the continuing low demand for shares. The 7-day average price fell sharply from 368.6 LTC to 320.5 LTC (-13%). On the other hand, the value of LTC relative to BTC turned around has more than doubled, up from 0.00226 BTC to 0.00497 (+120%). So, despite the drop in asset value in terms of LTC, the NAV has has risen from 0.0833 BTC to 0.159 BTC (+91%). Please note that the NAV is only an estimation of the value of the shares. The trading volumes of both LTC-GLOBAL and BTC-TRADING-PT are low and the bid-ask spreads are very high, so the actual price of a share can vary quite a bit.

LTC-GLOBAL paid a dividend of 22.28 LTC. After subtracting the management fee and converting to BTC, the fund earned an income of 0.07238 BTC (0.00006032 BTC per share) that will be distributed as a dividend on Tuesday.

Weekly Reports and Dividend Payments

LTC-GLOBAL has decided to begin paying dividends on a regular schedule of once per month. As as result, dividends paid by BTC-TRADING-PT will also be changed to once per month. The schedule has yet to be determined. In the meantime, fund reports will continue to be published weekly until the next dividend is paid. After that, reports will be published monthly, coinciding with dividend payments. The management fee is unchanged at 1% of assets per year, but will now be paid at a rate of 0.083% monthly.

Voting

The fund has motions for voting on approval of the following securities. Motions must pass by a margin of 100 shares to be approved (a YES vote), or fail by a margin of 100 shares to not be approved (a NO vote). Votes with a margin of less than 100 shares receive an ABSTAIN vote.

Please note: There are several IPO securities up for a vote this week. These securities have earlier deadlines because approval is necessary to begin trading. Don't be late!

Ticker	Exchange	Deadline	Notes
CRYPTO-TRADE	BTC-TC	2013-03-13	IPO
CRYPTO-TRADE	LTC-GLOBAL	2013-03-13	IPO
LHCOIN	LTC-GLOBAL	2013-03-13	IPO
COGNITIVE	BTC-TC	2013-03-15
-
SYNERGY	BTC-TC	2013-03-09	Abstain
ASICMINER-PT	BTC-TC	2013-03-09	Abstain
AJM.MINING	LTC-GLOBAL	2013-03-09	Abstain
LTC-ATF	LTC-GLOBAL	2013-03-09	Abstain

None of the securities up for approval this week got more than 100 votes either way. This is probably related to the number of publicly-owned shares dropping significantly (below 400). The low number of shares makes approval of any security unlikely. So, if there are not enough votes this week, voting will be temporarily suspended until the number of publicly-owned shares has increased by at least 100.



EDIT: The decision to suspend voting due to low participation has been postponed.

I have the worst timing.  I just issued the divs for Feb 22 - Feb 28.  Though I screwed up and included the asset creation fee on ASICMINER-PT which should have been a part of the next div for Mar 1 thru Mar ?.  

I cut it as of the end of Feb because I've been contemplating doing it monthly.  It's a bunch of work trying to put together the report on oddball days of the week/month, so once a month covering the previous month would be way easier.  I'll sleep on it a few more nights and let everyone know where we end up.

Cheers.

Sunday, March 3, 2013

The price of LTC, both in USD and BTC has been extremely volatile today, rising more that 40% vs. BTC, including swings as big as 20% This activity is very unusual and has no obvious cause.

This volatility has a very big impact on the BTC-Trading Pass-Through Fund because the underlying assets (shares of LTC-GLOBAL) are traded using LTC, but BTC-TRADING-PT is denominated in BTC. As a result there have been very large changes in the price of BTC-TRADING-PT shares as a result of the changes in the relative price of the underlying assets.

As a side note, this volatility is affecting the prices of all securities on the LTC-GLOBAL exchange, as well as all LTC/BTC pass-through funds on all exchanges.

Until this activity subsides, please be careful. Please monitor your trades.

Sunday, March 3, 2013

Overview

Asset Information
Assets: 120 shares of LTC-GLOBAL
Shares Outstanding: 1200
NAV: 0.8330 (based on the LTC-GLOBAL 7 day average price of 368.57 LTC)

Dividend Information
Weekly dividend: 0.0 BTC (LTC-GLOBAL paid no dividends this week)
Weekly dividend (per share): 0.0 BTC
Weekly Yield: 0.00%
Annualized Yield: 0.00%

Management Fee
Normal Fee (%0.02 of assets): 8.85 LTC
Waived: 8.85 LTC
Fee Paid: 0.0 LTC

Detailed information can be found here: https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE

Commentary

Demand for LTC-GLOBAL shares has fallen and volume remains low. The 7-day average price has risen only slightly, going from 361.1 LTC to 368.6 LTC (2.1%). In addition, the value of LTC relative to BTC has continued to fall, now down to 0.00226 BTC. The result is that the NAV has continued to fall, dropping from 0.0878 BTC to 0.0833 BTC (-5.1%). Please note that the NAV is only an estimation of the value of the shares. The trading volumes of both LTC-GLOBAL and BTC-TRADING-PT are low and the bid-ask spreads are very high, so the actual prices of a shares can vary quite a bit.

LTC-GLOBAL paid no dividend this week. These intermittent dividends are inconvenient. I will be asking burnside to start paying dividends regularly, perhaps monthly.

Voting

The fund has motions for voting on approval of the following securities. Motions must pass by a margin of 100 shares to be approved (a YES vote), or fail by a margin of 100 shares to not be approved (a NO vote). Votes with a margin of less than 100 shares receive an ABSTAIN vote.

Ticker	Exchange	Deadline	Notes
SYNERGY	BTC-TC	2013-03-09
ASICMINER-PT	BTC-TC	2013-03-09	IPO
AJM.MINING	LTC-GLOBAL	2013-03-09
LTC-ATF	LTC-GLOBAL	2013-03-09
-
BASIC-MINING	BTC-TC	2013-03-02	Approved: 689-1
ESECURITY-SA2	LTC-GLOBAL	2013-03-02	Abstain
TRIPLE-B-MINING	LTC-GLOBAL	2013-02-28	Abstain

Sunday, February 24, 2013

Overview

Asset Information
Assets: 120 shares of LTC-GLOBAL
Shares Outstanding: 1200
NAV: BTC 0.10774 (Based on the LTC-GLOBAL 7 day average price of 361.11 LTC)

10 shares of LTC-GLOBAL were deposited into the fund in exchange for 100 shares of BTC-TRADING-PT. This transaction did not the dilute the value of the shares or change the amount of the dividend per share.

Dividend Information
Weekly dividend: BTC 0.05934
Weekly dividend (per share): BTC0.00004945
Weekly Yield: 0.06%
Annualized Yield: 2.93%

Management Fee
Normal Fee (%0.02 of assets): 8.67 LTC
Waived: 0.0 LTC
Fee Paid: 8.67 LTC

Detailed information can be found here: https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE

Commentary

Demand for LTC-GLOBAL shares has fallen and volume remains low. The 7-day average price has risen from 375.4 LTC to 361.1 (-3.8%). In addition, the value of LTC relative to BTC fell sharply to BTC 0.00243. The result is that the NAV has dropped from BTC 0.1080 to BTC 0.0878 (-18.7%). Please note that the NAV is only an estimation of the value of the shares. The trading volumes of both LTC-GLOBAL and BTC-TRADING-PT are low and the bid-ask spreads are very high, so the actual prices of a shares can vary quite a bit.

LTC-GLOBAL paid a decent dividend this week and this has been passed on to shareholders (after conversion to BTC). The fund's dividend for this week was BTC 0.00004945 per share, or 0.06% weekly yield (2.93% annualized).

Voting

The fund has motions for voting on approval of the following securities. Motions must pass by a margin of 100 shares to be approved (a YES vote), or fail by a margin of 100 shares to not be approved (a NO vote). Votes within a margin of 100 shares receive an ABSTAIN vote.

Ticker	Exchange	Deadline	Notes
BASIC-MINING	BTC-TC	2013-03-02
ESECURITY-SA2	LTC-GLOBAL	2013-03-02
TRIPLE-B-MINING	LTC-GLOBAL	2013-02-28
-
LTC-DMF	LTC-GLOBAL	2013-02-23	Approved: 755-9
LTC-ARCADE	LTC-GLOBAL	2013-02-23	Not approved: 15-749
BTC-MINING	BTC-TC	2013-02-23	Abstain
S.WIHEE	LTC-GLOBAL	2013-02-22	Abstain
S.MPOE-PT	LTC-GLOBAL	2013-02-22	Abstain
COGNITIVE-PT	LTC-GLOBAL	2013-02-18	Approved: 646-150

Sunday, February 17, 2013

Overview

Asset Information
Assets: 110 shares of LTC-GLOBAL
Shares Outstanding: 1100
NAV: BTC 0.10774 (Based on the LTC-GLOBAL 7 day average price of 375.4 LTC)

Dividend Information
Weekly dividend: BTC 0.16642
Weekly dividend (per share): BTC0.00015129
Weekly Yield: 0.14%
Annualized Yield: 7.30%

Management Fee
Normal Fee (%0.02 of assets): 8.2588 LTC
Waived: 0.0 LTC
Fee Paid: 8.2588 LTC

Detailed information can be found here: https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE

Commentary

Demand for LTC-GLOBAL shares has been high although volume continues to be low. The 7-day average price has risen from 347.17 LTC to 375.4 LTC (+8.1%). Despite that, the value of LTC relative to BTC fell sharply, and the NAV dropped from BTC 0.121 to BTC 0.108 (-10.7%) as a result. Please note that the NAV is only an estimation of the value of the shares. The trading volume is low and the bid-ask spread is very high, so the actual price of a share can vary quite a bit.

LTC-GLOBAL paid a large dividend this week, making up for the lack of a dividend last week. The fund's dividend for this week was BTC 0.00015129 per share, or 0.14% weekly yield (7.30% annualized).

Voting

The fund has motions for voting on approval of the following securities. Please don't want until the last minute to vote because the exchange may not display the dates correctly, and you may be too late.

Ticker	Exchange	Deadline	Notes
LTC-DMF	LTC-GLOBAL	2013-02-23
LTC-ARCADE	LTC-GLOBAL	2013-02-23
BTC-MINING	BTC-TC	2013-02-23
S.WIHEE	LTC-GLOBAL	2013-02-22	IPO
S.MPOE-PT	LTC-GLOBAL	2013-02-22	IPO. Note: Same name, different issuer, different exchange.
COGNITIVE-PT	LTC-GLOBAL	2013-02-18	IPO
-
LTC-ATF.B1	LTC-GLOBAL	2013-02-16	Approved: 749-31
ART	LTC-GLOBAL	2013-02-16	Not approved: 40-159
BITVPS	BTC-TC	2013-02-11	Abstained
S.BBET-PT	BTC-TC	2013-02-11	Approved: 805-0
S.DICE-PT	BTC-TC	2013-02-11	Abstained
S.MPOE-PT	BTC-TC	2013-02-11	Approved: 805-0

Saturday, February 9, 2013

Overview

Asset Information
Assets: 110 shares of LTC-GLOBAL
Shares Outstanding: 1100
NAV: BTC 0.12081 (Based on the LTC-GLOBAL 7 day average price of 348.17 LTC)

Dividend Information
Weekly dividend: BTC 0.0 (LTC-GLOBAL paid no dividends this week)
Weekly dividend (per share): BTC 0.0
Weekly Yield: 0.00%
Annualized Yield: 0.00%

Management Fee
Normal Fee (%0.02 of assets): 7.6597 LTC
Waived: 7.6597 LTC
Fee Paid: 0.0 LTC

Detailed information can be found here: https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE

Commentary

Demand for LTC-GLOBAL shares picked up a little and the average price has rose from 311.21 LTC to 347.17 LTC (+12%). In contrast, the value of LTC relative to BTC continued to fall, but the NAV still rose from BTC 0.115 to BTC 0.121 (+11.6%) as a result. Please note that the NAV is only an estimation of the value of the shares. The trading volume is low and the bid-ask spread is very high, so the actual value of a share can vary quite a bit.

LTC-GLOBAL paid no dividends to the fund during the week. As a result, no management fees were paid and no dividends were paid.

Voting

The fund has motions for voting on approval of the following securities. Please don't want until the last minute to vote because the exchange may not display the dates correctly, and you may be too late.

Ticker	Exchange	Deadline	Notes
LTC-ATF.B1	LTC-GLOBAL	2013-02-16
ART	LTC-GLOBAL	2013-02-16	Please note that the motion has a typo. This security trades on LTC-GLOBAL.
BITVPS	BTC-TC	2013-02-11	IPO
S.BBET-PT	BTC-TC	2013-02-11	IPO
S.DICE-PT	BTC-TC	2013-02-11	IPO
S.MPOE-PT	BTC-TC	2013-02-11	IPO
-
MOO.COW.MINING	LTC-GLOBAL	2013-02-06	Abstain
GOLD	LTC-GLOBAL	2013-02-09	Approved: 833-3
LTC-GAMING	LTC-GLOBAL	2013-02-09	Not approved: 722-83
PAJKA.BOND	BTC-TC	2013-02-09	Abstain

Note: The new LTC-GLOBAL security PUNT that IPOed recently is a joke. We won't be voting on it.

Most of the time I already have the funds on one side or the other and will just look at the going exchange rate on BTC-e and do the math using the top offer.  When I do that I don't bother with the exchange fees, or withdrawal fees, etc.  Sometimes I don't and I have to exchange, which sucks because it takes a long time to move everything around.

Burnside, do you actually go through an exchange to move the profit of BTCT from BTC to LTC, paying an exchange fee, or do you just move the numbers around accounting-wise, not having to pay the exchange fee?

Saturday, February 2, 2013

Overview

Asset Information
Assets: 110 shares of LTC-GLOBAL
Shares Outstanding: 1100
NAV: BTC 0.11408 (Based on the LTC-GLOBAL 7 day average price of 311.21 LTC)

Please note that 10 LTC-GLOBAL shares were deposited in the fund in exchange for 100 shares of BTC-TRADING-PT. This did not dilute the value of the shares. For more information about depositing assets, please see the OP, or contact John Galt Asset Management.

Dividend Information
Weekly dividend: BTC 0.02426
Weekly dividend (per share): BTC 0.00002205 (paid on Tuesday)
Weekly Yield: 0.02%
Annualized Yield: 1.04%

Management Fee
Normal Fee (%0.02 of assets): 6.8466 LTC
Waived: 2.5835 LTC
Fee Paid: 4.2631 LTC

Detailed information can be found here: https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEE

Commentary

Demand for LTC-GLOBAL shares continues to abate and the average price has dropped from 337.85 LTC to 311.21 LTC (-7.9%). In addition, the value of LTC relative to BTC continued to fall, and the NAV fell from BTC 0.129 to BTC 0.115 (-10.9%) as a result. Please note that the NAV is only an estimation of the value of the shares. The trading volume is low and the bid-ask spread is very high, so the actual value of a share can vary quite a bit.

A dividend of 11.11 LTC was paid by LTC-GLOBAL to the fund during the week. After subtracting the management fee of 4.26 LTC, the dividend paid to fund shareholders this week is BTC 0.02426, or BTC 0.00002205 per share, for a weekly yield of 0.02% and an annualized yield of 1.04%. This is a meager dividend, but it is much higher than the typical dividends in previous weeks.

Voting

The fund has motions for voting on approval of the following securities. Please don't want until the last minute to vote because the exchange may not display the dates correctly, and you may be too late.

Ticker	Exchange	Deadline	Notes
MOO.COW.MINING	LTC-GLOBAL	2013-02-06	IPO
LGT	LTC-GLOBAL	2013-02-09
LTC-GAMING	LTC-GLOBAL	2013-02-09
PAJKA.BOND	BTC-TC	2013-02-09
-
B.YABMC	BTC-TC	2013-01-28	Abstain
SILVER	BTC-TC	2013-01-28	Not Approved: 528-0
TABITA	LTC-GLOBAL	2013-02-01	Abstain
BTC-BOND	BTC-TC	2013-02-02	Abstain
RSM	BTC-TC	2013-02-02	Approved: 122-6
MOB	LTC-GLOBAL	2013-02-02	Abstain
BOTMINER	LTC-GLOBAL	2013-02-02	Not Approved: 676-40
LTCCOPPER	LTC-GLOBAL	2013-02-02	Not Approved: 696-20

I'd be worried that I'd screw up the math, honestly.  To properly pay dividends on the BTC side I'd still have to calculate in the income from the LTC side, then figure out how much to convert and which direction to convert it.  Maybe after things have calmed down a bit in terms of development, etc, we can look at it again.  For now I need to KISS or I'll lose my marbles. 

You are correct. Currently, there is no way around it, though. You could ask burnside to add the ability to pay dividends in multiple currencies, or I could ask him to pay this fund's share of the BTC income separately and directly in BTC (but I don't think he would go for either).

Keep in mind that BTC-e charges only a 0.2% fee for currency conversion. I think it would be hard to justify setting up a special way to get around it.

So if I invest in this are the profits that the exchange makes in bitcoins converted to litecoins then paid out to shareholders (including this fund) and then converted back to BTC for you to pay out the shareholders of this fund?

If so it would be nice to get around that as the exchange makes a lot of BTC revenue.

That the tracking of the shares and divs are paid out in LTC could be changed easily.  Same way BAKEWELL moved off BTC-TC, LTC-GLOBAL could move from LTC-GLOBAL to BTC-TC. 


This is more my take on it.  We're on the two strongest crypto-currencies out there, essentially hedged against a failure in either one.  What's not to like?

The value of BTC Trading Corp (the company that runs LTC-GLOBAL and BTC-TC exchanges) is independent of the currency the shares may be denominated in. Shares denominated in a worthless currency could just be changed to another currency. If I sell gold for BTC and BTC becomes worthless, is the gold then worthless?

I'm not clear on your example because it is ambiguous. Let me "correct" it. First, please note that (AFAIK) roughly 50% of BTC Trading Corp's income comes from BTC-TC.

Whatever the situation is:

LTC becomes worthless: LTC-GLOBAL is worthless because nobody will use it. BTC-TC is unchanged. BTC Trading Corp drops 50% and relists on BTC-TC (if necessary).
BTC becomes worthless: LTC-GLOBAL is unchanged. BTC-TC is worthless because nobody will use it. BTC Trading Corp drops 50% and relists on LTC-GLOBAL (if necessary).

Im not sure what you are concerned about. If you arent a shareholder in the exchange why does it concern you how it divides its profits and sends them out to shareholders ? Unless you are saying burnside should issue more shares for bitcoins and screw over the people who bought them originally which would be rather stupid. I dont think it really matters how the company profits are paid out as long as shareholders can still easily exchange them for other currencies easily.

No, it opens you up to more risks.

Current situation:

Litecoin becomes practically worthless for any reason? LTC-GLOBAL fully worthless.
Bitcoin becomes practically worthless for any reason? LTC-GLOBAL ~half worthless.

If BTCT was listed separately in BTC:

Litecoin becomes practically worthless for any reason? Doesn't matter.
Bitcoin becomes practically worthless for any reason? BCT fully worthless.

I would have thought redundancy is a good thing. Including redundant cryptocoins and blockchains in case the bitcoin devs go nuts and decide to destroy bitcoin somehow or the unlikely event that all the exchanges are shut down or the devs go rogue etc.

Something like that.  Plenty for me to trade back and forth, maybe not enough for the bigger fish.