Topic: [BTC-TC] [[LTC-MINING]] - GLBSE LIST RECEIVED - BTC-TC TRANSITION COMPLETE (Read 65698 times)

Hey there, hate to say it but I'm winding these down.  I just closed the LTC-GLOBAL issue last week.  I just haven't been able to grow them like I would have liked, and running the exchanges has taken up most of my time.

There are definitely other mining bonds and mining companies out there that are getting into Litecoin.

Cheers.

@burnside, i am interesting to litecoin, any planning from you about your company? would you please let know the coming?

Hi Burnside, that is good offer and I have enjoyed the dividends and well run bond for the past year.  Thank you for your efforts.

Thank you, I definitely appreciate that.  I guess I look at it as a loan I took out to get a mining op started, and I'm the kind of person that doesn't feel quite right if I don't pay back a loan.

I know there are a lot of people that have traded it since the IPO, and I can't do much about whatever price they might have bought in at, but I also know that there are several bond holders that have held hundreds of bonds since the IPO (keeping in mind I have the asset holder list) and I feel an obligation to those people to pay this loan back.

Cheers.

You shouldn't feel bad about it.

Fixed-hashrate mining bonds are effectively a bet that exchange rate of a cryptocurrency won't go up. The reason is simple: if exchange rate goes up, total hashrate goes up and bond's dividend payouts go down. (Or, from a different perspective, higher exchange rate allows others to sell same hashrate at cheaper price.)

So it can be used to hedge one's position. If you own both cryptocurrency and mining bonds on it, you profit either way: if cryptocurrency price explodes, you profit from it while mining bonds sink; if cryptocurrency stagnates, you keep collecting dividend.

So, well, Bitcoin price shoot up ~20x, Litecoin price shoot up ~75x against fiat. So it is normal that bonds became worthless as people profited.

Of course, some people did not understand that it is a hedge... But, well, how hard is it to understand that hashrate increases?

I have some great news.  All but a couple of the bonds were claimed!  I'm really glad we were able to reconnect nearly everyone after the GLBSE shutdown.

Next steps for this bond... It's been nearly a year now that I've been operating it.  I've learned a lot, and had a great time running it for everyone.  My goal has been to repay the principal and then some within the first year, giving every initial purchase a profit.  Despite this goal, after almost a year of operation only 0.181 BTC of the initial 0.43 BTC price has been repaid on a per-bond basis.  Even more upsetting is that in the nearly year of operation, that gap of 0.24 BTC is worth nearly 10x what it used to be in most fiat currency conversions.

Bottom line, this issue has lost bondholders money, and with the way difficulty has been going up, it is not showing much promise in terms of paying it back anytime soon.

BTC-TC had a great month this May, and I have benefited greatly from that.  So what I've done is I've posted a large bid using the following math:  Taking the IPO price of 0.43, I multiplied it by 1.1, then subtracted the dividend payments to date of 0.181, leaving 0.292 BTC as the number at which I can buy back the bonds, and still give IPO buyers a roughly 10% return.

I know this doesn't seem like much, but per the contract I could in theory just let it languish until the price tanked, then buy back at 110% of that.  So this is my effort to make bondholders whole, in a fair manner and at my expense.

No one has to take this offer, but it's there on the books.  Do your own math and decide on your own what you'd like to do.  I can't commit to leaving the bid there indefinitely, but I'll continue to operate the bond unless/until something else changes.

Cheers.

I just sent out an email to the 6 remaining holders of LTC-MINING that have not yet claimed their bonds:


If you think you had bonds, but did not receive an email, please let me know and I'll cross-reference you with the list GLBSE gave us.

I will leave unclaimed bonds in their holding accounts until June 1st.  At that time they'll be shifted back into the issuer account and the coins will be reclaimed and re-distributed to the current bond holders.

Cheers.

I went back through all of the dividends that had been issued on GLBSE and plugged them into the database on BTC-TC.  So now you can see the entire history of the asset's dividends there.  I thought some might find it interesting.

Also - I'm willing to do this for any of the other GLBSE refugees on btct.co.  If interested I just need a CSV of all your GLBSE divs (date, total paid, shares outstanding at the time) and I can import it into the db.


Cheers.

Quick update.  I have posted the rest of the prospectus.  It's somewhat brief, given the simplicity of the asset, but I'm happy to expand on it if needed.  Please let me know if there are any questions, etc.

Cheers.

This is a repost from LTC-MINING.LTC, but this person voted anon and I want to make sure I reach them.

I'm not sure who it was, but to the voter that voted ABSTAIN on LTC-MINING, I commend you.  I'm really glad we have voters like you watching the assets and keeping the issuers on their toes.

You are absolutely right to request that I fill out the rest of the info on there, and I will do so as soon as I reasonably can.

Cheers.

Got the final list from GLBSE, all of the new share holders on it have been imported and the BTC from the holding account has been distributed.

If you were expecting an email and have not received it, please check your spam folder.

Cheers.

Hi all,

  Get yourself some more LTC-MINING via the new Dividend ReInvestment Program!  (DRIP)

  https://bitcointalksearch.org/topic/m.1399240

Cheers.

just wanted to confirm that all does indeed seem well

email did end up in spam but found it thanks to your post here

Nefario sent me an updated list today.  Users on the list have been sent emails exactly like the previous list and I have transferred the dividend proceeds to the new accounts.

Cheers.

Quick public service announcement.

I've had a couple of people PM that didn't get their emails and later found them in their spam folder.    Gmail in particular didn't seem to like something about them.

Cheers.

Yes, you can create a new account and transfer.  The emails do not need to match for a transfer.

Cheers.

Yup.  I had already registered before the list came for Nefario.  I just logged into the account created by burnside and then did a transfer of funds and shares.  Extremely simple. 

Props to burnside for being a responsible operator and for the site's ease of use.

Thank you for your effort, i get my devidends : )

Absolutely great job!

Now I know I can't change my username but if I changed the e-mail attached to that account and then register new account with proper username to that old e-mail and transfer all the shares would that work?

@burnside
Regarding buyback - should I transfer the shares to you on btct.co? What is your username?