Topic: [BTC-TC] Nasty-PT 100 shares = 1 Nasty Fans seat - Closed (Read 12130 times)

Nasty-PT is now CLOSED

I found a buyer for the remaining 2100 shares outstanding. Me.


The price paid is 0.00105 per share. This is slightly above the current ask price of 0.1028 per seat (0.001028 per share).
Accrued dividends were 0.00000486 per share.

Total liquidation is: 0.00105486 per share.
This will be paid directly to your btct.co account. You can log in and withdraw it before the end of the month. If you do not, then any Bitcoins in your account will be paid to your public withdraw address.


Thank you for putting your trust in me.
Please consider adding a trust rating and let me know if I did a good job.

Thanks Carnth and nonnakip, it was a lot of work for you and it was handled smoothly!

I just submitted the last batch of share to seat transfers to nonnakip. If you submitted your transfer, you can expect your seats within a day or two.
If you have not submitted your transfer request, it is too late.

Here are the current records according to btct.co:

There are 2100 shares/21 seats left among 33 shareholders.
2 of these shareholders have not set a public withdraw address. You two need to have your public withdraw address set. For instruction on how to do so, please see this post:
https://bitcointalksearch.org/topic/m.3233637
If you do not set a public withdraw address, I probably will not be able to pay you. I will keep these proceeds as a donation!

We are now moving to the Liquidation phase.
I will find a buyer for the remaining seats, then proceeds will be distributed to the 2100 shares.
Finding a buyer will most likely take a few weeks. If a buyer is found after btct.co closes, the proceeds will be paid directly to your public withdraw address.

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If you or someone you know would like to purchase Nasty Fans seats, please have them contact me.

The latest dividends have been paid to the few shares that are left.
Since there are so few shares, the 4% management fee and the 1% donation back to Nasty Fans has been waived. Trying to donate such a small amount would be considered a dust transaction.

This also means that I will begin processing transfer requests that are in the queue.



This Monday, I will start the liquidation process. If you know anyone who would like to buy Nasty Fans seats, please show them this post. It would really help out the liquidation process and dramatically speed things up.
I won't know how many I have for sale until all the share transfers are complete.

Final call for share to seat transfers.


The shutdown of NASTY-PT has gone very smoothly. I want to thank everyone involved for their patience and trust during this transition.
So far 41900 shares -> 419 seats have been transferred successfully. This is a fantastic turn out.



I still have a couple of requests open at this time. Your requests will be processed, please watch for a response from me after dividends are paid tomorrow (a little more than 24 hours after this post).

For those of you who still want to transfer your shares to seats, you have until the end of Sunday 13 Oct (UTC) to submit a request. After that, you will have to wait for share liquidation.
To transfer shares to seat, pleasefill out this form and copy and paste it in a PM or email to Carnth to have your shares converted to seats. (Email address can be found on asset details page).

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btct.co username: 
nastyfans.org username: 

Number of NASTY-PT shares being transferred (must be multiples of 100): 

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Shares transfer requests are still going strong. Hurry to get yours in.

Thanks everyone for sending in requests and then waiting patiently for me to respond.
With the forums being down, this has been an especially hard time. Even so, all requests are still being processed.

Over 40000 shares / 400 seats have been transferred. Thank you everyone for your patience, and special thanks to nonnakip who is taking extra time on his end to complete each transfer.

We are winding down now. If you want to transfer, you need to get your request in now. This is your last chance to get your transfer request in. Don't wait, do it now.
If you choose to wait for share liquidation, that's fine too, just be prepared to wait... possibly several weeks.

It's been a busy couple of weeks. If you feel I have done a decent job in winding down this pass-through, I would appreciate a positive trust rating from you.
Thank you.

This is correct, nonnakip manages the nastyfans.org website and the accounts there. Before you request to have your NASTY-PT shares transferred to seats, make sure the spelling and capitalization of your Nasty Fans account is correct.  Then, make sure that you have an account that you can log into.
If you have any problems, please PM nonnakip.

yup, the process is really smooth.
Good job Carnth

got my seats, I can confirm the process is very smooth and professional

Unlike the GLBSE shut down, I have not been worried about BTCT.CO shutting down.  Just sad to see such a great site leaving us 

I figured between Burnside, Carnth, and nonnakip, the shutdown would be really smooth, so I bought a few hundred shares of the PT when the prices dipped.

Now I have a few extra seats with NastyFans.

Fast, smooth, clean, great communication, no surprises!  Just what one would expect from these guys.

Thanks.

Transfer Request Update:

The first batch of transfer requests have been submitted to nonnakip (who manages NastyFans.org). Remember that it is a manual process on both our ends so please bear with us.
I would like to ask that everyone who got their Nasty Fans seats to reply in this thread. This way I can know for sure that everything was complete and so that other NASTY-PT shareholders can get a feel for how long it takes. I believe that more information that everyone has, the better.

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I received a question in a PM and I think it would help all NASTY-PT share holders.



Yes, you can transfer 200 shares while still keeping 50 in your account. The rest will eventually be liquidated (cashed out).

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Share Liquidation Process:
The liquidation process will take some time. For example, it won't even start until the transfer process completes. Starting with 48000 shares outstanding, there is a lot to get through. The more shares transferred to Nasty Fans seats, the faster the liquidation process will go.
There may be a chance that the liquidation process will take longer than the deadline of the exchange. This is why I say that it is vitally important that everyone update their btct.co account with a public withdraw address. (If you can believe it, some account still have not done this.)
If the liquidation process takes longer than the exchange will be around, your public withdraw address is the only way I have to payout your shares. If there are any shares left over without a payout address when the exchange closes, I will consider it a donation.

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I am doing everything in my power to make sure that the transfer process is smooth, and so that you don't miss any dividends/distributions.
To avoid any missed distributions, please try to transfer your shares ASAP after you receive your transfer instructions. Regardless of a PM, do not transfer any shares 24 hours before Nasty Fans pays donations/distributions. This is around mid-day Friday in the USA or around 0:00 UTC Saturday. If you do transfer your shares during this time, you may lose that week's dividend, but you will still receive your Nasty Fans seats.

Thank you for your patience and your trust in me during this process. If there are any questions, please post!

"Cashing out," or liquidating shares that are not transferred will take some some. My original estimate was at the end of October, but liquidation might even happen after the exchange is taken offline. This is why is it vitally important that everyone puts a "public withdraw address" in their account. This ensures that I will be able to pay out any remaining shares when the exchange is taken offline.

Honestly, it will be much faster if everyone transferred shares to seats. The market on the Nasty Fans website can be slow at times.

Thank you for your response. Could you estimate how long it takes for cash out?

All shares that are not transferred will eventually be cashed out, but this option may take some time.

As far as opening an account, that is a decision you will have to make for yourself.
If you do, you can transfer 100 shares into a seat. Or you can buy more shares to get to the next hundred to get another seat. It depends on if you want to invest in Nasty Fans or not.

I only have 166 shares now. I just want to cash out? Is that possible? 166 shares is not worth of opening an account an by 1 seat, isn't it?

I am surprised that no one has any questions. I guess my FAQs have answered every question anyone has had. And thank you for actually reading it! 


I have received a number of transfer requests--which is great. I haven't responded to them individually because there are so many.

I will begin the transfer process after Dividends are paid. That way you can collect, and then get your Nasty Fans seats. Usually, dividends are paid on Monday, but I'm going to speed things up and pay them today.

As I have said, I have a number of requests and will begin processing them. Please bare with me as this is a completely manual process and each request must be handled individually.
If you have submitted a request by the end of  Saturday 28, September (UTC) and have not had a response from me by the end of Wednesday, please send a gentle reminder.

If you have not sent a request in yet, don't worry. You still have time.

Trading will continue until the exchange halts all trades. At that time, I would strongly encourage anyone with over 100 shares to request a transfer to Nasty Fans.


I appreciate the comments that you have sent in your transfer requests. Your words of encouragement, thanks, and jokes brighten my day.

NASTY-PT will be shutting down.

After careful consideration, this seems like the best option available to us.

Do Not Panic
Remember, your shares are backed by Nasty Fans Seats.


Here is what will happen:

For every 100 shares of NASTY-PT you have, 1 Nasty Fan's seat will be transferred to you on nastyfans.org. This is a special offer not in the original asset contract. If you don't want to receive Nasty Fans seats or don't want to create an account, you don't have too. See the next line.
All remaining seats that the pass-though has will be sold and the proceeds distributed to the remaining NASTY-PT shares. This follows the asset contract.


How to get started with a transfer for people who have 100 shares or more:

• If you don't have a Nasty Fans account on nastyfans.org, you will need to create one.
  I believe you must purchase 1 seat in order for your account to establish.
• After you establish an acount on Nasty Fans, copy the form below and paste in a PM to me, filling in the details.
• I will reply with instruction on how to transfer your NASTY-PT shares to the appropriate account.
  Do not transfer shares until you get a PM from me. Any shares transferred incorrectly will be considered a donation!
• I submit a transfer request to nonnakip, who manages Nasty Fans.
• You receive your seats--process complete.

What to do if you have 99 shares or less:

• Nothing, your shares will be cashed out after the seats that back them are sold.

Please make sure to set a Public Withdraw address in your btct.co account. This is vitally important. DexX7 (who manages CipherminePT) has a great "how-to" post here:
https://bitcointalksearch.org/topic/m.3233637



NASTY-PT share to Nasty Fans seat transfer form. Fill out this form and copy and paste it in a PM to Carnth to have your shares converted to seats.

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btct.co username: 
nastyfans.org username: 

Number of NASTY-PT shares being transferred (must be multiples of 100): 

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FAQs

Will I still be able to trade?
Yes, you will still be able to trade. If you want to sell your shares now, your are free to do so. If you want to buy enough to make the next even 100, again you are free to do so. You have until Oct 7 (when btct.co will stop market trading).


If I just wait to for my shares to be paid, how much will I get?
I don't know. Nasty Fans seat prices go up or down just like any other asset. It depends on when they are sold.


When will the "left over" shares be sold?
I plan to have everything sold by the end of October. Until then, the pass-though will still continue to collect funds and pay dividends as defined in the asset contract.


Is there a fee to get my NASTY-PT shares transferred to Nasty Fans seats?
No. I don't think it would be right to charge a fee due to the circumstances.


Can I transfer my NASTY-PT shares to BitFunder?
No. I don't manage the pass-though on BitFunder, OgNasty does. Because of this, it is not possible to transfer shares from btct.co to BitFunder.


Could we move to Havelock or any other exchange?
I asked Havelock. The response was "We are not accepting new assets at this time." I won't consider any other exchange.

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Thank you for putting your trust in me. I had fun managing an asset that gives back to Bitcoin.


-Carnth


P.S. If you have any questions, please ask!

The best investment on nastypt is now, just buy the shares cheap. people panic sell:p, i loled. i wish i didnt bought that high early. remember nastymining has 9 orders on 600ghash, monarch.

I can't give you any advice about how much you should buy or sell.

I will give this advice: I am trying to reach a scenario that will be the most fair to everyone. I would recommend that everyone base their market buys/sells after a final decision has been made about this pass-through.

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I am not going to make a decision today or even tomorrow. It will probably be at least a couple of days (maybe a week). Burnside has give plenty of time for the asset issuers to take a step back, analyze all options and make the best choice moving forward. I will not make a hasty decision, and I want to explore all possible options, so I ask for your patience during this time.

For now, NASTY-PT will continue to operate normally until a decision has been made. All dividends will be paid as normal (as stated in the contract).

If I'm just a few over a multiple of 100, would it be advisable for me to sell down to the lowest (or buy up to the highest) multiple of 100?

This is one of the possible scenarios that I am evaluating.

After BTC-TC disaster I would like to transfer shares back to Nasty Fans seats. Is that possible?

First... Do Not Panic.

Your Nasty-PT shares on btct.co are backed by Nasty Fans Seats which are not on btct.co. 100 shares still equals 1 Nasty Fans seat. The pass-through has (and always had) enough Nasty Fans Seats to back every Nasty-PT share. So there is no reason to panic and/or dump your shares.

There are a couple of options available, and I am evaluating them.

Nasty-PT will continue to operate normally until a decision has been made (all dividends paid according to the contract, etc.)
Again, there is no reason to panic; but I will leave the asset open to trading for those of you who wish to sell, or buy.

Thank you for your patience during this trying time.

Any update about how the closure of BTCT will affect the PT's purchased there?

In the interest of transparency, I have created a Google Docs (Drive) spreadsheet for the pass-through.

It lists the number of shares the fund has, all income and dividends paid, as well as management fees and donations back to Nasty Fans.
I even put a spiffy looking chart to the right.


Please Let me know what you think.

For Sale:

Nasty Fans Pass-Through packs.

Each pack includes:

• 500 shares of NASTY-PT on btct.co
• 1 One gram Nasty Fans collectible .999 fine silver round.
• Free delivery of the silver round in the USA.

Price per pack: BTC1.5

For international postage, add BTC0.055

This offer is good only until sold out or until next Monday 02-Sep 18:30 (Central time USA--when dividends are paid).


Photo of front and back of silver round:



To purchase a pack, please PM: Carnth


Silver round will be sent via "standard/first-class" postal mail in a plain letter envelope.

Transferring existing Nasty Fans seats to the pass-through on btct.co is now available.
You will get 100 NASTY-PT shares on btct.co for every Nasty Fans seat.

Please see the second post for complete information.

FAQ:

Is it easy to do?
No. It's a bit involved but not too complicated. There is no automated way to do this so it can be a slow process.

Why would anyone want to do this?
Because they want one place for all their assets. They don't want to deal with another web site.
Shares are more liquid than seats.
Because now you can.

Are there any fees?
There are no fees to transfer your Nasty Fans seats to the btct.co pass-through. However, all pass-through shares have the same fees applied regarding dividends: 1% donated back to Nasty Fans, plus 4% for management fees.

Can I ask any other questions?
Sure, ask them right in this thread!

Thank you for your questions.



The point of this pass-through is to allow a larger audience to Nasty Fans.
Pass-throughs are created to allow easy access to investments that are not on the current exchange. The first Bitcoin pass-through was DeadTerra's SatishoDice passthrough.
NASTY-PT is also a "1 seat for 100 shares" pass-through which allows a shareholders to own a "partial seat" at a much lower initial invest.



As of right now, exchanges between seats/shares are not possible. But I am working on a possible solution.



95% of donations received will be paid to shareholders.
1% will be donated back to Nasty Fans. 
4% will go to management fees.

I have a question. In general I undestand the terms of this (English is not my mothertongue) but I don't really get the point.
I possess ~400 shares @btct.co
Which advantages would I have in changing them into Nasty Fan seats? How can I change them into Nasty fan seats and at last: Do the dividends differ between Nasty fan seats and normal shares?

btct.co news announcement:


NASTY-PT is proud to announce a successful launch.
The pass-through has 65 seats/6500 shares available. I personally didn't think the pass-through would break the 20 seat/2000 share mark in a week, let alone the first day.

Thanks to everyone for participating.

Many shares are still available at great prices. Dividends will be paid in the middle of next week.

For more information on NASTY-PT please see the forum.

Most of the info you need can be found on the Nasty Mining forum OP.

Anyone feel like posting a TLDR on the underlying asset or point to such info?

Shares are up for sale!

Dividends will most likely be paid on the Wednesday after donations are received (to coincide with MiningCo.ETF's dividends).

Hello DexX7



It started just now.



I've already been slowly purchasing seats to back the shares.
As of this exact moment, the pass-through has 11 seats = 1.1K shares.
I plan on acquiring more before the pass-through is approved.

You can always see exactly how many seats the pass-through has by checking the Nasty Fans list of seat holders:
https://nastyfans.org/list.csv
( Search for the user: NASTYPT )



The pass-through has no fixed amount of shares. Additional seats (and additional shares) will be acquired and released based on market demand.
According to Nasty Fans policy, there is a 25K seat limit.



You welcome.

If anyone has any other questions, please ask! I'm happy to answer.

Hi Carnth,

sounds good! When do you start your approval process? Can you say something about the initial amount of available shares and if that amount is fixed or might further be expanded? Thanks.

Nasty mining has been around for a long time, nothing but good things to say about the people running it.

Very nice. You can count on my vote to approve when it's unlocked. I've no doubt you'll be just as trustworthy and diligent with this offering as you have with all your others. Good luck with this!

Nasty Fans seats can be traded for pass-through shares. There are several steps involved.

First:
Contact nonnakip and ask for your seat(s) to be transferred to the btct.co pass-through Nasty Fans account: NASTYPT. Something like this is acceptable:

I, would like to transfer of Nasty Fans seats to NASTYPT

You must sign your message with the PGP ID or Bitcoin address you have on file with Nasty Fans. If you do not include a signature, nonnakip will not process your request. For info on how to sign a message with a Bitcoin address, see below.

Second:
After nonnakip confirms that the seats have been transferred, send a PM to me with the following info:
The number of seats transferred.
Your username on Nasty Fans and the Bitcoin address, or PGP ID used to sign your message.
Your username on btct.co (with correct capitalization).


After everything is complete, 100 shares for every seat will be transferred to your btct.co account.


Fees - None
There are no fees to transfer Nasty Fans seat to pass-through shares. However, all pass-through shares have the same fees applied regarding dividends: 1% donated back to Nasty Fans, plus 4% for management fees.
Please consider a small tip for nonnakip for his time.


How to sign a message with a Bitcoin address
If using bitcoin-qt:
Click file, then sign message:



In line 1 - Enter the bitcoin address you used in Nasty Fans.

In the box - Copy your "I, would like to transfer of Nasty Fans seats to NASTYPT" message.

Then click the button labeled sign message and it will say "message signed" as well as giving you a signature:



Now, PM all three of these fields to nonnakip:
1:Bitcoin address that you used in line 1.
2:Message entered in the box (your message).
3:Signature that bitcoin-qt populated.

Closed
See this post for complete details.


100 shares equals 1 Nasty Fans seat.

https://btct.co/security/NASTY-PT

The Pass-Through:
This pass-through will allow investors an easy alternative to purchasing seats outright.
100 shares is equal to 1 Nasty Fans seat.

Before purchasing, please make sure to read About Nasty Fans and the Nasty Fans Policy. Also check the Nasty Fans forum OP for up to date mining info.
Shares have no voting rights. Management will vote in the best interest of the pass-through.
Shares can not be traded or exchanged for Nasty Fans seats. Nasty Fan seats can be traded for shares.
95% of donations received will be paid out to shareholders. Though Nasty Fans usually receives donations on Fridays, dividends for this pass-through may be held and paid up to 6 days later.

Transparency/Proof of Nasty Fans seat ownership:
First the pass-through will purchase seats through Nasty Fans. Only after seats are owned would shares be put up for sale. 100 shares will be issued for each Nasty Fans seat owned by the pass-through.
Seat ownership can be verified by looking at the current list of seat owners and checking for NASTYPT.

Fees:
1% will be donated back to Nasty Fans.  
4% will go to management fees.

Due to market conditions, Bitcoin network fees, and exchange fees; the price per share may not always equal 1/100th of the price of a seat.

Pass-through Closure
Management reserves the right to close this pass-through for any reason, giving 30 days notice. All seats will be sold on Nasty Fans and proceeds paid to shareholders.