Topic: closed - page 3. (Read 14906 times)
If Pirate pays out, are you going to buyback/pay dividends for 1.0 BTC, or more?
When dividends will be paid? We are still waiting.
Quote from: pirateat40
After much consideration, I’ve decided to close down Bitcoin Savings & Trust.
As of today, YARR pays 1% per week (0.01 per share) payable on monday or tuesday. It is not worthless; it is worth 1 bitcoin. A bidwall will be put up over the weekend. Do not sell your shares for less than 1 bitcoin. Your value of 1 bitcoin is guaranteed by CPA. You WILL get your 1 bitcoin. Please allow 2 to 4 weeks for complete liquidation if there is a complete default by pirate.
YARR'S ACCOUNT STATUS:
2337 outstanding shares
2420 BTC in PIRATE SUB-ACCOUNTS and PPT PRODUCTS.
2200 BTC in MINING and OTHER
Our responsibility to shareholders is completely covered by out investments in MINING and OTHER, with a 100 shortfall to be made up by CPA in the case pirateat40 does not return investor's bitcoins. However, we expect that we will shortly receive final payouts for all PPT and SUB-ACCOUNT pirate products we own, and that a complete wrap-up of the fund as a pirate passthrough will be completed by next friday.
We advise you to place an ask for your shares at 1 bitcoin now to avoid transaction fees; do not sell under 1, we will be maintaining a bidwall at 1 for the near future.
If pirate ends up defaulting and not returning coins, don't worry. Just allow us some time to liquidate the fund.
Any questions, I will remain available here. Please post your questions and concerns here!
As I've already stated the fund has been paying in advance the entire time, so the interest we receive will go to our profit as we've been allowing people to buy in the day after pirate has paid and still receive full dividends.
Now, I can't tell you what the market will do, but I can tell you I am operating a bidwall at 1, and after next week's 1% we will no longer be paying dividends. After a couple of weeks, if people still don't want to sell at 1, we will just pay a dividend of 1 and the shares will become worthless (or whatever people want to pay for them).
As we liquidate and buy-back shares at 1, we are removing backing from the fund and returning it to our investors.
If you still hold shares at that point they'll be worth the paper they are printed on and nothing more. But we fully intend to keep our word about returning investor's money in pirate one way or another. We have already bought back over 200 shares and have a sizeable (and growing!) bidwall at 1.
The bonds can become worthless? I have a few and they are trading under 1 btc now? I thought they would always be worth 1 btc?
Is there going to be another buyback and/or bidwall in the near future? There are quite a few coins selling at 1.0.
Quote from: pirateat40
After much consideration, I’ve decided to close down Bitcoin Savings & Trust.
As of today, YARR pays 1% per week (0.01 per share) payable on monday or tuesday. It is not worthless; it is worth 1 bitcoin. A bidwall will be put up over the weekend. Do not sell your shares for less than 1 bitcoin. Your value of 1 bitcoin is guaranteed by CPA. You WILL get your 1 bitcoin. Please allow 2 to 4 weeks for complete liquidation if there is a complete default by pirate.
YARR'S ACCOUNT STATUS:
2337 outstanding shares
2420 BTC in PIRATE SUB-ACCOUNTS and PPT PRODUCTS.
2200 BTC in MINING and OTHER
Our responsibility to shareholders is completely covered by out investments in MINING and OTHER, with a 100 shortfall to be made up by CPA in the case pirateat40 does not return investor's bitcoins. However, we expect that we will shortly receive final payouts for all PPT and SUB-ACCOUNT pirate products we own, and that a complete wrap-up of the fund as a pirate passthrough will be completed by next friday.
We advise you to place an ask for your shares at 1 bitcoin now to avoid transaction fees; do not sell under 1, we will be maintaining a bidwall at 1 for the near future.
If pirate ends up defaulting and not returning coins, don't worry. Just allow us some time to liquidate the fund.
Any questions, I will remain available here. Please post your questions and concerns here!
Pirate has closed his BS&T. What will happen now with owners of YARR shares? Will you buy back all shares for 1 BTC each?
Where is this announcement?https://bitcointalksearch.org/topic/bitcoin-savings-and-trust-home-closed-50822
Pirate has closed his BS&T. What will happen now with owners of YARR shares? Will you buy back all shares for 1 BTC each?
Where is this announcement?
Pirate has closed his BS&T. What will happen now with owners of YARR shares? Will you buy back all shares for 1 BTC each?
I see, thanks for explanation.
The question now is if people run to insured pirate pass throughs to save them from full pirate default, or not. If not, I expect that the fair value is now ~1.42 instead of 1.55. This is of course when Usagi fixes the rate.
Not sure why you would think the fair value would decrease. I actually think fair value will keep rising resulting in lower yields as interest rates in the Bitcoin economy in general keep declining as demand for cash declines. And interest rates will rise, later, when confidence in Pirate declines.
The question now is if people run to insured pirate pass throughs to save them from full pirate default, or not. If not, I expect that the fair value is now ~1.42 instead of 1.55. This is of course when Usagi fixes the rate.
why are you lowering now if there's whole week ahead with unchanged rates?
There isn't.
New rates are effective 8/20...
I guess thats for the previous weeks deposits.
why are you lowering now if there's whole week ahead with unchanged rates?
There isn't.
New rates are effective 8/20...
why are you lowering now if there's whole week ahead with unchanged rates?
There isn't.
why are you lowering now if there's whole week ahead with unchanged rates?
*(there has been no official announcement that I can find but rumor has it at 5%.)
Hmm? There has been an official announcement, unless you don't consider the BS&T thread official...
5,000+ BTC 3%
15,000+ BTC 4%
25,000+ BTC 5%
is that the new rates ?
*(there has been no official announcement that I can find but rumor has it at 5%.)
Hmm? There has been an official announcement, unless you don't consider the BS&T thread official...
Actually, it's not "fully" insured (it being your investment)
Say you buy one for 2 BTC. If pirate defaults, you only get 1 BTC back. That's 50% insurance on 3% WPR. Still not a good idea if you think pirate will default in less than 17 weeks.
Say you buy one for 2 BTC. If pirate defaults, you only get 1 BTC back. That's 50% insurance on 3% WPR. Still not a good idea if you think pirate will default in less than 17 weeks.
this is precisely how I've evaluated YARR. It is in fact, a partially insured bond. The typical trading price makes the insurance considerably less valuable, and(or) the premium exceptionally high.
the current offer to sell all of YARR to the highest bidder
A. calls into question the true value of the insurance provided
B. the solidity of any investment in YARR until such time as the asset is transferred to the eventual purchaser.
I would personally be interested in YARR at 1.1-1.2.
Hopefully your sale of the YARR business will go quickly.
Actually, it's not "fully" insured (it being your investment)
Say you buy one for 2 BTC. If pirate defaults, you only get 1 BTC back. That's 50% insurance on 3% WPR. Still not a good idea if you think pirate will default in less than 17 weeks.
Yeah, there's no advantage to this over just depositing 1BTC with pirate and getting 7% WPR. If Pirate defaults you lose the 1 BTC either way, except you can invest the other 1 BTC in something else.Say you buy one for 2 BTC. If pirate defaults, you only get 1 BTC back. That's 50% insurance on 3% WPR. Still not a good idea if you think pirate will default in less than 17 weeks.
This (along with Nimda, Obsi, and Psy's statements among others) are great examples of why if you don't know how to manage your money, for god's sake give it to a competent money manager.
If you did what you said and invested 1 bitcoin in pirate and 0.9 in say mining, your total interest rate would be about 4.3% The problem is that YARR pays a comparable interest rate at just 1.4 bitcoins. So investing in YARR at or around the average sale price is a better investment than what you have proposed.
In 3 days there will be 1,000 new backing for YARR and I will sell up to 1500 new shares around 1.40-1.50. This has been announced for about a week now. I really don't know why people like you and Nimda keep spreading FUD about 1.90, volume at that level is what, 100, compared to maybe 3,000 under 1.40.
Now for the blue part (color mine). I was "spreading FUD" about 1.9 because that was the price. You couldn't get a share of YARR for less than 1.9 Bitcoins.
(Subject to investor's evaluation of pirate's default risk -- as risk of him defaulting in the next month approaches ~90%, staying totally away from him becomes the only option.)
In 3 days there will be 1,000 new backing for YARR and I will sell up to 1500 new shares around 1.40-1.50. This has been announced for about a week now. I really don't know why people like you and Nimda keep spreading FUD about 1.90, volume at that level is what, 100, compared to maybe 3,000 under 1.40.
Actually - you said people were buying it for 1.9. How is that FUD?
usagi has stated that YARR holds 3700 BTC in assets. Therefore, it's unreasonable to think that he would force the 1.3 BTC buyback: that would mean a loss of 1110 BTC. At least in this case, the invisible hand -- everyone doing what's best for them -- means the best for everyone.
I think we misunderstand each other. I was trying to say that a prospective buyer would have the option to exercise the buyback @ 1.3 BTC, not usagi. I also do not understand your math. I see that there were 2000 shares of YARR that received a dividend today. To buy back, it would be 1.3 * 2000 = 2600 BTC leaving 1100 BTC for profit.
In 3 days there will be 1,000 new backing for YARR and I will sell up to 1500 new shares around 1.40-1.50. This has been announced for about a week now. I really don't know why people like you and Nimda keep spreading FUD about 1.90, volume at that level is what, 100, compared to maybe 3,000 under 1.40.
Actually - you said people were buying it for 1.9. How is that FUD?
usagi has stated that YARR holds 3700 BTC in assets. Therefore, it's unreasonable to think that he would force the 1.3 BTC buyback: that would mean a loss of 1110 BTC. At least in this case, the invisible hand -- everyone doing what's best for them -- means the best for everyone.
I think we misunderstand each other. I was trying to say that a prospective buyer would have the option to exercise the buyback @ 1.3 BTC, not usagi. I also do not understand your math. I see that there were 2000 shares of YARR that received a dividend today. To buy back, it would be 1.3 * 2000 = 2600 BTC leaving 1100 BTC for profit.
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