Topic: [CLOSING...] MOVETO.FUND - MoveTo Growth Fund - page 2. (Read 12830 times)

I agree mostly but I'm pretty sure mining bitcoin is a real business in any rational sense of the word. Granted that fixed m/hash bonds seem pretty useless in an environment of rapid difficulty increase and evolving technology like we've seen recently.  What "real" business" do you invest in? or do you just leave it in the blockchain?

very aware of the pirate risk? I have quotes of cytokine saying a pirate default was "highly unlikely". He did everything he could to stay in denial because the returns were Too Good To Be True.

Furthermore, giving away your bitcoin to HYIP scammers is not "growing the economy" nor "supporting bitcoin businesses", unlikely you call ponzi scamming a business. Unless you do due diligence and invest in *real* projects, not "arbitrage" and "mining farms". Maybe when so-called investors stop being so willing to get scammed, it will be worthwhile for entrepreneurs to start actual businesses instead of more HYIP funds.
 

Damn, our first big draw-down due to some major selling across the board on the GLBSE. All of this is related to the fallout from BS&T's default no doubt: my guess is that people are mass selling in order to meet creditor demands.

However, since a lot of issues are now trading significantly below their face value, it does appear that we could eventually have a nice snap-back rally when things finally recover. For now, it's good to get the pain over with, even though it's unpleasant.

NAV per share updated to 1.08576037

(BTW, I'm using the 5-day average price for each asset now instead of the last-trading price when calculating the NAV per share. This is how we're doing it from now on as per the FAQ.)

RSM - https://bitcointalksearch.org/topic/796com-redstarminingcom-the-oldest-public-mining-security-150ths-63257 - just needs to sell ~250 shares @BTC0.30 each to be operating at 48(MH/s)per share on delivery of our ASIC's.  I know were not issuing dividends until we receive the hardware but that's a better (MH/s)per share rate then most if not all our competitors.  Were planning on issuing 300 new shares on Monday at BTC0.30 each to take us to >51.6(MH/s)per share.  Although if we can shift another ~1400 shares at BTC0.30 we would be operating at >54(MH/s)per share or 1(GH/s)@<BTC5.55.  Just thought I'd let you know.  We've been operating over seven months now and I know Nefario personally. 

Bullshit.  cytokine and the investors in this fund (myself included) were very aware of the pirate risk and did everything possible to avoid exposure. Keeping bitcoin safe in the blockchain? really?  So instead of growing the economy and supporting bitcoin businesses we're supposed to hoard it all away where it does nothing but sit there?  The problem so far has been fraudulent activities by trusted members, not people wanting to support the fledgling economy and willing to take some risk. 

You were all warned that exactly this would happen. But instead of keeping the bitcoin safe in the blockchain, refused to believe it and chose to do absolutely nothing. Just kept waiting and waiting, until it was gone. How is that commendable?

Thought this was worth quoting because it is a common experience, and probably in higher proportion with Bitcoin than normal currencies.  Yes, some people lied and passed funds into Pirate, and others simply screwed up or stole funds sucking a lot of coins out of the economy.  I can understand the shit cytokine is experiencing because I've had it as well, and sticking with it rather than hiding or claiming some "hack" is to be commended.

How can you make investment decisions when the majority of the market is dishonest ?

Im a little disilusioned with the whole bitcoin investment scene right now :/

You have every right to be pissed at the dishonesty displayed and nothing to be sorry for cytokine.  Any successful trading strategy is dependent on a foundation of half decently trustworthy issuers.  The majority of GLBSE offerings at this emergent stage have a ways to go yet to put it mildly.  I'm still optimistic for the future and feel that recent events have shown who is who and served as a wake up call going forward. I'm confident these markets will bring real innovation and profits and already have in some cases.

Thank you Francesco, I really appreciate this comment.

I am sorry if it seems we are judging or blaming you; I do believe you're making your best. It must really be a nightmare to have responsibility for other people's money these days, however good your strategies could be in a sane market.

Kudos for that.  And thanks for answering our tough questions without stooping to the petty name calling that's prevalent in other threads.


Rightfully so I'd say.  You're not the only one.

As far as I know Nick is going to be slowly making payments until the position is eliminated. We will not be earning any interest though, but will reinvest the payments into other stronger securities. I'm looking to sell back BDT soon as well.


I'm going to try to negotiate a sale for this, but Kluge is making plans to repay as well by, for one thing, getting a job. Sad I know, but I do trust him to uphold his debts, and unlike Nick he has promised to continue making interest payments.

Yes I know pirate has screwed up a lot of people, and a lot of deposit takers lied and were secretly, non-transparently and dishonestly investing more than they could afford into him (and we're definitely affected by this), but please try not to take it out on me. We will eventually come out of this credit crunch and survive and grow. I will not stop with my mission by running the spreadsheet every day to decide on new positions, to mark the NAV according to the 5-day average trading price for each asset we own, and help take steps to increase transparency in the bitcoin investment world. I believe that, thus far, I have set a good example by being honest and putting my own money on the line right there with my investors. Despite the fact that some were dishonest with me, I have always been honest - it's in my own long-term interest to be honest anyway, not to mention that even if I were dishonest, I would have my assets frozen by Nefario and be immediately doxed by other members. All scammers deserve prison in my opinion, and nothing less. They make me literally sick to my stomach.

Sorry for the rant, but I'm pretty pissed right now at what is going on in the community.

Just noticing, I wouldn't pay a penny for BDK.BND either

Nckrazze says 3 years to pay back and jokes that he's 9 years old.  Has he sent you *anything*?

BDT is on shaky ground, and it looks like you hold nearly half the outstanding shares.

If those both go to zero then MOVETO's nav will be a little below .7 btc/share (based on the holdings posted on the first).

Please tell me you've made some amazing trades in the past 10 days.

Nothing apparently.

NAV updated to 1.1758086495

And the credit crunch continues...

What is happening this weekend?

Just an FYI guys I'll be doing the NAV update tomorrow.

BTW Goat retired TYGRR.BOND-D last night, so I took the liberty of buying up all of the outstanding sell orders of MOVETO.FUND below the NAV per share. So for those of you who wished to exit at this time, you are out.

However, for those who may wish to enter at this time: I have temporarily suspended sales of the fund until the NAV is updated tomorrow. The rationale is that I want to see how this pirate situation plays out this weekend before resuming sales. Thanks.

Thanks vendor, that's a great recommendation. That would certainly eliminate a lot of the volatility while still being an objective measure of valuation. I'll start doing this then for the NAV unless other investors disagree. I think the 5-day average is probably the best since that's where most of the noise occurs IMO.

EDIT - OP updated to reflect the new method of calculating the NAV