Topic: cytokene (Read 1460 times)

..for TEEK.B there is demand for insurance (someone created HEDGE shares for it, to provide covering to some extent).

If my investors don't want it, I don't do it. Simple as that. They have their reasons: mainly, they already have plenty of pirate exposure, and thus are seeking an investment with a return that is wholly independent of pirate's operations.

That said, anyone else should probably take this deal... esp when you can borrow at 1% and then get insurance on top - it's like printing money. But that makes me wary, because the same amount of risk is still there, it's just systemic instead of concentrated.

Actually I think he made a mistake. Getting 3.5% risk free ( unless you think usagi will default) is one of the best deals there are today...  just because there is the word pirate behind the deal is not a very good reason....

Ahh well we're not offering you a rate, you asked for a rate ;-)

Anyways no, the details of customer accounts are private. However if one of them chooses to speak up, now would be the time.

If you compare this rate to YARR, then at 1.50 per share YARR pays 4%. So from a fees standpoint you are better off with YARR. See this is why I made YARR, because it is cheaper to insure people this way than to bother about individual contracts. However, contracts can be altered to suit the customer, so there are benefits in terms of how we structure it. If you buy YARR for example, you are not going to have 1,000 coins and you will get a lower income from your investment. So there are reasons to sign this contract, it's not just a one way street YARR is better or a contract is better. But we generally prefer the YARR route for it's simplicity.

By the way, we just deposited 500 bitcoins with Starfish Bank and i must say, I was struck with Mr. Harnett's professionalism. He is long on customer service, let me tell you.

So there you have it. This is why we are cancelling the 2,000 coin pirate contract -- because it's better for us to just offer pirate insurance via YARR. Better for you, too! Unless you need special terms in your contract. In your case, you pay a higher weekly premium because the initial premium (the load) is zero. That's the tradeoff.

Hi! All of these questions and more are answered on our holdings & NAV webpage:
http://www.tsukino.ca/cpa/accounts/

Right now, we're in the process of cancelling a large pirate account, so the amount of pirate we cover will drop by up to 2,000 and then be increased by 1,000 (your account). So your coverage would't actually start until sometime next week.

What we will do is draw up a contract for you with those terms. We will set a term of 5 months for you, expiring at the end of September 2012. You could renew it then, but we'll keep the option of not renewing it, just standard business practice. That's right, we won't be "returning your coins to you at any time" -- unless of course that's what you want.

Here is your contract. If you agree, please give me a clean (new) address where to send the interest payments, because we will use blockchaininfo to track payments. We will also give you a new address to send payment too. These addresses and your email will be plugged into this contract and then you must GPG clearsign it and send it back to us.

Ok so, if there's anything you want changed or added please let us know!

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CPA Pirate Insurance Contract (CPA Account #11)
Customer: Cytokene <-email->
Customer Contact Info: Cytokene on bitcointalk.org
CPA Agents: usagi (tsukino)
DATE: July 13th, 2012


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A-I. Investment Hypothesis
1. Cytokene ("the customer") will loan the sum total of 1,000 (one thousand)
   bitcoins to CPA at address [-to be determined-].
2. CPA will pay the customer 3.5% per week in the form of 35 bitcoins per
   week to address [-to be determined-].
3. Payments will be made no later than Monday, 11pm JST (Japan Standard
   Time) for at least one full week of holding.
4. CPA reserves the right to return the principal (the 1,000 bitcoins) and
   cancel the contract given 30 day's notice to the customer and/or without
   notice after January 1st, 2013.
5. The customer will allow a period of 5 business days for us to process
   withdrawls.
6. In the event of a Pirate Default (Bitcoin Savings & Trust) this contract
   will immediately expire and the 1,000 bitcoins will be returned with
   respect to A-I-5.


A-II. DISPUTE RESOLUTION
1. Any controversy or claim arising out of or relating to this contract, or
   the breach of this contract, shall be settled by binding internet
   arbitration at judge.me in accordance with the judge.me arbitration
   agreement. The arbitrator's decision shall be final and legally binding
   and judgment may be entered thereon.
2. The customer must indemnify (make whole) CPA's incurred legal fees if
   they lose their claim, limited to the amount required to be paid by CPA
   to judge.me.
3. All judge.me fees related to this contract must be paid in bitcoins.


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Cytokine