Topic: general (Read 4311 times)

I guess new SLA's have to be negotiated, unless there is no renegotiation clauses in the existing ones.

It might be prudent to send a notification to your community the need to hire additional insurers in order to ensure none suffer from unannounced service outage.

What say these existing clients? Their thoughts matter more than mine, of course. This thread isn't their notification is it?

 

Yes CPA cant just close and renege on all its insurance  contracts.

Its not only Nyan. The same goes for all its other customers too. Thats why I said, you cant just close CPA and transfer its assets to its shareholders without making whole your customers and creditors first, and thats not so easy. CPA's assets are premiums paid by its customers to get an insurance, taking those funds and forgoing the insurance is theft.

That's a totally reasonable question.

Which FAQ?  You make a new thread every time you have an idea - so it's kind of hard to keep track of them all.

I think you maybe misread my post anyway - I KNOW someone (not me) asked in a different thread about closing nyan.b without closing nyan.a.  But that is NOT my question here - I was asking about CPA: that IS, after all, what this thread is about.

I just checked your "closing nyan.b" thread and saw no mention of it (not surprising as my question wasn't about nyan.b".   I checked the nyancat FAQ - no mention there.  I checked the CPA FAQ - nothing at all in it.  So where is the FAQ that addresses the issue that CPA guarantees nyan.a's capital so can't really shut down before nyan.a?

I was simply pointing adding to my earlier point (that CPA has to either complete its contracts, negotiate out of the or default on them before shutting down) and giving nyan.a as an example.

On the subject of nyan.a, you realise you'd need to close that before you can close CPA?  nyan.a is, after all, guaranteed by CPA - without that guarantee investors may well not wish to remain in it.

Oh - and it's still missing its 0.99 bidwall (as is Yarr with it's 1.0 one for the insurance that should have been paid out a month ago).

What exactly are you confused about in that context?

Every time an asset gets created on glbse it should create a prediction market on those assets of succeed or fail.

Yes it should shut down.  I think the only effective insurance system that can exist in bitcoin is with a binary market betting system.

I have to admit this is pretty lulzy.

Your original post answers your question.  You don't enjoy the business and you are losing money.  Get out as gracefully as possible.  Most business fail.  Eventually they all do.

I don't believe you can just shut CPA down easily.  I assume you still have some insurance policies out (not just the BMF one that you refuse to discuss or honour).  Do all those policies HAVE clauses in allowing you to just cancel without reparation?

If they all can be ended without breach of contract (including if the all the insured will reach settlement for closure where they aren't obligated to) then you CAN close - and probably should.

Otherwise you're obligated to maintain sufficient capital (properly segregated by sector as per CPA's contract) to cover all outstanding policies until they expire.  Anything else would be a default.  Remember, you can change CPA's own contract (with its investors) at any time you like - they agreed to that (last item of the contract).  But you can't unilaterally change any contracts you've signed with insurees (other than with BMF - where you're both sides of the contract and neither side has honoured it anyway).

So I vote : YES if you can without default.  Otherwise struggle on until all contracts have expired - or default if you prefer.

You really change your mind very fast, porno Mircea. You are invested in both Patrick and Usagi with your CDO.
http://polimedia.us/bitcoin/mpex.php?mpsic=B.MPCD.A

Nevertheless, this is precisely what WS fund managers think/claim/do. It's a sickness, apparently any gender-confused undereducated and neglected youth catches it by merely pretending to be dabbling in the same thing.

Yeah I was wondering who exactly usagi was saying made money here considering shareholders are meant to share all the profits   

I had to re-read this part of the discussion to make sure I understood the context for this.  wow. 

This sums it up rather well. Who chose to invest CPA's money with all of those people? Usagi did. Yet Usagi claims no personal responsibility for managing CPA poorly.

This is about CPA, not Nyan.

As for not being a scammer; until now, as far as Nyan is concerned, you are not a scammer in the sense that you are trying to walk away with everyone's money pirate style, no. But what you are doing is constantly misleading investors and misrepresenting reality, and as a result, Investors that believe you are getting screwed, time after time.

Why you do that? Its possible you have been funneling funds to cpa, which is a black box, and you will take your profits there by liquidating it. Its also possible, likely even, its by shear incompetence. But I rather think the biggest reason is simply your ego. You dont want to acknowledge all your funds and companies are utter failures. Instead of facing up to that, you keep digging deeper holes and doubling down on bets you already lost. And you are doing so at the expense of your investors, overvaluing stuff by 2x or 10x and  going as far as buying shares (with your investors money) at 10x any reasonable valuation only to delay the inevitable conclusion.

Barely a week ago I wrote this:


And you lol'ed at it.

The looney was right though. You have since shuffled assets between Nyans and bought back bonds, but per share your nav has sunk even further. If you were to transfer assets from B to A to restore its nav to 1 as you are contractually obliged, Nyan.B would have a NAV of 0.24 per share.

If the SEC is investigating pirate and sniffing around glbse it is already fucked so I dont think reporting anyone else is going to matter.

I wish someone would pay me for posting the truth.
But you are right, you shouldnt care about what I think. What you should care about is what your customers and creditors think. This isnt about CPA shareholders, there probably is almost no one left at this point except you and your other scams. This is about stealing what little is left of the money that belongs to your customers and creditors.
If you are going to pay yourself these funds owned by others as dividends, before making good on your debts, you will be looking at much more than just a scammer label, you will be looking at legal action and if nothing else, I will make damn sure the SEC hears about it.

Oh I dont think you are fooling anyone anymore.

As for casting my vote, I did. I voted you can not pay a satoshi in dividends before you made whole all your creditors and customers. Anyone who paid you an insurance fee for an insurance that will no longer exist will have to be reimbursed first and my guess is you are utterly unable to do that, much less have anything left to pay your shareholders.

So you insured ponzi's and put the insurance premiums in other ponzi's and you are surprised that didnt work out?
ROFL!

Insuring against default is a braindead idea with zero potential. It can not work, it doesnt make any sense. First of all you will just attract scams and ponzi's that will use it to buy themselves some credibility, and you are guaranteed to lose money on it. Secondly, even for legitimate companies its simply stupid.

Example; usagi "insured" bakewell. What it effectively did was collect a % of bakewell's working capital to be paid out if bakewell defaulted.  Think it through; that capital is unavailable to bakewell and is not producing any ROI. If shareholders would buy proportionally less shares in bakewell and keep the difference in their wallets, they would achieve the exact same thing, except they wouldnt be relying on usagi to pay it back (and be able to pay it back), and the funds would be available to them at any point. Why would you want usagi to keep your coins safe for you at zero % interest and with absolutely no guarantee you will ever see them back?

From shareholder perspective it might not be a scam, but at least a badly run business that would have had (and still has imho) much more potential. I mean, you KNOW that defaults might happen, you insured against them... and then you are surprised that they happen more frequently than you thought? Just increase prices for insurance contracts, do stricter contracts and don't pay out on every.single.instance (is there a list somewhere where people claimed to get money from you and if/how much they got?).

Wait a second - CPA is valued by usagi in USD, but signs contracts (that are actually quite cheap to get) valued in BTC?!
I'd like to have confirmation on that by usagi...

However, I did NOT make money (by far not) with CPA, so I don't really get the following:
All this says is that some people actually bothered to pay for your service and their contract ended without a default event or other insurance case. In the big picture however it seems you lost money in total and now (since it's not "your" money anyways) lack the initiative to sell more contracts and instead want to realize this loss and close shop. Everyone was very nice to each other and especially pirateat40 as long as he was "profitable", remember? Try to defend him now and watch the sh*tstorm grow by the minute... noone likes to loose money.

In the end I'd say either YES, if you pay out the IPO price as final dividend, leaving shareholders unharmed or NO, if you just want to get out. You carry a responsibility and the Bitcoin community is also larger than this forum, just as a hint.

Being YARR's customer, I can say Usagi has earned some trust, for me at least, as he paid out all his bonds as promised (same thing about Goat btw, re his insured PPT). I hope at least some other YARR's clients have similar feeling, so it's not really like "no one seems to trust [Usagi]".

Actually amusingly enough at some point right after the launch for the S.DICE passthrough the operator couldn't connect to GLBSE or w/e and the price there shot up to 0.007 even though it was pretty clear that in no event would anything over maybe .004 or so make any sense whatsoever.

In short GLBSE is rather poor at pricing things.

The only relevant price is the underlying security, not some crappy passthru in an illiquid market (5 day volume of 1.2 bitcoins) that has a spread of 80% of the ask.

Compare it to S.MPOE, (5 day volume of ~3600 bitcoins), current spread of 0.6% of the ask.  3000x the liquidity, 130x smaller spread.

Perhaps this example simply illustrates the power of GLBSE to turn a dividend producing and valuation rising security into a loser.

Glbse passthroughs are irrelevant; there's no volume in that market. You could have had your passthrough shares turned in for the genuine article, in which case you'd be a lot better off.

Yes, CPA should close.

While I'm sure you regard me as one of the "trolls," I'm also quite sure that your blame of the community for all CPA's ills is ludicrous. There's a reason I never invested in CPA in the first place - I had no confidence in your ability to run such a company. There were then, and more so now, too many red flags about your behavior to trust you. Your behaviour suggests you're either incompetent, or running a scam (or both?) Now that you're hysterical over people trolling your threads with financial facts, you're closing up shop? hmmmmm.

If there's anything left of CPA it should be liquidated and distributed to creditors and shareholders. Perhaps then you might be able to focus on one of your other ventures, and salvage something out of this.

You've blamed the market - but you're only in one "market" - you've ignored most of the trading volume in bitcoin related securities. Not only was I able to make money on GLBSE in a down market, but the value I had in securities on other markets was not affected by the Ponzi shitstorm on GLBSE (which is largely centered around usagi and pirate) You clearly do not seem to be actively pursuing all avenues to protect, and, god forbid, increase shareholder value. Trolling here and IRC doesn't do shit to increase it. Being a socialite doesn't do shit to increase it. Investing in companies that A) aren't also owned by you B) aren't invested in the same crap you are and C) actually make money actually can increase shareholder value. But that's in really short supply on GLBSE. And, after GLBSE has come unraveled (thanks in no small part to you) there really won't be anything to invest in there for a long time to come. Frankly, it's my opinion that you're a ponzi operator, using a multiheaded scheme, and acquiring new capital by acquiring other companies and funds at this point so that it's not obvious that payouts come from new investment. The Central Ponzi Authority. Mind you - I'm not trolling you. You may not be doing this intentionally, and may not be operating a scam. But, truly, many ponzi schemes do not start as scams. But, you also do match most of the criteria for a likely ponzi scheme. (for example, I don't care if you've IDed to nefario, I don't trust him...I want to know who you are before I can invest in your operation....not trolling, just the way it is....your refusal to do this is but one red flag, and there are several)

Perhaps if you spent more time making money, and less time fucking off worrying about "trolls" on IRC & this forum, you'd not be closing shop. Perhaps, if you stopped regarding everyone as trolls, you'd answer questions reasonably, and provide the confidence in your companies that is sorely lacking. Instead, you rant and rave, and accuse people of being scammers. (usually a sign of what's going on inside of the ranting person, fwiw) How did that whole escapade bolster your shareholders' value? Oh. It didn't. It may have saved some people's money from your lovely USD based lol-accounting that suggests that a 40% BTC loss = a profit in USD)

For the sake of your shareholders, you should probably close it down. Now. (NYAN, too)

Here is the other passthrough - to BitVPS

If you bought the MPOE passthrough on glbse last month you would have gone from 1.5 to .3 


By your reasoning this is also a scam.

The problem would be that you've taken in what looks like 20k BTC capital, have paid out ~1k in dividends, ~2k in claims to outsiders and have maybe 10k worth of assets left (could as well be 5k, who knows in a 10 BTC depth "market" such as the Global Scam Exchange).

So now, you've spent 10% of your take in buying credibility as you yourself admit, and that leaves a hole of about 5 to 10k BTC to be shouldered by the community. The community is predictably not happy about this, which you call "it failing CPA". Yes, the community "has failed" some braindamaged scheme which only makes sense if the community were to agree with your own regard of yourself.

As the community pretty much thinks you're dirt, it's obviously not very happy to have poured 60 to 120,000 USD into dirt. Is this really a surprise?

Make people money, they'll like you. Lose their capital, they'll dislike you. Socialite or no socialite, them's the breaks.


In this 4 month interval S.MPOE went from ~10k satoshi a share to ~40k satoshi a share (+300%) and paid out in dividends 76.60729808 + 792.34834548 + 534.33526152 + 619.51519201 + 2,142.90254425 + 293.32991135 = 4,459.03855269 BTC. That's about on the level of the capital you lost.

In the same 4 month interval S.BVPS went from ~220k satoshi a share to ~360k satoshi a share (+50%) and paid 32.165 + 20.165 + 55.55333216 + 35 = 142.88333216 BTC in dividends.

The list goes on and on. Smarten up, you're not yet ready to play the investor with OPM.

What is all the fuss about? Seriously, seems like a few trolls wanted to ruin usagi.

Its more difficult if you rely on other companies for dividends and everything ends up scamming you. 

I don't want to rock the boat too much, as I'm still sitting in it with LTC-MINING and my personal investments.  But Nefario's handling of the Goat situation has been really frustrating.  People are tripping over themselves to get off GLBSE.   

You can not pay your shareholders a satoshi before you settled with  your creditors and customers who paid insurance fees and have unpaid claims.  CPA is almost certainly bankrupt, who would have seen that coming, a business based on insuring ponzi's and scams; tough luck for your shareholders.
If you are going to close shop your creditors and insured customers will be first in line, shareholders are last. Of course with your obscure CPA bookkeeping no one will know for sure how much you put in your own pocket or diverted to your other companies.

I thought OBSI and CPA were run by the same guy?

Thanks for ignoring me. It is pleasureful to watch you go down. I shouldn't have tried to interfere with natural selection.

Yes.

This is making OBSI look legit.

As an owner of multiple of your securities, let me say that your attitude on this forum is doing no one any favors.

It's headaches all around, basically.

I might be dumb but what kind of idiot "insures" ponzi schemes ?


 

You said in the OP "you made money".

If the shareholders didnt make a profit then why did you?

Logic and basic math.

"We made good money"

What a fucking joke.

 I would like to know who "we" is as it certainly wasnt the shareholders who lost 40%.


So, how much of CPA profits were embezzled because I sure dont see anything in the contract that says you could hold back any profits from shareholders. They own the company not you and it appears it was a massive slush fund all along.

If you didnt pay out all those profits to shareholders  where are they ?

In what world?


CPA has, by definition, been very unstable.


Insurance is going to be something people will always seek to protect themselves. But bitcoin securities have little transparency and accountability. Even a group of highly skilled individuals would have difficulty successfully modeling insurance contracts. Through your actions and your posts you have demonstrated you have a very poor understanding of business management and finance. How could someone with such limited knowledge think they could succeed in a deeply complex venture such as forming and insurance company in a wild West market? Foolish.


Paying out on contracts illustrates your honesty in regards to meeting those obligations. However, these massive losses also show that you are extremely talented at making CPA hemorrhage capital.


current price CPA can be sold at = .038
Dividends paid since IPO = .00569688
IPO Price= .10

Return on Investment since IPO price = -5630312%.

When you say "We made good money" do you mean you? It surely wasn't your shareholders.


Yes. Liquidate and pay the proceeds to creditors and then shareholders before you destroy any more shareholder value.

For once stop blaming the community and take some personal responsibility. Don't blame other companies and individuals; blame yourself for investing in them and involving CPA with them.

I say close up shop, I cant get advertisers to payout that I post ads for with 10k views or more in a week. Its not surprising I guess that the only way to make money on bitcoins now is to generate your own. Too many people are ok with just closing up shop and screwing people invested in their services and walking away.

I suggest you incubate for a different time in BTC land. Maybe 2015.

general