Topic: [GLBSE] BDK.BND (1%/week) *IN DEFAULT* - page 4. (Read 17514 times)

Kludge, Don't be fooled. You can never escape form bitcoin. You may say you are leaving, but it will pull you back. Once you learn about bitcoins there is no turning back, no forgetting. You are part of us now.

After some deep breaths and sleep, I realized my situation can be somewhere between "infinitely upward" or "infinitely downward" and I'm not really in that terrible of a position. Things'll be tight - I can't buy anymore houses soon, but I'm not at risk of declaring bankruptcy or anything. Effectively having a short position on Bitcoin in the tens of thousands makes me pretty damn nervous, but as long as there aren't any major rallies, I should be fine. It'd be excellent to convert the debt to USD, but nobody seems interested.

I won't lie, though -- there's a fair chance I'm going to be missing some payments between now and when I can buy BDK.BND out 100%, and I sure am going to be taking advantage of panic sellers at the expense of the robotic certainty in my actions I originally sought to foster with BDK.BND. Basically - stick it out with me, and you'll get everything I promise, or dump it into my upcoming discounted bidwalls, and I'll consider it charity. And.... there's obviously a big conflict of interest affecting the tone of my messages (which is why I'd say my writings've looked "bipolar" lately), which I'd call "soft deceit." I'm not really sure what to do about that beside trying to disclose as much, factually, as I can - my current outlook, time schedule to buy back the remaining bonds in one shot, default risk, etc. If I paint a bleak outlook, I'm scamming people by manipulating bond-holders to sell to me at a discount. If I paint a rosy outlook, I'm scamming people by claiming I'm not a scammer (which appears to be more than enough evidence for a conviction in online forums).

For now, I'm taking care of my CD-holders, since they're on fixed-term plans. I have a resume in at the "charity job" I mentioned in another thread requesting a USD loan (I originally didn't want my dad to help me for personal reasons, but sucked it up and realized I was being an asshole). If that falls through, I'll take something part-time, and enjoy collecting a hefty "Earned Income Tax Credit" from the USG. Employment is not essential for buying out BDK.BND bondholders, but it'll certainly accelerate the process, and ideally, remove that feeling of dread which's been pressing hard on my chest.


Just so it's totally clear, if you want to know what to expect and nothing else, just read this: Nothing has fundamentally changed with BDK.BND. Expect weekly dividends. Expect an eventual buyout @ the contractual rate by mid-2013. (Or look into my tone and wonder if I'm a scammer, dump bonds way below face value, and dislike me for the rest of your time -- I don't plan on sticking around in a significant way after I close the accounts, so I don't much give a damn about my reputation, anymore.  )

perhaps speak to NBC -  "To catch a scammer"

lol

Bitcoin needs its own Jerry Springer show and they used to have a show here called "a current affair" where the reporters busted into scammy businesses and asked them some hard questions on camera. Something like that would certainly be good pay per view material. Lets face it theres a shitload of interview subjects in bitcoin that sorely need their door busted down.

Would you pay $20k? :p

He wont get a scammer label till someone makes a thread on the scammer board. Dont think it will help much but its something besides punching the guy in the mouth which Id pay to watch.

I'm out of hope for JRO and "IOU" is effectively $20k in the hole after writing him off, for which I need to pay out-of-pocket, on top of the $15k I've effectively lost buying Bitcoins in the first place.

I've spent something like 800 hours altogether this year on this, and have -$35k to show for it. My relationship with my wife has suffered incredibly from how often I work. It will take me another year just to zero my losses from this working a job I will like much less than what I was doing here.

I'm personally whining, but assuring that my BTC debt will be paid off. I just wanted to make that assurance before I start *really* bitching.


ETA: Oh, and I was saying HughesNet is full of assholes. That wasn't directed to anyone here.

What are you trying to say ?

I think this is probably necessary at this point... This is my main personal account. The unavailable funds are from a house sold, clearing on the 13th.



My current equity (incl. debts) outside of Bitcoin is ~$120k. ~$60k in assets are liquid, much of the rest in where we live, which we own outright. I don't have any significant interest-bearing debt outside of BTC... $5k on credit cards, about. There are funds to repay if I wind down IOU in a way very unfavorable to me. However, the bad-ness of my situation, now, is really starting to sink in, and I'm starting to understand why it feels like I haven't been able to access certain parts of my brain when analyzing my situation. I won't be defaulting, but probably whining a lot until I figure out a solid plan I think's solid for longer than a day.

Dividends paid.

Issued: 19683 bonds (1968.3BTC FV)
Interest Payment: (1968.3*.01)=19.683BTC

Next payment date: September 17th

Throwing up a bidwall by the end of today. Will not be replacing askwalls.

Thank you for specifying. Will we see 10-20 coin bidwall soon? I'm not watching the asset often, because I trust you; I only check this thread for updates and that's why I have not noticed appearing and disappearing of bidwalls

Derp. I meant to say I removed my askwalls. Bidwalls have been down off-and-on while I've been moving coins in and out of GLBSE. If conditions are too volatile, I'll reconsider my plan. I have bond-holders' best interest in mind, but it'd be beneficial for me (which is ultimately beneficial for bond-holders) to see what comes of potential price discovery in lending rates. The environment has changed dramatically since I first issued BDK.BND.

  BDK.BND is my favorite asset on GLBSE precisely because of the stable price and acceptable liquidity. You have always been very careful about bond price, responsive and we had updates every week and now you remove the bid wall without any warning I'm not here to speculate and most of the bond holders also isn't here for that, I'm sure. Now, if I need my money back, I must sell bonds slowly, this process will takes weeks or even more than a month, and if I'm lucky, my loss will be 10-20%...

I've just removed my bidwalls askwalls (derp - see below) on BDK.BND to allow price discovery so I can get a better idea of where rates should be. I am currently not directly manipulating BDK.BND at all. I currently do not have immediate plans to re-engage in manipulation to prevent speculation. I'm under the impression that rates will be dropping significantly as soon as lending restarts. It's been pretty dead the last few weeks. So... go wild, dear petri dish. I'll check in on Monday to see what's happening.

Dividends paid.

Issued: 15335 bonds (1533.5BTC FV)
Interest Payment: (1533.5*.01)=15.335BTC

Next payment date: September 10th

ETA: Next week (9/10) will be a "bonus dividends" day. It'll be a slight amount, nothing to get too excited about. I'm tossing an extra 3 BTC into the total dividend amount to compensate those exchanging BDK units for BDK.BND units who would've received dividends on BDK today had they not already transferred BDK units to me (they don't receive BDK.BND units until tomorrow).

Bidwall has been knocked down a bit - small remaining askwall at .101 removed. My involvement in manipulating this security to keep it within a few sub-bitcents will remain minimal so long as there is at least a small amount of "real" liquidity.

If anyone has interest, BDK.BND can now be converted to off-exchange bonds. You send your shares to me on GLBSE, I then enter how many bonds you have in a program. You can tell me to compound it (you'd receive off-exchange bonds at face value instead of BTC), or BTC can be sent straight to your wallet each Monday. There is no fee for this - BUT, this offer is currently only available to those with 250 or more units of BDK.BND they wish to convert (this may or may not change in the future). Off-exchange bonds can be converted to GLBSE bonds at any time of your choosing so long as I'm present and able to do it. This will soon be integrated into IOUcoin.com which is not currently ready for beta -- another week or two. The BDK.BND offering will eventually be phased out in favor of this - but that may not happen by the end of this year. The off-exchange bonds are not currently handled automatically, but this will change by the end of the year, while also allowing you to freely trade with others, convert bonds into higher-yield locked-in CDs (CDs may be able to be converted to bonds for a fee), This would allow you to route around GLBSE fees, regulatory uncertainty, and risk associated with your account being processed, as funds can only be sent to whitelisted addresses.

All off-exchange bonds will be transferred to IOUCoin once IOUCoin is ready to come out of beta (by 2013 - likely some time in November).

If you'd like your bonds converted to off-exchange bonds, please PM me, filling out the following form:

GLBSE username:
Do you want bonds to "compound" or pay out interest weekly directly to your wallet?
BTC address to whitelist:
(REQUIRED to change whitelisted address until 2FA implemented)PGP key:

I'll confirm with you via PM. You send bonds to my GLBSE account (keep in mind GLBSE charges a small fee for this), I confirm with you the amount you sent  and enter the information into my program. Until off-exchange bonds are transferred to IOUCoin, you will not receive any weekly notifications. However, I will send out off-exchange bond payments prior to paying out GLBSE bond dividends, so when I post "dividends paid" on Monday, that includes off-exchange bonds. Off-exchange bonds will not be counted in my weekly "paid" post -- however, it will be accounted for in my public sheets as BDK.BND liabilities. Cheers,
Ben

Dividends paid.

Issued: 15108 bonds (1510.8BTC FV)
Interest Payment: (1510.8*.01)=15.108BTC

Next payment date: September 3rd

Bidwall has been reinforced and reposted. ~1.2k bonds remain as ask @ .101

Placed up an ask. 2000 units @ .101

Will remain up until September 3rd, or until sold out. Cheers,
Ben

Dividends paid.

Issued: 13843 bonds (1384.3BTC FV)
Interest Payment: (1384.3*.01)=13.843BTC

Next payment date: August 27