Topic: [GLBSE] BIB.PIRATE -- Bitcoin Investment Bank Pirate Bonds 4.75 % wkly from 20/8 - page 2. (Read 12221 times)

The funds are on the way to GLBSE now. Five more confirmations needed. Sorry, I'm not as prompt as usual. I have a lot of other stuff to organise at the moment.

EDIT: Dividends have now been paid.

Any idea when this week's dividends will go out, Brendio?

This week's dividend has been paid.

I expect to be able to announce full details around the middle of the month, but my current plan is to establish a mechanism to exchange BIB.PIRATE bonds for BS&T Trust Sub-Accounts when they become available. Full term and conditions, including minimum balances and interest rates will be announced later, but, at this stage, I expect the higher interest-paying accounts to still earn 6.75 %.

Trust Sub-Accounts should give depositors more flexibility and prompt interest payments, while getting higher rates than BS&T Savings Accounts.

Community service announcement:

I notice that there are currently 162 BIB.PIRATE bonds offered at 1.03 BTC each (it's not me selling). I'd like to point out that taking into account the accumulated coupon, that is less than par value, so your running yield will be greater than 6.75 %. Grab yourself a bargain!

This week's dividend has been paid!

Funds are on their way to GLBSE for dividend. Waiting for 5 more confs.

No, the buyback function of GLBSE is optional. The buy-back clause was included in the contract because there is a low probably that I will live forever, and thus I _may_ need to discontinue operations _at some stage_. I included the July date to indicate that July would be the earliest that I am able to invoke this clause, but at this stage it is not my intention to do so, so long as the payments from pirate keep coming in. In case you haven't worked out, the buy back would actually cost me money (buy back clauses should have a bit of hurt for the issuer--beware of those that don't!), and thus it is an absolute last resort.

I saw it mentioned earlier, but I wanted to check.  Right now GLBSE is implying there WILL be a buyback on July 24th.  Do you know if this is going to be forced upon you by GLBSE even though you've stated you don't want to do that?  I know quite a few people (myself included) that were taking that buyback on the listing as a guaranteed event.  We'd prefer it doesn't happen of course .

Dividends paid.

Wholesale, by definition, is buying directly from me, the Issuer.

Read the contract clauses Issuance and Market Making to see how it works. Ask me if you have any further questions, otherwise you can fill in the form here (https://docs.google.com/spreadsheet/viewform?formkey=dFloaExSNU9IeF85MGZBQlQ5Sm5aYlE6MQ), or PM me to register your interest.

There is no minimum order for MMs, although it works out more economical for bulk orders.

How do we purchase these bonds wholesale, in bulk? Do we just get on GLBSE and wait for them to come on the market or do we purchase them directly from you to become market makers ourselves?

I guess you'll be better off posting a thread in the Trading Discussion. IMO, emails to GLBSE normally get ignored until it's posted publicly in the forums.

Dividend has been paid and bonds transferred to market makers.

Current issued bonds: 16080.

In other news, today is the one year anniversary of my bitcointalk account.

I sent an email to support. Never got a reply. Sadly, this is becoming common with my GLBSE emails.

Not sure how I missed subbing this thread.

Get that cleared up?

I got the dividends for all of my bonds, thanks! 

GLBSE is acting weird. Not nice when you're dealing with large sums.

I deposited the interest into GLBSE, but my balance showed slightly less than what I deposited, even though there were already funds in my account. I tried paying the dividend anyway, and my balance recovered the lost balance (i.e. it decreased considerably, but by less than the amount of the dividend). It looks like the dividend has gone out, and it shows up in my personal account, but is not listed on the asset page.

I'll raise it with Nefario later when I get a chance, but if someone could confirm they got a dividend and it was for 0.0675 that would be great.

Coupons (dividends) are paid as soon as practicable after pirate pays interest on the underlying, taking into account that I'm not always online, I'm generally sleeping when pirate pays, and I first need to transfer the interest into GLBSE and wait for confirmations. I have said in the FAAAAAQ that I will make payments within 48 hours. It will likely always be sooner than that, but I don't want to make a promise that other circumstances (in meatspace) may make me unable to keep.

I would really like to be able to set an ex-dividend time at the same time as when pirate pays, such that I can pay dividends to anyone who held bonds at that time, even if they subsequently sold them. Currently, GLBSE does not offer this functionality, so you need to hold the bond at the time the dividend is paid in order to receive the dividend. Best to check the dividend payment list on the asset page to ascertain whether the bond has been paid yet for that week.

I have requested Nefario add the ex-div functionality. If you think it is a good idea, please also let Nefario know. The more requests he gets, the more liley he is to implement it. I think it would be great not only for all the pirate pass-through bonds, but also the mining bonds where the dividend payments/coupons relate to an underlying trigger (e.g. difficulty change).