Topic: [GLBSE] BIB.PIRATE -- Bitcoin Investment Bank Pirate Bonds 4.75 % wkly from 20/8 - page 3. (Read 12228 times)
June 04, 2012, 07:51:06 AM
At what time will the dividend payment be done?
June 04, 2012, 07:40:24 AM
There will be 2700 new bonds will be issued after tomorrow's dividend payment.
The current breakdown of issued bonds can be found here.
The current breakdown of issued bonds can be found here.
June 04, 2012, 01:03:35 AM
Six hours left for wholesale bond purchases for this week. At this stage, 700 new bonds will be issued on the wholesale market.
May 30, 2012, 09:37:36 AM
Just a note that I'm away on an extended long weekend holiday, so I won't be online as regularly, but I will still be on around the cut-off time on Monday, and then again on Tuesday to issue the dividends.
May 29, 2012, 07:46:26 AM
Just a question: Are you recalling all bonds on July or?
No. I don't plan on it. There is an option in the contract for me to recall the bonds for Par Value + 50 basis points + a week's coupon. It's there as a safety measure for me in case a lot of people cash out and my balance drops below 2000 BTC, or anything else comes up such that I am unable to continue offering the bonds. I hope that this offering is around for a long time to come. But I realised that there could be a perverse incentive for me to issue a heap of bonds and sell them at a large premium and then buy them back straight away under the buy back clause and keep the premium, minus 50 basis points. So I set the buy back date at least 8 weeks in the future, to give investors assurance that this is not my intention. The buyback function of GLBSE is optional, and I don't currently intend to use it any time soon. You can be assured that a buy back won't occur before July 24, and hopefully won't for a while afterwards either, because it would be very expensive for me, since I own less than 2.5 % of the issued bonds.Quote
Buy Back
Date/time of buyback: 04:42, Tue Jul 24
Buyback price:1.0725
Date/time of buyback: 04:42, Tue Jul 24
Buyback price:1.0725
However, those buying BIB.PIRATE bonds at a large premium, especially after July, should make themselves aware of this clause before investing.
May 29, 2012, 05:42:31 AM
Just a question: Are you recalling all bonds on July or?
Quote
Buy Back
Date/time of buyback: 04:42, Tue Jul 24
Buyback price:1.0725
Date/time of buyback: 04:42, Tue Jul 24
Buyback price:1.0725
May 28, 2012, 09:43:51 AM
| GLBSE-traded | 10644 |
| Private Program | 2363 |
Or will they continue to earn the top-tier interest regardless of their quantity (if they can be converted to BIB-PIRATE at any time to earn 6.75%, it would not make sense to hold them in the Private Program should their interest rate drop below that)?
May 28, 2012, 09:36:26 AM
| GLBSE-traded | 10644 |
| Private Program | 2363 |
Or will they continue to earn the top-tier interest regardless of their quantity (if they can be converted to BIB-PIRATE at any time to earn 6.75%, it would not make sense to hold them in the Private Program should their interest rate drop below that)?
May 28, 2012, 08:08:34 AM
To give an update on the number of GLBSE traded BIB.PIRATE securities, I have issued 13007 bonds. Of these, 10644 are in accounts other than that of the issuer. 2363 bonds remain in the account of the Issuer to represent to total sum invested in my private program.
Further bonds will be issued or recalled as bonds are issued to and redeemed from wholesale investors.
Breakdown of BIB.PIRATE Issued Bonds
The current breakdown can be found at: http://goo.gl/9pm2U
Further bonds will be issued or recalled as bonds are issued to and redeemed from wholesale investors.
Breakdown of BIB.PIRATE Issued Bonds
| GLBSE-traded | 10644 |
| Private Program | 2363 |
| Total BTC with BS&T | 13007 |
The current breakdown can be found at: http://goo.gl/9pm2U
May 28, 2012, 07:03:29 AM
Trading in this asset is now open. Please note, however, that the weekly coupon cycle will not begin until after BS&T's next interest payment, expected in around 3 or 4 hours. (The interest earned on the deposits until then will be paid to the market makers/previous depositors.)
May 27, 2012, 04:45:31 AM
Interesting, I will convert my deposit to this asset.
May 25, 2012, 10:41:48 PM
I just edited the FAAAAAAQ to note that the GLBSE Transfer Fee does not apply prior to launch (since it is not levied on assets with less than 20 BTC trade volume).
Also, the next two people to register as market makers here will get a lifetime 50 % reduction on the Issuance and Redemption Fees.
Also, the next two people to register as market makers here will get a lifetime 50 % reduction on the Issuance and Redemption Fees.
May 25, 2012, 10:07:22 AM
Special Provisions for depositors of Brendio’s Pirate Pass Through Program (https://bitcointalksearch.org/topic/reopened-brendios-private-pirate-pass-through-675-weekly-82772)
Depositors in Brendio’s Pirate Pass Through program may choose to convert their deposits into GLBSE Bonds at Par Value. I will waive the Issuance Fees for the first month for depositors, and prior to listing there will be no GLBSE Transfer Fee.
...
Conversion is completely optional. Depositors may leave their funds in the private program, although the program will close to new deposits once the bond launches.
Brendio, just to clarify: Depositors in Brendio’s Pirate Pass Through program may choose to convert their deposits into GLBSE Bonds at Par Value. I will waive the Issuance Fees for the first month for depositors, and prior to listing there will be no GLBSE Transfer Fee.
...
Conversion is completely optional. Depositors may leave their funds in the private program, although the program will close to new deposits once the bond launches.
Can current private program depositors convert their deposits into GLBSE Bonds are Par Value at any time (before or after the bond launch)? Or is there a time limit on this?
Also, does 'will close to new deposits' apply to existing private program depositors as well or will they be able to add to their deposits even after the launch?
Current private program depositors may convert their deposits into GLBSE Bonds at Par Value at any time, even after the bond launch. I'm waiving the 2 BTC Issuance Fee for at least the first month. After launch, depositors will need to pay the GLBSE Transfer Fee (0.2 %).
Existing private program depositors may add to their deposits even after the launch (for now at least).
May 25, 2012, 09:29:14 AM
Special Provisions for depositors of Brendio’s Pirate Pass Through Program (https://bitcointalksearch.org/topic/reopened-brendios-private-pirate-pass-through-675-weekly-82772)
Depositors in Brendio’s Pirate Pass Through program may choose to convert their deposits into GLBSE Bonds at Par Value. I will waive the Issuance Fees for the first month for depositors, and prior to listing there will be no GLBSE Transfer Fee.
...
Conversion is completely optional. Depositors may leave their funds in the private program, although the program will close to new deposits once the bond launches.
Brendio, just to clarify: Depositors in Brendio’s Pirate Pass Through program may choose to convert their deposits into GLBSE Bonds at Par Value. I will waive the Issuance Fees for the first month for depositors, and prior to listing there will be no GLBSE Transfer Fee.
...
Conversion is completely optional. Depositors may leave their funds in the private program, although the program will close to new deposits once the bond launches.
Can current private program depositors convert their deposits into GLBSE Bonds are Par Value at any time (before or after the bond launch)? Or is there a time limit on this?
Also, does 'will close to new deposits' apply to existing private program depositors as well or will they be able to add to their deposits even after the launch?
May 25, 2012, 05:20:30 AM
The Bitcoin Investment Bank is offering GLBSE investors the opportunity to gain ongoing exposure to Bitcoin Savings & Trust (BS&T)...
... Bonds will not be offered directly on GLBSE. Bonds are offered on a wholesale basis to Market Makers.
... Bonds will not be offered directly on GLBSE. Bonds are offered on a wholesale basis to Market Makers.
Technically, this is a contradiction, since brendio can offer bonds directly on GLBSE in his optional role as market maker. Brendio, you may want to clean up this language and/or be more specific. For example, is there a "runway" of time after the initial opening on GLBSE during which you will not assume the role of market maker? This would help market makers who want to make a quick profit be sure that you won't undersell them on GLBSE after taking their 2BTC fee.
Otherwise, this is an extremely cool initiative, and I'm looking forward to seeing where it goes!
May 25, 2012, 05:06:40 AM
The Bitcoin Investment Bank is offering GLBSE investors the opportunity to gain ongoing exposure to Bitcoin Savings & Trust (BS&T)...
... Bonds will not be offered directly on GLBSE. Bonds are offered on a wholesale basis to Market Makers.
... Bonds will not be offered directly on GLBSE. Bonds are offered on a wholesale basis to Market Makers.
Technically, this is a contradiction, since brendio can offer bonds directly on GLBSE in his optional role as market maker. Brendio, you may want to clean up this language and/or be more specific. For example, is there a "runway" of time after the initial opening on GLBSE during which you will not assume the role of market maker? This would help market makers who want to make a quick profit be sure that you won't undersell them on GLBSE after taking their 2BTC fee.
Otherwise, this is an extremely cool initiative, and I'm looking forward to seeing where it goes!
May 25, 2012, 05:03:59 AM
As far as I understand it: He mostly (not only, he reserves the right to sell himself) will sell shares in bulk to people who invest at least 200 BTC + his fees + GLBSE fees. These can then keep the bonds or sell them on GLBSE, potentially at a premium.
As there are fees involved I guess the minimum price for these bonds to buy on the open market will be ~1.01 BTC, if not higher.
As there are fees involved I guess the minimum price for these bonds to buy on the open market will be ~1.01 BTC, if not higher.
The 200 BTC minimum is only there until launch. After that, there's no minimum investment amount.
One of the extra risks is that brendio will only buy back from initial market makers, not everyone - so even if you buy 1k bonds FROM market makers, you (weirdly) cannot redeem them with brendio, even though he charges a fee etc.
Anyone can become a market maker. They just need to PM me with a GLBSE username. It depends on how big someone's holding is as to whether they are better off redeeming with me directly or selling to someone on market.
May 25, 2012, 05:00:12 AM
The Bitcoin Investment Bank is offering GLBSE investors the opportunity to gain ongoing exposure to Bitcoin Savings & Trust (BS&T)...
... Bonds will not be offered directly on GLBSE. Bonds are offered on a wholesale basis to Market Makers.
... Bonds will not be offered directly on GLBSE. Bonds are offered on a wholesale basis to Market Makers.
I find this ambiguous. Are there some middlemen (Market Makers) who are going to do the selling on GLBSE? What would be their cut? What amount of additional risk this introduce?
This post provides a bit of background on the idea, which I have expanded on.
May 25, 2012, 04:55:53 AM
As far as I understand it: He mostly (not only, he reserves the right to sell himself) will sell shares in bulk to people who invest at least 200 BTC + his fees + GLBSE fees. These can then keep the bonds or sell them on GLBSE, potentially at a premium.
As there are fees involved I guess the minimum price for these bonds to buy on the open market will be ~1.01 BTC, if not higher.
One of the extra risks is that brendio will only buy back from initial market makers, not everyone - so even if you buy 1k bonds FROM market makers, you (weirdly) cannot redeem them with brendio, even though he charges a fee etc.
Market makers add no real risk, as payments are done by brendio, not passed on by them.
As there are fees involved I guess the minimum price for these bonds to buy on the open market will be ~1.01 BTC, if not higher.
One of the extra risks is that brendio will only buy back from initial market makers, not everyone - so even if you buy 1k bonds FROM market makers, you (weirdly) cannot redeem them with brendio, even though he charges a fee etc.
Market makers add no real risk, as payments are done by brendio, not passed on by them.
May 25, 2012, 04:43:39 AM
The Bitcoin Investment Bank is offering GLBSE investors the opportunity to gain ongoing exposure to Bitcoin Savings & Trust (BS&T)...
... Bonds will not be offered directly on GLBSE. Bonds are offered on a wholesale basis to Market Makers.
... Bonds will not be offered directly on GLBSE. Bonds are offered on a wholesale basis to Market Makers.
I find this ambiguous. Are there some middlemen (Market Makers) who are going to do the selling on GLBSE? What would be their cut? What amount of additional risk this introduce?
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