Topic: [GLBSE] FOO.PPPPT - Perpetual Pure Pirate Pass-Through Bonds - 5% weekly nxt wk (Read 4002 times)
October 17, 2012, 10:57:19 PM
In theory anyone who's provided a payment address to withdrawal from and allowed it to be passed on is fine if anything happens. Though as far as I'm aware it doesn't make a whole lot of difference, here's hoping though
October 17, 2012, 10:55:16 PM
Thanks, Eisenhower. But I can't see where my question is addressed. It appears that there is nothing in that thread that speaks to the status after the closing of GLBSE.
While it appears that these units are currently valueless, I think perhaps it will not always be so. Accordingly, I would like to retain provable ownership of my units. This, I surmise, would require communication between GLBSE and Brendio about my holdings.
I am asking if Brendio has heard any plan from GLBSE pursuant to this.
While it appears that these units are currently valueless, I think perhaps it will not always be so. Accordingly, I would like to retain provable ownership of my units. This, I surmise, would require communication between GLBSE and Brendio about my holdings.
I am asking if Brendio has heard any plan from GLBSE pursuant to this.
October 16, 2012, 03:51:37 AM
Check his other PPT here https://bitcointalk.org/index.php?topic=83590.60 where he has answered in the past to those questions.
October 16, 2012, 12:01:50 AM
Hi brendio -
I own a not-insubstantial position in FOO.PPPT. Will you be updating this thread with your current understanding of the status of this issue? Has Nefario/GLBSE provided you with a list of owners?
I own a not-insubstantial position in FOO.PPPT. Will you be updating this thread with your current understanding of the status of this issue? Has Nefario/GLBSE provided you with a list of owners?
August 28, 2012, 09:54:14 PM
Shit is currently hitting the fan right now, more info in Goat's thread (https://bitcointalksearch.org/topic/p-82573) but pirate has defaulted and is heading into some proceedings or another.
@Brendio in particular, he's requested a list of sub-accounts, including a list of everyone who owns shares effectively, in 48 hours. Goat's lawyer has however advised him that he is the only person who should be submitted as a creditor (simplifying the bond issue in particular).
@Brendio in particular, he's requested a list of sub-accounts, including a list of everyone who owns shares effectively, in 48 hours. Goat's lawyer has however advised him that he is the only person who should be submitted as a creditor (simplifying the bond issue in particular).
August 22, 2012, 05:20:22 PM
I will be heading into the Black Forest tomorrow. I'm not sure whether I will have internet access or not. On the weekend, I will be staying with friends and should have access again, but I would also like to catch up with them and not be checking my bitcoin client every 5 minutes to see whether pirate has returned the funds, so there may be delays, depending on when it occurs.
August 17, 2012, 06:09:31 PM
It's a pass through, so whatever pirate returns will be pay out or bought back as soon as practicable after pirate returns funds.
Night.
Night.
August 17, 2012, 03:43:15 PM
Buying FOO.PPT at 0.2 per share, capacity to take most of the issue. PM me for a request. Offer good today only.
Probably a good idea not to sell in to bottom feeder bids.
Lets see what brendio has to say and then panic
Here is the original announcement https://bitcointalksearch.org/topic/m.605957
As you see, Pirate is NOT! defaulting but just closing the shop for now.
August 17, 2012, 03:06:18 PM
Buying FOO.PPT at 0.2 per share, capacity to take most of the issue. PM me for a request. Offer good today only.
August 17, 2012, 01:40:35 PM
Pirate40 closed the shop and returns money to investors. How are you going to handle this?
August 15, 2012, 04:50:00 PM
Rates will be decreasing to 5% from after next week's dividend in line with the reduction in the rate of the underlying investment in pirateat40's BS&T.
August 13, 2012, 05:18:21 PM
Dividends have been paid. I've also put 100 bonds up for sale at 1.05 BTC if anyone's interested in getting in on the action.
August 12, 2012, 03:50:00 PM
That will pretty much be my policy going forward. We are still around 300 BTC off the new 7% limits. Meaning, if my account does not get another 300 BTC (from FOO.PPPPT, BIB.PIRATE, or my private deposit program) this week (by August 13), interest rates will drop 1 %. I would want to have at least a 1000 BTC buffer over the limit before I open buy backs again on FOO. If wholesale redemption of bonds is important to you, then BIB.PIRATE is probably more suitable for you. Bond redemption is written into its contract.
Does this mean that a bulk bond redemption on BIB.PIRATE could suddenly cause interest rate reductions on FOO.PPPPT and your private deposit program as well?
Yes. The interest tier is calculated on my account balance, which now includes FOO.PPPPT, BIB.PIRATE, and my private deposits.
So how are we coming along with racking up those extra 300 BTC ?
August 12, 2012, 02:28:26 AM
That will pretty much be my policy going forward. We are still around 300 BTC off the new 7% limits. Meaning, if my account does not get another 300 BTC (from FOO.PPPPT, BIB.PIRATE, or my private deposit program) this week (by August 13), interest rates will drop 1 %. I would want to have at least a 1000 BTC buffer over the limit before I open buy backs again on FOO. If wholesale redemption of bonds is important to you, then BIB.PIRATE is probably more suitable for you. Bond redemption is written into its contract.
Does this mean that a bulk bond redemption on BIB.PIRATE could suddenly cause interest rate reductions on FOO.PPPPT and your private deposit program as well?
Yes. The interest tier is calculated on my account balance, which now includes FOO.PPPPT, BIB.PIRATE, and my private deposits.
So how are we coming along with racking up those extra 300 BTC ?
August 11, 2012, 07:20:01 PM
That will pretty much be my policy going forward. We are still around 300 BTC off the new 7% limits. Meaning, if my account does not get another 300 BTC (from FOO.PPPPT, BIB.PIRATE, or my private deposit program) this week (by August 13), interest rates will drop 1 %. I would want to have at least a 1000 BTC buffer over the limit before I open buy backs again on FOO. If wholesale redemption of bonds is important to you, then BIB.PIRATE is probably more suitable for you. Bond redemption is written into its contract.
Does this mean that a bulk bond redemption on BIB.PIRATE could suddenly cause interest rate reductions on FOO.PPPPT and your private deposit program as well?
Yes. The interest tier is calculated on my account balance, which now includes FOO.PPPPT, BIB.PIRATE, and my private deposits.
So how are we coming along with racking up those extra 300 BTC ?
August 09, 2012, 04:16:49 AM
That will pretty much be my policy going forward. We are still around 300 BTC off the new 7% limits. Meaning, if my account does not get another 300 BTC (from FOO.PPPPT, BIB.PIRATE, or my private deposit program) this week (by August 13), interest rates will drop 1 %. I would want to have at least a 1000 BTC buffer over the limit before I open buy backs again on FOO. If wholesale redemption of bonds is important to you, then BIB.PIRATE is probably more suitable for you. Bond redemption is written into its contract.
Does this mean that a bulk bond redemption on BIB.PIRATE could suddenly cause interest rate reductions on FOO.PPPPT and your private deposit program as well?
Yes. The interest tier is calculated on my account balance, which now includes FOO.PPPPT, BIB.PIRATE, and my private deposits.
August 08, 2012, 10:26:17 PM
That will pretty much be my policy going forward. We are still around 300 BTC off the new 7% limits. Meaning, if my account does not get another 300 BTC (from FOO.PPPPT, BIB.PIRATE, or my private deposit program) this week (by August 13), interest rates will drop 1 %. I would want to have at least a 1000 BTC buffer over the limit before I open buy backs again on FOO. If wholesale redemption of bonds is important to you, then BIB.PIRATE is probably more suitable for you. Bond redemption is written into its contract.
Does this mean that a bulk bond redemption on BIB.PIRATE could suddenly cause interest rate reductions on FOO.PPPPT and your private deposit program as well?
August 08, 2012, 10:22:49 PM
Actually that bolded part was the very reason why I asked, since I wasn't sure how you as a new owner interpret it. There's always possibility for confusion if in one place is written "no on-demand buyback" yet elsewhere is separately described the weekly buyback procedure (ie. is the latter considered as "on-demand"). But got the info I needed, will look into BIB.PIRATE more closely too. Hopefully you'll find those missing 300 Satoshis somewhere.
The original contract didn't require me (now brendio) to provide for buybacks. I merely provided the option as a courtesy since we were comfortably in the highest interest tier back then. It's a good clause for times like this when brendio needs more funds to get the max interest rate possible.
BTW, I believe he needs more like 30,000,000,000 Satoshis at the moment!
August 08, 2012, 08:31:46 PM
Actually that bolded part was the very reason why I asked, since I wasn't sure how you as a new owner interpret it. There's always possibility for confusion if in one place is written "no on-demand buyback" yet elsewhere is separately described the weekly buyback procedure (ie. is the latter considered as "on-demand"). But got the info I needed, will look into BIB.PIRATE more closely too. Hopefully you'll find those missing 300 Satoshis somewhere.
August 08, 2012, 01:59:17 PM
Updated OP:
Current status:
Buybacks: Suspended
So you're not offering buybacks atm? Any particular reason why buybacks are suspended? Are you planning to start offering buybacks in the future, when? In general, what is your policy regarding buybacks, so that we can somehow estimate when the buybacks are available and when they are not?Current status:
Buybacks: Suspended
Please be aware that buybacks are not provided for as part of the original contract.
Quote
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FOO.PPPPT Contract / Terms and conditions:
At least 1 BTC per bond sold will be deposited with the issuer's account in Bitcoin Savings and Trust (BTCST) (https://bitcointalksearch.org/topic/bitcoin-savings-and-trust-home-closed-50822). Each bond will be paid out a weekly coupon not later than 24 hours after BTCST pays out interest on the account. The value of the weekly coupon will be exactly x% of 1 BTC, where x is the interest rate that the total value of bonds issued receives from the underlying investment. If interest rates or tiers change in the future, I will make every effort (i.e., issue enough bonds) to attract the highest interest rate possible from BTCST. The current amount invested, and corresponding interest rate will always be published on the bitcointalk.org forum thread for this bond (https://bitcointalksearch.org/topic/glbse-fooppppt-perpetual-pure-pirate-pass-through-bonds-7-weekly-83013). If BTCST defaults on the loan, or otherwise returns the funds for any reason, the bonds will be bought back for exactly the fraction of principal that is returned, if any. No on-demand buyback option will be provided. I reserve the right to call for a buy back of all outstanding bonds at a rate of 1 BTC + one week's worth of interest at any time. I do not assume any liability or provide any insurance for loss of these funds by BTCST. Please do your own due diligence before investing, and never invest more than you can afford to lose!
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Hash: SHA1
FOO.PPPPT Contract / Terms and conditions:
At least 1 BTC per bond sold will be deposited with the issuer's account in Bitcoin Savings and Trust (BTCST) (https://bitcointalksearch.org/topic/bitcoin-savings-and-trust-home-closed-50822). Each bond will be paid out a weekly coupon not later than 24 hours after BTCST pays out interest on the account. The value of the weekly coupon will be exactly x% of 1 BTC, where x is the interest rate that the total value of bonds issued receives from the underlying investment. If interest rates or tiers change in the future, I will make every effort (i.e., issue enough bonds) to attract the highest interest rate possible from BTCST. The current amount invested, and corresponding interest rate will always be published on the bitcointalk.org forum thread for this bond (https://bitcointalksearch.org/topic/glbse-fooppppt-perpetual-pure-pirate-pass-through-bonds-7-weekly-83013). If BTCST defaults on the loan, or otherwise returns the funds for any reason, the bonds will be bought back for exactly the fraction of principal that is returned, if any. No on-demand buyback option will be provided. I reserve the right to call for a buy back of all outstanding bonds at a rate of 1 BTC + one week's worth of interest at any time. I do not assume any liability or provide any insurance for loss of these funds by BTCST. Please do your own due diligence before investing, and never invest more than you can afford to lose!
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See also this quote from bitfoo's FAQ:
Quote
Will you buy back my bonds if I want out?
For the moment, no. Withdrawing money from the account would cause a drop in interest rates. If you PM me, I might be able to do it using my own BTC liquidity. However, this cannot be guaranteed, especially for large amounts. Buy this bond if you want to deposit some BTC and receive steady payments. Of course, the benefit of GLBSE is that you can put your bonds up for sale at any time, I'm sure people will grab them if the price is right.
For the moment, no. Withdrawing money from the account would cause a drop in interest rates. If you PM me, I might be able to do it using my own BTC liquidity. However, this cannot be guaranteed, especially for large amounts. Buy this bond if you want to deposit some BTC and receive steady payments. Of course, the benefit of GLBSE is that you can put your bonds up for sale at any time, I'm sure people will grab them if the price is right.
That will pretty much be my policy going forward. We are still around 300 BTC off the new 7% limits. Meaning, if my account does not get another 300 BTC (from FOO.PPPPT, BIB.PIRATE, or my private deposit program) this week (by August 13), interest rates will drop 1 %. I would want to have at least a 1000 BTC buffer over the limit before I open buy backs again on FOO. If wholesale redemption of bonds is important to you, then BIB.PIRATE is probably more suitable for you. Bond redemption is written into its contract.
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