Period 2, Day 2 Report
Balance Post Divs: 152.17801838
Total Units: 800
NAV/U: 0.19022252
We did have our first buy-back today for 1 Unit, so the overall amount of units decreased from 801 to 800. Do remember that the fund will buy back equal pairs of MINE and SELL (a BDD Pair) for the NAV/U less .5% * the number of dividends paid for the period.
To perform a buy-back, you can either email me from the email address that you use on Havelock with the quantity that you'd like to sell back, or you can simply transfer an equal number of MINE and SELL to me and I'll perform the buy-back.
To buy-back, I'll buy-back the MINE/SELL at 0, issue you an EXCH, and buy that EXCH back for the calculated price, as it's easier on my accounting that way.
Topic: [Havelock] Bitcoin Difficulty Derivative (BDD) - page 81. (Read 290305 times)
But if I understood correctly most of the money is held by havelock (can somebody confirm that?).
Also twentyseventy has an interest to let the derivative run as long as possible, because he gets a comission of 1%.
Also twentyseventy has an interest to let the derivative run as long as possible, because he gets a comission of 1%.
That's correct, Havelock current manually confirms all withdrawals from fund accounts. Since there shouldn't be any reason to withdraw coins from BDD, the likelihood of this being approved is fairly low.
And if I remember correctly, that 1% is actually 0.4% (Havelock fees) and 0.6% (his commission).
The 1% NAV/U premium that buyers of EXCH pay is not going to twentyseventys pocket. It is added to the funds NAV, very slightly increasing the value of B.SELL whenever EXCH is bought.
Twentyseventy apparently worked out a deal with Havelock for his income. We don't know what it is, but I suspect something like getting a part of all trade fees earned by Havelock on BDD-trades.
The 1% fee on top of the Period Beginning NAV/U goes to Havelock (.4% for the exchange fee, like any share sale on the site) and to the fund's capital itself (.6%) adding to the Net Asset Value of the shareholders.
Regarding the funds: they are all kept on Havelock. Withdrawals from Havelock Fund Managers' accounts have to be approved by Havelock. I've actually got them doing manual transfers from EXCH to SELL/MINE, so there's no longer any reason for me to have to perform a withdrawal at all. This isn't to say that there is no counter-party risk to shareholders, but since I don't have direct control of the BTC nor withdrawal ability, it's greatly decreased. Rannasha is in the right ballpark when it comes to the benefit of my managing the fund.
But if I understood correctly most of the money is held by havelock (can somebody confirm that?).
Also twentyseventy has an interest to let the derivative run as long as possible, because he gets a comission of 1%.
Also twentyseventy has an interest to let the derivative run as long as possible, because he gets a comission of 1%.
That's correct, Havelock current manually confirms all withdrawals from fund accounts. Since there shouldn't be any reason to withdraw coins from BDD, the likelihood of this being approved is fairly low.
And if I remember correctly, that 1% is actually 0.4% (Havelock fees) and 0.6% (his commission).
The 1% NAV/U premium that buyers of EXCH pay is not going to twentyseventys pocket. It is added to the funds NAV, very slightly increasing the value of B.SELL whenever EXCH is bought.
Twentyseventy apparently worked out a deal with Havelock for his income. We don't know what it is, but I suspect something like getting a part of all trade fees earned by Havelock on BDD-trades.
But if I understood correctly most of the money is held by havelock (can somebody confirm that?).
Also twentyseventy has an interest to let the derivative run as long as possible, because he gets a comission of 1%.
Also twentyseventy has an interest to let the derivative run as long as possible, because he gets a comission of 1%.
That's correct, Havelock current manually confirms all withdrawals from fund accounts. Since there shouldn't be any reason to withdraw coins from BDD, the likelihood of this being approved is fairly low.
And if I remember correctly, that 1% is actually 0.4% (Havelock fees) and 0.6%
EDIT: Ah, I was mistaken. Thanks for the clarification guys.
Guys please becareful pretty sure this guy is working with the guy pulling off the xxxprofit scam or is him (pretty sure just working with him)
Just a reminder what can happen - http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370539730583
Hope it was worth it bro.
Just a reminder what can happen - http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370539730583
Hope it was worth it bro.
be care full.
user twentyseventy is owner https://bitcointalksearch.org/topic/xxxprofit-reports-information-june-15-revenue-posted-new-announcement-367560
HAHA notice OP both thread have same formating style.
user twentyseventy is owner https://bitcointalksearch.org/topic/xxxprofit-reports-information-june-15-revenue-posted-new-announcement-367560
HAHA notice OP both thread have same formating style.
I think this has been mentioned before in this thread.
Personally I'm not too worried. The only risk is that twentyseventy runs off with the money.
But if I understood correctly most of the money is held by havelock (can somebody confirm that?).
Also twentyseventy has an interest to let the derivative run as long as possible, because he gets a comission of 1%.
i sign up !
Thank you for letting us know, and for full-quoting the original post.I'm happier now.
be care full.
user twentyseventy is owner https://bitcointalksearch.org/topic/xxxprofit-reports-information-june-15-revenue-posted-new-announcement-367560
HAHA notice OP both thread have same formating style.
user twentyseventy is owner https://bitcointalksearch.org/topic/xxxprofit-reports-information-june-15-revenue-posted-new-announcement-367560
HAHA notice OP both thread have same formating style.
Period 2, Day 1 Report
The New NAV/U pre-MINE-Dividends was, of course, 0.19184600 as it is the new Reserve amount (200 Days of Current Dividends)
Post MINE Dividends NAV/U was 0.1908867786 @ 695 Units
Currently, the NAV/U has increased a bit due to new sales of EXCH.
One user has purchased EXCH and put it on the market, which is keeping me from buying in back from him. I've contacted him and asked him to pull the order (it's higher than my ask, so it will never be hit), as it just creates more work for me and can provide no benefit to him.
Current Units: 736
Current Total Balance: 140.59131770
Current NAV/U: 0.191020812
With respect to people paying for 5GH/s mining power, it seems that the market has historically constantly over-valued mining power - cex.io is a great example of this.
The New NAV/U pre-MINE-Dividends was, of course, 0.19184600 as it is the new Reserve amount (200 Days of Current Dividends)
Post MINE Dividends NAV/U was 0.1908867786 @ 695 Units
Currently, the NAV/U has increased a bit due to new sales of EXCH.
One user has purchased EXCH and put it on the market, which is keeping me from buying in back from him. I've contacted him and asked him to pull the order (it's higher than my ask, so it will never be hit), as it just creates more work for me and can provide no benefit to him.
Current Units: 736
Current Total Balance: 140.59131770
Current NAV/U: 0.191020812
With respect to people paying for 5GH/s mining power, it seems that the market has historically constantly over-valued mining power - cex.io is a great example of this.
You know cex.io? People paying 0.025 btc per GHS there right now. Thats 0,125 for 5 GHS. And they won't get a 200 day dividend when the asset depletes...
If I read it correctly, the volume there is nearly 3000 btc per day, so the price should be some kind of an established market price (this doesn't make it profitable of course).
If I read it correctly, the volume there is nearly 3000 btc per day, so the price should be some kind of an established market price (this doesn't make it profitable of course).
The amount people are willing to pay for 5gh baffles me.
I've stated as many times as I can that the most up-to-date information is available here, but I can't stop the market from trading in the mean time.
I bet somebody will still complain.
I'm sure someone will! This wouldn't be the Securities subforum if someone didn't
. I'm dedicated to making this security as transparent and clearly defined as possible, but some factors are out of my control and I can't force people to come here or to fully understand this security.In any market, if you don't understand what you're doing, you're likely going to lose money and this market is no different. I'm always open to suggestions as to how I can further improve the fund's processes or communication. I'll post the new NAV/U a little later today as I've burned quite a bit of time at work today taking care of this.
Thanks again to everyone for their patience and understanding-
EDIT: Dividends paid out at 1PM, EXCH ask is back up. Black still black, white still white, order restored to the universe
I've stated as many times as I can that the most up-to-date information is available here, but I can't stop the market from trading in the mean time.
I bet somebody will still complain.
Dividend payments look like a clusterfuck from havelock right now.
The funds overview says that dividend has been paid to SELL, but it hasn't arrived yet. Meanwhile people buying SELL without knowing if they receive the dividend or not...
The funds overview says that dividend has been paid to SELL, but it hasn't arrived yet. Meanwhile people buying SELL without knowing if they receive the dividend or not...
That is one element to Havelock that I don't like - it shows that a dividend exists on the public information when it's merely been scheduled. This shouldn't be an issue in the future, and wouldn't have been if my dividend had been paid as scheduled. I understand Havelock wanting to ensure that everything is being paid correctly, however.
Those that think that he dividend has been paid would not be buying at the moment at these prices. Those that hold SELL receive notifications when dividends are paid and haven't received that email yet, nor seen the dividend deposited into their account.
I apologize for any confusion, but the only real difference here is that SELL dividends are being paid at 1PM instead of 12PM. I haven't reenabled sales of EXCH yet.
I've stated as many times as I can that the most up-to-date information is available here, but I can't stop the market from trading in the mean time.
Dividend payments look like a clusterfuck from havelock right now.
The funds overview says that dividend has been paid to SELL, but it hasn't arrived yet. Meanwhile people buying SELL without knowing if they receive the dividend or not...
The funds overview says that dividend has been paid to SELL, but it hasn't arrived yet. Meanwhile people buying SELL without knowing if they receive the dividend or not...
If people buy SELL now they will receive the dividend in 22 minutes when the script processes them.
Ok that sounds good.
Dividend payments look like a clusterfuck from havelock right now.
The funds overview says that dividend has been paid to SELL, but it hasn't arrived yet. Meanwhile people buying SELL without knowing if they receive the dividend or not...
The funds overview says that dividend has been paid to SELL, but it hasn't arrived yet. Meanwhile people buying SELL without knowing if they receive the dividend or not...
How long does it take until the dividend is paid out?
I edited the post above; it may have been after you posted. Due to some clarification issues with Havelock, they cancelled the SELL div to make sure that the amount to be paid out is correct (it is). Their dividend script processes each hour, on the hour, so it should be issued at 1PM ET (about 41 minutes from now).
MINE has already received its dividend; I will publish the new NAV/U post MINE dividends afterwards and re-enable the EXCH ask.
How long does it take until the dividend is paid out?
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