[Investment fund] Gamma Bitcoin Fund [Closed] - page 31.

DeaDTerra

donator

Activity: 1064

Merit: 1000

Quote from: lenny_ on August 19, 2012, 01:15:21 PM

All accounts are going to me moved to GLBSE? When you finally move it, do we need to change anything, buy shares from asset on GLBSE or something? Or maybe old account will stay as they are now?

No all accounts will not be moved though you can transfer your account to GLBSE if you want to, I simply create shares and transfer them to you then 0 your account.
Each investor choses which system he/she wants, both systems will have positives and negatives with them.
//DeaDTerra

lenny_

legendary

Activity: 1036

Merit: 1000

DARKNETMARKETS.COM

All accounts are going to me moved to GLBSE? When you finally move it, do we need to change anything, buy shares from asset on GLBSE or something? Or maybe old account will stay as they are now?

DeaDTerra

donator

Activity: 1064

Merit: 1000

Quote from: OneEyed on August 19, 2012, 01:00:49 PM

Quote from: BadBitcoin (James Sutton) on August 19, 2012, 12:27:00 PM

investment funds are sellable, this isn't, there was nothing mentioned on the front page about dodgy withdrawal issues when I opened an account, otherwise I wouldn't have even thought of putting money here, but I'm being patient.

I'm sure that if you manage to sell your GBF investment to a third party, this will not be hard for DeaDTerra to put a new nickname and a new withdrawal address into your account row.

This is one of the reasons I want to list GBF on GLBSE, it's something I am working on and we will hopefully have up in one or two weeks time. I originally planed to launch it this week but with the chaos from pirate I don't think it's a good time.
Then anyone that is only looking to invest short term can buy the shares instead of getting a account

//DeaDTerra

OneEyed

full member

Activity: 154

Merit: 100

Quote from: BadBitcoin (James Sutton) on August 19, 2012, 12:27:00 PM

investment funds are sellable, this isn't, there was nothing mentioned on the front page about dodgy withdrawal issues when I opened an account, otherwise I wouldn't have even thought of putting money here, but I'm being patient.

I'm sure that if you manage to sell your GBF investment to a third party, this will not be hard for DeaDTerra to put a new nickname and a new withdrawal address into your account row.

DeaDTerra

donator

Activity: 1064

Merit: 1000

Quote from: BadBitcoin (James Sutton) on August 19, 2012, 12:27:00 PM

Quote from: LoweryCBS on August 19, 2012, 12:05:59 PM

Quote from: DeaDTerra on August 19, 2012, 11:21:44 AM

...the current value of our portfolio does not represent the real value of it...

//DeaDTerra

Please make sure that you establish this REAL value before processing withdrawals.

You are running an INVESTMENT FUND, not a DEMAND DEPOSIT BANK.

I believe that withdrawals should either wait on liquid capital inflow from new investors, or pay a substantial penalty. Otherwise, a "bank run" of sort could result from the remaining investors feeling like their being left holding a bag of CURRENTLY over-valued assets.

investment funds are sellable, this isn't, there was nothing mentioned on the front page about dodgy withdrawal issues when I opened an account, otherwise I wouldn't have even thought of putting money here, but I'm being patient.

With real value I mean that the current share price is less then the "real" price as it's controlled by fear but really there is no real price as they are all just market prices, what I am trying to say is do not start panicing if our NAV has dropped (and it will have), this week. It's only short term and it should bounce back

To bad Bitcoin I am sorry about the delays, I am doing my best to pay out on time and as quickly as possible. The fund has full transparancy, if you have a better suggestion of how to solve this situation please do contact me about it

All the data is in the spredsheet.
//DeaDTerra

BadBitcoin (James Sutton)

donator

Activity: 452

Merit: 252

Quote from: LoweryCBS on August 19, 2012, 12:05:59 PM

Quote from: DeaDTerra on August 19, 2012, 11:21:44 AM

...the current value of our portfolio does not represent the real value of it...

//DeaDTerra

Please make sure that you establish this REAL value before processing withdrawals.

You are running an INVESTMENT FUND, not a DEMAND DEPOSIT BANK.

I believe that withdrawals should either wait on liquid capital inflow from new investors, or pay a substantial penalty. Otherwise, a "bank run" of sort could result from the remaining investors feeling like their being left holding a bag of CURRENTLY over-valued assets.

investment funds are sellable, this isn't, there was nothing mentioned on the front page about dodgy withdrawal issues when I opened an account, otherwise I wouldn't have even thought of putting money here, but I'm being patient.

LoweryCBS

sr. member

Activity: 364

Merit: 250

firstbits 1LoCBS

Quote from: DeaDTerra on August 19, 2012, 11:21:44 AM

...the current value of our portfolio does not represent the real value of it...

//DeaDTerra

Please make sure that you establish this REAL value before processing withdrawals.

You are running an INVESTMENT FUND, not a DEMAND DEPOSIT BANK.

I believe that withdrawals should either wait on liquid capital inflow from new investors, or pay a substantial penalty. Otherwise, a "bank run" of sort could result from the remaining investors feeling like their being left holding a bag of CURRENTLY over-valued assets.

DeaDTerra

donator

Activity: 1064

Merit: 1000

Hey guys, I have gotten some more withdraws and I have used up some of the liquid BTC to purchase more ASICMINER shares as well as some more pirate bonds (for cheap)
So to make it more fair and so that everyone feel that they are being treated equally I will create a withdraw list.
If you have requested a withdraw but you are not on this list please PM me as I have probably forgotten xD
Withdraw list:

#58: 19.134 BTC
#95: 100 BTC
#114: 176.813BTC
#62: 24.166 BTC
#43: 34.315 BTC
#98: 4.931 BTC
#52: 174.382 BTC
#91: ~~500 BTC~~ 239 BTC
#22: 301.889
#4: 19.924 BTC
#53: 182.594 BTC
#112: 93.08 BTC
#93: 89.914 BTC

I think that's all, so in total 1100 BTC in withdraw requests.
We currently have 400 BTC in liquid capital we can pay out, we had more in the beginning on the week but due to some good investment that poped up we spent more then planned Wink

Hopefully pirate will start paying back next week which should give us some more liquid capital and enough to payout the rest of the withdraws.

I also want to state that the current value of our portfolio does not represent the real value of it at the moment due to the fear on the market cause by the pirate closing. The next up and coming week is going to be very interesting, independent if pirate pays out or not.
//DeaDTerra

DeaDTerra

donator

Activity: 1064

Merit: 1000

Quote from: jackmaninov on August 16, 2012, 03:14:08 PM

With all the bitdaytrade and JRO drama going on, could you (DeaDTerra) give us all some idea what GBF's exposure is to this entire situation? I know that you have been working with him for some time (for example the REBATE IPO).

Should we be considering the REBATE and BDT investments to be a write-off at this point? Are you still working with JRO or is he incommunicado with you as well?

Our exposure is a bit above 800 BTC for all assets involved if we take a full default lose.
This is something I don't think will happen as I have talked to both JRO and Alberto and they both intend to payback at least part of the sum that was raised by the investores.

I wouldn't consider them totally written off but there's surely a huge risk of partial if not major lose due to this asset default.
JRO has been communicating, but he's sick and in bed. But I got a hold of him and as far as I know he plans to raise money to pay off his debt.
//DeaDTerra

jackmaninov

full member

Activity: 139

Merit: 100

With all the bitdaytrade and JRO drama going on, could you (DeaDTerra) give us all some idea what GBF's exposure is to this entire situation? I know that you have been working with him for some time (for example the REBATE IPO).

Should we be considering the REBATE and BDT investments to be a write-off at this point? Are you still working with JRO or is he incommunicado with you as well?

PatrickHarnett

hero member

Activity: 518

Merit: 500

Quote from: Bitcoin Oz on August 13, 2012, 04:54:12 PM

If people want to withdraw they should take the hit not the remaining investors.

For information, I had a request lodged a little while ago, and I confirmed with DT the loss on the investment. I am happy with the returns received over the past few months, and while a drop at the end is not ideal, I am realistic and understand the issues DT has with market liquidity. I would not expect him to manipulate the funds resources just to me my withdrawal look better and I commend him for that.

DeaDTerra

donator

Activity: 1064

Merit: 1000

Quote from: lenny_ on August 15, 2012, 04:39:08 PM

Quote from: DeaDTerra on August 13, 2012, 04:45:59 PM

Quote from: cst on August 13, 2012, 04:42:17 PM

Quote from: DeaDTerra on August 13, 2012, 04:37:54 PM

So who's going to London for the Bitcoin Conference? Cheesy

anyone feel like meeting up?
I have already planned to meet up with BTCurious and a couple of others.
//DeaDTerra

I'm going and would definitely like to meet the manager of my investment fund Grin

Sure, I will probably be pretty public of who I am and such, I was thinking of maybe posting if I go and eat with some friends somewhere, so that anyone that wants to join in can

Otherwise I am sure that if you want to find me you can, If you want my number then that can be arranged Wink

//DeaDTerra

Sounds great. We can gather more investors from your Fund and meet together. I will be there as well:)

Awesome man, I will probably be hanging out mostly with Mqrius and Willem (from sc2btc.com) and anyone else that seems nice ^^
I will be living at the imperial hotel next to the event, I am sure we can meetup somewhere near the convention or something

Will be nice to meet some investors, gain some additional trust and get to know some of you guys personally.
//DeaDTerra

lenny_

legendary

Activity: 1036

Merit: 1000

DARKNETMARKETS.COM

Quote from: DeaDTerra on August 13, 2012, 04:45:59 PM

Quote from: cst on August 13, 2012, 04:42:17 PM

Quote from: DeaDTerra on August 13, 2012, 04:37:54 PM

So who's going to London for the Bitcoin Conference? Cheesy

anyone feel like meeting up?
I have already planned to meet up with BTCurious and a couple of others.
//DeaDTerra

I'm going and would definitely like to meet the manager of my investment fund Grin

Sure, I will probably be pretty public of who I am and such, I was thinking of maybe posting if I go and eat with some friends somewhere, so that anyone that wants to join in can

Otherwise I am sure that if you want to find me you can, If you want my number then that can be arranged Wink

//DeaDTerra

Sounds great. We can gather more investors from your Fund and meet together. I will be there as well:)

DeaDTerra

donator

Activity: 1064

Merit: 1000

Quote from: Dr.Steve on August 15, 2012, 04:13:27 PM

I am in agreement with bitcoin.me.

I should be able to pay the last people in the queue this weekend so we should go back to normal by the beginning of next week

//DeaDTerra

Dr.Steve

newbie

Activity: 54

Merit: 0

I am in agreement with bitcoin.me.

Bitcoin Oz

hero member

Activity: 686

Merit: 500

Wat

If people want to withdraw they should take the hit not the remaining investors.

DeaDTerra

donator

Activity: 1064

Merit: 1000

Quote from: cst on August 13, 2012, 04:42:17 PM

Quote from: DeaDTerra on August 13, 2012, 04:37:54 PM

So who's going to London for the Bitcoin Conference? Cheesy

anyone feel like meeting up?
I have already planned to meet up with BTCurious and a couple of others.
//DeaDTerra

I'm going and would definitely like to meet the manager of my investment fund Grin

Sure, I will probably be pretty public of who I am and such, I was thinking of maybe posting if I go and eat with some friends somewhere, so that anyone that wants to join in can

Otherwise I am sure that if you want to find me you can, If you want my number then that can be arranged Wink

//DeaDTerra

cst

member

Activity: 110

Merit: 10

The Cosmos doesn't care about you.

Quote from: DeaDTerra on August 13, 2012, 04:37:54 PM

So who's going to London for the Bitcoin Conference? Cheesy

anyone feel like meeting up?
I have already planned to meet up with BTCurious and a couple of others.
//DeaDTerra

I'm going and would definitely like to meet the manager of my investment fund Grin

DeaDTerra

donator

Activity: 1064

Merit: 1000

So who's going to London for the Bitcoin Conference? Cheesy

anyone feel like meeting up?
I have already planned to meet up with BTCurious and a couple of others.
//DeaDTerra

DeaDTerra

donator

Activity: 1064

Merit: 1000

Quote from: OneEyed on August 13, 2012, 04:06:28 PM

Quote from: LoweryCBS on August 13, 2012, 03:58:32 PM

Quote from: DeaDTerra on August 13, 2012, 03:40:56 PM

...
Really sorry about this, but it is the way things must go to keep the fund from getting even worse performance due to low amounts of liquid btc.

That's the correct action to protect your investors.

If someone wishes to withdraw funds, they must either (1) wait on liquid BTC to come available, or (2) bear the the losses incurred by liquidating assets to cover their withdrawal.

To do anything else would be unfair to your loyal investors.

You aren't running a bank; you haven't offered demand-deposit accounts. This is an investment fund.

As someone who hasn't requested a withdraw (even though I have had negative returns since I invested so far), I tend to agree with that.

However, the second post of this thread is misleading, as you write (and haven't modified it) that withdrawals are processed at the end of each week. Maybe you should make things clearer there too, even if I understand that people can get frustrated or angry when the rules are altered by the fund manager without prior warning.

Thank you for pointing that out

I should obviously have changed that, it's done now

I get why people are frustrated and angry, but I can't do anything about it. The situation is as it is sorry, I try to provide as good of a service as possible, but I can send out withdraws if the other investors will have to take the hit for that liquidation.
//DeaDTerra

Topic: [Investment fund] Gamma Bitcoin Fund [Closed] - page 31. (Read 84476 times)