Topic: [MPEx] Introducing B.PPTAPR.SYNTH, or Now You Too Can Be Short Pirate (tm). (Read 4014 times)

Possibly the language is muddied up there, but the instrument works as the numeric example shows.

zero coupon bonds with a face value of 1.28 BTC

The total ammount issued in the four PPT issues due until the expiration of this instrument is less than 10`000 BTC worth, however those shares may be split up. In this case the dividend paid on this instrument will be a fraction of its face value equal to the proportion of PPT issues out of 10`000 BTC worth. So as an example if the first PPT issues 2`000 BTC worth of shares, and the three subsequent ones each issue 1`000 BTC worth of shares the holders of this instrument will receive 0.00050000 BTC per share held. Note that this point only discusses the volume of issued shares, and is not concerned with the proportion actually sold.

You are a true market maker... You even register your domains with a market address...

http://whois.domaintools.com/polimedia.us

If that's your twisted sense of humour at work, well, I LOL'ed.
You should learn with the pro's: they register their domains at restaurants addresses.

Also, fluffygrrl, didn't people teached you that spamming and trying to impersonate forum moderators to trick users is an ugly thing to do?
That really shows your integrity...
I advise people to read that thread, some interesting shit there.
For some more lulz: https://www.google.com/search?q="fluffygrrl"+"spam" <--- I guess her forum spammer bot went crazy lol

BTW, you're some ugly ass chick... Who gave you that black eye? Was it Mircea Popescu himself?

had been nice about it

@Teal: Are you aware at least vaguely how many times that post was changed since the 14th? Your point stands on its head.

You should have been here on the 19th, if you had a point (which you don't). Two days later and after one major liquidity event (as measured by the market) is too late. Go ask people for proof the BP spill happened, cause Mr. Dwayne of Bumfuck Montana hadn't heard about it back in 2005 when he last bought a newspaper ffs.

All this nonsense aside, as to sukrim's concern: all the PPT people have to do is issue 2500 PPT.B and the asset isn't impaired anymore. So you can actually go from buying today at .7 to getting 1.28 in about a month. Not that it'll happen, but if you like longshots.

You do realise that this contract was written before the wanna-be bankers defaulted on their original arrangement, and came up with 1500 instead of 2k, right?

Are you asking us to issue 2500 bonds next week?

@Teal: The "o Burt didn't REALLY say it" objection would have had a point ~2 days ago, when this was announced. Today it's spurious. Quotes from the 14th in reference to an event taking place on the 19th are also at least a little misplaced.

The thing which now reads "[ANNOUNCE GLBSE] 1500 PPT.A Pirate Pass Through Bonds" was [ANNOUNCE GLBSE] 2000 PPT.A Pirate Pass Through Bonds for a few days. The fact that the forum allows you to surreptitiously change your words does not mean you did not in fact say them.

I understand people have a little difficulty with notions such as responsibility and so forth, but when money's involved all plays are for keepsies, and they have consequences.

And again, you can just SELL them if you don't want to BUY them.

Will you announce each week where on the scale of 500 to 2000 bonds you will be, and how far in advance will you announce it.

You do realise that this contract was written before the wanna-be bankers defaulted on their original arrangement, and came up with 1500 instead of 2k, right? Obviously the bond would reflect that.

Otherwise, ~70 cents paying 95 is on the last call +35%, so still way better than the supposed 28%.

The thing which now reads "[ANNOUNCE GLBSE] 1500 PPT.A Pirate Pass Through Bonds" was [ANNOUNCE GLBSE] 2000 PPT.A Pirate Pass Through Bonds for a few days.

[ANNOUNCE GLBSE] Pirate Pass Through Bonds

which they never actually stated they would do.

You do realise that this contract was written before the wanna-be bankers defaulted on their original arrangement, and came up with 1500 instead of 2k, right? Obviously the bond would reflect that.

Otherwise, ~70 cents paying 95 is on the last call +35%, so still way better than the supposed 28%.

So with the PPTAPR.SYNTH bonds, if PPT issues 1500 in each series you would then pay out 0.001*(7500/10000)=0.0075BTC/share, and not 0.00128*(7500/10000)=0.0096BTC/share? Is the face value of each share not 0.00128?

So in the end your bond runs longer, will already now pay 5% less than face value max., because only 9500 shares will max. be issued (potentially even less) and for sure not the 28 bonus bitcents per BTC...

Apparently somebody can't do math, and that somebody will be enraged. Thanks for pointing it out. It should be 0.00060000  not 0.00050000.

Otherwise "the due if any" should be pretty clear, I'd say, no?

The total ammount issued in the five PPT issues due until the expiration of this instrument is less than 10`000 BTC worth, however those shares may be split up. In this case the dividend paid on this instrument will be a fraction of its face value equal to the proportion of PPT issues out of 10`000 BTC worth.

So as an example if the first PPT issues 2`000 BTC worth of shares, and the four subsequent ones each issue 1`000 BTC worth of shares the holders of this instrument will receive 0.00050000 BTC per share held.

@ Copumpkin and Brendio: Of course, if you have 4 BTC or more to venture, you can borrow some shares.

Furthermore, "I too" can be short pirateat40 only if someone else goes to MPEX and goes long.

No, because this functions oppositely to Meni's. MP is definitely short because he is liable for the 0.28 interest if there is no default (sorry, credit event). His credit events are pretty broad though, making his investment much riskier than the PPT.x series.

As I asked in Meni Rosenfeld's thread, is Mr. Popescu "going long" on pirateat40 by issuing these?

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

The holders of this asset on the date of May the 21st at 23:59:59 UTC time will receive a single dividend payment of 0.00128000 BTC per share, provided that in the interval there did not occur a credit event as defined below. At that date, or at the date of the credit event (whichever comes sooner) the due dividend if any will be paid, this asset will discontinue trading on MPEx and all existing shares will be discarded as worthless.

A credit event is defined, for the puproses of this contract, as any one of the following :
Any of the promised PPT issuances in the interval fails to take place within 24 hours of its stated date. The original language of the original issuer reads :
What are you selling?
Each week we will auction off up to 2000 zero coupon bonds with a face value of 1.28 BTC that will mature exactly 27 days 22 hours after the close of the bond auction.

When will the bond auctions take place?
The bond auctions will take place every Saturday morning at 2 AM UTC. That is every Friday evening at 7 PM PDT, 8 PM MDT, 9 PM CDT and 10 PM EDT.
Thus, in the interval April 19 10:00:00 UTC and May 21, at 23:59:59 UTC there must appear five such offerings, specifically no later than the 21st of April, 28th of April, 5th of May, 12th of May and 19th of May. Since the issuer reserves the right to issue fewer than the stated 2`000, any issuance of less than 10% of that maximum, or 200 shares of 1 BTC principal each or at any rate shares of total value less than 200 BTC will be considered a full credit event.

Any of the PPT issued in agreement with the original terms by the original issuer fails to pay the promised dividend within 12 hours of the stated time. The original laungage of the original issuer reads :
When will the bonds mature and pay me my money?
The bonds will pay the face value of 1.28 BTC exactly 27 days and 22 hours after the close of the bond auction on Saturday mornings at 12 AM UTC. That is every Friday evening at 5 PM PDT, 6 PM MDT, 7 PM CDT and 8 PM EDT.
thus payments must be made no later than by the following midnight, UTC time.

There is convincing proof brought in any public venue by respected members of the community that the underlying issuer for the PPT issue (that is pirateat40's opperation, whatever it may be called by that time) has either ceased to make due payments on his debt or has negotiated lower payments than the originally promised 7% a week. The original language of that issuer reads in pertinent part,
7-Day Interest Rate on Deposits (based on average balance)
100 BTC + 4.2%
500 BTC + 5.6%
2000 BTC + 7.0%

The total ammount issued in the five PPT issues due until the expiration of this instrument is less than 10`000 BTC worth, however those shares may be split up. In this case the dividend paid on this instrument will be a fraction of its face value equal to the proportion of PPT issues out of 10`000 BTC worth. So as an example if the first PPT issues 2`000 BTC worth of shares, and the four subsequent ones each issue 1`000 BTC worth of shares the holders of this instrument will receive 0.00050000 BTC per share held. Note that this point only discusses the volume of issued shares, and is not concerned with the proportion actually sold.
It is the owner's considered oppinion that there is significant risk involved in buying this asset (specifically, the underlying of the underlying is in all likeliness a Ponzi scheme in the final phase of its operation). Consequently this issue is not adequate for the needs of the small or unsophisticated investor. You would be well advised to only invest sums that you do not immediately depend upon.

This issue is available for shorting, inquire with the owner for borrowing shares.
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