Would it be ok to make something like this for ARS? Or you will fall into us to claim copyright? 
In any case this is the proper way to go about these things.
Topic: Remove (Read 1928 times)
And now the exchange rate is at $6.50.
You may have a hard time attracting investors, with the way the markets have been moving lately. So volatile...
You may have a hard time attracting investors, with the way the markets have been moving lately. So volatile...
Would it be ok to make something like this for ARS? Or you will fall into us to claim copyright?
Malicious operator is the worst case of the general problem of needing 50% in order to redeem. It's a lot like no redeem-ability at all.
I don't know why several people would want to become authorized already. The upside is essentially being able to turn $500 worth of coins into $500 unless there is a large mismatch.
Allowing redeem-ability of a small fraction of the total amount of units is the fix, but that might be a headache. MtGox codes is the simplest way I can think of, but then you've got that counter-party risk too so I don't think it's a long term solution.
I don't know why several people would want to become authorized already. The upside is essentially being able to turn $500 worth of coins into $500 unless there is a large mismatch.
Allowing redeem-ability of a small fraction of the total amount of units is the fix, but that might be a headache. MtGox codes is the simplest way I can think of, but then you've got that counter-party risk too so I don't think it's a long term solution.
So if you release 1000, buy 501 yourself.... no worry about paying?
I don't follow your logic. Pay what?
People could get authorized to get actual US dollars from you somehow but only in lots of 500 or more? If you issued only 1000 then you could (via and agent or other account perhaps) buy up 501 leaving only 499. You would make about 500 dollars and never have to do anything and never technically breach anything either.
So if you release 1000, buy 501 yourself.... no worry about paying?
It's nice that there is no fee for 3 months, but as when/if as you announce the fee the people holding will take the hit since the value will reflect it pretty quick. So it seems better to decide up front.
This might not be technically feasible, I don't know. But if you (or someone else wanting to) used a bot to always maintain a bid of say 95 cents worth of bitcoin covering all outstanding shares could that avoid the issue of actually sending dollars and also serve as a fee?
It's nice that there is no fee for 3 months, but as when/if as you announce the fee the people holding will take the hit since the value will reflect it pretty quick. So it seems better to decide up front.
This might not be technically feasible, I don't know. But if you (or someone else wanting to) used a bot to always maintain a bid of say 95 cents worth of bitcoin covering all outstanding shares could that avoid the issue of actually sending dollars and also serve as a fee?
Nice idea
I know there is demand for this type of thing, a good solution could bring lots of action.
So if you release 1000, buy 501 yourself.... no worry about paying?
It's nice that there is no fee for 3 months, but as when/if as you announce the fee the people holding will take the hit since the value will reflect it pretty quick. So it seems better to decide up front.
This might not be technically feasible, I don't know. But if you (or someone else wanting to) used a bot to always maintain a bid of say 95 cents worth of bitcoin covering all outstanding shares could that avoid the issue of actually sending dollars and also serve as a fee?
It's nice that there is no fee for 3 months, but as when/if as you announce the fee the people holding will take the hit since the value will reflect it pretty quick. So it seems better to decide up front.
This might not be technically feasible, I don't know. But if you (or someone else wanting to) used a bot to always maintain a bid of say 95 cents worth of bitcoin covering all outstanding shares could that avoid the issue of actually sending dollars and also serve as a fee?
Thanks, clearer and I understand better.
I'm obviously being thick today.
How do I get USD from these? I don't see how the mechanics works.
How do I get USD from these? I don't see how the mechanics works.
This is an interesting idea stochastic and I like it. You could create the same thing for any world currency and list them. You could even create an account on Mt Gox and sell shares in "MT GOX USD"
It could create some nice trading volume on glbse.....
If you need someone to hold AUD in a bank account I would be interested
It could create some nice trading volume on glbse.....
If you need someone to hold AUD in a bank account I would be interested
The contract has been updated to include the clause:
Excellent. Thank you. Quote
Any management fee will be publicly disclosed. An initial management fee will be set at 0% until July 31, 2012. Thereafter, any change in management fee will be disclosed 30 days prior to its implementation.
... Each share of USD on GLBSE is equal to $1 held in an FDIC insured bank account.
No shit Sherlock!
Who are you trying to make feel extra safe with this BS? Those who have no idea wtf FDIC is and how it operates? The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, up to $250,000 per depositor per bank. As of November 18, 2010, the FDIC insures deposits at 7,723 institutions.[17] The FDIC also examines and supervises certain financial institutions for safety and soundness, performs certain consumer-protection functions, and manages banks in receiverships (failed banks).
Will the fund lose 99% of its value over time ?
GLBSE has been waiting for an asset like this for a while.
My only concern is the following clause:
My complaint is not that a management fee is charged, but that the clause is so open. It would be nice to have either a maximum figure or a notice period before which the fee may be changed. Otherwise, there is nothing to stop you charging a 100 % and rendering the investment worthless. It's an extreme example, but it highlights the source of my concern. Tighten this clause up a bit, and I'm an investor.
My only concern is the following clause:
A monthly management fee will be imposed on the total value of the fund and will be determined by the Fund Manager.
My complaint is not that a management fee is charged, but that the clause is so open. It would be nice to have either a maximum figure or a notice period before which the fee may be changed. Otherwise, there is nothing to stop you charging a 100 % and rendering the investment worthless. It's an extreme example, but it highlights the source of my concern. Tighten this clause up a bit, and I'm an investor.
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