Monday, 10 September 2012

Sunday, 29 April 2012

A look at our first bonds: Pirate Pass Through monthly Bonds. GLBSE Ticker: PPT

Pirate Pass Through (PPT) Bonds are monthly bonds based on the elusive Bitcoin Savings and Trusts.  The idea behind the bonds is to bring Bitcoin Savings and Trust interest rates which require massive sized deposits to smaller investors.

Taken from this thread about Bitcoin Savings and Trust where the money will be held by Pirateat40 on bitcointalk.org

Bitcoin Savings & Trust | www.BTCST.com


Savings Account - 100 BTC Minimum Required Balance

Storage Demand: Low
New Terms & Rates Effective 04/1/2012 12:00AM CST


Deposits
  • You may make a deposit to your account at anytime but depending on the current storage demand, your account status and/or starting date you may receive the coins back in the form of a forced withdraw.


Withdraws
  • You may withdraw a portion or your balance at any time.  Withdraws are normally processed instantly but can vary depending on the size and availability.
    Note: Accounts that fail to maintain the minimum balance will have the remaining coins withdrawn to the address on file.  Your account will be automatically closed if your account balance is not restored within 15 days.


Interest & Payments
  • Interest is earned weekly and based on the balance, deposit and withdraw activity on your account.  Interest payments are made once per week (Monday CST), to the withdraw address on file and based on the prior week's account activity.  Interest does not compound during the 7 day period.  Upon request, you can enable the option to have your payments automatically deposited back into your account.
    Note: Deposits and withdraws are tracked down to the minute and earn interest only for time they're in your account.


7-Day Interest Rate on Deposits (based on average balance)


  • 100 BTC + 4.2%
  • 500 BTC + 5.6%
  • 2000 BTC + 7.0%



Frequently Asked Questions


Q: How do I setup an account?
A: Opening an account with BS&T requires a referral from a current lender.  Lenders are not paid for referrals so they have nothing to gain from me but this model allows me to limit new accounts from unknown or untrustworthy members while building trust between members within the network.


Q: What are my coins used for?
A: Coins are primarily used for local transactions but may also include the following:
  • Market Arbitrage
  • Private Loans To Network Members


For more information or questions please feel free to shoot me a PM or just ask below.


As always, a big thanks to all of my current lenders for your continued support and enjoy your time at Bitcoin Savings & Trust.


-pirate@40

You can easily see not many people have the minimum 100BTC to advantage of this service so this is where Pirate Pass Through (PPT) Bonds come in to place.  Taken from their thread by BurtWagner on bitcointalk.org - 

Pirate rates for the small investor!


Each week we will auction off up to 2000 zero coupon bonds.


The number of bonds to be sold in the next auction will be announced 24 hours before the auction every Friday morning at 2 AM UTC.  That is every Thursday evening at 7 PM PDT, 8 PM MDT, 9 PM CDT and 10 PM EDT.


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.


The bonds will have a face value of 1.28 BTC exactly 27 days 22 hours after the close of the bond auction, on Saturday morning at 12 AM UTC.  That is every Friday evening at 5 PM PDT, 6 PM MDT, 7 PM CDT, 8 PM EDT.


At least 1.00 BTC from every bond sold at auction will be deposited directly into an account at Bitcoin Savings and Trust (formerly First Pirate Savings and Trust).


These bonds will be partially insured and backed by a cartel of some of the most reputable and well known BTC lenders in the lending forums:  BurtWagner, PatrickHarnett, dollartrader, hashking, imsaguy and ineededausername.  


In the event that BS&T stops payments and returns the principal and interest to date or changes its terms and conditions so that the intended pass through of interest is either stopped, pays lower interest or at a schedule that does not align with the PPT bonds the bonds will still be redeemed for their full face value on their scheduled redemption date.  PPT and the above mentioned backers will cover any shortfalls from the capital reserves of PPT.


In the case of a total default event by BS&T (failure to return our funds to us) you will receive 25% of the face value of the bonds from the capital reserves of PPT (0.32 BTC per bond).


PPT is the entity that will back and insure the bonds.  PPT.A, PPT.B, PPT.C etc. will be the actual bond issues.  Please see the FAQ in the next posting for further information.
Quote
URLs for the various bond issues:          
----------------------------------        


Issue     Number             Date Bond Issued                    Date Bond Matures
Name     of Bonds          UTC              MDT                UTC               MDT
-----    --------    ---------------  ---------------    ----------------  ---------------
PPT.A        1500    4/21/12 2:00 AM  4/20/12 8:00 PM    5/19/12 12:00 AM  5/18/12 6:00 PM
PPT.B        2000    4/28/12 2:00 AM  4/27/12 8:00 PM    5/26/12 12:00 AM  5/25/12 6:00 PM
PPT.C         TBD    5/05/12 2:00 AM  5/04/12 8:00 PM    6/02/12 12:00 AM  6/01/12 6:00 PM
PPT.D         TBD    5/12/12 2:00 AM  5/11/12 8:00 PM    6/09/12 12:00 AM  6/08/12 6:00 PM
PPT.E         TBD    5/19/12 2:00 AM  5/18/12 8:00 PM    6/16/12 12:00 AM  6/15/12 6:00 PM
PPT.F         TBD    5/26/12 2:00 AM  5/25/12 8:00 PM    6/23/12 12:00 AM  6/22/12 6:00 PM

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 we know how many bonds will be sold each week?
The number of bonds to be sold in the next auction will be announced 24 hours before the auction every Friday morning at 2 AM UTC.  That is every Thursday evening at 7 PM PDT, 8 PM MDT, 9 PM CDT and 10 PM EDT.


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.


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.


What will you do with the money collected from the bond auctions?
At least 1.00 BTC from every bond sold at auction will be deposited directly into an account at Bitcoin Savings and Trust (formerly First Pirate Savings and Trust).


Where do we bid on bonds?
You will need to open an account at GLBSE.  The first bond auction can be viewed here https://glbse.com/asset/view/PPT.A


What happens if BS&T runs off with all the money?
In the case of a total default by BS&T the backers of the bonds will pay out exactly 25% of the face value of the bonds to all bond holders, 0.32 BTC per bond.


What happens if BS&T lowers the interest rate on deposits, returns the deposits back to PPT or in any way changes their terms?
PPT will cover the face value of the bonds upon any of these change events.  The bonds will still be purchased on the maturation date as scheduled.  However, there will probably not be a subsequent auction of the returned bonds if this happens.


What happens if BS&T runs out of room and starts to return deposits?
Pirate has stated in the past that if he runs out of room he would return the BTC deposited in the most recently opened accounts first.  This means that the BTC deposited in the “oldest” accounts will be returned last.  The FPS&T thread (now called the BS&T thread) here https://bitcointalk.org/index.php?topic=50822.0 was started on November 3, 2011.  One of our stockholders has an account that predates that thread.  He cannot recall exactly when he made his first deposit because that is ancient history in "Bitcoin time" but he believes it was some time in August of 2011.  The point is that we have access to one of the oldest accounts in the BS&T system.


Who is backing the bonds?
The bonds are partially insured and backed by a cartel of some of the most reputable and well known BTC lenders in the lending forums:  BurtWagner, PatrickHarnett, dollartrader, hashking, imsaguy and ineededausername.


How much will the bonds cost me?  What will be my actual interest rate?
The actual price you pay for the bonds each week will be decided by competitive auction.  All bids for the bonds will range from 1.00 to 1.28 BTC per bond.  The highest bids will win the bonds when the auction closes.  Since all the bonds are worth the same amount, 1.28 BTC exactly 27 days and 22 hours from the close of the auction, the higher you bid the lower your effective interest rate.


Will my bid be high enough to buy bonds?
When the auction closes the system will sell to the highest bidder first, then the next highest bidder, then the next and so on until the auction is complete.  If the bonds sell out before it makes it down to your bid then you will not get any.  Of course there will be a market for these bonds so they can be traded up and down for the next 28 days until we buy them all back at 1.28 BTC per bond.


Can I bid less than 1.00 BTC per bond?
You can, but please note that orders below 1.00 BTC will never be filled by us.  Of couse there is nothing preventing someone else from selling to you at that price.


Can I bid higher than 1.28 BTC per bond?
SURE!  But that would not be a wise thing to do since you will lose BTC when we buy the bonds back from you for exactly 1.28 BTC per bond.


Why is the length of the bond 27 days and 22 hours instead of just 28 days?
Doing it this way gives our customers two hours in which to place their bids on the next auction if they wish to do so.


I see that the bond issues are called PPT.A, PPT.B etc.  What the heck is PPT then?
There are currently six lenders backing these bonds:  BurtWagner, PatrickHarnett, dollartrader, hashking, imsaguy and ineededausername.  These six backers purchase shares in PPT, the privately company that will insure and back these bonds.  All of the BTC held by PPT will be held as cash in escrow against any possible Pirate default or a change in the terms at BS&T.  The amount of capital held in PPT will always be greater than 25% of the face value of all outstanding bonds.


What do you think is Pirate's probability of defaulting?
That is the 1,000,000 BTC question.


So basically a one month bond you bid on per share between 1.28BTC and 1.00BT that will pay out a maximum of 1.28BTC per share monthly that are issued every Saturday at 2:00AM GMT/UTC.


Saturday, 28 April 2012

An apology

I would like to apologise on not updating this blog as often as I would like as there has recently been a big sprout of new company's to inform you of.  Although I have been busy setting up my own GLBSE listed mining company Red Star Mining.  We still have over 600 shares in RSM at 0.4BTC that will pay a weekly dividend of over 0.0040BTC per week once sold.  So get in there and look out for more posts ;)

 

Weekly dividends


Taken from this thread on by "stochastic" on bitcointalk.org here is a summary of weekly dividends

GLBSE Companies/Contract Weekly Dividend Return
Week of 4/14/2012 to 4/20/2012

TickerCurrent AskLast Dividend% Return
TyGrr-Bank0.110.00252.27%
PUREMINING0.370.006248661.69%
GIGAMINING1.5810.022024541.39%
TyGrr2.080.025125621.21%
BITBOND0.640.007477811.17%
BMMO0.3650.0030.82%
Cognitive0.580.004127870.71%
MergedMining0.1420.0010.70%
JLP-BMD0.2450.001598060.65%
M.ETF0.2780.001791980.64%
MU0.1550.000780990.50%
FPGA.contract0.430.001829830.43%
FPGA-EU0.380.00150.39%
Quote


GLBSE Companies/Contract Weekly Dividend Return
Week of 4/07/2012 to 4/13/2012
TickerCurrent AskLast Dividend% Return
TyGrr-Bank0.1020.00252.45%
BMMO0.3620.00280.77%
TyGrr2.180.015345690.70%
MergedMining0.1450.0010.69%
PUREMINING0.490.003031090.62%
JLP-BMD0.240.0012312250.51%
MU0.1550.000780990.50%
BITBOND0.6890.003138270.46%
FPGA-EU0.450.0020.44%
M.ETF0.2790.000960910.34%
FPGA.contract0.5550.002535110.32%



Saturday, 7 April 2012

Weekly dividends summary

Taken from this thread on by "stochastic" on bitcointalk.org here is a summary of weekly dividends


GLBSE Companies/Contract Weekly Dividend Return
Week of 3/31/2012 to 4/06/2012
TickerCurrent AskLast Dividend% Return
TyGrr-Bank0.10250.003356983.28%
PUREMINING0.4370.004438471.02%
BMMO0.3650.003051030.84%
JLP-BMD0.24990.001932220.77%
MergedMining0.1520.0010.66%
FPGA.contract0.5550.002535110.46%
FPGA-EU0.50.0020.40%
BTCSYN0.320.001039540.32%
M.ETF0.38850.000928020.24%