Quote from: Micon on July 29, 2012, 06:26:55 AM

Quote from: Meni Rosenfeld on July 15, 2012, 12:54:50 PM

tl; dr: Every BDT bond will have a face value of 1 BTC and will pay a weekly coupon of 3%. The funds raised will be used for the development of the margin trading platform Bitdaytrade. The IPO will be on July 19 2012, and initially a total of 10,000 bonds will be offered.

https://glbse.com/asset/view/BDT

Introduction. Bitdaytrade is a margin trading platform developed and owned by Alberto Armandi, where CFDs (contracts for difference) can be traded on the price of BTC and gold (BTC/USD is in closed beta), and in the future other assets. The platform is already up and running, but there is still much work to be done; to cover the cost of bringing it to the next level, Alberto is issuing bonds on GLBSE that will pay 3% weekly interest. A total of 8,950 BTC is expected to be raised with this offering.

Operation. The bonds will have a face value of 1 BTC and will be sold to the public at that price. Every week on Friday, at 20:00 GMT, bondholders will receive a coupon of 0.03 BTC per bond. The bonds do not have an expiration date.

If the coupon is not paid on time, a bonus of 0.001 BTC (1 mBTC) per bond will be paid for each calendar day between the scheduled date and the actual payment date. The delay will in no circumstance be longer than 2 weeks.

This is a callable bond. The issuer has the right to buy back all bonds for 1.2 BTC per bond (120% of face value).

The issuer, Alberto Armandi, is responsible for abiding by the terms of the contract.

IPO details. 10,000 bonds will be initially issued, with a total face value of 10,000 BTC. The IPO will be at July 19 2012 at 9:00 UTC.

1,000 bonds will be given to Bitdaytrade partners.

Up to 1,000 bond will be put up for pre-IPO sale. They will be sold at a 5% discount for 0.95 BTC each. This is only available to investors buying at least 100 bonds. Send me a PM to reserve your spot. (Sold out)

The scheduled coupons will be paid starting July 27. On July 20 a coupon of 0.005 BTC per bond will be paid as it is only one day after the IPO.

Update: All pre-IPO bonds have been reserved. Any further requests will be placed on a waiting list to be served if any of the first comers backs out.

Analysis. Unlike a deposit program, bondholders do not have the right to sell back the bonds for their face value; the capital will be used for both upfront payments and reserves, and bitdaytrade cannot commit to having the entire face value of the bonds on call.

However, the issuer does not have a right to change the interest rate. The coupons will be 0.03 BTC per week for as long as the bond is held; the bondholder has a guaranteed perpetual ROI, even if the typical interest rates in the Bitcoin lending market go down.

The issuer does have the right to buy back bonds (which he may do in conjunction with offering new bonds at a lower interest rate), but only by compensating bondholders with almost 7 weeks' worth of interest.

Since the issuer can buy back bonds for 1.2 BTC at any time, it is not advised to bid more than that on a bond in the secondary market.

Please note that the details of this IPO are significantly different from what was planned last month.

Contact information.

Alberto Armandi - Issuer
Email: info@bitdaytrade.com
GTalk: alberto.armandi@gmail.com
Forum: bitdaytrade
Linkedin: http://www.linkedin.com/profile/view?id=41459791

Meni Rosenfeld - IPO manager
Email: glbse@menirosenfeld.com
Forum: Meni Rosenfeld
Linkedin: http://www.linkedin.com/profile/view?id=99439111

ah so you only need 10k BTC ($80k USD) to do what with? Mt. Gox only trades ~ $800k USD per day in BTC anyway - how do you plan on generating such an amazing amount of money that you can pay 3% interest weekly? Seems like every one of these obvious ponzi's claim they are killing it "trading" and "arbitrage" and yet they all need massive, massive investment from a wide # of ppl...

obviously added to Micon's obvious list of Ponzi's

added to Micon's list of ponzi's and scams you should never take part in.

If you read the IPO it will be used to develop and maintain the site BitDayTrade which is a margin/leverage trading site, to be able to keep positions and offer a high amount of leverage a huge amount of float is needed

Look at Bitconica 44k stolen xD, It's very profitable for the owner of the site, look it up. They make sick amounts of order match making and interest rates on their leveraged positions.
He has never claimed to be trading or doing arbitrage, please read the thread before complaining, he's using it to build a trading platform not do the actual trading himself.

Please explain how this could be a ponzi when he releases a initial amount of bonds as according to the contract, then there's no plan to release more. The share/GLBSE way of doing a ponzi is very inefficient and doesn't make sense unless you keep a constant ask wall to issue more shares to pay your dividends.

Plus I have actually used BitDayTrade.com and maybe you should as well, it's a actual site not just some imaginary project, it's real and it's there the capital is going to.

Yet again stop this silly witch hunt!
//DeaDTerra