Quote from: WinTame2012 on December 07, 2012, 07:45:36 PM

Quote from: Deprived on December 07, 2012, 04:04:36 AM

Quote from: amazingrando on December 06, 2012, 06:41:14 PM

Regarding dividends for the period between GLBSE closure and now, the plan is still evolving. The vast majority of bonds (85%) are held by a small group of investors. Their buy-in of bonds came with additional requirements and legal contracts that have required that I pay their payouts before other parties. They have been paid all coupon payments going back to the GLBSE closure.

For those of you who constitute the remaining 15%, the earnings from GLBSE closure is not lost. I am working on a plan that will give you a few options including payouts, buyback, and ASIC upgrade. I hope to share details of that this weekend.

Not entirely happy with this for two reasons:

1. I don't recall ever seeing any mention that our dividends could be used to pay off other investors or that our bonds were somehow junior to other bonds. But then I thought htis was a fixed-rate bond - not one where dividends could just be stopped (as you said you were going to) if you didn't want to keep mining any more. To be clear - you CAN'T make a deal with one set of bond-holders that removes rights from other bond-holders. That deal has to already be in place when bonds are sold (and the junior nature of them stated in contract) or agreed by ALL parties (not just the ones getting preferential treatment) and contract amended so subsequent purchasers know they only get the leftovers after paying some senior bond-holders.. Otherwise no bond would be worth anything - as issuer could just sell 1 bond to a friend, give them first right to all dividends and noone else gets a penny.

2. If the bonds are getting listed on Cryptostocks then it's pretty important to get dividends to same state on all of them. There's no discrimination in the software between bonds that have been paid dividends and ones that haven't - so as soon as people start trading you'll have no way to know who is owed what. This may be covered if you haven't yet isuued bonds on crypto to the 85% - if you have then you'll need to recall them or you won't be able to pay dividends through the system.

I just hope the coming announcement doesn't end up being a choice between buying a new bond/upgrade or getting nothing for the foreseeable future.

Oh - and just looked at contract in OP it says:

A total of 200Gh/s offered in 2Mh/s increments
Weekly payouts are 105% of PPS
PPS means no variance
Perpetual - no expiration date
Buyback provision at 110% of 15 day GLBSE average

I'm not seeing the "and I can stop mining and pay nothing if I feel like it" clause. Though obviously ongoing dividends would be much smaller due to block-reward halving.

@amazingrando,
I think @Deprived's statement has a reason. Could you please respond to this?

Yes, I also feel the same.
amazingrando please explain.