- An interest rate of ~22%/year (0.38%/week) based on EUR/BTC value at time of issue (eg. ~0.0032 / bond / week).
- Bonds to be issued in tranches at discretion of CipherMine management; they shall only be issued if the management is satisfied that they can be repaid and that there is a useful way to spend them.
To clarify my point 2 above, the clash is between the two items quoted above.
If you sell the bonds in tranches then there'll be a different exchange-rate when each tranche is sold. You then can't honour the contract in respect of all tranches as there's no way to pay different amounts of interest to different tranches of bonds. Unless you wanted to pay 22% of of face value at the most beneficial (to bondholders) exchange-rate at which you'd ever sold bonds. That pretty much negates the whole point (for you) if exchange-rate moves significantly in EITHER direction between the placement of tranches (as, depending on direction of the move, you'd either have to pay new bondholders a far higher rate than you wanted or upgrade heavily the rate paid to existing ones).