usagi

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VIPHero MemberActivity: 812Merit: 100013 Re: [BitFunder] TU.SILVER -- News & Reports July 24, 2013, 08:39:01 PM

Last edit: July 24, 2013, 09:26:53 PM by usagi #41 TU.SILVER is operated in Asia by a non-US citizen. As such we are not under any US regulations regarding securities. However, to avoid offending our US brothers, effective immediately we will no longer process redemption orders destined for the United States. Further, all US citizens, regardless of their country of residence, are strongly encouraged to tender their shares for sale.



Please consider the following before buying or selling TU.SILVER:



1. I will strongly consider the discussions regarding the closure of BTC-TC and BitFunder to US customers in a final decision regarding the fate of the company.

2. No one is going to get screwed, the silver is there, so don't panic. The intent is merely to fill out all the forms, talk to all the lawyers, etc. that are needed to continue operating.

3. I have been in contact with a local lawyer over incorporation for quite some time. The goal is to open (or partner with) a local jewelry store. Such stores are common here and there is no problem selling over the internet. The question is how to structure the sales.

4. The easiest solution seems to be to bypass securities laws by restructuring as a pure silver store. This plan has been loosely outlined in our last monthly report. Under the current plan, TU.BOND would simply not be offered and the money would go towards free shipping and/or repurchasing units at or above a fair price.

5. In order to avoid screwing current investors the company will not repurchase shares below fair value, unless a market sale order is in place which we must fill before purchasing higher-priced shares. We therefore advise all current customers NOT to enter sale orders below our fair value.

6. The sunset clause for selling your shares under this repurchase plan is October 31st, 2013.

7. We will post the current fair value as determined by our internal company spreadsheets in our alert box on BitFunder. This will be updated on a daily basis.

8. There is no liquidity problem. If every share was offered for sale tomorrow I could probably buy them all back within 2 weeks.

9. After Halloween, TU.SILVER will be worth and worth only, the price of kitcosilver.com divided by the average of the mtgox average price and the last traded price. At that point we will be a pure silver store, and units on BitFunder will be treated as "warehouse receipts", and have no other value.



10. The fair price for TU.SILVER as determined by our internal company spreadsheet is currently 0.0540. The company will now begin repurchase by issuing bids for TU.SILVER at or above this price.



Your silver is located in Asia and is completely safe. I just want to make sure it stays that way! I welcome any discussion over this, but keep in mind the main decision seems to be going on in the BTC-TC and/or BitFunder threads. I'm going with the community on this one.





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VIPHero MemberActivity: 812Merit: 100013 Re: [BitFunder] TU.SILVER -- News & Reports July 25, 2013, 12:25:26 PM #43 Quote from: chsados on July 25, 2013, 12:33:21 AM Coward.



Is it cowardly to protect my investors by placing a bid wall at 2x the public bid?



It would be a real shame if someone panic sold or made a mistake and lost money out of fear. I feel really bad for people who feel trapped in an investment and I want to offer them a very fair price. One of the cornerstones of TU.SILVER is it's amazing liquidity. I guarantee entry and exit within 0.25% of the NAV provided you advise me of the sale. As it stands now, I sleep easy knowing my investors cannot lose money if they need to sell Tu.SILVER in a hurry.



I look after my investors, you better believe it! Is it cowardly to protect my investors by placing a bid wall at 2x the public bid?It would be a real shame if someone panic sold or made a mistake and lost money out of fear. I feel really bad for people who feel trapped in an investment and I want to offer them a very fair price. One of the cornerstones of TU.SILVER is it's amazing liquidity. I guarantee entry and exit within 0.25% of the NAV provided you advise me of the sale. As it stands now, I sleep easy knowing my investors cannot lose money if they need to sell Tu.SILVER in a hurry.I look after my investors, you better believe it!

EskimoBob



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LegendaryActivity: 910Merit: 1000Quality Printing Services by Federal Reserve Bank Re: [BitFunder] TU.SILVER -- News & Reports August 02, 2013, 08:57:06 PM #44 Quote from: usagi on July 25, 2013, 12:25:26 PM Quote from: chsados on July 25, 2013, 12:33:21 AM Coward.



Is it cowardly to protect my investors by placing a bid wall at 2x the public bid?



It would be a real shame if someone panic sold or made a mistake and lost money out of fear. I feel really bad for people who feel trapped in an investment and I want to offer them a very fair price. One of the cornerstones of TU.SILVER is it's amazing liquidity. I guarantee entry and exit within 0.25% of the NAV provided you advise me of the sale. As it stands now, I sleep easy knowing my investors cannot lose money if they need to sell Tu.SILVER in a hurry.



I look after my investors, you better believe it!

Is it cowardly to protect my investors by placing a bid wall at 2x the public bid?It would be a real shame if someone panic sold or made a mistake and lost money out of fear. I feel really bad for people who feel trapped in an investment and I want to offer them a very fair price. One of the cornerstones of TU.SILVER is it's amazing liquidity. I guarantee entry and exit within 0.25% of the NAV provided you advise me of the sale. As it stands now, I sleep easy knowing my investors cannot lose money if they need to sell Tu.SILVER in a hurry.I look after my investors, you better believe it!

is it above or below the book value? is it above or below the book value? While reading what I wrote, use the most friendliest and relaxing voice in your head.

BTW, Things in BTC bubble universes are getting ugly....

supermono



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Full MemberActivity: 194Merit: 100 Re: [BitFunder] TU.SILVER -- News & Reports November 06, 2013, 04:56:52 AM #46 BitFunder announced on November 4 that it will be ceasing operations. (As of November 14 no user will be able to enter new positions or sell; as of December 2 all Bitcoins of all users will be transferred to their WeExchange accounts, and all assets will be transferred to the issuer; the BitFunder website itself will remain online until December 15.)



What are the plans for TU.SILVER? Do users need to do anything?



