|Outstanding||Last||24h ▼||24h Avg||24h ▲||24h Vol||7d ▼||7d Avg||7d ▲||30d ▼||30d Avg||30d ▲||Tot Vol||Mkt Cap||Score|
|► Price & Volume Graph|
|[Click for long term BMF charts at http://coinflow.co/chart/BMF]|
|Bids (Log in to trade ...)
100 Shares, 0.00195 BTC
|Asks (Log in to trade ...)
4 Shares, 0.096 BTC
|Outstanding||Last||24h ▼||24h Avg||24h ▲||24h Vol||7d ▼||7d Avg||7d ▲||30d ▼||30d Avg||30d ▲||Tot Vol||Mkt Cap||Score|
|CALL Options Available For Purchase
(an option to purchase shares)
|PUT Options Available For Purchase
(an option to sell shares)
|2013-10-07 01:28:55||Market Sell||4||฿ 0.003||฿ 0.012|
|2013-10-06 05:50:19||Market Sell||100||฿ 0.0155||฿ 1.55|
|2013-10-04 20:32:53||Market Sell||9||฿ 0.0151||฿ 0.1359|
|2013-10-04 00:01:12||Market Sell||40||฿ 0.015||฿ 0.6|
|2013-10-01 00:41:08||Market Sell||1||฿ 0.014||฿ 0.014|
|2013-09-30 14:12:00||Market Sell||1||฿ 0.0149||฿ 0.0149|
|2013-09-26 19:22:52||Market Sell||1000||฿ 0.01437||฿ 14.37|
|2013-09-26 15:47:50||Market Sell||1500||฿ 0.0161||฿ 24.15|
|2013-09-26 15:41:23||Market Sell||1||฿ 0.02079||฿ 0.02079|
|2013-09-26 11:48:51||Market Buy||31||฿ 0.026||฿ 0.806|
|2013-09-25 20:22:18||Market Sell||1||฿ 0.024||฿ 0.024|
|2013-09-25 16:54:05||Market Sell||100||฿ 0.0222||฿ 2.22|
|2013-09-25 05:38:53||Market Sell||1||฿ 0.02||฿ 0.02|
|2013-09-25 04:28:27||Market Sell||1||฿ 0.02||฿ 0.02|
|2013-09-24 07:06:25||Market Buy||210||฿ 0.03||฿ 6.3|
|2013-09-24 06:54:38||Market Buy||24||฿ 0.0299||฿ 0.7176|
|2013-09-23 20:11:22||Market Buy||99||฿ 0.0299||฿ 2.9601|
|2013-09-23 20:11:22||Market Buy||1||฿ 0.0295||฿ 0.0295|
|2013-09-23 20:11:21||Market Buy||1||฿ 0.029||฿ 0.029|
|2013-09-23 16:21:16||Market Sell||1||฿ 0.007||฿ 0.007|
|2013-08-30 16:00||฿ 0.07957700||4681||0.00001700||COMPLETE|
|2013-08-29 16:00||฿ 0.07491200||4682||0.00001600||COMPLETE|
|2013-08-29 16:00||฿ 0.03817600||--||--||CANCELED|
|2013-08-28 16:00||฿ 0.07491200||4682||0.00001600||COMPLETE|
|2013-08-28 16:00||฿ 0.03817600||--||--||CANCELED|
|2013-08-27 16:00||฿ 0.07491200||4682||0.00001600||COMPLETE|
|2013-08-27 16:00||฿ 0.03817600||--||--||CANCELED|
|2013-08-26 16:00||฿ 0.07491200||4682||0.00001600||COMPLETE|
|2013-08-26 16:00||฿ 0.03817600||--||--||CANCELED|
|2013-08-25 16:00||฿ 0.07494400||4684||0.00001600||COMPLETE|
|2013-08-25 16:00||฿ 0.03817600||--||--||CANCELED|
|2013-08-24 16:00||฿ 0.07494400||4684||0.00001600||COMPLETE|
|2013-08-24 16:00||฿ 0.03817600||--||--||CANCELED|
|2013-08-23 19:21||฿ 0.07494400||4684||0.00001600||COMPLETE|
|2013-08-23 16:00||฿ 0.03817600||--||--||CANCELED|
|2013-08-22 16:00||฿ 0.07494400||4684||0.00001600||COMPLETE|
|2013-08-22 16:00||฿ 0.03817600||--||--||CANCELED|
|2013-08-21 16:02||฿ 0.07494400||4684||0.00001600||COMPLETE|
|2013-08-21 16:00||฿ 0.03817600||--||--||CANCELED|
|2013-08-20 16:00||฿ 0.07494400||4684||0.00001600||COMPLETE|
|2013-08-20 16:00||฿ 0.03817600||--||--||CANCELED|
|2013-08-19 16:00||฿ 0.07494400||4684||0.00001600||COMPLETE|
|2013-08-19 16:00||฿ 0.03817600||--||--||CANCELED|
|2013-08-18 16:02||฿ 0.07494400||4684||0.00001600||COMPLETE|
|2013-08-18 16:00||฿ 0.03817600||--||--||CANCELED|
|2013-08-17 16:00||฿ 0.07494400||4684||0.00001600||COMPLETE|
|2013-08-17 16:00||฿ 0.03804800||--||--||CANCELED|
|2013-08-16 16:00||฿ 0.07494400||4684||0.00001600||COMPLETE|
|2013-08-16 16:00||฿ 0.03804800||--||--||CANCELED|
|2013-08-15 16:00||฿ 0.07494400||4684||0.00001600||COMPLETE|
|2013-08-15 16:00||฿ 0.03804800||--||--||CANCELED|
|2013-08-14 16:02||฿ 0.07494400||4684||0.00001600||COMPLETE|
|2013-08-14 16:00||฿ 0.03804800||--||--||CANCELED|
|2013-08-13 16:00||฿ 0.07494400||4684||0.00001600||COMPLETE|
|2013-08-13 16:00||฿ 0.03804800||--||--||CANCELED|
|2013-08-12 16:01||฿ 0.07494400||4684||0.00001600||COMPLETE|
|2013-08-12 16:00||฿ 0.03804800||--||--||CANCELED|
|2013-08-11 16:01||฿ 0.07520000||4700||0.00001600||COMPLETE|
|2013-08-11 16:00||฿ 0.03804800||--||--||CANCELED|
|2013-08-10 16:00||฿ 0.07520000||4700||0.00001600||COMPLETE|
|2013-08-10 16:00||฿ 0.03804800||--||--||CANCELED|
|2013-08-09 16:02||฿ 0.07520000||4700||0.00001600||COMPLETE|
|2013-08-09 16:00||฿ 0.03804800||--||--||CANCELED|
|2013-08-08 16:01||฿ 0.07520000||4700||0.00001600||COMPLETE|
|2013-08-08 16:00||฿ 0.03804800||--||--||CANCELED|
|2013-08-07 16:00||฿ 0.07532800||4708||0.00001600||COMPLETE|
|2013-08-07 16:00||฿ 0.03804800||--||--||CANCELED|
|2013-08-06 16:00||฿ 0.07540800||4713||0.00001600||COMPLETE|
|2013-08-06 16:00||฿ 0.03804800||--||--||CANCELED|
|2013-08-05 17:10||฿ 0.03682373||4679||0.00000787||COMPLETE|
|2013-08-05 16:00||฿ 0.03804800||4679||0.00000813||COMPLETE|
|2013-08-04 16:01||฿ 0.03804800||2375||0.00001602||COMPLETE|
|2013-08-03 16:00||฿ 0.03804800||2375||0.00001602||COMPLETE|
|2013-08-02 16:00||฿ 0.03804800||2376||0.00001601||COMPLETE|
|2013-08-01 16:00||฿ 0.03804800||2386||0.00001594||COMPLETE|
|2013-07-31 16:03||฿ 0.03804800||2386||0.00001594||COMPLETE|
|2013-07-30 16:00||฿ 0.03579000||2386||0.00001500||COMPLETE|
|2013-07-29 16:01||฿ 0.03579000||2386||0.00001500||COMPLETE|
|2013-07-28 16:03||฿ 0.03579000||2386||0.00001500||COMPLETE|
|2013-07-27 16:00||฿ 0.03579000||2386||0.00001500||COMPLETE|
|2013-07-27 16:00||฿ 0.03817600||--||--||CANCELED|
|2013-07-26 16:03||฿ 0.03595500||2397||0.00001500||COMPLETE|
|2013-07-25 16:02||฿ 0.03565500||2377||0.00001500||COMPLETE|
|2013-07-24 16:00||฿ 0.03565500||2377||0.00001500||COMPLETE|
|2013-07-23 16:02||฿ 0.03567000||2378||0.00001500||COMPLETE|
|2013-07-22 16:01||฿ 0.03567000||2378||0.00001500||COMPLETE|
|2013-07-21 16:00||฿ 0.03567000||2378||0.00001500||COMPLETE|
|2013-07-20 16:02||฿ 0.03567000||2378||0.00001500||COMPLETE|
|2013-07-19 16:02||฿ 0.03567000||2378||0.00001500||COMPLETE|
|2013-07-18 16:00||฿ 0.03567000||2378||0.00001500||COMPLETE|
|2013-07-17 16:02||฿ 0.03567000||2378||0.00001500||COMPLETE|
|2013-07-16 16:01||฿ 0.03567000||2378||0.00001500||COMPLETE|
|2013-07-15 16:00||฿ 0.03567000||2378||0.00001500||COMPLETE|
|2013-07-14 16:01||฿ 0.03567000||2378||0.00001500||COMPLETE|
|2013-07-13 16:02||฿ 0.03329200||2378||0.00001400||COMPLETE|
|2013-07-12 16:00||฿ 0.03091400||2378||0.00001300||COMPLETE|
|2013-07-11 16:00||฿ 0.02853600||2378||0.00001200||COMPLETE|
|2013-07-10 16:01||฿ 0.02615800||2378||0.00001100||COMPLETE|
|2013-07-09 16:00||฿ 0.02615800||2378||0.00001100||COMPLETE|
|2013-07-08 16:01||฿ 0.02378000||2378||0.00001000||COMPLETE|
|2013-07-07 16:00||฿ 0.02378000||2378||0.00001000||COMPLETE|
|2013-07-06 16:01||฿ 0.02378000||2378||0.00001000||COMPLETE|
|2013-07-05 16:00||฿ 0.02378000||2378||0.00001000||COMPLETE|
|2013-07-04 16:01||฿ 0.02378000||2378||0.00001000||COMPLETE|
|2013-07-03 16:01||฿ 0.02378000||2378||0.00001000||COMPLETE|
|2013-07-02 16:00||฿ 0.01568000||1568||0.00001000||COMPLETE|
|2013-07-01 16:00||฿ 0.01513000||1568||0.00000964||COMPLETE|
|2013-06-30 16:01||฿ 0.01513000||1568||0.00000964||COMPLETE|
|2013-06-29 16:00||฿ 0.01568000||1568||0.00001000||COMPLETE|
|2013-06-28 16:00||฿ 0.01513000||1513||0.00001000||COMPLETE|
|2013-06-27 16:01||฿ 0.01513000||1513||0.00001000||COMPLETE|
|2013-06-26 16:00||฿ 0.01513000||1513||0.00001000||COMPLETE|
|2013-06-25 16:01||฿ 0.01513000||1513||0.00001000||COMPLETE|
|2013-06-24 16:00||฿ 0.01513000||1513||0.00001000||COMPLETE|
|2013-06-23 16:00||฿ 0.01513000||1513||0.00001000||COMPLETE|
|2013-06-22 19:51||฿ 0.01513000||1513||0.00001000||COMPLETE|
|2013-06-21 16:01||฿ 0.01513000||1513||0.00001000||COMPLETE|
|2013-06-20 16:01||฿ 0.01513000||1513||0.00001000||COMPLETE|
|2013-06-19 16:01||฿ 0.01513000||1513||0.00001000||COMPLETE|
|2013-06-18 16:01||฿ 0.01513000||1513||0.00001000||COMPLETE|
|2013-06-17 16:01||฿ 0.01513000||1513||0.00001000||COMPLETE|
|2013-06-16 16:01||฿ 0.01513000||1513||0.00001000||COMPLETE|
|2013-06-15 16:01||฿ 0.01513000||1513||0.00001000||COMPLETE|
|2013-06-14 16:01||฿ 0.01513000||1513||0.00001000||COMPLETE|
|2013-06-13 16:01||฿ 0.01513000||1513||0.00001000||COMPLETE|
|2013-06-12 16:01||฿ 0.01513000||1513||0.00001000||COMPLETE|
|2013-06-11 16:01||฿ 0.01513000||1513||0.00001000||COMPLETE|
|2013-06-10 17:47||฿ 0.01513000||1513||0.00001000||COMPLETE|
|2013-02-22 15:00||฿ 1.51300000||1513||0.00100000||COMPLETE|
|2013-02-08 15:00||฿ 0.96110288||1513||0.00063522||COMPLETE|
|2013-01-30 00:00||฿ 32.42985191||1513||0.02143413||COMPLETE|
|2013-01-24 15:00||฿ 9.10984022||1513||0.00602104||COMPLETE|
|2013-01-23 00:00||฿ 7.96005456||1513||0.00526110||COMPLETE|
|2013-01-22 00:00||฿ 18.39657954||1513||0.01215900||COMPLETE|
|2013-01-20 00:00||฿ 9.72895557||1513||0.00643024||COMPLETE|
|2013-01-20 00:00||฿ 11.20303975||--||--||CANCELED|
|2013-01-19 00:00||฿ 8.84450507||1513||0.00584567||COMPLETE|
|2013-01-16 00:00||฿ 12.67712393||1513||0.00837879||COMPLETE|
|2013-01-15 00:00||฿ 21.37422058||1513||0.01412704||COMPLETE|
|2013-01-14 00:00||฿ 6.72182385||1513||0.00444271||COMPLETE|
|2013-01-12 00:00||฿ 0.86794076||1513||0.00057365||COMPLETE|
|2013-01-05 00:00||฿ 1.47408418||1513||0.00097427||COMPLETE|
|2013-01-05 00:00||฿ 0.86794076||--||--||CANCELED|
|Trade Halt Posted: 7 years ago|
Trading has been halted for a while so Deprived and I can hammer out what he wants to see in a merge with TU.SILVER. Trading is expected to resume within 24 hours, and a news item will be posted giving a guaranteed buy-out price at that time. Don't panic!
|TRADING HALTED ON BMF Posted: 7 years ago|
|TRADING HAS BEEN HALTED ON BMF BY THE ISSUER.|
|Motion posted on BMF: Move to BitFunder Posted: 7 years ago|
|A new motion has been posted on BMF at: https://btct.co/security/BMF You should probably check it out. Don't waste your vote!|
|BMF Letter to Shareholders -- September 2nd, 2013 Posted: 7 years ago|
BMF August 2013 Shareholder Report.
On the Month
2. On a lark I started playing EVE online. My goal was simple. See if I can make money out of the game. My motivations are purely financial. That is all I will say on the matter for now. However, "things are looking well" and any profits will go to BMF. I will provide an update on that next month. It's quite interesting. The EVE in-game market is bigger than the Bitcoin market considering player time investment. I may provide a mid-month update on this.
|BMF Letter to Shareholders -- August 1st, 2013 Posted: 7 years ago|
BMF Letter to Shareholders
As a result, we are increasing dividends by 6.7% this month, to 0.00048/share over 30 days. These payments have been scheduled in advance. The total is 1.15 BTC, which will leave us approximately 6.47 BTC to reinvest.
Our book value is currently 0.3107. We have experienced a decline recently due to negative performance in ActiveMining; over the course of a week it has gone from 0.0025 to 0.0095, to 0.0038 and back up. Our investment in ACTIVEMINER is currently 9.16% of the fund, so it may continue to have a significant impact on our book value going forward.
2. Management Fees
3. Investment Targets
There is also the complication of our deprecating and wildly volatile mining assets. TAT.VIRTUALMINE and DMS.MINING have fallen by over 60% since our IPO on June 13th, and our recent investment into ACTIVEMINING has been shown to be a short-term mistake. This has had a significant negative impact on our share price (we have fallen from 0.036 on June 13th, 2013 to 0.031 today).
Due to these issues we will continue to reinvest in face-value assets (preferably mining-related, such as FIMB) during August. Most importantly, we will pursue a share repurchase program.
4. Share Repurchase Program
To implement this buyback program we have placed bids at (and slightly above) our NAV in order to defend the share price and show our committment to investors. I had originally intended to offer a repurchase at up to 20% of NAV, but after some investors showed concern on our discussion thread I will limit bids to 5% above NAV for now. Based on an expected income of 6.5 BTC per month, we will attempt to repurchase between 100 and 200 shares in this way. We feel this will have several positive effects:
5. Response to LTC-GLOBAL moderators' NO and ABSTAIN votes.
We remind the LTC-GLOBAL moderators that it is no longer their job to approve or disapprove of our listing on BTC-TC. It is their job to offer guidance on how well are keeping the Asset Issuer Terms of Service, in particular how well we live up to our a fiduciary responsibility to the shareholders. In that respect, negative votes which do not offer constructive criticism are not just useless, they're negligent. If you are a LTC-GLOBAL moderator, please recognize your responsibility and take the time to do your job properly. BMF places a huge value on comments from our shareholders and from LTC-GLOBAL moderators, and it's very frustrating to see the people who are our gatekeepers act this way. You've voted YES to this company and this contract -- if there's some deficiency it is your responsibility to point it out so that we may fix the problem.
6. Upcoming Interviews & Analysis
7. Usagi's health problems
This is related to my prior hospitalization in October 2012 for several weeks after GLBSE closed -- it's my kidney stones. I feel weak and a bit loopy due to the medication. I will continue the medication until approximately August 6th. I apologize for not being my usual self and for taking a bit longer to get things done. I don't believe the fund has suffered as a result of this problem, but for the record I don't anticipate any further problems of this nature. To health and long life!
8. Request for Comments
Our shareholders are very important to us. Please e-mail comments and questions to usagi at email@example.com. Yes, your voice counts. We respond to all shareholder inquiries and often take serious steps to change things based on shareholder requests. For example, just recently we completely re-did our Holdings & NAV spreadsheet to use a script that automatically pulls values and balances from BTC-TC. This was done because of a chat we had on IRC with one of our shareholders.
Good communication is important. One thing a BMF invetsor will never tell you is that it was difficult to contact management with an issue or to resolve a complaint. So if you have any problems with BMF please let us know so we can take steps to solve your problem, We are here to serve you!
|Progress report Posted: 7 years ago|
BMF Status Report
1. Income Streams & Daily Distribution Payments
2. Daily Distribution Increase for August 2013
3. Investment Targets for August
4. Change to Bid Policy
5. Minor changes to currency hedging policy
6. Interview with BadBitcoin (James Sutton)
Please e-mail comments and questions to usagi at firstname.lastname@example.org
|Relaunched -- Thank You Posted: 7 years ago|
A big thanks to the LTC-GLOBAL moderators and all of my committed shareholders. We now have 5 votes!
Please visit the BMF blog where I will be keeping a record of all news items posted to BTC-TC. It is my goal to publish a really nice interview soon, and maybe some other cool things like that, so keep your eyes open!
For me this is a time of personal celebration as well (my birthday is in late June). This is a great present and I look forward to working with you to make this a better place. Please send me an e-mail at email@example.com with any comments or questions and we can talk about it. Chat soon~
|TRADING RESUMED ON BMF Posted: 7 years ago|
|TRADING HAS BEEN RESUMED ON BMF BY BTC-TC ADMINS.|
|Motion posted on BMF: Motion for New Contract Posted: 7 years ago|
|A new motion has been posted on BMF at: https://btct.co/security/BMF You should probably check it out. Don't waste your vote!|
|Five votes - thank you Posted: 8 years ago|
|Dear LTC-GLOBAL moderators and shareholders;
I'm truly touched by your allowing me to list BMF, and the shareholder motion
which states my shareholders want me to continue running BMF. However I fear it
is too late for BMF. I will be honest my dreams for BMF have been dashed. For
weeks I have been mentally prepared to just let go (and shut down the company).
So thank you for the five votes, I have asked burnside to unlock the asset, but
I will continue to shut down in an orderly fashion over the next few weeks.
The only real benefit unlocking will have is it will allow me to buy back shares
in addition to paying a dividend. Some people may prefer to sell their shares at
a small loss to get their money back "today" versus two weeks from now. However
please keep in mind most of the dividends have already been paid and short of
several letters from shareholders asking me to continue I will shut down.
Management guidance: As at Jan 22nd, 2013, I will guarantee a minimum value for
BMF shares at 0.1. However this value is guaranteed to decline as we continue to
pay out dividends. I also suggest you don't panic sell. Please check the
Dividends & Trades window to see what we have scheduled for payout, and keep in
mind there is at least 100 BTC of unscheduled dividends which we will get from
auction and from sale of securities over the next week or two. Once again thank
you to all my shareholders. Please contact me if you have any concerns and I
will do my best to resolve them.
|BMF: Motion YES: 2830 - NO: 5188 - ABSTAIN: 2 - OUTSTANDING: 14679 (2830/14677 = 19.3% Approval)|
|Title||Move to BitFunder|
|Voting Dates||Begins: 2013-09-25 04:40:55 (GMT) Ends: 2013-09-29 16:00:00 (GMT)|
There is a way for us to move to BitFunder. We can merge with TU.SILVER. Our current "Contract" section reads as follows:
I now motion to change the wording of the above to the following:
What does this Contract change mean? It means TU.SILVER will get all our assets, and you get to trade your shares of BMF as shares of TU.SILVER on BitFunder. It also means that the value of your shares will go up because some people haven't accessed their account in over a year, and I'm not going to pour money into a black hole. The price of BMF is a little less than the price of TU.SILVER right now, so you are getting a good deal here. I suggest you take it. Please see https://bitfunder.com/asset/TU.SILVER for more information.
Management suggests you vote YES.
If you vote NO, the old contract will remain in effect and we will continue investing elsewhere.
NOTE: Should BTC-TC shut down before this motion is recorded, we will use the vote count at time of closure.
|BMF: Motion YES: 1197 - NO: 0 - ABSTAIN: 0 - OUTSTANDING: 1568 (1197/1568 = 76.3% Approval)|
|Title||Motion for New Contract|
|Voting Dates||Begins: 2013-06-11 05:48:15 (GMT) Ends: 2013-06-29 16:00:00 (GMT)|
This vote will run for the month of June.
In order to do things right, we should vote on our new contract. Please be aware that a YES vote also implies you wish BMF to relist, and a NO vote implies you don't want it to relist. This vote may or may not affect LTC-GLOBAL moderator sentiment. Please carefully review our new contract on the DETAILS page. You may change your vote at any time prior to closing.
I've also decided to permanently donate the current holdings of the usagiBMF accounts to BMF regard. This means that the outcome of your vote will not affect how much money you will recieve. After the 100BTC in assets I've donated to relaunch the fund, the current NAV/U of BMF stands at approximatelty 0.05. There have been 0.0873 already paid to investors.
Of course I would love to relaunch the fund, and I hope you can see I am trying to do the right thing here.
Management suggests that you vote YES.
|BMF: Motion YES: 23 - NO: 118 - ABSTAIN: 3 - OUTSTANDING: 1513 (23/1510 = 1.5% Approval)|
|Title||Should BMF liquidate all assets and pay a final dividend?|
|Voting Dates||Begins: 2012-12-23 00:00:00 (GMT) Ends: 2013-01-27 00:00:00 (GMT)|
Dear investor of BMF. Due to the unforseen events surrounding the closure of GLBSE, we have relisted on btct.co. However, it may now be in your best interests if we liquidate all assets and pay out a final dividend. Voting will continue on until January 27th, 2013. If investors want the company to continue, we will discuss a new contract on the forums and approve it via shareholder motion here on btct.co. Good luck! Please vote YES to liquidate all assets of the company and pay a final dividend. Please vote NO to continue operations.
|Contract & Prospectus|
|Ticker||MANAGED PORTFOLIO: BMF|
|Moderator Score||1 (1/0)|
YES 1 / 0 NO (2 ABSTAINING -- Users with 10 or more shares of LTC-GLOBAL are allowed to vote.)
|Shares||Outstanding 9732 / 15000 Issued|
Net Asset Value:
BMF was not the first fund or even the first mining fund -- I believe that honor goes to M.ETF. However, we were the largest and most popular mining fund on the GLBSE, and we are now the oldest surviving bitcoin investment fund. While we never achieved the sales of the biggest bonds (like GIGAMINING, YABMC, COGNITIVE or TYGRR), we were able to beat their performance with careful trading and reinvesting.
My goal for BMF these days is much the same as it was before; to help people invest wisely. I don't want to just reinvest on people's behalf; I want to provide news, information and analysis on the underlying assets as well. I like to think that we are giving something back to the community this way.
These days the community is much larger and the shock of the GLBSE closure is still lingering in many people's minds. A lot of people got ripped off during that time. One of the things I am proud to say is that I stuck through it and made sure that the people who chose to invest in BMF did better than the people who invested on their own. It's a challenge to be sure but one I feel satisfied with how I have met it so far. Now I approach the future and I have hope. Thank you.
This is an outline illustrating our goals and how we plan to reach those goals. This will give you a loose benchmark to gauge the success of BMF.
1. BMF's goal is to provide a safe way to invest in mining as a sector, without being exposed to the risk of investing in an individual bond or company. One way we will achieve this is by investing in a wide range of mining investments, carefully selected by a process of due dilligence. This does not mean you can't lose money; as the difficulty increases, mining bonds tend to lose value. Our goal is to ensure you lose less money with BMF than with the average mining bond. In a flat to mildly down market, BMF should do exceedingly well at preserving your capital and providing a modest, realistic return of between 5 to 10% per year.
Update: We will revisit this goal every three or four months and provide an update on how we have been performing. Currently, we are strongly outperforming several of the mining issues in the mining sector by maintaining a steady NAV and stable dividends. Ex. in the last three weeks, since about July 15th, COGNITIVE has lost 48%, BASIC-MINING has lost 45%, TAT.VIRTUALMINE has lost 35%, and DMS.MINING -- even despite a rally last week -- is still down over 30%. BMF is happy to report a stable NAV and steady dividend payments during this period
2. BMF's goal is to build a reputation for trust in the community by providing regular, detailed analysis and reports not just of internal company operations but of the securities we invest in. One way we will achieve this is by hiring a financial advisor or chartered accountant and publishing quarterly audited financial reports. We hope to lead the way in this area but we look forward to the day when everybody does it. Transparency is important because investors must be allowed the ability to make their own decision on whether or not to invest. No one should force you to invest and you shouldn't just invest in anything. We want our investors to know what they are doing, that is important to us.
3. BMF's purpose is to allow investors to expose themselves to the rewards and risks of investing in Bitcoin Mining as a sector. Unfortunately mining is an incredibly risky thing to invest in because the value of BTC and the mining difficulty changes all the time. To help provide stability we will often invest in fixed face-value bonds depending on the trustworthiness of the issuer. We feel this is a great compromise compared with trying to hold BTC to hedge against currency risks. Please remember that any shareholder can raise a motion on whether or not to invest in any securty. If you think we shouldn't be invested in something, let us know!
4. BMF's goal is to provide services and information to investors which will allow them to make an objective assessment of BMF and the mining and other securities we invest in. One way we will achieve this is to publish interviews and reports concerning the companies we invest in. Please visit our webpage at tsukino.ca/bmf to see two interviews we conducted in 2012. We'd like to pick up the ball and start running where we left off, and are in the process of writing analysis and articles for our website.
|Definition of the Market||
Mining. It's the root of the bitcoin economy. Hardware is denominated in US Dollars. Our view is that this is the way the fund should be managed, and that our investors understand and appreciate that the central asset of any mining company is it's hardware. This implies certain risks. For example, should bitcoins double in value, the fund is expected to lose 50%. This can, and has, happened in the past to both BMF and other mining bonds, funds and companies.
We believe our investors understand and appreciate these risks, and are willing to take them. And they understand that reinvestment is key to survival in the mining sector. Without reinvestment you may only make 50% of your money back. But with continued and appropriate reinvestment we feel the magic of dollar cost averaging will work for us in the long run. To keep it simple, if the price of a mining asset falls by 50% we can now buy twice as much hardware for the same price. So we invest more as the price goes down and are happy to get more bang for our buck.
Our target market is the sophisticated Bitcoin investor who understands these factors as well as standard concepts of portfolio management and investing theory such as asset allocation, growth vs. income strategies, cyclical investing strategies including Elliot wave theory, counterparty risk, warrants, options, share buybacks, shorting, futures, diversification, and so on. Trust remains a key issue in our community and having your money in many hands allows you to thin the risk of default of any one issuer.
We are currently a small fund but we feel that by following this mandate we can grow and once again become a flagship investment fund within the community.
|Products and Services||
Why BMF? Simple. It has a low PITA factor. PITA:
Can you afford to sit on the bid for 10 different assets? Do you really want to spend all day looking at stocks, trying to catch the next deal, or getting in on a bulk-share IPO offer? Is Trading in your blood? Do you stay up all night trading stocks by hand?
If so, then BMF is not for you. But if you would like an experienced portfolio manager to help you in the wild west of bitcoin investing, we are here to serve you. BMF is a way for you to efficiently pay someone else to do the grunt work for you. Not everyone has 3 or 4 hours to watch the charts every day. We can do that for you. And when the going gets tough we can pull out our big guns and really bite down hard on a good investment. We return the value to you. That's why we're here.
|Organization and Management||
BMF is run entirely by me (usagi), but I have also hired an oversight advisor to keep a second set of eyes on the company funds and make sure that everything checks out. It's not just about trust but about keeping mistakes out of the books. It's easy to make a mistake here and there when you're dealing with numbers all day.
Regarding the management of the fund, I again note that any shareholder of size (anyone who holds at least 5% of the company) can raise contractually binding motions at any time, and that company shares never vote in these motions. The management of the fund is ultimately in the hands of the shareholders, should they so choose to exercise that right.
I've been around in the community for a very long time and a lot of people trust me. Please see my OTC rating (+44) and you will see for yourself.
I am here to answer any questions, comments or concerns you have about BMF, even if you are not a shareholder. Please e-mail me at firstname.lastname@example.org and we can talk.
Our marketing strategy is word of mouth and in the publishing of our monthly reports.
We have plans to launch banner ads on community sites like bitcointalk.org and other once we start making more money.
We keep detailed company records and spreadsheets which help us calculate all of the financial statistics for the fund. These spreadsheets are highly advanced and use Namworld's portfolio tools to pull data directly from the exchange for the purpose of calculating NAV, for example.
We have hired a financial oversight advisor to make sure no mistakes creep into the book and in general to keep an eye on things and reassure investors that everything is in ship-shape order.