Realtime


Trading has been permanently frozen for the site wind down.


Trading has been frozen on this asset by the asset issuer.

LTC-ATF.B2  operated by Deprived since Jul, 7 2013  

Outstanding Last 24h 24h Avg 24h 24h Vol 7d 7d Avg 7d 30d 30d Avg 30d Tot Vol Mkt Cap Score
16000 99@0.01 -- -- -- -- -- -- -- -- -- -- 353 0 1    (1/0)



Outstanding Last 24h 24h Avg 24h 24h Vol 7d 7d Avg 7d 30d 30d Avg 30d Tot Vol Mkt Cap Score
16000 99@0.01 -- -- -- -- -- -- -- -- -- -- 353 0 1    (1/0)

CALL Options Available For Purchase
(an option to purchase shares)
Option ID Expiration Qty Strike Premium/ea Cost/ea
None available...

PUT Options Available For Purchase
(an option to sell shares)
Option ID Expiration Qty Strike Premium/ea Proceeds/ea
None available...


Trade History
Date Type Quantity Price Total
2013-09-23 10:48:28 Market Sell 99 ฿ 0.01 ฿ 0.99
2013-09-23 07:04:54 Market Sell 10 ฿ 0.0105 ฿ 0.105
2013-09-23 06:47:40 Market Sell 100 ฿ 0.0108 ฿ 1.08
2013-09-23 06:47:39 Market Sell 17 ฿ 0.01081 ฿ 0.18377
2013-09-23 00:30:22 Market Buy 1 ฿ 0.01099 ฿ 0.01099
2013-09-21 17:37:17 Market Buy 1 ฿ 0.01099 ฿ 0.01099
2013-09-20 23:25:18 Market Buy 48 ฿ 0.01099 ฿ 0.52752
2013-09-20 20:56:03 Market Sell 1 ฿ 0.01062 ฿ 0.01062
2013-09-20 19:39:16 Market Buy 1 ฿ 0.01148 ฿ 0.01148
2013-09-20 02:54:40 Market Buy 2 ฿ 0.01148 ฿ 0.02296
2013-09-19 23:20:34 Market Buy 20 ฿ 0.01148 ฿ 0.2296
2013-09-19 05:36:05 Market Buy 30 ฿ 0.01099 ฿ 0.3297
2013-09-19 05:35:48 Market Buy 75 ฿ 0.01098 ฿ 0.8235
2013-09-18 20:33:38 Market Sell 60 ฿ 0.01049 ฿ 0.6294
2013-09-18 20:33:37 Market Sell 10 ฿ 0.01052 ฿ 0.1052
2013-09-18 20:33:37 Market Sell 15 ฿ 0.0106 ฿ 0.159
2013-09-18 20:33:36 Market Sell 15 ฿ 0.01062 ฿ 0.1593
2013-09-18 19:50:30 Market Buy 1 ฿ 0.01099 ฿ 0.01099
2013-09-18 19:49:35 Market Buy 1 ฿ 0.01099 ฿ 0.01099
2013-09-18 07:38:27 Market Buy 8 ฿ 0.0109 ฿ 0.0872


Dividend History
Date Total BTC Shares BTC/Share Status
2013-09-28 19:00 ฿ 0.08000000 16000 0.00000500 CANCELED
2013-09-27 19:00 ฿ 0.08000000 16000 0.00000500 CANCELED
2013-09-26 19:00 ฿ 0.08000000 16000 0.00000500 CANCELED
2013-09-25 19:00 ฿ 0.08000000 16000 0.00000500 CANCELED
2013-09-24 19:00 ฿ 0.08000000 16000 0.00000500 CANCELED
2013-09-23 19:00 ฿ 0.08000000 16000 0.00000500 CANCELED
2013-09-23 11:45 ฿ 160.00000000 16000 0.01000000 COMPLETE
2013-09-22 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-09-21 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-09-20 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-09-19 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-09-18 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-09-17 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-09-16 21:45 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-09-15 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-09-14 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-09-13 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-09-12 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-09-11 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-09-10 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-09-09 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-09-08 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-09-07 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-09-06 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-09-05 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-09-04 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-09-03 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-09-02 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-09-01 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-31 20:00 ฿ 0.08000000 16000 0.00000500 CANCELED
2013-08-31 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-30 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-29 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-28 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-27 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-26 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-25 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-24 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-23 19:22 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-22 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-21 19:01 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-20 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-19 19:01 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-18 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-17 19:01 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-16 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-15 19:01 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-14 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-13 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-12 19:01 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-11 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-10 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-09 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-08 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-07 19:25 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-06 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-05 19:01 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-04 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-04 17:00 ฿ 0.08000000 16000 0.00000500 CANCELED
2013-08-03 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-02 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-08-01 19:00 ฿ 0.08000000 16000 0.00000500 COMPLETE
2013-07-31 20:54 ฿ 0.07500000 15000 0.00000500 COMPLETE
2013-07-30 19:01 ฿ 0.03500000 7000 0.00000500 COMPLETE
2013-07-29 19:02 ฿ 0.03500000 7000 0.00000500 COMPLETE
2013-07-28 19:01 ฿ 0.03500000 7000 0.00000500 COMPLETE
2013-07-27 19:00 ฿ 0.03500000 7000 0.00000500 COMPLETE
2013-07-26 19:01 ฿ 0.03500000 7000 0.00000500 COMPLETE
2013-07-25 19:00 ฿ 0.03500000 7000 0.00000500 COMPLETE
2013-07-24 19:00 ฿ 0.03500000 7000 0.00000500 COMPLETE
2013-07-23 19:01 ฿ 0.03500000 7000 0.00000500 COMPLETE
2013-07-22 19:00 ฿ 0.03500000 7000 0.00000500 COMPLETE
2013-07-21 19:00 ฿ 0.03190500 6381 0.00000500 COMPLETE
2013-07-20 19:00 ฿ 0.02954000 5908 0.00000500 COMPLETE
2013-07-19 19:00 ฿ 0.02849500 5699 0.00000500 COMPLETE
2013-07-18 22:25 ฿ 0.03500500 7001 0.00000500 COMPLETE
2013-07-17 19:00 ฿ 0.03500500 7001 0.00000500 COMPLETE
2013-07-16 19:00 ฿ 0.03500500 7001 0.00000500 COMPLETE
2013-07-15 19:00 ฿ 0.03500500 7001 0.00000500 COMPLETE
2013-07-14 19:00 ฿ 0.03500500 7001 0.00000500 COMPLETE
2013-07-13 19:00 ฿ 0.03500500 7001 0.00000500 COMPLETE
2013-07-12 19:00 ฿ 0.03500500 7001 0.00000500 COMPLETE
2013-07-11 19:00 ฿ 0.03500500 7001 0.00000500 COMPLETE
2013-07-10 19:00 ฿ 0.02500000 5000 0.00000500 COMPLETE



Dividend in process Posted: 7 years ago

A dividend of .01 BTC per share has now been scheduled for immediate payment in full and final settlement of these bonds.


Closure of LTC-ATF Posted: 7 years ago

With BTC-TC and LTC-Global closing, LTC-ATF is also shutting its doors.  There's no way it could continue in anything like its current form when there's no credible exchange that supports LTC.

Per the contract, all bonds are being bought back at face value (0.01 BTC).  I'm shuffling funds around now and anticipate making the repurchase later today.  If it doesn't occur until after the scheduled time of the next dividend then the dividend will be included in the payment.

Thanks for your support - I'm sorry the bond is being terminated in such an abrupt fashion.


TRADING HALTED ON LTC-ATF.B2 Posted: 7 years ago
TRADING HAS BEEN HALTED ON LTC-ATF.B2 BY THE ISSUER.

Notification of Testing Posted: 7 years ago

Over the coming weekend (31st August and 1st September) I will be testing a modified transfer bot that can automatically handle trades between BTC-TC and LTC-Global.  Testing may extend past that if necessary.

This testing will occur on the LTC-ATF.B1 and LTC-ATF.B2 securities.  Various accounts controlled by myself will be transferring these securities around - and extra of each security will be temporarily issued for the purpose of testing.

This testing will have no lasting impact (all extra sharcs issued will be returned prior to dividend payments) but will mean that at times the shares outstanding on LTC-ATF.B1 and LTC-ATF.B2 may significantly vary (testing isn't only of 1:1 exchanging but also of X:1 exchanging with fee deduction and return of shares not amounting to sufficient for a full trade to occur).

As well as shares outstanding varying in the securities themselves there will on occasions also be changes in shares held by the DMS accounts on both BTC-TC and LTC-Global.

All testing will be on accounts controlled by myself and manual transfers will be used to return all share counts to their correct values at the conclusion of testing (and before any dividend payments).cc


No motions yet
Contract & Prospectus
Locked! This asset has been locked by the Asset Issuer.
Ticker LOAN: LTC-ATF.B2
Moderator Score 1  (1/0)
Moderator Votes YES 1 / 0 NO    (0 ABSTAINING -- Users with 10 or more shares of LTC-GLOBAL are allowed to vote.)
Shares Outstanding 16000 / 1000000 Issued
Issuer Deprived <deprivedltcasset@hotmail.co.uk>
Forum https://bitcointalk.org/index.php?topic=251342.0
Issuer Detail

This bond is issued by the Fund operating under the ticker LTC-ATF on the Litecoin Global Exchange. Further information about the issuer can be found at:

The listing for the fund at https://www.litecoinglobal.com/security/LTC-ATF
The LitecoinTalk thread for the fund at http://forum.litecoin.net/index.php/topic,657.0.html
The Bitcoin forums thread for the fund at https://bitcointalk.org/index.php?topic=112876.0

The threads in the last two links contain pretty much identical information (I post all significant updates to both) so there's no need to read both.

Contract

DEFINITIONS

(The) Issuer / The fund trading with the ticker LTC-ATF on the Litecoin Global
Exchange.

(The) Manager : The individual controlling the user account with the name "Deprived" on The bitcointalk forums.

The Bond : The security offered on BTC-TC using the ticker LTC-ATF.B2


OVERVIEW

LTC-ATF.B2 is a bond issued by LTC-ATF (a fund listed on LTC-GLobal). It is a sort of hybrid lieing somewhere between a regular bond and a 'perpetual' bond. LTC-ATF is issuing this bond rather than raising new capital via sale of additional units for two primary reasons:

1. To allow LTC-ATF to trade in BTC-denominated securities without massive exposure to the LTC/BTC exchange-rate.
2. To reduce the portion of future profits distributed to new investors - and hence increase the profit retained by early investors. This increase in retained profits comes with an associated increase in accepted risk (by existing LTC-ATF investors, not bond holders).

LTC-ATF has already issued a previous bond - LTC-ATF.B1.  This bond pays a lower rate of interest and is being issued to reduce the cost of further capital for LTC-ATF.

The bond pays a fixed-rate of interest daily. This rate may be increased without notice by the issuer but may not be reduced once increased. Bonds will initially be offered paying a 0.05% per day dividend.  If necessary the rate will be gradually increased until demand meets supply. Any such increases apply to ALL outstanding bonds, not just to new ones sold after the date such increase is announced.


FACE VALUE

Each bond will begin with a face value of 0.01 BTC. All bonds sold will be placed on the market at face value.

In general the face value of bonds will not change. The exception to this is if a platform on which LTC-ATF operates defaults, is hacked or otherwise loses assets rightfully belonging to LTC-ATF. This is dealt with in more detail in a later section of this contract.


REDEMPTION OF BONDS

The bonds have no expiry date - that is they are perpetual in nature. However provision is made to allow redemption at any time (subject to certain provisions) by holders.

Issuer undertakes to attempt to redeem at least 10% (or 1 BTC worth - whichever s higher) of outstanding bonds on any calendar day on demand. Such redemption will be done at 99% of face value and will be conducted by maintenance of a bid-wall at 99% of face value.

 

DIVIDENDS

Dividend payments are due at a nominal time of 18:00 GMT each day at the current rate (0.05% per day initially but subject to possible increase later).  Dividends will be scheduled in advance and should process at around that time.  Whilst every effort will be made to adhere to this schedule there may be occasions on which it is missed.  The two primary reasons why this could happen are :

Malfunction by the site - or maintenance being conducted on the site.

Bids being filled on BTC-TC such that insufficient cash remains to pay the dividend.  This cirumstance has never arisen in the 9 months+ that LTC-ATF has been operating but is a theoretical possibility.  Funds are held offsite specifically to cater for this possibility.

Should a scheduled dividend be missed then it will be paid as soon as soon as is possible.


MANAGEMENT FEE

No management fee is taken for maintaining operation of these bonds. The manager expects to gain his reward from increased profits from his personal LTC-ATF units and his 10% fee on LTC-ATF earnings.


RISK EXPOSURE AND MITIGATION

In general bond holders have claim against all assets of LTC-ATF (up to face value of the bond).   This claim is JUNIOR to an existing claim on such assets by LTC-ATF.B1.

Most risks associated with LTC-ATF's operations are carried by LTC-ATF rather than this bond. There is one specific risk which is shared with bond-holders - the full or partial default of a platform (e.g. exchange) on which LTC-ATF holds funds. This particular risk is share with bond-holders for two reasons:

1. There is nothing LTC-ATF can practically do to mitigate this risk.
2. Bond-holders already accepted this risk when they deposited funds to BTC-TC to invest.

In the event that a platform on which LTC-ATF trades (or holds funds) loses (or ceases to make available for use) assets belonging to the fund then the face value of bonds shall (at the discretion of manager) be reduced by a percentage equal to the percentage of asset value controlled by LTC-ATF lost (or made unusable).

So if (for example) BTC-E vanished with all our funds on there, and those funds amounted to 10% of the total assets managed by LTC-ATF then the face value of all bonds would be reduced by 10% to 0.009 BTC.

If such a reduction occurs and LTC-ATF continues trading (rather than closes down) then half of all future profits made (after payment of bond dividends and before management fee is taken) would be applied to increasing bond face value back up towards its initial value of 0.01 BTC.  Such increase would only be applied after LTC-ATF.B1's face value had been restored (the existing contractual obligation there cannot be waived).

Other than the above, all risks associated with trading (prices crashing, typoed orders that lose money, investments that turn out to be scams etc) are carried by LTC-ATF and do not affect the face value of bonds or the dividend payments due on them.

So there are precisely two risks bond-holders have (other than that the issuer scams them) :

1. Losses caused by default/theft from an exchange used,
2. That the value of LTC-ATF assets falls to a level such that the total assets of LTC-ATF are less than the face value of issued bonds.

Here are specific risks associated with point 2 - and how they are addressed:

Exchange-rate changes : If all of LTC-ATF's investments were in LTC-denominated securities and LTC suddenly tanked against BTC then LTC-ATF could end up with insufficient funds to cover the face value of outstanding bonds. To counter
this the fund must maintain BTC-denominated assets such that outstanding bonds (LTC-ATF.B1 and B2 combined) amount to a liability of no more than 90% of such assets. So if we have 90 BTC face-value of outstanding bonds then we must hold at least 100 BTC of BTC-denominated assets. Funds will be exchanged between currencies as needed to maintain this minimum ratio. This percentage will be included in LTC-ATF's regular reports (usually, but not always, produced weekly).

Trading Losses : It is possible for LTC-ATF to accumulate trading losses such that it no longer holds sufficient assets to cover outstanding bonds at face value. This cannot be totally removed as a risk (as exchange-rate could) but is very heavily mitigated through a few methods:

1. Every effort is taken to spread exposure rather than allow a single point of failure (one asset issuer) to be able to cause massive losses to LTC-ATF.

2. A limit is placed on the number of bonds that LTC-ATF may have outstanding. This limit is defined as bonds with a total face value of 150% of LTC-ATF's own NAV. So if LTC-ATF had 100 BTC of assets without any bonds then maximum bonds (combined LTC-ATF.B1 and B2) it could issue would be 150 BTC worth. This ratio will also be included in all regular reports of LTC-ATF. If this ratio ever rises above 150% then manager will promptly ensure that it is reduced below 150% by either issuing more units of LTC-ATF and/or repurchasing bonds from the market.

In practice there is no plan to ever intentionally get close to the two limits defined above. However the first likely will on occasion need to be corrected (if a few BTC investments suddenly fall heavily in value). The second is only likely to need adjustment if LTC falls very heavily against BTC.

Despite the above mitigating actions risk cannot be totally eliminated. To claim otherwise would be ignorant and/or deceitful. Investors should always consider potential risks before investing - that is the case here as it is everywhere else.


BOND RECALL

The issuer has the right to forcibly recall all outstanding bonds at will. This must be done at 105% of face value.  No fees may be deducted from this.

Whilst there's no intention to ever do this, this right has to be reserved in case trading conditions become such that supporting outstanding bonds can no longer be justified. An example would be if BTC-denominated exchanges closed
down but LTC Global remained open - where LTC-ATF could continue but there'd be no need or use for BTC-denominated capital.


FUND CLOSURE

In the event of LTC-ATF closing operations all outstandings bonds will be redeemed at 100% of face value. No fees may be deducted from this.

Dividends remain due every day until such time as LTC-ATF is able to make such a final payment.

If fund closure is announced then LTC-ATF may not repurchase any units or make any payments of settlement to LTC-ATF investors until all bonds have been fully redeemed. Bond holders have absolute seniority over LTC-ATF unit holders in all
claims on LTC-ATF assets in such a circumstance.  LTC-ATF.B2 would only be paid out after LTC-ATF.B1 had been fully settled.


GENERAL ISSUES / FINE PRINT

Changes may only be made by issuer to this contract if either:

1. There are no outstanding bonds,
2. A vote is passed approving the changes with 100% of bond-holders voting yes.

LTC-ATF may not hold outstanding LTC-ATF.B2 bonds itself (this is impossible to do without use of a proxy account anyway).

For the purpose of this offering, BTC and LTC are considered virtual currencies with no intrinsic value (akin to currencies in online games). This fund is being run for the entertainment of the manager and investors with no expectation of financial gain or loss for either party.

Executive Summary

CURRENT INTEREST RATE : 0.05% per day.

This bond is a product - not a company. The business issuing the bond is LTC-ATF - which I now give a brief rationale for.

WHAT IS LTC-ATF AND WHY DOES IT EVEN EXIST?

LTC-ATF is a small fund established to trade in securities denominated in crypto-currencies. The fund's focus is very much on trading rather than investment - it doesn't sit on investments waiting for them to (hopefully) make a profit, rather it strives to buy and sell making profit in a much shorter time-scale.

The obvious question to ask is "Why bother setting up a fund with such a small amount of capital - couldn't you just use your own funds to trade?". There are a range of reasons why the fund exists - hopefully the give some insight into the rationale behind the fund and why it operates the way it does. In no particular order :

Funding : Of course I have sufficient funds to use my own capital for an operation this size. But if market conditions (range of securities and volume traded) change such that a much larger operation is desirable then without a track-record it would be hard to raise the funds to take advantage of that.

Fairness : I'm by no means shy about expressing criticism of other virtual securities. It's therefore only fair that I run one myself and give opportunity for those I criticise to reply in like manner. It's my hope (and expectation) that my performance, fairness to investors, reporting standards and transparency will make plain that - whatever else my faults may be - I'm no hypocrite when I complain about others' lack of those same qualities.

Fun : It's far more enjoyable running the fund in public than it was when I just invested my own funds in private.

Motivation : Having a responsibility to my investors causes me to put more effort into my endeavours than I otherwise likely would. If I become lazy, lax or careless then it will become a matter of public record - a great incentive to do none of those.

Start Small : It's painful watching people attempt to create new companies in areas they have no proven expertise in and trying to raise thousand or tens of thousands of BTC right from the start. I'm doing it (what I believe to be) the right way - start small, prove you can do well whilst small, then and ONLY then expand.

Business Description

This bond is issued by LTC-ATF. I describe here the areas of business LTC-ATF operates in. The capital raised from sale of bonds is used in the execution of these business areas.

WHAT SECURITIES DOES LTC-ATF OFFER?

At present LTC-ATF offers five securities on LTC Global:

LTC-ATF - This is the parent fund. Investors in this purchase units of the fund representing a portion of the assets owned by the fund. This fund does not generally pay dividends (dividends are paid only when the fund has surplus LTC-denominared capital to that needed for operations) - all profits (or losses) are reflected in a regularly updated and published fund valuation. Liquidity is provided via a constantly maintained bid-wall just below NAV/U. Units of LTC-ATF are valued and transacted in LTC.  LTC-ATF trades, speculates and (only occasionally) invests in crypto-currency securities.

LTC-ATF.B1 - This is a bond issued by LTC-ATF. The bond's purpose is two-fold - to retain as much of profit as possible for LTC-ATF investors and to allow trading in BTC-denominated securities with greatly reduced exposure to fund value changes casued by exchange-rate movement. This bond has a face value (and pays dividends) denominated in BTC but transacted in LTC. Dividends are paid weekly at a fixed rate which can be raised by the fund manager at will (but never lowered again). Liquidity is provided via buying back through the market at just below face value and by facilitating sell-back of larger quantities of bonds through direct transfer.

S.DICE-PT, S.BBET-PT, S.MPOE-PT - These are pass-throughs to securities sold on MPEx.

This bond will be LTC-ATF's first security on an exchange other than LTC-Global and fills the same purpose as LTC-ATF.B1 - raising BTC denominated capital to continue to maintain low exposure to BTC for LTC-ATF as well as retaining the majority of trading profits.  This bond is being issued (rather than selling more LTC-ATF.B1) for two reasons:

1.  To reduce the cost of capital.  Whilst LTC-ATF could comfortably continue paying the rate we do on LTC-ATF.B1 there is no reason for us to do so if we can raise capital at a lower rate.

2.  To make maintenance easier.  With this bond being transacted in BTC rather than LTC we are able to leave bids and asks up unattended without having to worry about exchange-rate movements making the prices wrong.

Definition of the Market

The primary market for this bond are investors who want a high level of reliability and a high degree of guaranteed liquidity (ability to sell their bonds without taking a significant loss) in return for a modest rate of return.  It's a low-risk and low-profit investment (compared to most other BTC-denominated investments).

Products and Services

This bond is, itself, a product of LTC-ATF - it pays a fixed rate of interest and does not offer any products or services.

There are few directly comparable investments which are actively issuing new bonds.  When compared to alternative investments of a similar type this one beats them in at least one of the following:

  • Reliability of operator.
  • Rate paid.
  • Transparency and solidity of backing assets.
  • Liquidity (ability to sell your bonds without suffering significant loss).
Organization and Management

This bond is offered by LTC-ATF. LTC-ATF is a one-man operation running a virtual security for educational/entertainment purposes. Accordingly, no licences or permits are required or held.

More information about the operations of LTC-ATF can be found in its contract and discussion threads.

Marketing Strategy

Our target market is described in a previous section of this document.

Initially we are only releasing a very small number of bonds - so the expectation is that little effort will be needed to sell them.

This bond has a fixed interest rate which can be raised at will by the issuer (subject to a defined maximum rate). If our requirement for funds from bonds is not being met then our marketting response is very simple - we raise the rate of interest we offer until demand meets the supply we need to sell.

Financial Management

There is no relevant financial management required for the operation of this bond - beyond that detailed in the contract. As a bond, the profitability or otherwise of the issuer (LTC-ATF) has no bearing on the face value of the bond or the size of dividends paid.

The regular reports of LTC-ATF (published in its thread on LTC and BTC forums) contain the two ratios relevant to operation of
this bond:

The ratio of outstanding bonds (total face value) to unencumbered LTC-ATF assets - which determines whether more bonds may be sold.

The ratio of capital raised from bonds to total BTC-denominated assets held by LTC-ATF - which ensures no exchange-rate swing can make LTC-ATF unable to service outstanding bonds.


ʡ = Recent Notification or Pending Motion, ʬ = Recent Contract or Prospectus Change