Author Topic: [Litecoininvest] Credit Providing Investor Fund (CPIF)  (Read 15312 times)

Offline cpif_admin

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Re: [Litecoininvest] Credit Providing Investor Fund (CPIF)
« Reply #45 on: April 01, 2015, 06:18:39 AM »
Dividend payment for March:

Mkt Cap: 445.9 LTC
FUM: 469.52 LTC
Dividend paid: 10.88 LTC

Offline cpif_admin

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Re: [Litecoininvest] Credit Providing Investor Fund (CPIF)
« Reply #46 on: April 12, 2015, 04:51:50 PM »
CPIF will have to migrate somewhere else since Litecoininvest is shutting down and the owners are not responding.

CPIF has begun to investigate several options for migration and has decided to move to a decentralised exchange. Thus far counterparty.io seems like the best option as it allows for BTC issuances/dividends. Unfortunately, this would require all shareholders to create an account on counterwallet.io.

CPIF would like to request that all shareholder trades stop on litecoininvest by 19 April 2015 12:00 GMT. The shares held by investors as at 19 April 2015 12:00 GMT will be taken as official and will be used when migrating to a new platform.

Shareholders are reminded that they can request a buy back of their shares.

Is anyone against this move and can suggest an alternative? CPIF is open to any suggestions, if any shareholder would like to know more please don't hesitate to contact us at [email protected]. We will keep you up to date with any progress.

There will be an email going out shortly with this exact same text.

Hoping for a smooth and easy transition,
cpif_admin

Offline turbooster

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Re: [Litecoininvest] Credit Providing Investor Fund (CPIF)
« Reply #47 on: April 14, 2015, 05:51:08 PM »
Hey cpif_admin,

do you have ressources about counterwallet.io that convinced you to move there?  I have tried it before and don't really see why you want to move there.
When will you move? What about the dependency on XCP? As far as I can tell LTC isn't available directly but rather through LTCX or similar.

Regards
turbo

Offline cpif_admin

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Re: [Litecoininvest] Credit Providing Investor Fund (CPIF)
« Reply #48 on: April 14, 2015, 08:05:53 PM »
Hi turbo!

The biggest concern for CPIF right now is that it needs an alternative to litecoininvest to manage its share issuance/dividend payments. To this end we did a lot of searching and simply couldn't find a suitable solution other than decentralised exchanges. In the decentralised exchange world there are several competitors and out of them counterparty seems like the best option based on their design choices.

The choices that stood out for us was:
1) how the XCP currency supply was created, not a get rich quick scheme
2) supports dividend payments in BTC
3) backed by the bitcoin block chain, by far the most secure in terms of relative network hashrate
4) active development and responsive community
5) low fees

Currently, we are not impressed by the counterwallet implementation they offer (still needs lots of work) and we might list the counterparty asset on other exchanges to make it easier for investors to buy/sell shares. The benefit of having a decentralised listing backing any other listing is that it is the source of truth and that CPIF can continue to function even if an exchange fails. Note that listing on any other exchange will not be done without first running it by the shareholders.

With regards to LTC support, the fund will have to be converted to a BTC based fund. More on this in a email that will follow a bit later.

We hope this answers your questions!

Regards,
cpif_admin

EDIT: information on time frames will also follow in an email/forum post a bit later.

Offline turbooster

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Re: [Litecoininvest] Credit Providing Investor Fund (CPIF)
« Reply #49 on: April 14, 2015, 08:47:22 PM »
Hi cpif_admin,

thanks for your thorough reply. DSOL-LF seems to be considering swarm (for reasons I don't understand). Have you two talked? I'm right now not convinced of either reasoning, most probably because I a) don't know enough about the different platforms compared to each other and b) both of you don't talk too elaborate very much on the reasoning for and against certain platforms.
Every tidbit you add to the situation will make me more happy ;)

-V please (yes, verbose mode)

Regards,
Turbo

Offline cpif_admin

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Re: [Litecoininvest] Credit Providing Investor Fund (CPIF)
« Reply #50 on: April 14, 2015, 09:01:50 PM »
Update on the migration:

CPIF has decided to migrate to counterparty.io, unless a better option presents itself. CPIF has already started with the process and has removed all additional shares from litecoininvest. This means that the number of outstanding shares are fixed. Furthermore, CPIF has created an asset on counterparty with 100000 shares, the asset creation cost will be borne by CPIF.

To assist with the migration, CPIF has put 1323 shares in a 'side pocket' which is the number outstanding shares on litecoininvest. Please create an account on counterwallet.io and send [email protected] your wallet address from the email address used to register on litecoininvest.

Shortly after the 19 April 2015 12:00 GMT trade stop on litecoininvest, CPIF will start sending shares out of the 'side pocket' to wallet addresses received. The number of shares sent to the respective wallet addresses will correspond to the number of shares owned by the respective litecoininvest accounts at 19 April 2015 12:00 GMT.

Unclaimed shares will therefore stay in the side pocket and will receive dividends just like claimed shares. CPIF is considering to reinvest these dividends on behalf of shareholders that have not yet claimed their shares by buying more shares in CPIF.

All of this should make it possible for CPIF to pay its next dividend via counterparty and not on litecoininvest.

Notes on buying/selling of shares, FUM and dividend payments

The current FUM sits at 3,6828 BTC (@219.01 btcusd), which means that each share is backed by 3.6828/1323 = 0,002783673 BTC or ~0.45LTC. This is the price at which shares of CPIF will be sold on counterparty, however it will need to be denoted in XCP, which brings us to buying and selling of shares.

Unfortunately CPIF shares will have to be bought/sold via XCP and not BTC or LTC. Right now the easiest way to overcome this problem is to use https://shapeshift.io/ which makes converting between cryptocurrencies much less a pain. At some point in the future, CPIF can list its counterparty asset on another exchange, which will allow buying and selling of shares with BTC/LTC, but right now let's just get the migration right.

Lastly, dividend payments will be done in BTC, which we think is preferable to XCP.

Please note that all of this is open for discussion! A summarised version of this post will go out in an email shortly.

Regards,
cpif_admin




Offline digit

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Re: [Litecoininvest] Credit Providing Investor Fund (CPIF)
« Reply #52 on: April 16, 2015, 05:16:45 AM »
hi very interested in this move to counterparty but i have some questions -

how will the CPIF records be kept and viewed in the future?  Currently all the information that can be easily seen on a centralized platform such the payout history, trade history, volume, charts etc.
Is there a tool/method to view this when its becomes decentralized?  For potential investors in the future how will they get more information about the security or view the contact information? 

Also the process of having to use XCP and shapeshift also seems awkward and a weak link, what happens if shapeshift is unavailable or shutsdown?  Is there enough liquidity to be found outside of shapeshift for XCP market that trades of CPIF can be made for minimal loss in converting to BTC?





Offline cpif_admin

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Re: [Litecoininvest] Credit Providing Investor Fund (CPIF)
« Reply #53 on: April 16, 2015, 06:46:58 AM »
Hi Digit!

Counterwallet.io has asset information like trade/volume history, charts and dividend information can be viewed at https://www.blockscan.com/assetInfo/CPIF. The problem comes with keeping the payout/trade/volume/etc. history currently sitting on litecoininvest. CPIF will capture as much litecoininvest information as possible and seek to display this information on multiple platforms in order to be transparent on its performance/operations as well as attract new investments. Blockscan will be updated with CPIF contact information etc.

Another interesting source of information on decentralised assets can be found at http://coinmarketcap.com/assets/.

Getting XCP to buy/sell CPIF shares isn't limited to shapeshift.io, have a look at http://coinmarketcap.com/currencies/counterparty/#markets for more places where XCP can be exchanged. This is not a complete list of XCP exchanges.

All of that said, Cipher Investments (holding company of CPIF) has plans in the pipeline to address all your needs by implementing its own "counterwallet" where investors can see information on listings such as CPIF as well as perform instant trades using BTC, all while the listings are backed by a decentralised listing such as a counterparty listing. This is all very early stages though and still some time off.

Hope this answers your questions!

Regards,
cpif_admin

Offline thExit

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Re: [Litecoininvest] Credit Providing Investor Fund (CPIF)
« Reply #54 on: April 16, 2015, 10:44:39 AM »
Hi cpif_admin,

thanks for your thorough reply. DSOL-LF seems to be considering swarm (for reasons I don't understand). Have you two talked? I'm right now not convinced of either reasoning, most probably because I a) don't know enough about the different platforms compared to each other and b) both of you don't talk too elaborate very much on the reasoning for and against certain platforms.
Every tidbit you add to the situation will make me more happy ;)

-V please (yes, verbose mode)

Regards,
Turbo


Hi Turbo!

As we understand, swarm is based on counterparty as well :) Have a look at http://coinmarketcap.com/assets/swarm/#markets.

DSOL-LF and CPIF didn't quite get off on the right foot, but CPIF agrees that it is in the best interest for us to have such an discussion.

Here is some reading material on counterparty:
1) pro: https://bitcointalk.org/index.php?topic=637645.msg7113998#msg7113998
2) con : https:[email protected]/whats-wrong-with-counterparty-91ebbdc8603d

We can/will go more into detail about the pro/cons about the options out there in a future post.

Regards,
cpif_admin

Hi,

I'm glad to join the discussion here. Swarm is not a platform (protocol) itself, it's rather an organization (DCO) occupied with bringing crowdfunding to the cryptocurrency sphere. As CPIF_ADMIN noted correctly, it uses/used Counterparty for project token issuance (one of the reasons for that was a certain level of affiliation with Counterparty's creators). Swarm is not limited to using Counterparty, which is good news because Ethereum seems like a better choice for what we're preparing. I gave one reason for that in a recent post in DSOL-LF's thread, it's technological in nature, the construction of Ethereum and it's programming language enables a certain level of flexibility when creating cryptoassets- in other words, you can create a token that perfectly suits the needs of a project. One more example, it allows creation of "colored coins", certain tokens can have additional/various rights assigned to them. To clarify then, Swarm chose us from tens of projects that applied :) and we chose Ethereum as the platform for token issuance.

Kind regards,
Piotr

Offline cpif_admin

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Re: [Litecoininvest] Credit Providing Investor Fund (CPIF)
« Reply #55 on: April 16, 2015, 11:57:55 AM »
Some choice articles on Ethereum vs Counterparty:

1) http://www.coindesk.com/ethereum-counterparty-fork-colored-coins/
2) http://www.coindesk.com/counterparty-ignites-debate-ethereum-software-integration/
3) http://www.reddit.com/r/Bitcoin/comments/2mb6bt/ethereum_builds_counterparty_in_340_lines_of_code/

In summary, it seems to CPIF that both protocols have much (or will have) the same functionality, are both actively developed and are both quite adamant that theirs are the best :) which is great because neither can sit back and relax, they will have to continue innovating and improving :)

The choice between the two is a hard one, but CPIF mainly chose Counterparty for two reasons:
1) Counterparty is available right now as opposed to Ethereum (https://blog.ethereum.org/2015/03/03/ethereum-launch-process/)
2) Counterparty is backed by the bitcoin block chain, by far the most secure in terms of relative network hashrate

If there are some other great reading material we are missing, please post it!

Offline cpif_admin

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Re: [Litecoininvest] Credit Providing Investor Fund (CPIF)
« Reply #56 on: April 19, 2015, 12:00:09 PM »
Please note that all trading of CPIF on litecoininvest should stop right now.

Can anyone access litecoininvest.com? I am trying to post a tradestop news item but cannot access their website.

Offline digit

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Re: [Litecoininvest] Credit Providing Investor Fund (CPIF)
« Reply #57 on: April 19, 2015, 03:31:22 PM »
Please note that all trading of CPIF on litecoininvest should stop right now.

Can anyone access litecoininvest.com? I am trying to post a tradestop news item but cannot access their website.

its working for me currently, i have noticed it sometimes becomes unavailable then comes back later

Offline ragnarokdel

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Re: [Litecoininvest] Credit Providing Investor Fund (CPIF)
« Reply #58 on: April 19, 2015, 04:33:39 PM »
it's been down for about a week personally

Offline cpif_admin

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Re: [Litecoininvest] Credit Providing Investor Fund (CPIF)
« Reply #59 on: April 19, 2015, 04:41:06 PM »
CPIF managed to get on for a short while, long enough to post the news announcement, update the contract and double check all captured information (i.e. past dividend payments, transactions, etc.)

We will shortly start the process of transferring the shares. Please note that this is going to take a while, will keep everyone posted.