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Block Ukx Block Ships and Ammunitions	Posted - 2009.02.24 17:31:00 - [1] Edited by: Block Ukx on 24/02/2009 17:32:33 Mineral Index Fund A common frustration with the secondary market is the lack of share liquidity. At times, investors feel trap by the IPO manager and typically have a hard time selling their shares. In addition, many investors feel powerless when it comes to shutting down a corporation. This situation has driven many investors towards fixed maturity bonds, where their investment is returned at the end of a specified term. Although, bonds offer some sense of relief when it comes to liquidity, in reality, bonds are not liquid assets. You still need to wait until maturity to receive your principal. The lack of liquidity in the secondary market has pushed many investors towards banks and their savings accounts. One of the main reasons for this trend is that investors feel confident on the banks ability to honor their withdrawal request. However, savings accounts fall short to the main benefit of owning corporation shares which is sharing corporation profits. BSAC is proposing several new mineral index funds which will offer 100% share liquidity and will give shareholders the power to close down the Fund if needed. The new Fund will expand on the established principles behind Block Mineral Reserve (BSAMR) and BSAC Common Stock (BSACC); mineral trade and capital appreciation. For details please read the prospectus. Shares can be purchased and sold in the BSAC Exchange. Please post any questions or concerns regarding BSAC's Mineral Index Funds in this thread. Block Ukx BSAC President Poison Chairman BSAC Board of Directors BSAC Mineral Market Manipulation (MinMa) Information Desk
Block Ukx Block Ships and Ammunitions	Posted - 2009.02.24 17:32:00 - [2] Reserved BSAC Mineral Market Manipulation (MinMa) Information Desk
Block Ukx Block Ships and Ammunitions	Posted - 2009.02.25 15:19:00 - [3] Originally by: Loney So, Im a bit lost here... Is the a NEW fund... Extension of Existion fund... or re-orginization of old fund? This offer represents six new Mineral Funds. Each Index Fund will only trade their corresponding mineral. For instance, Pyerite Index Fund will only trade pyrite in the market. Originally by: Loney What is the share price.. how many shares... The share buy/sell price is published in the BSAC exchange and is calculated daily. The price is based on the FundÆs buy/sell transactions and the Forge Index. In addition, investors can place their own offers in the exchange. Shares will be maintained electronically and the number of shares per Index Fund is not fixed. It will depend on the FundÆs mineral buy/sell prices, minerals sold/acquired/in-stock, and the investors themselves. Consider the following examples: 1) Investor A buys 10,000 Megacyte shares. In this case, the number of outstanding Megacyte Index shares will increase by 10,000. 2) Investor B sells 100,000 Pyerite shares. In this case, the number of outstanding Pyerite shares will decrease by 100,000. 3) The Fund has a net gain of 10,000 units. In this case, the number of outstanding shares will increase by 10,000, which are then distributed to shareholders. 4) The FundÆs share price increase/drops 100 ISK. In this case, the number of outstanding shares will not change. BSAC Mineral Market Manipulation (MinMa) Information Desk
Block Ukx Block Ships and Ammunitions	Posted - 2009.02.25 15:49:00 - [4] Originally by: PaddyPaddy Nihildarnik ... Could someone explain exactly what this offer entails? My personal goal is to create a Mineral Index Fund. The idea is to have a highly liquid and tradable stock that is representative of the conditions of the mineral market. Therefore, you should expect the share price to fluctuate with mineral prices. Originally by: PaddyPaddy Nihildarnik If you invest (buy shares) in say the Megacyte fund, can they be swapped around via your site for trit shares? I dont understand that concept at all... Yes, if you invest in Megacyte you could swap to another Index Fund, but it will require two separate transactions. First, you must sell your Megacyte shares, and then you must purchase shares on another Index Fund. This can be accomplished in a day because of the Index FundÆs high liquidity. However, the Fund discourages frequent trading and fees might apply depending on work load. Originally by: PaddyPaddy Nihildarnik What makes this different to an IPO where you hold shares in a company? Is it just that you can liquidate it at any stage? This is no different to an IPO; you will own Index shares. In order to lower administration load and to easy share transactions, shares will be recorded electronically in a stockledger. Yes, shares can be liquidated or sold at any stage. Originally by: PaddyPaddy Nihildarnik ...If so why is this different to Ebank etc in cash liquidity? While this might look like a Bank it is NOT a Bank. In contrast to a Bank, where your investment will not decrease in value and accumulate interests at a given fixed rate, you can potentially loose money by investing in shares. There are no ôguaranteedö returns when it comes to shares. And while you could loose ISK investing in shares, you could also have significant gains via share distributions. Keep in mind that ALL profits are shared with investors; if the Fund nets 10% you will earn 10%. BSAC Mineral Market Manipulation (MinMa) Information Desk
Block Ukx Block Ships and Ammunitions	Posted - 2009.02.25 17:47:00 - [5] Originally by: Nick Turing The front page of the exchange that you link to has an embedded spreadsheet - however for me I just get "We're sorry, <my email> does not have permission to access this spreadsheet.". This is possibly because I'm using a Google Apps account, not a gmail account. Can you fix this, please? I donÆt know why you are getting that error unless you are trying to gain edit access. The spreadsheet is viewable by the ôworldö and no email is required. Perhaps logoff google account and try again? Originally by: Nick Turing And now for a particularly dense question about the fund: Why is investing in this fund better for investors than simply buying units of the mineral in question? This Fund might not be very appealing for someone who is currently trading minerals. However, it is an excellent option for an investor interested in mineral market exposure and is not interested in daily trading. There is no magic involve in mineral trading. The Fund operation is fairly straight forward and the main advantage of the Fund is its size. A large Fund can accomplish certain trades that are not possible with a small Fund, like taking advantage of price gaps in orders. BSAC Mineral Market Manipulation (MinMa) Information Desk
Block Ukx Block Ships and Ammunitions	Posted - 2009.02.25 19:57:00 - [6] Originally by: Waseem Is the only advantage of this fund over the BSAMR/T variant the liquidity? How are the two funds going to work together? I mean is BSAMR is buying under priced minerals, what is this fund going to be purchasing? Or are you saying that with the current cash on hand with BSAMR you are not able to purchase enough under priced minerals? Regarding the old Funds, in particular BSAMR-Active and BSAMT, they were turned into Index Mutual Funds û read private blog Jan 14 entry for details. These funds now own and trade Index shares instead of minerals. The vast majority of mineral trading will be done by the Index Funds, including purchasing undervalued minerals. Originally by: Nick Turing I'm not trying to edit it - just loading the page you linked to. Other embedded spreadsheets on the site work fine. Logging out of my Google account just to view that page isn't really an option. Very odd! I donÆt know why you are having that problem. Originally by: Nick Turing How does that affect us, the investors, though? If it's an 'index fund', doesn't that mean it will track the price of the mineral it's for, and therefore it'll behave the same way as if we'd simply bought some of the mineral instead of some of the stock? Simply buying the minerals? Like buy today and sell a month later? You can try that, but you are going to get poor results that way. This is a trading Fund. We buy and sell minerals every day with the goal of increasing our mineral holdings. We expect the Fund to end with more minerals every month than what it started with. For example, letÆs say at the beginning of March we might hold 5 B units of Pyerite. During March we continuously trade Pyerite and end up with 5.1 B units. In this case the Pyerite Fund netted 100 M units Pyerite OR 100 M Pyerite Index shares. The Fund then distributes 100 M shares to its investors. A key concept of the Index Fund is the one to one relationship between share and mineral; thatÆs how 100% liquidity is accomplished. BSAC Mineral Market Manipulation (MinMa) Information Desk
Block Ukx Block Ships and Ammunitions	Posted - 2009.02.26 12:26:00 - [7] Originally by: Babyface Jnr Any point in converting ( after a vote ) the BSAMR shares into shares on this new fund, instead of running the 2 side by side? For now, only BSAMR-Active was converted into an Index Mutual Fund. Other investors have asked about the possibility of getting Index shares instead of BSAMR shares during distributions, which is something we are considering, and will likely take place. There are no plans of turning BSAMR-Reserve into the new index shares. BSAC Mineral Market Manipulation (MinMa) Information Desk
Block Ukx Block Ships and Ammunitions	Posted - 2009.02.26 13:07:00 - [8] Originally by: PaddyPaddy Nihildarnik Are you basically saying that... 1) I buy 100 shares in the trit index fund @ (to make it simple) 10isk a share 2) You guys trade trit for a month and at the end of the month calculate the trit price to remain stable @ 10isk a share 3) For arguments sake (I know its primative maths but bear with me) the fund aquires 1000 more units of trit from 1 mths trading. 4) Those extra 1000 units of trit are converted into "trit shares" and shared between the shareholders of the "trit fund", proportionally There is no Tritanium Index, but you got the basic idea. Originally by: PaddyPaddy Nihildarnik In this scenario what happens if... a) the trit price decreases in value to, say 9isk/u/share. Does this mean that each of my shares are now worth 9isk/share? Argo, Does a decrease/increase in mineral price in the open market directly effect the share price by decreasing/increasing proportionally? Remember, a share represents a piece of Tritanium. Liquidating one share means I sell one unit of Tritanium in the market. Therefore, if the mineral prices decline in the open market, the share price will definitely be affected. Same is true if prices go up. I donÆt think there will be a proportional change in price because there isnÆt single Tritanium price. Tritanium prices vary across regions. Originally by: PaddyPaddy Nihildarnik b) Lets say price remains stable but my 10 shares just turned into 15 from 1mths trading (still trading @ 10isk/share). How do I "cash out" these shares? Does someone else have to come along and "buy" them or will you guys buy them in exchange for isk?? There two methods to cash out shares. One you sell them in the Exchange at ôsell itö price, which is done as soon as I get online to process the exchange orders. Since shares are recorded electronically, there is no need to transfer shares. An email to BSAC MMM saying ôI want to cash 100 Tritanium Index sharesö is more than sufficient. Another method is to place a sell order in the exchange and wait for either ôsell itö price to match your price or a second investor purchasing your shares. Originally by: PaddyPaddy Nihildarnik If you buy them from shareholders, what sort of liquid isk do you have on hand? Enough to prevent a "run on the exchange"? Surely not? Therefore you must expect others to "buy" into the exchange. Remember, liquidity is accomplished by selling in the market, which then affects the share price. Redemption rule 1 listed in the prospectus are there to protect against a ôrun to the exchange.ö Rule 1: ôBSAC reserves the right to delay payment off all or part of a redemption for up to fourteen calendar days if BSAC reasonably believe that a cash redemption would disrupt the fundÆs operation or performance or that the shareholder may be engaged in frequent trading. Please contact BSAC before you attempt to redeem a large ISK amount, you may avoid delayed payment of your redemption.ö Originally by: PaddyPaddy Nihildarnik What protection is there in place to prevent you guys closing up shop and departing with all the minerals/isk? There isn't any sort of protection to prevent closing up shop and departing with all the minerals/isk. However, if I had to depart unexpectedly, all BSAC's assets and my personal assets, will be transferred to the Board of Directors and to the largest shareholders. It will be up to them to decided what to do in my departure. It is very likely Poison will be in charge of the liquidation process. BSAC Mineral Market Manipulation (MinMa) Information Desk
Block Ukx Block Ships and Ammunitions	Posted - 2009.02.26 13:12:00 - [9] Edited by: Block Ukx on 26/02/2009 13:13:33 Originally by: PaddyPaddy Nihildarnik c)If the above is true does this basically mean shareholders within each fund are dependent upon the other shareholders continuing confidence in the stock? Correct. Originally by: PaddyPaddy Nihildarnik What if everyone tries to cash out of the trit fund? Will the index still hold its 10isk/u value (derived from market) or will shareholders be able to sell their stocks @ 9isk/share to cash out even though you will honor them @ 10isk/share? If everyone wants to cash out, the Fund will close and the liquidation process will start. An estimated liquidation price will be offered with a final share price that will depend on many factors, not just market price. BSAC Mineral Market Manipulation (MinMa) Information Desk
Block Ukx Block Ships and Ammunitions	Posted - 2009.02.26 17:38:00 - [10] Originally by: Athre Sorry I am very confused here Quote: BSAMR-Active and BSAMT, they were turned into Index Mutual Funds In another part you also say BSAMR-Active got changed and Reserve did not, but is not MinMa BSAMR? Either it is or it isnt. Saying a portion of MinMa is active and part is not is like saying I'm awake part of the time and sleeping part of the time.... I am aware that MinMa investors to the threshold of 1 b have had the right of having a say in their portfolio (BSAMR/BSAMT/devalued cash), those under 1 b were growth only funds. What confuses me even more so is that I do have access to the private blog and I can not find definition of this active and reserve stuff. As far as I understand the R in BSAMR was RESERVE. Sorry, I should have posted a reference. The splitting of BSAMR into BSAR-Active and BSAMR-Reserve was announced both, privately in the blog (look for October 28, 2008 entry) and publically Dec 2, 2008, in the MD forums (BSAC November 2008 Financial Report) BSAC Mineral Market Manipulation (MinMa) Information Desk
Block Ukx Block Ships and Ammunitions	Posted - 2009.02.27 12:50:00 - [11] Originally by: Athre Would you be able to tell me specifically what percentage of journal stock is which portion? The details about what is kept in Reserve (minerals + cash) will not be disclosed. The amount Active was also undisclosed but is now available in the Index FundÆs stock ledger which can be found in the exchange. Keep in mind that these amounts are not kept fixed and will depend on market conditions. BSAC Mineral Market Manipulation (MinMa) Information Desk
Block Ukx Block Ships and Ammunitions	Posted - 2009.02.27 13:00:00 - [12] Edited by: Block Ukx on 27/02/2009 13:01:09 Originally by: PaddyPaddy Nihildarnik another round of questions... a) I basically do long term mineral speculation anyway. By using this service I imagine that instead of speculating on a fixed volume of stock, I would be speculating on an increasing volume of stock in the form of shares, correct? Correct, you will be speculating in both, increasing volume and share price. Originally by: PaddyPaddy Nihildarnik b) giving a) being correct is there any reason why the amount of stock you trade in a given period of time (ie 1mth) would decrease? ie, if I have those proverbial 100 shares in the trit index at the end of the month is there any reason why I would have to liquidate some of those shares? OR any reason why there would be no increase in shares as dividends paided to shareholders? This is unlikely unless the price spreads in every region were less than taxes and fees for a whole month. Trades are recorded daily, and while it is possible that in a given day the number of shares might go down, the overall trades are conducted to increase mineral stocks. Originally by: PaddyPaddy Nihildarnik c) Lets say the buy in for a trit index is 5isk/share representing 1 unit of trit. Now lets say after 3mths of trading there is a patch released where Veld spawns in hi-sec are removed (lolz) and trit price soars to 10isk/u. Does the share value now jump to 10isk/share? If that were the case I suspect everyone will want to sell their shares, even before reaching 10 ISK. Now, you have to remember that when investors cash their shares, BSAC is selling minerals in the market, which will push prices down. Share price is calculated everyday and is based on Forge Index, our sale/buy prices, and volumes. Originally by: PaddyPaddy Nihildarnik d) Given d) happening, I decide to liquidate my shares/cash them in. Unless someone is willing (another shareholder or investor) to purchase them- how do you redeem isk for me? You sell the amount of trit that my shares represent? Well, it depends. If you are redeeming a small amount IÆll probably pay you out of liquid funds and I will place the Tritanium in a sell order. If it is a large amount, but not large enough to disturb the Fund performance, it would probably be a combination of sell/buy orders, cash, and perhaps the Reserve stepping in. I canÆt give you a single answer because it really depends on the market conditions. Originally by: PaddyPaddy Nihildarnik e) If you are selling (x) amount of shares to convert into isk, or at least have to have enough minerals to physically cover every share, how are you trading minerals? I mean, what minerals are you selling/buying if all shares have to be covered? I prefer not to discuss details in trade strategy. But I will say this; you can sell 100 units, and then buy 110 units. In this case you end up with 10 units that have not been distributed, so for the most part we hold more minerals than outstanding shares. Originally by: PaddyPaddy Nihildarnik f) Apart from your exchange, is there any auditing allowed to ensure that there is enough minerals or isk to cover everyones shares at any point in time? No, there is no auditing in place. EDIT: By auditing I assumed you refered to third-party auditing. BSAC Mineral Market Manipulation (MinMa) Information Desk
Block Ukx Block Ships and Ammunitions	Posted - 2009.02.27 13:56:00 - [13] Originally by: PaddyPaddy Nihildarnik I understand this, but what I meant by that hypothetical was if the overall average of the mineral in question goes up, how does this specifically effect the share price? Does the share price match the mineral price increase (over weekly or whatever average)? Yes, share prices should go up. I cannot give you a specific answer of how price changes in Jita for instance will affect the share price because prices are not static. Share prices are based on how much we sell, how much we buy, at what price we sell and buy. It also depends on share distributions and how much liquid ISK we have. Sometimes, share prices might even be higher than Jita price. Overall, share prices will follow the mineral market price. Originally by: PaddyPaddy Nihildarnik In the same respect will you be able to cover the share value in isk at any given point? Im not trying to say "can you cover a run on the exchange" but what I do mean is that you are claiming 100% liquidity (simular to ebank). Does this mean that (according to prospectus) you should be able to cover any moderate withdrawal from the exchange within a week or so? Liquidity is accomplished by selling on the market. In general, we have more minerals than outstanding shares. A withdrawal will be honor when I get online, not a week later. IÆm typically online around 1:00 eve time. So if you sent me an email requesting the sale of 100 Tritanium shares, you should receive payment when I get to your email and process the order. Originally by: PaddyPaddy Nihildarnik I meant apart from you telling me that there is enough minerals to cover the entirety of the share portfolio, is there any other way I can confirm that you have not used the minerals to build a titan/ sold em off while still maintaining a "false" exchange? Or do we just have to go on trust? Yes, it all comes down to trust. BSAC Mineral Market Manipulation (MinMa) Information Desk
Block Ukx Block Ships and Ammunitions	Posted - 2009.03.01 15:21:00 - [14] Thanks Kazzac. I modified the Exchange Request form. When purchasing Index Shares, you can type "a" for the Exchange to determine the number of shares and to accept the exchange price. I have people wondering if it is possible to invest 20,000,000 ISK because it will end up with a fraction of a share. I answer them that we are issuing virtual shares, so it is possible to issue 0.01 shares. One advantage of virtual shares over regular shares is that when you sell I don't have to wait for you to transfer the shares eliminating any transfer delays. Shareholders and their outstanding shares are published in the stock ledger. BSAC Mineral Market Manipulation (MinMa) Information Desk
Block Ukx Block Ships and Ammunitions	Posted - 2009.03.02 17:53:00 - [15] Originally by: Nick Turing ...do you think you could rearrange the spreadsheets (bids and ledger) to have the different stocks in the same order? Good suggestion. Fixed! I also added a transaction log to include share distributions. BSAC Mineral Market Manipulation (MinMa) Information Desk
Block Ukx Block Ships and Ammunitions	Posted - 2009.03.04 15:50:00 - [16] Originally by: Nick Turing So, the market page says it's currently "undergoing renovation". When should we expect it to be back, and why did it have to be taken offline to do this? Exchange has been renovated! Go take a look and I think you will find it more user-friendly. New Features * Separate pages per share * Bids and order form in same page for easy biding * More feautres comming soon Changes BSAMT and BSAC do not require share registration, therefore there is no need to trade them in the the Exchange. Please trade those shares in RESX. BSAC Mineral Market Manipulation (MinMa) Information Desk
Block Ukx Block Ships and Ammunitions	Posted - 2009.03.04 17:29:00 - [17] Yes, you can place an order in RESX or advertise in the want ads forum. For those who sent ISK with a BSAMT or BSAC order, I will be refunding your ISK tonight. In contrast, BSAMR must be traded in the exchange because they are recorded in the stock ledger. BSAC Mineral Market Manipulation (MinMa) Information Desk
Block Ukx Block Ships and Ammunitions	Posted - 2009.03.05 13:25:00 - [18] Originally by: Niagor Who is Poison Chairman BSAC Board of Directors? Poison is more than the chairman of the Board of directors. He owns a significant portion of BSAC, and handles all CSF sales and research jobs. Poison has a very good insight in the corporation dealings. Projects must have his approval before they are put forward. BSAC Mineral Market Manipulation (MinMa) Information Desk
Block Ukx Block Ships and Ammunitions	Posted - 2009.03.07 02:11:00 - [19] I would like to remind people that there is a 20% Nav maximum and a 20 M minimum ivestment. Please use the exchange for orders or email BSAC MMM. BSAC Mineral Market Manipulation (MinMa) Information Desk
Block Ukx Block Ships and Ammunitions	Posted - 2009.03.08 14:08:00 - [20] BSAC Exchange hours of operation: Monday û Friday. Stock ledger and share prices do not update during the weekend. Prices quoted in the exchange represent the last trading price not the actual transaction price. Typically, prices update in the morning when share orders are cleared. If an investor wants a ôfixedö price, then he must submit a bid offer and not an automatic transaction. BSAC Mineral Market Manipulation (MinMa) Information Desk
Block Ukx Forge Laboratories	Posted - 2009.03.11 14:52:00 - [21] CCP restored API services and the BSAC Exchange is back online. We are considering creating an options market, where shareholders would use their Index shares to write options. Available options would be sold and traded in the Exchange, and BSAC would act as a clearing house. The owner of a buy option contract has the right but not the obligation to purchase the minerals at the specified terms. In contrast, the option writer (shareholder) would either profit from the mineral sales or earn a premium for the contract. Comments would be appreciated. BSAC Mineral Market Manipulation (MinMa) Information Desk
Block Ukx Forge Laboratories	Posted - 2009.03.13 12:42:00 - [22] We added ore income to the exchange to assist miners in their quest fro profit. BSAC Mineral Market Manipulation (MinMa) Information Desk
Block Ukx Forge Laboratories	Posted - 2009.03.17 12:31:00 - [23] Investment opportunities available. DonÆt hesitate to join the ôB.S.A.C.ö in-game channel or contact me. IÆm typically online around 01:00 eve time. BSAC Mineral Market Manipulation (MinMa) Information Desk
Block Ukx Forge Laboratories	Posted - 2009.03.18 19:33:00 - [24] Originally by: Hexxx 1) Embrace alternative currency backed by minerals, with withdraws converted via a published exchange rate based on the mineral index. Commodity Money Hexxx, It is an interesting idea of having a currency backed by minerals. I donÆt know much about the topic, but I was thinking of establishing the following standard. Currency Name Mineral Reserve Dollar (MRD) Currency Standard 18,000 MRD = 850 units Tritanium + 480 units Pyerite + 78 units Mexallon + 26 units Isogen + 20 units Nocxium + two units Zydrine + one unit Megacyte BSAC Mineral Market Manipulation (MinMa) Information Desk
Block Ukx Forge Laboratories	Posted - 2009.04.08 14:43:00 - [25] Pricing Index Shares There have been some questions regarding the pricing of Index shares. Please do not confuse Index share price with mineral market price. The Index share price takes into account many things; including mineral purchases and sales, the forge index, and undistributed earnings (capital gains). The shareÆs sell/buy price is calculated daily and applied to any sell/buy order at the beginning of a trading cycle. This pricing policy is purposely implemented in accordance with the prospectus to discourage frequent trading. The objective of each Index Fund is to provide long-term capital appreciation to its shareholders while remaining 100 % liquid. Do not invest in BSACÆs Index Funds if you are a market-timer. BSAC Mineral Market Manipulation (MinMa) Information Desk
Block Ukx Forge Laboratories	Posted - 2009.06.02 16:37:00 - [26] Market Voodo, Marcus Baltar was very accurate in his answer. IÆll just add a few comments. The BSAC Exchange is not a ôliveö exchange and orders are expected to clear within 24-72 hrs. Furthermore, it is closed during the weekend. Therefore, the price quotes are meant as a guide for the general trend of actual market trades. The easiest way to invest is to place an order with the ôaö option and send your investment to ôBSAC MMMö. For instance, letÆs say you want to invest 100 M in the Isogen Index. I recommend you submit an order in the exchange (OR send me an eve-mail with your intentions to invest) and send 100 M to ôBSAC MMMö. Typically, after I receive the ISK, I place it in the market. The price per share will be determined the morning after using the actual market trades and taking into account pending distributions. The option to sell/buy at a fix price is really an option for an investor wanting to trade their shares with others. I think this option is not very useful because the fund is 100% liquid. In any case, send your Mineral Index investments to ôBSAC MMMö. BSAC Mineral Market Manipulation (MinMa) Information Desk

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