MPOE bonds historical data, Dec 2012 - Nov 2013

Saturday, 14 December, Year 5 d.Tr. | Author: Mircea Popescu

If you're interested in the August 2011 - November 2012 dataset, see the previous installment of this report.

Let's start with a table (decimal values truncated past 3rd):

    Date Capitali Last resortii MPBOR %iii ROI nominaliv ROI effectivev
    Dec 12 7`292.03 0.00 4.990% 363.872 363.872
    Jan 13 60`807.41 46`507.57 9.990% 6`074.66 6`074.66
    Feb 13 7`155.47 0.00 4.800% 343.46 343.46
    Mar 13 83`959.02 68`342.08 9.990% 8`387.50 -27`794.62
    Apr 13 6`445.13 0.00 12.500% 805.64 -2`320.17
    May 13 5`382.21 0.00 4.990% 268.57 268.57
    Jun 13 230.85 0.00 4.990% 11.54 11.54
    Jul 13 574.70 0.00 4.950% 28.44 28.44
    Aug 13 805.21 0.00 0.950% 7.64 7.64
    Sep 13 8.42 0.00 0.445% 0.03 0.03
    Oct 13 923.43 0.00 0.445% 4.10 4.10
    Nov 13 3`726.76 0 7.900% 297.76 -3`629.39

The important point to notice here is that the MPBOR is not really set in advancevi, by a "council" of "experts" according to mostly themselves and their best friends.vii Yet it seems to follow market conditions. You seriously telling me this is possible, we could simply dispense with all the government-enabled "czars" ?!

Overal figures : 177`310.64 BTC needed as capital, for an average of 14`775.88 BTC per month. This is the most significant deployment of BTC capital in BTC space this year, especially if you exclude the monster S.MPOE strategic investor deal last Summer. 62`460.99 BTC of this capital was supplied by bondholders, which represents a 35% increase over last year. Total nominal gains from interest were 16`593.21 BTC, a 124.31% increase over the previous interval, which comes to an average 9.358% a month. Of this nominal, actual investors effectively realised −26`641.86 BTC, which comes to an effective rate of -15.02%. This staggering beating investors took is perhaps unmatched in the history of the world, until you actually consider said history (either in fiat or BTC). At any rate, about 22k of that came out of my own wallet, which I suppose makes me the worst businessman in BTC - I doubt the collected fineagling of the motley crew of BTC/USD "daytraders" and forum investors gets close to that figure if added together. Imagine, two pizzas.

I'm not doing graphs this time. The source data is, of course, found in the monthly reports for S.MPOE.

  1. Total capital required by MPOE to cover all its positions during the month. []
  2. As explained in the original charter. And incidentally : if this is the first time you hear Bitcoin has had a central bank rate for the past two years, your pretensions as to being knowledgeable on the topic of Bitcoin finance are quite sorely misplaced. Please lurk more. []
  3. MP Bond Offered Rate, the interest rate resulting from the bond auction. []
  4. Nominal interest, defined as total BTC that was due bondholders according to MPBOR fixing. []
  5. Effective interest paid. It differs from nominal interest in that it accounts for capital loss from operation. []
  6. I am currently using this fiction whereby the MPBOR established through the workings on one month is declared to be the central bank rate valid for the next month. This is obviously not particularly correct, other than the twin considerations that "natura non facit saltus" on one hand and that it works on the other. []
  7. Such as is the case for all central rate setting bodies, be they the US FED, the EU ECB or Rwanda's whatever it's called. []
Category: MPEx
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4 Responses

  1. A remarkable display of humility.

  2. Mircea Popescu`s avatar
    Mircea Popescu 
    Saturday, 14 December 2013

    All the truth that's fit to print.

  3. As is BTC is not ready for a CDO, it is also not ready for an Options Market it seems...

    C'est la vie? Or whatever the Frenchies say...

  4. Mircea Popescu`s avatar
    Mircea Popescu 
    Monday, 11 August 2014

    What's the rush anyway.

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