Warren Fugger So, my plan, however insufficient/summarized it may be at the moment, is generally to raise capital in order to grow XYZ through acquisitions, underwriting of IPOs (partially or wholly), creation of PTs that are relevant but do not yet exist, and generally becom a facilitator in similar regards to those. This of course presents me with early investment opportunities, unique arb opportunities, and the ability to seize them while they exist.
That Guy From Faust Ok. So ?

WF The original idea, which i think mentioned to you was to raise this money through a bond, rather than liquidate unencumbered parts of my portfolio and the design i am attempting...
TGFF You're not really in a position to raise bonds, for the following reason : bonds are a financial device whereby relatively large structures with very stable revenue streams finance ops.

WF ...is to somehow mix this bond with a loan with a fund...
TGFF Ok, say your thing, I'll listen.

WF ... by allowing any who participate in it, to have exclusive access to invest in any of the new offerings. I issue whatever-it-is at a face valuem, you buy however many whenever. You collect interest. I take this money and create new offerings for which only these investors may have first access before going to open market. Bondholder may redeem at face value toward purchase or choose not to and keep collecting interest 'til the next offer. Any redeemed bonds may be reissued, each bond also has callability/putability at 5% penalty to the instigator. This is the current design for the most part. I want to strike a balance between being the noob having no right to issue a bond, and designing something new that mixes a bond and a fund.
TGFF Here's the problem. It's not a matter of you not having the right to issue a bond in the sense ytou're 17 so you may not fuck. It's a thing of you not having the right to add reactors to your design on the grounds that a. the entire thing is made of wood so a reactor will tear it right out, b c d e and f.

WF I'm not totally understanding, are you saying the current issue is the callability?
TGFF Let's go into details. what is a reactor ?

WF Something that is triggered and happens?
TGFF No. A reactor is a particular type of engine,

WF Ah hehe
TGFF With a particular profile of force and consumption. Now, this type of engine is great in some instances (like... fighter jets) and horrible in others. Like... underwater. Or like... for radio controlled small models. Or etc.

WF So the design is too big for my britches?
TGFF There's a functional underpinning of the visible world. I grant you, jets look great. Chinese plastic toy manufacturers add plastic molds that look like a reactor on toys that can't fly for this reason. But we're specifically eschewing making plastic models. We want to make the real thing. So for you a bond is not good because you lack the size and the constant revenue stream. For you a bond is a fucking rock.

WF But it's also a way to create revenue streams.
TGFF No, it is not. That is the motherfucking point. Bonds do not create revenue streams, bonds only and strictly DIVIDE already existing revenue streams. This is fucking important, like you telling me a reactor is a way to make fuel. No, it's not. Never.

WF So how do I do what I am going for properly? Are you saying I simply have no right to ask anyone for money to invest with?
TGFF You have the right to ask people for BTC to invest as much as anyone. BUT !!! not under false pretenses. And preferably not under bad structuring that won't hold your project.

WF The falsehood being that this is a bond at all?
TGFF The falsehood being that by calling an equity play a "bond" you are both misrepresenting your revenue streams and robbing your actual equity investors of their equity. It's not so different from bfl tasking "preorders", ie, "bonds".

WF So the right way to do this is to create a more traditional fund? And include the assets within it?
TGFF May be. You'd have to lay out all you're doing, and what's what, and see. But if you have no certain future revenue it makes no sense to call anything you're issuing "bonds". As they're not bonds.

WF I was trying to give the investor some ability to opt out/in of investments as not everything is for everyone.
TGFF A that's fine! Why doesnt selling his shares give him that ability ?

WF Because in a fund it would be sweeping.
TGFF I'm sorry ?

WF Dropping all assets or none that are within it.
TGFF You'll have to explain this.

WF Say I use the Fund BTC to start a S.MG PT and to buy XYZ BTC Service. Now the fund is an investor in both. If you own part of the fund and dont want to be a part of S.MG you must also sell your stake in XYZ to exit the fund. The fund investor has no ability to customize his position.
TGFF Of course not. That's what he's paying you for : to customize his position. If he wants to do it himself he just fucking does it.

WF Maybe so, but i do more than that. And he gets more than that.
TGFF Good for you. It's called added value. There is no point in trying to offer an investor in your investment bank / fund the ability to "customize his position" in that sense. Finance is about controlling risk and alloting responsibility. Just do your job, stop trying to let your investor do your job.

WF I suppose I could run more than one fund and theme them somehow. By risk or category.
TGFF You could but it would be premature. Operate fgor a few years first.

WF I agree.
TGFF Keep things simple.

WF Thats actually it. The idea came about as I felt a fund would be more complicated and I wanted to give incentive for ppeople to invest thru me on a case-by-case basis.
TGFF Just lay it on the table. What exactly is your business plan here ? A re-do of Berkshire ?

WF I am not trying to mimic anyone. The eovlution is natural. I see ways I can make money and provide offerings.
TGFF This is pure stupid right there. No such thing as "natural evolution". Do you know how that works ? By most species going extinct.

WF Ok then call it me adapting then.
TGFF No dude. You must have a business plan first, and understand it. This is what the fuck I mean when I say "at least he's trying must come before you cut rather than after". You're not in the position of Joe Magic, "I'll do whatever and it'll fall right into place it always does".

WF Hmm. I cant argue with your saying.
TGFF Look, this is a swamp, BTC finance (and a superset of the greater finance swamp). It's very easy to lose track of just how deep the waters are.

WF In other venues I've planned more than in my head but things move so fast in bitcoin, I feel like a shark that must keep moving.
TGFF You don't have to keep moving. It's a fallacy. And especially you don't have to run blind.

WF You are right. I have already skipped enough steps.
TGFF I won't even charge you. I will however publish this, but I won't give out yer name. Maybe it halps more people from the fate of being usagi "through no fault of their own".

WF Hmm i'm a little worried there's still a unique idea in there for later.
TGFF Where ?

WF About the first access and selective investing.
TGFF You serious ?

WF You think its garbage?
TGFF I don't think it's garbage, I think it's beyond obvious.

WF Maybe to you.
TGFF What the fuck ?! The idea of being an investment bank ? It was common in 1700s Florence.

WF Nah, I invented that shit ;)
TGFF Lol. You're cute at times. Ideas are a dime a dozen anyway. What, the idea of making a Bitcoin game publisher is novel ? What idea. There's no ideas. Stick to doing obvious shit well. You'll come out ahead of all the idiots, which is to say, people with ideas.

That latter point needs perhaps a little explanation. Idiot is at the source a Greek word, which described the simple man without property or skill, the equivalent of the atom for the animate world if you will : that smallest pinch of something which still retains some semblance of the greater whole it originated with (and in this sense it's connected with the notion of a iota, which survives to this day).

The Greek idiot was the man who couldn't support himself out of either his history or his ability, and had to rely on something else, perhaps the state. The cubical dweller, the WoW player, the 99% of the Greek world, the idiot. Unchanged since then, today's idiot is a guy without capital or skill, someone who expects to make it through the days strictly on the strength of... his "ideas". Because Progress, while nothing ever changes.