Bitcoin Forum

About:

My buddy and I pulled some resources together and have decided to buy a KnCMiner Jupiter 350Gh/s.

Investment info:

1000 shares total:

400 shares public.

400 shares buddy and I.

200 shares being issued to the mining operation. With this dividend income we plan to buy additional hardware.


Dividends:

Payed weekly on Saturdays.


Costs:

One-Time: $7,131
AC Unit: $200
Shelf & misc: $100

Weekly:
Miner estimated power usage: ~$15
Standalone AC unit: ~$15

Monthly:
Rent: $0
Internet: $0
Management Fee: $0

Future Plans:

Create PT shares on Bctc.
Save profits and buy additional units.

Payment & Escrow:

We are looking for a reputable person to do the Escrow and the payment. We will provide any proof to this person of our identities.
We ask that you guys pick someone you trust to hold onto the money until we are ready to make final payment for the unit.

Anyone interested please start your bidding!

I can offer escrow for the funds. Check my reputation thread. 1.5% escrow fee, and I may consider shares as payment once you have set share price.

I appreciate the offer, but we are currently talking with John K about this.

Very solid Escrow partner. JohnK is an excellent choice of course.

For those of you that have been PMing me and asking about a share price we are looking for .1 BTC per share.

Also 365/400 shares left.

215/400 shares left.

Why do I not believe that people bought over 100 shares in a few hours?

205/400 left

I understand your skepticism and you should be. I'll ask them to post on here to confirm the reservations/purchases.

I just reserved 10 shares

Thanks

I've reserved 150 shares, to answer your question.

.b

damiano & furuknap reservation confirmed.

Good enough for me, although it should be noted that the confirmations are all from relatively new members (by my book, anyways).

I'm fairly open about my identity, so a quick Google should confirm who I am and that I'm rather serious about this.

.b

I thought I recognized your username, but couldn't put my finger on it. Now it clicked: https://btct.co/security/BFMINES

Escrow contract as promised.

Thanks,
John

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

The escrow address for wintermute420's KnCMiner group buy is:

17GFgHZPyzJbaCfr8Z1hYviZaAxbq5edBj

Please state and agree to the conditions (if item is received damaged, item lost with tracking, customs fee etc) beforehand.

If possible, GPG sign your agreement to prevent any discrepancies later on and please ship with tracking to prevent problems during delivery.
GPG signing is not a requirement, and any verbal exchange in the form of private messages or posts on bitcointalk.org, or email is effective as a statement of condition.

Do note that I am only responsible for the funds up to the point it is sent to KnCMiner.
Any losses incurred by KnCMiner's or wintermute420's failure to ship/reship will not be borne by me, but I will release the following data to aid in litigation actions.


1) Photo of wintermute420 and his Driving Licence
2) Photo of wintermute420's Driving Licence
3) Photo of an official letter addressed to wintermute420

I promise the safe destruction of the data after the successful completion of the group buy. The data received may be divulged for litigation purposes if needed on the event that the group buy does not complete successfully.

The fine print:
This Contract is solely generated for the purpose of facilitating the transaction between the seller and the buyer, which refers to the pseudonyms used on bitcointalk.org.
The escrow holder, John, assumes and gives no liability or guarantees on the satisfaction of all parties involved, although he agrees to mediate and facilitate the deal to the fullest extent he is capable of.  On the event that any problems arises, he will release the escrow to whichever party that presents him with the most convincing proof and/or after an open discussion with others or theymos. 
The verbal acceptance by both parties (or the failure to reject) and the sending of Bitcoins to the escrow address above constitutes the acceptance of the terms and conditions stated, and the activation of this Contract.

Please understand that I am assuming the risk of holding the escrowed Bitcoins, and I am using my own time to facilitate this transaction.   
I am imposing a fixed and nonrefundable fee of 2% for this transaction, to be deducted when the funds are moved, regardless of the completion status of the group buy.

Thank you.

John (the escrow holder)
24 June 2013
-----BEGIN PGP SIGNATURE-----
Version: GnuPG v1.4.11 (MingW32)

iQIcBAEBAgAGBQJRzHFpAAoJEINT5jezqu6wEbYP/0f9dHA009BD0wrKpMctwXFH
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TKYsFDXg3f1BFgjdVh410S493c6TT2311way9gfN4YuTzAby6qqF5KaWWwI8VMmH
mnD/s5UfhhtvAz8KnUHWFs+qy9gqN8Zj/pKlcsKOlxKSmmVDXvz5SGejR1Ds/Yi7
PY2ySIE8P7EvI51WYuHb
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Terms accepted.

John, I will contact you in PM regarding payment as I've discussed with wintermute.

.b

PM sent.

Reserved. Please pay John's escrow as soon as you can.

damiano increased his share reservation by 15 to 25.

175 shares left.

Everyone,

There has been a slight change in the way KnC will be paid. Since they require a payment in full by 7/1 and we can't mix and match payment methods. I will be sending a wire transfer tomorrow to them in the full amount of the Jupiter.

I will post my wire transfer as well as KnC confirmation when they receive my payment.

As far as the escrow goes, I'm ok to wait until the KnC payment confirmation comes through before having the funds released to me.

If anyone has any objections or any ideas please let me know.

If you are ok with this change please pay the escrow.

Pm Sent and Payment to John Sent

How many shares are available?

174 shares left.

reserved 11, payment in progress.

Payment sent.

Waiting for John k to answer pm

Accepted

Payment has been sent,  sending details in PM

Payment confirmed.

Anyone making a payment please send me the txid.

Also I'm assuming that you want your dividend address to be the same as the one you send your funds to the escrow.

Otherwise please notify me at time of payment. Any changes after a few days have gone by will require you to send me a small refundable amount from the original payment address.

Payment confirmed.

Payment confirmed.

156 shares left.

Payment confirmed for 3 shares.

131 share left.

UPDATE 6/27/13

There have been a few changes to the structure and some details of the group buy. Below are the changes:

About:

My buddy and I pulled some resources together and have decided to buy a KnCMiner Jupiter 350Gh/s.

Investment info:

1000 shares total:

400 shares public.

400 shares myself. (My buddy decided to put less in and was moved into the public share pool, I will be covering his original amount.)

200 shares being issued to the mining operation. With this dividend income we plan to buy additional hardware.


Dividends:

Payed weekly on Saturdays.


Costs:

One-Time: $7,131
AC Unit: $200
Shelf & misc: $100

Weekly:
Miner estimated power usage: ~$15
Standalone AC unit: ~$15

Monthly:
Rent: $0
Internet: $0
Management Fee: $0

Debt:
3 month old 1200w PSU: ~$260 - Being lent to us by a buddy. To be paid back overtime once profits are generated.

Future Plans:

Create PT shares on BTCT.
Save profits and buy additional units.

Payment & Escrow:

John K is doing the escrow. Escrow address is available here: https://bitcointalk.org/index.php?topic=243092.msg2595649#msg2595649
Some of you have asked for the group buy address to avoid fees: 1vsNpyK548ew789iKTXprsK2SKYvMyiXD

Funds to be released to the group buy account once everyone is satisfied that the payment has cleared at KnCMiner.

I made a payment in full to KnC Miner & will post KnCMiner's payment confirmation when I get it:

http://i42.tinypic.com/ve5ids.png

As discussed I will send my payment for 5 shares soon

Thanks

Payment sent to JohnK

Updates：KnCMiner400Gh /秒?

Yeah, should be KnCMiner Jupiter 400Gh/s now.
https://www.kncminer.com/news/news-22

So how much is 1 Jupiter Share?
Do I pay you at 17GFgHZPyzJbaCfr8Z1hYviZaAxbq5edBj
or 1vsNpyK548ew789iKTXprsK2SKYvMyiXD ??

Payment confirmed.

jonsi has reserved another 19 shares and has already paid for 11.

107 shares left.

Shares are being sold for .1 per shares.

You can send to either or address. One is the escrow via John K and the other is the mining op/group buy address.

sent another Question via PM.

Reserved 10 shares.

97 shares left.

In fact i reserved another 30 shares.

Hi,

I want to get 5 shares. I'll send a PM in a couple hours since Im on mobile right now.

Adriano

I've bought 10 shares, 0.1 BTC each. total 1 BTC.
I've sent 1 BTC to your mining op Add at 1vsNpyK548ew789iKTXprsK2SKYvMyiXD
TX ID in your PM, thanks!

Payment confirmed for 10 shares.

My bad on the mis-communication. jonsi reserved a total of 41 shares and has paid for 11 shares.

Reservation confirmed.

81 shares left.

75 shares reserved by damiano.

He is offering 2 ASICMINER direct share and .5 for these 75 shares. - Confirmation of ownership is pending with firedcat.

As long as the ownership is confirmed would anyone have any objections to this purchase?

6 shares left

Just to clarify I have reserved an additional 75 Shares.

I have already made payment for 25 so my new holdings would equal to 100 shares or 10%

Yes that is correct.

Great news the speed of the miner was upgraded to 400Gh: https://www.kncminer.com/news/news-22

Looks like they are still on schedule to ship by September.

+1, praying hard.

All shares sold.

My buddy decided to take the remaining 6 shares. Also he paid me today.

For those of you who haven't paid please make your payment as soon as you can.

I'm estimating that KnC should receive the payment by middle of next week.

+1, don't forget to send our your promised email.

typo earlier.
+1, don't forget to send out your promised email.

Once I have everyone's email address I will.

Ownership of the shares has been confirmed with friedcat. I'll be accepting damiano's offer unless there are any objections.

Most likely the shares will be passed on to myself for payment of current loan I made to the op.

No objections from mi side.

fine with me.

To those that still haven't paid.

I will hold your reservation until 24-48 hours after John K confirms that KnC received my payment. Then re-list those shares for sale again.

Either way please let me know.

Since I don't have everyone's email yet here are the financials: https://docs.google.com/spreadsheet/ccc?key=0ArPW9Lus2VT5dFpZbndNSXY0Y1RjTVFDQzlxUW1yS3c#gid=0

I created a new user to align more with the group buy.

I will most likely start posting with the new account, but you can still send things to this account. I'll be checking both for a while.

Hi, I just sent the payment for 5 shares to escrow address: tx 534e0fed95569692f0982fb6529502adaa03f845e13793effd5ee53074303353 (https://blockchain.info/pt/tx/534e0fed95569692f0982fb6529502adaa03f845e13793effd5ee53074303353)

Adriano

Payment confirmed.

Just sent payment for 25 shares to escrow: tx 55f818c6528551ff0f5361926070867007bf6164b1643916533746e0be9ac2f9

Payment confirmed.

KnC received the payment already. I sent John K my login info to their site.

good news. hope the servers come in Sept 2013.

I confirm that the order at KnC is paid for as confirmed by the system. I've forwarded the escrow funds to him as per his instructions already.

Thanks everyone.

Thanks for your services John!

Now that the escrow address has been eliminated please don't send anymore money to it.

Instead please send to the group buy address: 1vsNpyK548ew789iKTXprsK2SKYvMyiXD

Thanks John,

Wintermute, as per our agreement, I've pushed payment for my shares to you on BTCT.

.b

Payment confirmed.

Status: 0/unconfirmed, broadcast through 6 nodes
Date: 03/07/2013 17:47
To: KncMiningOp 1vsNpyK548ew789iKTXprsK2SKYvMyiXD
Debit: -3.00 BTC
Transaction fee: -0.0001 BTC
Net amount: -3.0001 BTC
Transaction ID: 46ba9ffbe4a1bc24070ca52bccda2e139cc8e116cf8c67ba866f7d6adec3aa15


Payment for 30 shares.

Payment confirmed. This concludes the first group buy, be on the look out for a second one coming soon!

Thanks for getting the Jupiter online.

Sure thing. Testing the third Jupi per KnC now, hopefully I can get an RMA ASAP.

s

Hi, as it seems that we don't have a common thread for the shareholders of these groupbuys I'll post here.

Until now the the procedure for consulting has been via email but I'm starting to feel uncomfortable with the way that decisions are made, without and open discussion about it and I feel that affect the profit for us, I would like to hear openly about:

1. Investment on shares (most of them has lost all its value, currently -8.95 BTC).
2. Using shareholders investment for paying paypal fees of new investors.
3. It seems that the Neptune is going to have high requirements of power, is the current location (electric installation) prepared for hosting 2+ Neptunes? what is the estimated cost if not?
4. Using 20% for mining altcoin when we haven't run at full power for more than a week for the problems with the Jupiter3, is it really worth it?
5. Mining reinvestments.

Cheers,

a28hz.

Hi,

I don't think anyone saw this from the Group Buy. I'll send them all an email to stop by.

To address your concerns:

1. Yes you are right which is why no further re-investment has been made since BTCT has gone under.
2. We paid for BTC fees and escrow fees as well. I don't see how that is any different. In addition that was back then and now Paypal is no longer a payment option.
3. No it is not which is why on the new threads I put down $500-$2,500 additional cost for an electric circuit to be run.
4. I believe that most people agreed with this decision. PPC is a solid alt coin and I believe there will be a benefit.
5. Not sure what you mean, but we did purchase a Neptune with them. Please elaborate.

George

Hey all.

I think we need to continue purchasing new hardware.  I was kinda worried about adding more shares for the second Neptune.  Did this dilute our shares or new new shareholders only get the Ghs from the second neptune?  I am not a major share holder so I kept quite on it and let other decide.

As long as PPC is for valuable then BTC I think its smart for us to mine it. 

Future investment I think we are on the right track with the Purchase of the Neptune.  I do not see any other devices worth purchasing.  Which the difficulty finally calming down with mining (16% increase last time).  We should start seeing pretty static payouts. 

I really think this is a well run mining operation and George has done awesome with communication.   

My understanding was the Neptune bought with reinvestment funds was just ours as part of the original GB but the others were a separate GB and would not dilute our shares?  Thats actually a very good question though.

You are correct the first Neptune was purchased with the re-investment funds and did not dilute shares. In fact it did the opposite. Here is the math:

J = Jupiter
N = Neptune

3 J           3000   1650 GH/s       0.55 GH/s per share
3 J + 1 N   3000   4500               1.5
3 J + 2 N   4000   7500               1.875
3 J + 3 N   5000   10500             2.1

As you can see with the above math adding more shares does not dilute your GH per share.

All GH are grouped together once they come online and thank you.

George

I'm highly in favor of mining altcoins.  I would say if we can make money mining altcoins great!  I'd say if we broke even or even lost a little money I'd still be in favor of it because their value will no doubt increase in time and if we can get a significant # of them, all the better for us.

Hi George,

1. I understand that close those positions is going to be hard without exchange, what happen with the DMS.SELLING shares? could you sell those?
2. I don't agree on this one, one thing are expenses of doing business for example an escrow fee for buying a miner and another different if a new shareholder send $10 you receive $9 and cover the extra dollar with money from the reinvestment fund, you are right, it was back then, but I think the difference is important.
3. ok, clear, I wasn't following the group buy for the second neptune.
4. ok, I personally believe that dividing efforts with altcoins (particularly if they are sha256 based) will hurt the early bitcoin adopters in the future, but if the majority of shareholder think its financially wise, great.
5. I'm just want to hear the toughs of everybody about when stop reinvesting on mining, it's fun and it's true that the new Neptune is going to keep us on the game for a little while, but the reality is that we invested 225BTC on the 3 Jupiters and we are going to recover 1/3? of that, we are just lucky that the prices of bitcoin made us break even.


Thank you for giving visibility to my questions, answer them and all the work done until now.

a28hz.


 

1. I took them off the assets list as I thought the last dividend was a payout of the remaining fund. I could swear I saw a post that said the fund was closing. Which I can't find now. Looking over there thread it looks like DMS is relisting on another exchange. I sent an email to Deprived to confirm and when I have time I'll go through their 80 page thread.
2. I'm sorry you don't agree. The GB paid for everyone's fees, not just Paypal. So the same math you applied to Paypal applies to BTC.
5. We didn't invest 225 BTC. It was around 150 BTC and $8K USD. We have already made back about 66 BTC. Since I paid for my BTC with USD I see our selves as already making ROI in USD terms.

a28hz, Sounds like you are not happy with the way I'm running things and that is understandable I can't make everyone happy. If that is the case please consider putting your shares up for auction: https://bitcointalk.org/index.php?topic=336900

If you can't find anyone to take them of your hands. I'll personally offer you $10 USD per share or the same in BTC based on Coinbase exchange rate.

George

Hey George,

How difficult would it be to have a website to vote on things? (e.g. Mining alt coins, etc.) I'm not programmer so am just asking.
Then everyone can see what the vote is, it could be transparent for all I care, then there can be no questions about "How the vote went".

I appreciate your hard work and fast communication along the way,
IAS

Hey,

I'm working on a website. I can't find one already made that takes into account different share amounts...

I'm implementing a system where all votes will be visible and everyone will be able to see each others votes.

I'm trying to be as transparent as I can and I think I might be one of the, if not the, most transparent GB Admin out there and thank you.

George

A28z , i buy your shares!!!

Hi George, don't take my questions as personal attack, I have hold my shares because your management has been impeccable but as shareholder I want to maximize my profit simply the accounts on the spreadsheet were not clear enough for me and I wanted to hear some wisdom from the other shareholders specially about mining PPC.

I'm looking forward to try your new platform, it's a really good idea.

a28hz.

I wasn't thinking on selling but I'm open to offers, what's yours venom.oca?

say your price

My price is 2.85 BTC for 100 shares, including the dividends of this week.

How man GH you getting for your shares?

550 Mh/s per share so 55 Gh/s total.