Bitcoin Forum

Bitfountain has emerged as the most competent player in the bitcoin mining industry. The recent rally of the ASICMINER equity leads me to another offering.

I am thus offering this FIXED PRICE auction for a total of 1000 shares at a price of 4.5 BTC/share.

The minimum amount of shares is 20 and you could decide to buy incrementally. I will post daily summaries. This auction will continue until the shares have sold out. The shares are sold on a first come first serve basis. I accept offers per pm, in case a buyer wants to stay anonymous. I will post the corresponding entry in the thread, so everybody is aware of the activity. The time of the PM counts as the bid time.

I have already performed a successful auction in March and June (https://bitcointalk.org/index.php?topic=148198, https://bitcointalk.org/index.php?topic=213729.0) and this is the third one. If you're unsure on how this auction style works, study the previous ones.

Please do your due diligence with respect to the viability of the investment. The shares are direct shares. This means that you have to setup a bitcoin address which you have the private key for, and communicate the BTC address to me to finalize the transition. This bitcoin address will serve as the primary target for dividend payments and authentication.

When you bid, you will receive a receipt which contains a dedicated payment address and instructions and is signed by my shareholder address handle [1KbAD8KU1u6uw6nHSJEYpdZfgQbNbTAkH2] using the software Armory. Payment follows the logic of the pay to contract model. I expect payment 48 hours of creating the receipt. Please make sure to have cryptographic proof of sending the payment, e.g. buy owning the private key of the originating bitcoin address.

If the BTC are not received within 48 hours, the bid becomes invalid and the shares are available again.

I plan to do the clearing twice a week (sunday/wednesday). If dividends overlap with the reporting/bidding, the date of the bid decides on the final recipient of the dividend, i.e. they will be forwarded correspondingly.

Happy bidding

120 @ 4.5

Hi jut,

222@2.45

using this thread as escrow

thank you

Please correct any errors in your bid, otherwise I am just going to ignore it.

over 1/3 shares, 342 gone in less than 30 minutes. I would have thought that wall would have held a little longer.

100 @4.5

90 @ 4.5

20@4.5

26 @ 4.5

https://i.imgur.com/AHW1hSy.jpg

yeah seriously, guess no repeat of the 2.5 wall that held for, what, weeks?

Minimum is lower makes it easier to liquidate it was initially 100 @ 2.5 then down to 40 @ 2.5
Anyways lets allow the miners to bid not a posting thread :)

Over 50% sold already wow!

Amazing offering!

PM bid received for 100 shares.

For the less well heeled bitcoiner who cannot afford a 20 share minimum, I have 3 shares I am looking to sell for 4.4BTC/share (total 13.2BTC). 

Not cool Mechs, this is not your thread

PM bid received for 63 shares.

How many are left?

Also, have you sent out receipts yet?

741 gone by my count. 259 to go.

20 @ 4.5

20 @ 4.5

Update

219 shares available.
781 shares in reservation/escrow.
0 shares paid.

20@4.5

I am extremely shocked about how fast this sale has gone.

20@4.5

please change that to 21 @4.5

20@4.5

22@4.5

Actually, I would like 9 more, that is in total:
29 @ 4.5

Phenominal, isn't it?  Congrats Jutarul.

20@4.5  :)

20@4.5

I would like 3 more shares. That's in total:
32 @ 4.5

(sorry for updating again, I was waiting for more resources).

Could I add 25 to my order? This makes a total of 145.

Thank you!

Some more shares, so now is the total:
50 @ 4.5

(I'm buying together with friends, so maybe we will take few more shares - in that case I will PM Jutarul directly to keep this thread clean.)

That leaves about 18 left at most!

I count 41, but I may be missing something.

will take 41 or whatever is remaining

1000 shares sold in 21.5 hours?

Nearly double the combined total trading volume on Bitfunder and BTCT combined over the same period.

Do consider that a majority of these purchases are represented as sales on BTCT at 4.5+

True enough. Most will probably end up back there as well.

If there are some left, I'd like to buy some:
5 @ 4.5

Minimum is 20shares and i think they are all sold

Reading is hard.

What of there are lees then 20 left? Thinking is hard...

That's a vague offer and in most auctions it would not be valid. (The whatever's left part)

I don't know about that - he is offering 41@4.5 and willing to accept partial fulfillment

without going and checking back and counting myself, i just took that the poster above mine had done this as he said 41 remaining........ so i bid on 41 or whatever is remaining be that more or less

Jarosław Kaczyński would sue you....

hehe..... wrong thread!

Quick Update

I am currently preparing the second wave of receipts to send out.

0 shares available.
585 shares in reservation/escrow.
415 shares paid.

I would like to buy 38 @ 4.5 shares if anyone backs out or doesn't pay before the deadline.

Has anyone been able to verify Jutarul's signed messages? I'm having trouble sorting out how to use Armory.

It's not that I don't trust him, it's that I want to make sure his account has not been compromised, and his use of an unconventional signing format is making that hard to verify.

Also, Jutarul, can you confirm whether my updated bid quantity is accepted? Thanks!

i would like 20 if more become available

@TAT
Tools-->Message Signing-->Import signature block and copy paste his message in there should be able to verify after that mine was good

I'll try it again after I get his updated message I guess.

When you paste it in, it had all the quotes marks, breaks, and ------------- in it?

I have you in my list for 145 shares. I forgot to send you another contract for the additional shares you requested. I'll do that as soon as possible. The payment address will stay the same.

When copy and pasting sometimes operating systems and browsers matter. Try a different browser or operating system if you have trouble. When you sent me the contract back I had no trouble with verifying the signature.

Even though I encourage you to sort this problem out and make it work with Armory, I can also send you a signed message using the bitcoin native client - if that's something you prefer.

Holy crap I've never seen 45k BTC move this fast!

4.5k BTC

"The Jutarul Sell Wall" now = "The Jutarul Speed Bump"

Full payment sent.

Again if you ever throw a wild party  :D

Quick Update

First wave of transfer requests is submitted. Others will be bundled together and submitted as soon as all payments have cleared.

0 shares available.
236 shares in reservation/escrow.
764 shares paid.

Quick Update

Unfortunately the transfer request has not been processed before the dividend payment this week. The dividend payment has been sent out to all buyers correspondingly, with the exception of one pending trade.

I understand that with the missing confirmation through the dividend payment, it makes it harder for individuals to engage in an OTC trade this week. However, please understand that OTC trades are not supposed to be used for flipping the equity quickly. That's what professional trading sites/exchanges are for. In any event, should the circumstance warrant special treatment, I am available to confirm the transfer request with signatures.

0 shares available.
78 shares in reservation/escrow.
922 shares paid.

Not cool....... would prefer a refund really... it was not explained I would ha e to waiy over 24hrs.....

Wait for what? You got your divs, he agreed to comply with any OTC trading you need to do, and ?

I just expected the trade to be done quicker than this..... I was unaware it would take this long and feel a little uncomfortable with thr sittuation.... just saying :)

Friedcat usually takes 1-5 days to confirm trades.

hmm... uncomfortable with them trading at <4 now ?

the guys who had PT shares really benefited from this and are not complaining ;)

Wow I 100% would not have done a deal had I known the time to tranafer was unknown..... anybody want to buy my shares?

no uncomfortable because I was not nformed i woukd wait more than 24hrs to have the shares...... I did explain to the auction holder I was new to this..... but he neglected to tell me I woukd have to wait for over 24hrs for nithing.

As I explained to you in the PM I just sent, your misinterpretation creates an issue with bailing out of an OTC deal due to price volatility. Even though I am inclined to help you out here, I have two problems:
a) how do I tread the next person who comes along and demands a refund?
b) would you complain if the share price would be at 5/share right now?

I try to stick to the terms of my offering and I expect the same in return. Ignorance about what I expect to be common knowledge in OTC trades is a bad excuse.

As I indicated elsewhere, I am trying to help as much as I can - but you have to understand my predicament.

Dude i was complaining to you last night about how long this deal was taking, the prices were above 5btc per share then..... so YES i would still complain like i did last night, as it is the time frame being so unknown(1-5 days as mentioned) that makes me uncomfortable

the price of the shares is not in your control, i know this...... I just think for such large transactions a bit more speed should be taken by ALL parties involved...... just like you demand payment be made within 48hrs of the bid being made..... this statement should go both ways..... especially when dealing with such high volume transactions. This is all just my opinion based on how events are panning out though.

Sounds like you agreed to buy something you did not know what it was. This is not the sellers fault. You really should have read about what you were buying and how it works before you bid and paid. Asking the questions after is just silly. I will never trade with you.

This is outside of elasticband's control and if you've been following previous AM auctions you'd know that share transfers can take up to a week to complete. Friedcat is a busy man. You'll get your shares don't worry, you won't miss out on anything.

Hi Elastic,

I am a bit confused as to what you are upset about.  If you do your due diligence on this investment, you'd realize that share confirmation takes time.  TaT mentioned the time frame, but again, it can take 1-5 days for confirmation.  

Unless I am mistaken, it seems he submitted the transfer request quite expediently.  He has no actual control over how long it takes Friedcat to respond and process it.  In the end, you received your shares and the dividends owed to you in a timely manner.  Jutarul owes no restitution.

If you prefer quicker access, perhaps a passthrough share offered on local exchanges would be a better bet.  You can have your shares transferred over if you'd like.

-JC

Yes you are correct, this is down to my error and not knowing enough about what i was buying :) I did not understand friedcat would transfer the shares whenever he had time(1-5days), i expected it to be a bit faster..... like i had to make payment within 48hrs, i kind of expected a quick turn around on both sides...... my mistake

Not a problem bud.  You live, you learn.  Always hurts to learn when it makes your wallet a tad leaner however.  ;)  Either way, I'm sure the bulls will be back eventually. 

-JC

Quick Update

The second share transfer request has been sent out earlier today.
I thank all participants for making this a swift and successful auction.

I regret that one buyer wasn't satisfied with his purchase. I am trying to accommodate him as much as possible without placing others at a disadvantage.

0 shares available.
0 shares in reservation/escrow.
1000 shares paid.

Should we expect a PM from friedcat to verify the completion of the transfer of shares? Or should we wait until the next dividend to see?

Dividend.

so does that mean wait until next Wednesday?

yes

WoW... so i buy shares on wednesday, but have to wiat a week to actually get them...... crazy!

This is normal.

And it is done for security. Your shares are very safe.

 If you want to day trade use the pass throughs.

I just got notification the friedcat has processed the transfer requests. You may now go ahead an work under the assumption that all transfers have been processed correctly.

It looks like the shares are transferred on friedcat's end but the only way to verify this, other than a PM from friedcat himself, is by dividends as received by your share account address or as visible in the blockchain.

my shares were transferred!  Thanks!