Bitcoin Forum

Hello and welcome to all future and current investors.
 ::)
I am starting a business. This business is building rigs to mine bitcoins.  Bitcoins are an internet currency, with gaining acceptance everywhere.  Worldwide trading to local purchases are possible with bitcoins.

This will be the thread for shareholders to converse and communicate. This thread will also be where we will post our monthly/quarterly/annual statements. This is a temporary home for this thread until we move it to our own private servers.

This business is a mining farm which will be able to rent the mining rigs. Future customers will be able to purchase rigs at an extremely low price.

I would also like to expand this to selling hardware. Along the lines of video cards and so forth. I have already been in contact with distributors of the hardware. Working on getting the best prices for our customers.

These rigs will be 1gh/s++. As new hardware is researched and used, if the prices are right, we can increase the speed of the rigs. Meaning more profit for all shareholders.

I have found a way to build these rigs for extremely cheap(through a distributor). This creates a high profit margin for all shareholders.

I have space available. I also have the power requirements met and set with National Grid. I have the time and technical knowledge. I also have employees for when the business grows.

                                                    
We will outperform the competition.
                                                    


The future of the business depends on its shareholders.

All shareholders will be allowed a vote on all motions. 1 share is one vote, 5 shares is 5 votes and so on. Voting will be conducted through glbse.

https://glbse.com/asset/36b84945f650b3592dbdabf8a45db2029fae6bf47046720469359619f3ab1e45

Ticker: PBJ

Price: 0.109BTC

Thank you for your time, sincerely,
Pandora's Bitcoin Junction

"The future of the business depends on its shareholders."

No, the future of your business depends on how long it will be profitable to rent/sell mining rigs based on off the shelf components.
And it seems that won't be very long, prolly less than a year.
Not a very good investment.
Now if you would tell us that you will be building OPENCL supercomputers or clusters or something then that would make more sense as a long term investment.

There has been nothing stating off the shelf components. Along with many many other ideas.

These are just to open the doors and have a small ROI from the beginning.

Especially since I have found a way to build these rigs for quite a cheap price. I have been talking to distributors all across the globe to get the best prices. Since finding the best prices will never be found in a retail environment. I decided to make a few phone calls. Now the same rigs people are spending $1200+ we will be spending $600 or less.

There are also plans to expand into many other markets. Like setting up a proper 2048 bit openvpn service. Another is web hosting/VPS services. Along with selling hardware. Not just video cards.

Prepaid cell phones, herbal supplements(from reputable companies), toys for kids, dev kits, and so much more. 

Another will be for voip service. Which will take a little while to set up with pstn lines around the globe.

Possibly start another mining pool as well. Not sure on that one though as there are many out there in the wild now.

As for the super computers. That falls under research of new hardware and implementation. As right now AMD is working on some new hardware. Which all I can say is(because of NDA). It will blow the current cards out of the water. Plus there are ways to utilize other hardware. That would also come under R&D.  Also finding the right distributor of the new hardware will be a bit of a challenge to get the right price.

You have a signed NDA with AMD? Or am I assuming incorrectly?

I can not say exactly with whom I signed the NDA. As that is part of the NDA. :\

EDIT: A few hours and phone calls later. I can now say that.

Yes my NDA is with AMD. I can say one other thing about this project. It is estimated to be sent out for production the end of august(maybe September).

I have already been in contact to be on the first release of them straight off the line.

I should also mention. All motions will be heard. The shareholders will be able to make any motion they feel. So long as it will not hinder the company.

I have not set the ticker yet. It will be PBJ when I get the BTC in the account. Mining will take me about 2 weeks to earn the 2.5BTC.

Currently I have the asking price a bit high. Currently 0.74BTC/share. I am willing to drop it however.

As for the GLBSE forums. I will do that now.

Thank you.

The price has been changed. 0.11/share

Tickers are free according to the fees page.

Thank you. I did not see that part.

Of course now there is a server side error lol.

I am certainly considering an investment.
You appear to be aware of what is happening in mining at the moment and where it will / needs to go.
You also seem to be aware that it can not be the only area of operation for a Bitcoin business and already have sensible plans for the future.

Obviously, the level of risk I perceive will determine the amount of investment I am willing to make.

So, some questions, as part of my DD, so that I may judge the risk here ...

Is your real name Michael Smith as per the contract on GLBSE ?

What other real life details are you willing to share to establish trust between yourself and your investors ?

What other, if any, accounts do you own / have you owned on this forum ?

What background do you have in IT ?

What background do you have in providing IT services / products to customers ?

You mention employees ... what is your current business, where is it based, what does it do and how long has it traded ?

What previous businesses have you owned ?


Please feel free not to answer any of these questions but bear in mind that investment will suffer accordingly.

I am sorry it has taken to long to respond. I was at a family reunion in Maine.

This is totally understandable.

Yes my real name is Michael Smith.

Right now I am not permitted to give out too much information. My NDA's will be expiring soon(the end on September). Once they are expired I will be allowed to give full disclosure.

I can tell you that Pandora is my daughters name. I can tell you I am from Rhode Island USA. Exact address can not be disclosed as of yet. I am willing to share much more with my investors and have full disclosure once the damn NDA's expire.

I also use another name. I can give it to you through PM. On here it may not be considered an acceptable name for a business owner.

My background in IT is quite vast. I have been working with docsis networks for the past 10 years. on top of that I have been a temp admin at quite a few high profile places. One big one was IBM. I know the ins and outs of most operating systems. I can program in 7 languages. I am not afraid to ask questions when stuck.

For providing services. I have about 7 years experience with running sales and management of a couple places. I have done work with in2streams. I have run my own hosting company for quite a while.

My current business has been running a home based repair business and network security consultant. My employees are basically hands on people. They help with repairs and diagnosis. They also provide tech support when needed. They are A+ Certified.

For previous businesses I have owned. Lets start when I first started out. At first I ran a shop when I was 15. That lasted until someone came to town and beat my prices. Then there was working with segasages.com when it was around. When I was around 20 I ran a hosting company. Then I got married and sold it. From there I was working mostly with contracts. Still running a few things out of the home. Like vpn service voip and much more.

A lot of my contract work has been engineering and designing installations for businesses. I manage my own teams. When we are hired, we are hired as freelance contractors.

Since I am in the security field. I can not divulge the name of the company. As that is a risk we can not take. No offense to you or anyone else asking. As our services are used by very very high profile companies.

This is not a branch from my current ventures. This is separate. I must do this until the legalities of Bitcoin are finalized in the USA.

this sounds very interesting.
Please keep us informed!

best regards

I shall kepp all informed.

I have just noticed that the ticker name of PBJ has gone through.

Right now I am finalizing an account with Paxum to transfer to a prepaid master card for the time being. This way I will be able t make the purchases through the distributor. This card will only be temporary, yet needed for now.

I am just waiting on the card to arrive. 3-5 business days to go.

This week I will start setting up VPN servers. I should have at least one up and running by next weekend.

Thank you for your responses Michael.

I have made a modest investment of 10 shares.

I look forward to making further investment over the coming weeks as PBJ develops.

Hi PBJ,

What are you doing with your company's stock?

You issued 45,000 shares and so far sold 500 of them at 0.11 btc. Then you put up another 5,000 at 0.12 btc and have sold 226 of them.

Where are the details about how much you hope to raise in your IPO? How much stock do you own and how do you intend to return value to the shareholders? How many of the 45,000 issues are you going to sell and for what price?

The price on shares will vary in value. As any stock exchange.

Currently I am using the stock to convert to USD. This way I can open an account with my distributor. Also allows me to purchase the services needed and hardware needed to get the operation off the ground.

Currently I am waiting on the Paxum card to arrive. Once that is done then I can start the process of opening the accounts needed.

100% will be returned to the shareholders. You can read the contract if you wish.  This was all covered in it.

Right now I am trying to get a base value of the company. This way I will be able to figure out which directions to go first.

As right now it will be building rigs and VPN service. More will be coming in the next few days. The more shares sold the more the company can do.

Currently I will be holding on to 51% of the shares. This may be only for a while. Until the company has its feet off the ground. I would eventually like to have it run completely by the shareholders. This may not be the best idea. Time will tell.

You can always ask at your own price on GLBSE. That helps decide the market value.

Thank you

To whom ever is low balling the price on shares.

I am not saying this to be mean.

I can not go that low per share. Unless the shareholders wish to watch this company fail before it starts.

We need the capital to be able to grow. As we want to be in more than just one field.

If you make a reasonable offer. The price may change.

Thank you

Do you mean the bid (1 @ 420000) or ask (100 @ 10900000) ?

ben@ben-laptop2:~/bitcoin_stuff/bmc/black-market-client$ ./bmc.py depth PBJ
Enter passphrase:
 
bids --:-- [[1, 420000]]
asks --:-- [[100, 10900000], [46, 11000000]]

I am referring to

bids --:-- [[1, .00420000]]

As this will make a low mark if I were sell the single unit that low.

I do understand it is one unit at this price. But if I were to sell one this low. Everyone else would expect them this low.

Thank you

Right now I must be firm with the share prices. As I am trying to build enough money for a few different areas on the market.

It would be optimal to be able to build 3 rigs, 3 VPN servers, Hosting service, marketplace and more, set up from the beginning.

For this we need capital.

Ignore it then mate.

Could be owner of a competitive GLBSE company / competitive miner trying to put you off continuing, someone who made a mistake converting from BTC to the values used in GLBSE ...

Personally, I think the price of 0.11 BTC / share is reasonable enough at $1.5 / £0.90 a.t.m.

Grow slowly and organically from utilising the income share sales at that price brings, report strong results and pay good dividends (all of which grows trust) and the remainder of the issued shares will sell in time.

How long were you expecting it would take to sell the 22050 shares at 0.11 BTC - 0.12 BTC ?

How much BTC are you aiming to raise from selling the 22050 shares ?

I may be in the market for VPS soon. What spec at what price per month are you thinking of offering ?

Yes I understand. I just wanted to make sure people also knew It could not go that low.

As for how fast I was expecting them to sell. I have no real guess on how fast. They are selling faster than I thought.

Also for the about of a goal from the final outcome of the sale of shares is not set in stone. As the value of the business goes up so will the price of the shares.

Right now I am in the middle of talking with a datacenter in Hong Kong and the Netherlands. As I am trying to negotiate prices. The language barriers are a pain in the but.

As you know the price of dedicated servers is not cheap. This is one of the reason I am looking to sell more shares quick. So I can get this started.

Thank you

This is a very disappointing response. If you are serious about floating your company then you must understand that right now, you have issued 45,000 shares, and sold 724 of them, meaning you own 44,776 shares. You could offer these for sale whenever you like for 0.0001 btc or 1 btc. No one knows unless you say. You are in complete control of the price, not the market.

So I ask again, how many of these shares are you going to sell and for what price? If you can't answer this simple question, you obviously don't know what you're doing when it comes to offering a business or investment opportunity.
[/quote]


I hate to nit-pick, but you cannot 'use stock to convert to USD'. You received btc in proceeds from the sale of some of your stock. I assume you mean you bought USD with the proceeds in order to invest in the business. Good, but please say so.


Yes but who are the shareholders? You have issued 45,000 shares and sold 724 so far. Assuming the sale of 724 shares netted 79btc which you have invested in the business. If you somehow manage to make 100 btc, say, who gets this 100 btc? Is it split evenly between 45,000 shares or by the 724 you have sold?

This is an incredibly important distinction.


You will not be able to get a base value of your company by randomly offering shares for random prices and being unable or unwilling to say what you are going to do with the rest. You need to have a plan. Articulate it. Execute it.

So lay this out then. A plan could be to offer 45,000 shares at 0.11 btc. As these are sold, the proceeds are invested immediately. Interim proceeds are paid out to external investors evenly until the IPO is filled.

Or maybe you ladder the offer, first 500 are 0.11, second 1000 are .12. Next 2,000 are 0.13 etc. etc.

Whatever, it is imperative you have a plan otherwise your shares are worth nothing.
 

Hmmm. You have issued 45,000 shares. Do they fully limit the company? Or does that represent the 49% of the company you are not going to be selling? Because you have not offered for sale either 49% of those, or 100% of those, it is impossible to know where this 51% figure comes from.
 

I note you are now selling shares at 0.107, completely undercutting your own IPO.

Why would anyone buy any of your shares knowing you might be selling them cheaper in just a few days time? Especially considering you have so many of them? Do you know what you are doing?

Hello Alfred.

I am sorry I took so long to reply. It is getting late here and I have been on the phone for the past 4.5 hours with data-centers and the distributor. Not too much fun there.

To answer your questions.

Yes I realize I have been screwing the company over. This has been an issue since I have been trying to figure out an average value of Bitcoins to USD. As the initial investments with these companies must be in USD.

I am going to finish crunching numbers and put a new asking price up once it is complete.(about 10-15 minutes)

As for the nit-picking. You are quite right. I wrote that while on the phone. I am sorry to you and everyone else for not wording it correctly.
You are quite right. I used the proceeds to convert to USD. This way I can start the contract procedure with the distributors and other companies.

For the question of "Yes but who are the shareholders? You have issued 45,000 shares and sold 724 so far. Assuming the sale of 724 shares netted 79btc which you have invested in the business. If you somehow manage to make 100 btc, say, who gets this 100 btc? Is it split evenly between 45,000 shares or by the 724 you have sold?"

It will be split evenly among all shares. The shares that are not sold and have earned a dividend will be reinvested into the company. My 51%(22950 shares) will also be reinvested into the company.

The last few points you make are quite clear. This is why I am crunching the final numbers now. I am not sure exactly why I was changing the prices. I guess it may have been all the distractions. With the phone and talking on the forums/PM's, faxes and so forth. I am sorry to all investors current and future.

Yes I understand. The 45000 shares will be the total. My shares will be 22950 out of them.

Once I am done with the final crunch I will post the final price per share. Thank you. As I doubt I will do a ladder.

Thank you for the information. It was noted and is being fixed as I type this.

Sorry again to everyone!

I have come to a final price for the shares.

The final price will be 0.109btc.

Thank you

Thank you, your post has given me some confidence.

As a potential shareholder, I would ask for a commitment that you don't lower the price below 0.109 for the unsold shares. Either that, or you commit to a smaller IPO sale (say 5,000 shares) at 0.109 and keep the rest in reserve. IMO, you should try to sell enough so that you can operate the business with an initial cash injection, and only issue more when you have a business case to increase the value of the company, for example to buy more equipment. By then, you should be able to demonstrate the ability to derive profit and so be able to issue the shares at a higher price preserving initial shareholder value. Even then, you should put it to a shareholder vote.

I don't want to sound to lecture-y, but this is what I expect as a shareholder. Good luck with your IPO and with your business.

Currently it is firm at 0.109btc.

If shareholders decide to put a motion in to increase the value. Then we shall take a vote.

As for now it is firm.

I am in for 10 shares. I am curious to see how this will turn out.

Thank you for the investment.  :)

Just a small update. I got a slightly better price on the parts. Might get an even lower one in the next day or so.

Update: Paxum has decided to be too slow. So I am transferring the money over to another bank account for the business.

Update: As soon as the funds are cleared the first 2 rigs will be built. The vpn will be being worked on. I am looking for a proper web dev to set the site up.

If anyone has a portfolio I could look at and wants a job. Let me know. I will see what I can do.

Thank you.

I am still looking for a web developer.

Send me a portfolio if you wish to take the position. It will be a paid position!

This would be great if you did it a year ago but bitcoin mining will not be profitable for much longer

This is not the only field. This is the beginning. It also allows me to build a credit/trust line with distributors. In turn allowing us to have the cheapest prices around.

As I will be selling hardware at a cheap price. Along with many other items and services.

Mining is not the only thing we do!

Mainly right now I need a web developer. Then we can get the site up and running. So people can see the different things we will offer.

Thank you

Hello. I am interested in 20shares to start off with. You seem dedicated to your vision & I believe there is great potential for growth here. First I would like an update on the status of your progression. Any information you think may be worth sharing. I will trust your better judgment for the time being. Also, I may have a web dev for you if you are still interested :)

-FaerO-

Im in for at least 10 shares once i get some funds transfered.
Seems like a good investment, i may buy more in the long run.

Well I was just getting ready for an update.


Right now I am waiting on the first shipment of hardware. It should be in by Monday-Wednesday. It will be the first mining rig.

I still need a web developer to help build the site. Then we can start offering other services. I already have the SEO and advertising down. I just need someone for web dev.

Other than that. We still need more investors to get the rest of some basic funding down. So I can continue to open accounts with Ingenico and a few warehouses.

I have 2 distributors for different hardware right now. One for video cards specifically and the other for base sys HW for now.

Their should be more updates in the next day or two.

Thank you.

Diversifying is a good idea, and all of those things you mentioned have the capability to be profitable, but only if you focus on a small number of them. If you attempt to do them all at once you are sure to fail. The "so much more" part really worries me, especially since it seems to be pretty much you on your own running the whole show.

Talk to any exec at AMD and they will always tell you they are about to release some amazing hardware which blows everything out of the water, it's very rarely true. I'm not saying you're lying, but you certainly seem to be buying into what people have to tell you a little too easily.

So I have some concerns, but what the hey. I'll invest a few coins in you. If half of what you're saying is true then you might just make a success out of this. I'm interested to see if you can make me any kind of return.  ;)

It actually is not just me. The other 2 people are quite involved. But they have their own things they are working on.

They are not paid employees as they are family. So that is a savings right there.

Right now I am mainly working on just 3 fronts besides the rigs. But those are where contracts and a web dev will be needed.

As I am setting up a contract with a company that will allow us to sell almost any prepaid card in the world. From prepaid debit/moneypak to cards for MMO's to console game cards to gift cards to restaurants and a lot more than I can think of now. Another is setting up an online shop to sell goods. Another I am keeping secret to the public for now. The web dev and I will know about it.

I know their is not a lot the investors see that I am doing behind the scenes. But it is quite a lot. But I do have help with the phones and translating. I also have help with the hands on stuff. Just need 1 more person to get this going hardcore. I may be looking in a different forum on Monday. This is if no one wants it from this forum.

Thank you.

I have sent you 2 PMs. Im quite interested in purchasing some shares also, have a good associate who happens to be a great web developer. Get back to me. I'll be awaiting your response :)

-FaerO-

Sorry it took so long to reply. I just did not see you in my inbox. I have replied to your PM now. Thank you

I'll buy a couple shares.  Ehh... why not. :)  They're .11 BTC right? ???
                   

They are at a steady 0.109.

Unless the market has another drastic change.

Thank you all for your investments. We are getting a chance to start strong here.

Just made the glbse account & made the xfer of 5BTC for now. I'll buy some shares as soon as they show up in my account :)

Thank you

Check your PMs. I messaged you. LoL :)

I just got the PM's.

I guess I accidentally ticked the box to alert me via email.

It is fixed now.

I must have ticked it when I edited my signature. Sorry.

Thank you for helping me find this error.

Are you going to distribute the mined BTC as a dividend? So that, if I hold 10 out of 45,000 shares,
and your rigs produce about 10 BTC a week, I'm going to earn 0.002 BTC/wk?

So we can rationally value the shares -- please disclose:

a) How many BTC the Company is producing per week
b) Whether the Company retains them (as capital), or somehow distributes them to shareholders?

Right now we are still waiting on the hardware for the first rig.

It will produce about 1.2-1.4gh/s.

For the amount of BTC/wk is hard to calculate with the difficulty going up at such random intervals.

100% of all BTC earned will be distributed evenly among the shareholders. As I will be holding 51% of the shares or what shares have not been sold until such time as the company is stable and can be handled by its shareholders.

In turn I will be reinvesting 95% of the dividends from those that I will be holding. As the other 5% will be kept for overhead and emergency reasons. The overhead may change in the future. All depending on how big we can get.

All distribution of dividends will be through GLBSE.com.

Thank you.

Great question. Even better response. Im so excited to watch this project grow :)

Just to clarify the math...at this moment if the first rig was online it looks like at 1.5 Gh/s you would be doing ~5.5 BTC/wk of which 49% goes as dividends to shareholders which amounts to 2.695 BTC/wk shared among 22050 shares so if I hold 1000 shares (costs me 109 BTC) then I would stand to get 0.12 BTC/wk ($1.20 USD/wk) as a shareholder?

Is my math correct?

It seems correct to me as long as you realize that each share is only 0.109BTC & not 109BTC... HUUUUUUGEE difference ;)

Though PBJ will probably clarify it for you wholly.

1000 shares * 0.109 BTC each = 109 BTC (~$1090 USD)

ROI = 0.12 BTC/wk (~$1.20 USD/wk or ~$62.40 USD/yr)

Is that right?

o0o. Im dumb. My mistake. I didnt catch that. LoL

That would be if you were counting just mining. As I have stated before. This is not just mining. That will be more of a side note. Second note is that you must realize the price in which I have paid for such a rig. All I can say is you would not imagine how cheap!

With the shares that have sold. We can almost afford the second rig. For the 109btc you would be talking about. Would equate to 2.26 more rigs. But would also allow me to finish the contract with the provider of the prepaid services. Which would yield quite a good ROI.

So the ROI in which you talk about will not be the actual amount we will produce.

As for the actual math behind it. Yes you seem to be correct. I hope you realize what you wont see in the beginning will be reinvested into more ventures. Allowing us to grow and continue growing.

I like the ideas beyond mining. The prepaid stuff sounds like it could be very lucrative :O)

That is just the beginning!

  ;D

Seems like your plans are all over the place.  If you intend to court investors, providing a clear business plan and prospectus would be nice.

@dustintrammell

I am not sure if you have read this entire thread and all of my posts.

Some are direct plans. The mining and renting, selling hardware.

Then their is the prepaid sector. That is already in the works. just needs to be finalized.

VPN, and VPS will not be too hard to do. Just hard to find a proper provider.

The sector with the goods will be the near future. Not quite yet.

VOIP was already stated to be a future plan.

Then their is also the fact that I have 2 family members that are working as employees for free. Until the business hits off and can pay them a salary.

So they are not really all over the place. Just trying to get few things done at the beginning.

Please read the entire thread. it may answer a lot of your questions.

I may not be able to answer the thread much the next day or two.

I will be busy getting things done.

Thank you

I have contacted PBJ, and infomred him that he must fill in his companies details on http://companies.herokuapp.com by Friday ir PBJ and all it's shares and assets will be frozen and PBJ will be delisted from GLBSE.

Nefario.

Apparently I have missed the email I have contacted you back.

I guess I just missed it. I am heading to bed right this moment.

I will be filling it out in the morning.

Sorry about that. I have been a bit busy.

The page has been updated.

http://companies.herokuapp.com/company/8

I am sorry I have not been around the past 2 days.

I was at a seminar for start-ups.

I learned quite a bit from it.

I also put the first rig together this morning. Since we only have one rig right now. I will let it mine for 1 month. Then distribute the Bitcoins it has mined via GLBSE.

Unless you all want me to reinvest it into the business this month. I will hold a motion for this if it is brought up again in this thread.(48 hours before the release of the dividends would happen)

I have been contacted by a couple of web developers the past 2 days as well. Some of you have given me links to a few as well in PM's.

I will be looking through the portfolios today and through the weekend.

I will more than likely hold an interview with each of you. This way I can find out who has the passion behind them as well as the knowledge!

Thank you.

wow. this sounds like a huge....
scam at the worst, terrible TERRIBLE TERRIBLE investment at best.

as a web developer and dabbler in IT,
and current operator of 4 GH/s of mining rigs,
i feel i'm as knowledgeable as anyone to contribute to this discussion.

first of all,
every one of your posts is hopelessly optimistic and too quick to refute any negative claim,
or conversely respond with thanks to any positive encouragement.
that sends an immediate red flag to me.

second, bitcoin mining rigs CANNOT simultaneously host websites and offer VPN services and the like.
your computers' resources will be strained as it is, especially if you're overclocking and trying to squeeze the best performance out of your videocards.

... so are you suggesting that shareholders will earn a return of the entire companies profits?
so let's just call it what it is, as your mining rigs will probably not turn as much of a profit as you expect.
investors would primarily first and foremost be helping to fund the development of a web hosting / vpn offering services firm,
that is admittedly going to have help by his family (which also seems a little sketchy, unprofessional, to me. especially since you cited your family as 'cheap labor'),
and which are a dime-a-dozen at the moment. what sets you apart? your lucrative NDA contracts with suppliers and such? please. sounds ridiculous.

my concern is that, you're loosely tying this to bitcoin mining, to help raise capital to reduce the risk of starting your company with your family.
and i say 'loosely' in the worst sense of the word.
you are posting this to the "Newbies" forum, preying on people who are also new to the bitcoin concept.
you lack a concise business contract and business plan. and...
let's be honest, since your company is only loosely based on bitcoin mining,
when you inevitably (or perhaps this is your plan all along) determine that to be unprofitable or not worth it,
since you were only 'loosely' tied to this makeshift btc run stock exchange,
you will be inclined to 'take the money and run' so to speak.
... and since the shares are so low in value anyway, no one will bother to sue you for recompensation.
... not that a lawsuit like that would probably even stand any merit anyways, considering it is bitcoin after all.

whatever, it's just a typical grift.

obvious troll, is obvious. stop donating money to him. jesus.


...also, it would not surprise me if the poster is 14, operating all this as a scam, cleverly choosing the ticker PBJ because it coincides with peanut butter and jelly,
(thus further adding insult to the fact that none of your 'investments' will never be returned).
hell, i did worse when i was 14. and who names their kid pandora? maybe you enjoyed Avatar just a little too much. give me a break.

What would you recommend investing in instead?

i would recommend not 'investing' as the legitimacy of the entire GLBSE is still questionable as it is still in its infancy and labeled as "beta" in the top right corner of the screen.

but especially don't invest in this.

if you absolutely must invest in something.
try getting a thinkorswim account, and invest in actual stocks.
chipotle (CMG) has been good to me over the past year.

if you want to be safer try ETFs. especially the SPY, which directly follows the fortune 500.

if you want to be safer, just dump all your money into ally bank, and get a 1.8% ish yearly return.

...
anything is smarter than just giving your money away to this hooligan.

First thing I would like to point out to you. Mining is NOT the base of this company.
Second thing is that I do not plan on hosting services from a rig. This is just a silly concept. I do not even know how you came to conclude this.
Third is the fact we will also be in retail and many other areas of the market. We do not plan on just mining or just services or just retail etc. The point is to expand and constantly grow.
Yes my family is involved. In minor ways. Those small things they help with will give me the little bits of free time I need to get projects done. Also I do not speak Mandarin yet my wife does. So she can help field phone calls. I call it cheap labor. As they do not want to be paid. They just want to be there for me.
What sets me apart is my passion. My knowledge. My ability to grow. The fact that I not close minded.
Th reason this is in the newbies section has been answered a few posts back. It is mainly the fact that I started in the newbies section and locked here. The original investors came to notice recognize this as the place to come for more information.
Yes I still need to work on the contract a bit and the business plan. Then again GLBSE still needs a little bit more work as well. I plan on working it out over a little bit of time. I am not ashamed nor worried about the fact that these need work. I know and understand this.

My age is 30 if that really matters.

PBJ has a different meaning to me. I chose it for the initials of my child, my wife, and bitcoins. The three things I love.

As for the comment about my daughters name! You have NO right to say what I can name my child. My child is over 3 years old. She is before the current scheme of naming everything Pandora. This I take as a personal insult.

Do you even know the story behind Pandora?

As for the reasons I say thank you at the bottom of my posts. One reason is not to be rude. Second reason is I am thanking people for taking the time out of their lives to come and read a post. As people do not need to be here nor do they need to read my thread/posts.

As for calling me a troll.

It appears as if you are the troll. Trying to get me angry. Trying to bash the business. Trying to make yourself look bigger than you really are.

Thank you.  

As for calling me names and the such. I feel required to report this to the mods of the forum.

This is not tolerable!

i really doubt mods are going to ban me for calling you a 'hooligan' or insinuating that you are a 14 year old troll.

i apologize for the cheap shot of your daughter's name, as it has become clear to me that english is not your first language,
nor do you probably live in the same country as me.

nevertheless, your overly defensive nature does nothing but prove my point.
this is a sham if i've ever seen one, and i'm entitled to have and share that opinion.

I actually never said ban you. I just mentioned reporting you.

As for being defensive. I am sorry that comes with the territory of insulting my family, the business, and myself.

Do you really think I would just let you sit there and attempt to destroy what I have been working 80+ hours a week on? Something I have dedicated myself to?

When you kick someone expect them to kick back!

80+ hours a week, with a wife and child to take care of?
..and still no website to speak of?
...
bwahaha. yeah right. this is too easy.

my talents are required elsewhere.

Yes 80+ hours a week with a family. Yes no website. I am not a web developer. This is why I am looking to hire one.
If you wonder what I do. I handle the contracts, I handle pretty much all the paper work. As I figure the rest of the family should not have access to it. I handle coordinating meetings with contractors and distributors. I also go to seminars and a few shows. Plus quite a bit more.

I am sorry I am not a superb web developer. I am sorry that their is a lot more to do with a business than just running a website. I am sorry I try to find the best distributors for the money.

I hope you do realize there is a lot more to operating and running a business than set and forget. A lot more than just a website.

Thank you.

To all shareholders.

Once I am done with here. I can continue with the search for a web developer.

I am sorry I lost my composure here. This is not normally me. Nor would I normally let someone get under my skin this much. I am truly sorry for this.

I just can not sit by while someone bashes the business let alone making it personal.

Thank you all as well.

No, but it's uncalled for. So do it again and you will be.

Just let this go PBJ. Its obvious who the troll here is. He's just gotten out of his noob status with this thread alone -_- You've got my support. I have full faith in your sincerity & can sense your determination to make your dream a reality. 10 more btc coming your way in return for shares. I intend to become a big part of this operation. So, don't even continue to entertain this clown anymore... Best of wishes to you and your family PBJ. I can tell the future holds great things for all of us :)

-FaerO-

I will not let it derail me anymore.

Thank you for your support.

UPDATE: The rig is doing better than I thought. We are achieving 1.55gh/s.

UPDATE 2: The search for a web developer continues today. Still have more than I thought I would for portfolio's.

Thank you.

wow, someoneweird. as a moderator of this forum, and apparently affiliated with the 'bitcoin police',
shouldn't you be looking out for the best interests of the people of this forum? the so-called 'investors'?

shouldn't you, at the very least be moving this thread to a more appropriate place on the forum,
where 'newbies' won't be suckered into blindly giving bitcoins to someone with a poor business plan and dubious credibility?
or perhaps deleting this thread altogether, and advising PBJ to repost it somewhere else when he gets out of the noob status that we are all in?

i've raised legitimate concerns. glad to see i'm being rewarded by being called a troll.

I will not get to involved with this today.
It is not worth my time nor the investors time for me to play this game anymore.
You have been reported yet again.

you know, for someone who is presumably from china (since you have since said your wife speaks mandarin and is thus qualified for fielding calls),
you sure like to report people.

I have never said I was from china.

This proves my point quite well.

do you understand the meaning of the word presumably?
you had implied that your clients were chinese, because your wife can speak mandarin, and thus is qualified to field calls.


i'm aware that you have neglected to explicitly say where you, or your business are located, supposedly because of your NDA.
hence, yet another reason for skepticism.


...
also, if you actually are located in Rhode Island, and not just 'from' there,
then why are your clients chinese? why the need to speak mandarin?
this raises other obvous red flags.

I will only say this one more time. After this I am just going to ignore you.

If you have read the entire thread. You would realize that a lot of questions have been answered.

Another thing I would like you to understand. An NDA also means I can not disclose to much personal information as well. Until they are over I am stuck.

Because my wife can speak Russian. Does that mean she is Russian?

This is for getting better contacts that can give better prices on items and services. One must be able to expand across the world when dealing with a "Worldwide currency".
"also, if you actually are located in Rhode Island, and not just 'from' there,
then why are your clients chinese? why the need to speak mandarin?
this raises other obvous red flags."

As for now. I will ignore you. As I should have done since the beginning.

Thank you.

i have read the entire thread, which is why i have such a concern for what you are doing.
...which is clearly, in my opinion, equivalent to stealing bitcoins.

ignoring people that raise legitimate concerns is probably not good for your so-called business.

Ignoring potential or investors is no good for business. Ignoring potential customers is no good for business. but ignoring the Crazy Old Man that comes in everyday to complain yet, has never bought a thing from the store is absolutely a good business plan. In fact, eventually, you'd kick him out of the store. Which is exactly what should be done with you Rannici, from this entire forum. You are the only person here who has recently been relieved of noob status. YOU are one of the biggest trolls I've seen. Why are you so concerned troll? If you think its a scam then dont invest. You've already warned us. & obviously no one cares what you have to say. Now go away. Quit flooding this thread with your uneducated nonsense.

*drops to knees and prays* "Please ban Rannici. Please Lord, ban Rannici now."

& this one kills me


So, are you to say, because we are in America, there is never a need for translators? How in the world do you expect to ever expand beyond your borders? You are more than close minded sir, You are nothing but, ignorant & the points you raise are either irrelevant or completely bullheaded. Great job making yourself look like an idiot. because nobody did it for you :)

-FaerO-
this raises other obvous red flags.

look.

being new to this forum, and to the entire bitcoin community as a whole, i took a particular interest in this thread, because it REEKS of scam.
and i thought pointing out this scam to the general bitcoin populace would do some good as it would save investors from donating to this questionable business venture, as well as help the bitcoin exchange in recognizing and weeding out less than reputable investments.

i work at a moderately sized web development firm that offers many of the same services the poster is stating that he is currently in the process of setting up. i also operate my own set of mining rigs. therefore i am just as qualified (if not moreso) as anyone here to offer an assessment of this business.

of course this is not what i'm saying.
what i tried to make clear above, was that it sounded like PBJ already has mandarin speaking clients that his wife is interfacing with, which seems weird to me.
... but to directly respond to your point, being that PBJ has stated that he is in the primordial stages of setting up his business (which is presumably in rhode island, even though his english grammar is clearly lacking) i HIGHLY DOUBT he has a need for translators or to 'expand beyond' the united states at this point in time. being that it sounds like the operation he is running is many times smaller than the organization i work at. my organization currently has not expanded very far outside the realm of the united states, despite our resources and capabilities to do so.

why? because of the nature of the business.
clients are typically found on the local/regional/ and rare state levels first.
...clients from china is a strange stretch...



i find it appalling that my reputation is being called into question here.

if you want to waste more of your money throwing money into a vacuum go ahead faero.
it appears you've already given him $200?
congratulations on that smart move.
i'm out.

Good riddance. maybe you'll stay away for good now :)

We can always hope :)

UPDATE: I will be contacting 2 web devs in the afternoon. We will see how it goes.

One down and one more to go for today.

Still got quite a few to go and a few people to actually contact me back.

Hopefully Tuesday or Wednesday I can make a decision.

If anyone needs help with GLBSE.com.

Please do not hesitate to post on the thread or PM me about it.

Thank you

So whats the status of your company? do you have any rigs going? have you payed any dividends? How about other things?

Thinking about investing.

Hello Bitcoin Swami.

I am yet to pay dividends. That will be coming the end of this month unless it is voted to be re-invested into the company.

Right now we have one rig at 1550mh/s. Still tweaking a bit there.

I am in the process of finding a web developer.

I have been in contact with a company for prepaid cards for over 17,000 services. This is still in the works of course. As the web developer will need to know his/her way around.

I am trying to save the money for the contract right now.

Once that is done. Then I can continue on the rigs and other areas of expansion.

I hope this help you a little bit.

Thank you

Cool that sounds great.  I believe I will list my own little mining venture on there myself.  Most of my company will be investing into other companies.  Mining will just be something to keep the income flowing.  What cards are you using to pull 1550 out of 1 rig?

5970's.

The price I pay is unbelievably cheap. Took a lot of hard work to get them down on price. :)

I do not overclock them. I run them to keep cool and be as energy efficient.

running 5970s for mining without overclocking them is just about the dumbest thing i've ever heard.
at the very least, you should be underclocking the memory.

why is anyone still taking this guy seriously?

UPDATE: 4 more interviews to go.

rannici. I will only state this one more time. I keep them at stock for the GPU as to keep the room cooler and the cards cooler. Along with not burning excess electricity. I never once mentioned about downclocking. I have downclocked to 300mhz. That is just common sense.
Yes I can tweak a bit more. I just have been busy with other aspects of the business. As mining is NOT our sole purpose.

Thank you.

if you're concerned that one mining rig is going to generate excess heat in the space you supposedly have available,
then i'm concerned about your plans to expand your mining operation.

also, it's a dumb argument, that keeping the cards at stock will save on electricity costs, and thus be better for shareholders.
it's dumb because the radeon 5970s are about the most power efficient cards out there,
thus, the more power you pump into them the better ROI you will get.

Sounds like you need to go research fpga cards. 5970s are not the most power efficient.

i know about asics and fpgas.
but the up front investment in them is still too high to warrant buying them for such low hashing power.

for the general consumer, among graphics cards, the 5970 is still one the best solutions for power-efficient bitcoin mining.

I am waiting for the risers show up.

I have also been working on other projects that are a bit more consuming than the rig. I have been trying to plan time to get it at its best performance. It has just been a bit hard to make the time between finding a web dev, getting paper work done(contracts, interviews and the such), and a bit more.

The wife will be able to help out later today and take a bit of the load off of me.  Maybe the risers will show today and I can work on the rigs. I want them to run at peak performance without jeopardizing efficiency or too much excess heat.

I am trying to make the best ROI. Not the fastest rig. They do not equal the same thing.

I have not turned on the excess ventilation in the room as of yet. With only one rig as it seems wasteful.

Thank you

UPDATE: One interview down. Another one added for today. So we are back up to four.

Thank you

UPDATE: Another interview done. Three more to go today. Next one is in about an hour.

Though Rannici could certainly improve their constructive criticism skills, the exchanges do provide an excellent opportunity for PBJ to demonstrate his ability to deal with difficult and challenging situations skilfully, professionally, swiftly and honestly.

My confidence in PBJ, as both a person and in the role of CEO of this company, is growing with every post and hence so is my confidence in the investment I have made to date.

Rannici - Would you be willing to take a short position on the PBJ share with me providing the counter position ? What would your terms be ?

UPDATE: Two more to go

Ben Walsh: Thank you for the kind words. Your faith will not go unrewarded!

Just to let everybody know.

We are still quite bit away from the goal needed for the contract.

I am not asking for people to buy shares.

I just want everyone to know this is part of the hold up.

Thank you.

UPDATE: One more interview to go. That is later tonight.

So far I have found 2 I wish to interview a second time. Still a lot more to go as it is. Just not all today.

I hope everybody is having a good Monday.

Is the business plan complete or a draft ready for review ?

I'm in a position to buy more shares but won't risk any more BTC on this until I've seen a proper business plan with proper projections on sales, revenues, costs, profits etc ... for each of the proposed areas of the operation.

This is completely understandable. I was actually just having a snack and getting ready to build the business plan. Now that I have finally gotten a quote from the company for the prepaid cards. They kept pushing it up and down.

Now that it has been done I am ready to build a business plan. I will keep you updated.

I have the last interview in about 5 hours. I am currently home alone with my kid. So I may have a few distractions here and there. I should have the business plan done before the last interview. If not soon after.

Thank you.

http://www.youtube.com/watch?v=bU6m5UqLx9M (http://www.youtube.com/watch?v=bU6m5UqLx9M)

I am still working on the business plan. It will be done tonight.

My wife is now home. So I can conduct this last interview and finish the business plan. My guess is 1 a.m.ish for it to be done.

Thank you.

Rannici: that was cute. However I do not have time to watch these. 

Thank you.

Still going. Almost done with the business plan. About another hour to go.

Let me mind you this is only a draft for now. As the hardest part seems to be projecting the mining aspect. For now that will not be showing any growth of profit. I have added the deductions for electricity and extremely low rental fees. I also added the pricing for the rigs as part of start up costs.

Thank you

UPDATE: The business plan is done.

Long day today and a longer one tomorrow.

If you wish for a copy of the Business plan draft. Please just let me know.

Thank you.

malagant1979: If you got this before I edited it I a sorry. I did not realize you had already invested. I will PM you in a minute with the "draft". It will be a pdf in a rar.

Thank you.

Sorry about this one. I forgot to mention in the business plan draft. I am having a hard time figuring out the income side of the mining. But as you will see. Anything earned from mining will be shear profits.

Thank you. Time for me to go to bed so I can wake up in 5.5 hours and go to a meeting.

Good morning everybody. I have replied to the PM's for the business plan.

Sorry for the short replies. Still yet to get my coffee. The meeting has been pushed back about an hour. So I have about 30 min to field questions.

I will have my phone on me. So I can access the forums and such on the road.

Thank you.

I am going to head out now. I will get all your replies while I am out. This will be for a few hours. I may just take alittle while to respond.

Thank you.

I did not receive a draft. probably missed my PM :)

I am sorry I thought I sent you a link. Probably sent it to the wrong PM.  As soon as I'm home I will send it.

Just sent you the link.

I am back now for questions. I may be a bit belayed in replying. Not much sleep and the drive was hot and blistering sun.

I will get to working on the second draft later tonight.

Thank you. 

This is a very disappointing response. If you are serious about floating your company then you must understand that right now, you have issued 45,000 shares, and sold 724 of them, meaning you own 44,776 shares. You could offer these for sale whenever you like for 0.0001 btc or 1 btc. No one knows unless you say. You are in complete control of the price, not the market.

So I ask again, how many of these shares are you going to sell and for what price? If you can't answer this simple question, you obviously don't know what you're doing when it comes to offering a business or investment opportunity.

As a potential shareholder, I would ask for a commitment that you don't lower the price below 0.109 for the unsold shares. Either that, or you commit to a smaller IPO sale (say 5,000 shares) at 0.109 and keep the rest in reserve. IMO, you should try to sell enough so that you can operate the business with an initial cash injection, and only issue more when you have a business case to increase the value of the company, for example to buy more equipment. By then, you should be able to demonstrate the ability to derive profit and so be able to issue the shares at a higher price preserving initial shareholder value. Even then, you should put it to a shareholder vote.

I don't want to sound to lecture-y, but this is what I expect as a shareholder. Good luck with your IPO and with your business.

-DiamondPlus

DiamondPlus: I am not sure exactly which response you are responding to. I have stated before that I plan on selling 22050 shares. I have also stated they will be at the price of 0.109btc. There will be no change in this price.
Thank you.

Good morning everybody.  I will be working on the business plan all day.

I know I need to work on projections a bit more. Plus a lot more in general. If anyone has any notes they would like to give me. Today would be a good day.

Thank you

I can not guarantee a second draft tonight. I will try however.

Diamond Plus has copied my post from a few weeks ago, posted it again verbatim. Don't know WTF that is all about.

It was not me....

OT, but he has done the same with one of my posts, and other posts. Kinda weird reading a new post and getting that deja vu feeling.

That would explain it. :)

I knew it was not you alfred. I was just confused.

I really do not know why he posted it again.

Thank you for clarifying.

trentzb: Yes it is a strange feeling. lol

Just checking to see if you guys found a web dev yet.  If you're still looking I might be able to help you out, just pm me.

btcmerchant:I have sent you a PM.

ALL: Good morning all. I am awake and working on the statistics of the business plan. I still need to add the legal fees as well.

I will also be holding at least 2 interviews today.

Thank you.

UPDATE: I am sadly stuck to a neighbors wifi for this evening. My modem went down and they are sending a tech for a new one in the morning.

I have just gotten onto his. The problem is it is 3 houses away. So reception is quite weak.

I am still working. Just slow goings for now.

I will be replying to PM's now.

UPDATE: I paid the legal fees today as well. $750.

These were for the contracts with Ingenico and the distributor. Now to pay the contract payment off and a web dev.

you make this all sound like such hard work.

UPDATE: just brushed my teeth.

UPDATE: just got out of the shower.

UPDATE: moved a few pencils on my desk. (hoping desperately that bitcoin newbies invest in my sham of a stock)

Why are you still here? Seriously... Do you have nothing better to do? Really?

Seconded.

Rannici - go do something productive - I suggest self sterilisation.

like you, i am dutifully waiting to see a finalized business plan.

Can you please clarify what exactly these legal fees were for ?

I understand who Ingenico are but who is the "distributor" you mention ?

I have read the draft business plan and I would very much like to discuss it here.

How would you like those of us with a copy to discuss it ?

Effectively, we need a virtual equivalent of the "post draft business plan presentation" Q&A session that all current shareholders would be at.

Once, you have finalised the business plan, are you intending to place it into the public domain, for potential shareholders to read ?

seeemsssss sketchy....

I am sorry I have not been around. We just got through hurricane Irene. I have some repairs I need to tend to ASAP. This is just a short update. I will respond to your questions once Things are all set here. Pretty hard to type on my phone. No power here yet.

Thank you

I am sort of interested. Will wait to see how this pans out.

Well, I’m out.

I just sold all my shares at a loss since there are no dividends forth coming and the responses to questions is getting fewer and further apart.

I offered Michael free hosting on my servers and web development to my abilities and a fully fletched prepaid card system for the selling of prepaid cards. I have developed and used this system successfully to prove that it can be done and unfortunately until now I had no response from him.

All the best to you who want to stick around but this is where I get off this buss.

Cheers.

Cheap negative advertising then. Congratulations.

Hope you find a buyer for your products and services.

@Ben Walsh (beamer)


Are you daft or just naturally stupid!

Do you see any advertising here or did you see any of my emails to Michael?

No, then you should not comment nor assu – yes assu because you only make an ass out of u!

I do not need any buyers for my products or services because there are none too provide in the first place and therefore do not need any advertising.

I do have servers that I use for my own personal use and for development of applications where I approach people to do development for them at no cost, jip that is for free, nada or zip! I just like to create these applications because some idiot told me a long time ago that I am incapable of application development.

The prepaid card system was developed on the above principle and for the same reasons. This was offered at no cost, jip again for free, nada or zip and unfortunately that ship has sailed and is not more available.

@Peter Lambert

May it bring you fortunes galore! ;)

Neither.

There are always non monetary costs to "free".

Even if it is just the lack of professionalism, as shown here.

What is your objective in making public one side of a story in which your offer of "free" services and products was rejected?

It has harmed your reputation - I'm now less likely to consider using your products and services, even with zero monetary cost.

I get offers of "free" business services all the time and ignore almost all of them. I certainly don't expect those offering to then go and tell all my past, present and future customers and investors - which is exactly what you've now done.

You are clearly just plain stupid and as thick as a plank!

Only you will buy a service or product that does not exist - I just do not know how you will do it, you should write a book on that and you'll rake in the millions.

I am not a professional and that I made it clear by stating why I do things - this is like free, nada or zip and the people that I have helped will not be made public!

I do not care about a reputation because with or without it I can still do whatever I like, I still going to earn the same as always. What I do care about is the people that were or still is in the same venture as me and they clearly have no idea what is going and that is what I have decide to reveal.

Again, you do not know the content of my correspondence with Michael and that is how it will stay.

By responding to the post, you agree that you are an idiot.

it's been pretty clear this has been a scam from the start.

just throwing that out there...

There was to be a motion on whether the profits from this month's mining would be reinvested into the company or not. Also the communication with investors has been more than adequate for the first month and a bit of a startup - have you ever invested in a startup before ? Rancidi was bitching about excessive communication ... and I see he is back to provide further digs - sigh ... some of the people, some of the time.

Did you read the business plan ? Did you provide any constructive criticism on it ?

There is clearly still a market for what PBJ is going to be offering here and company assets to more than support the last trade price - seems the votes (through the bids and asks of GLBSE for PBJ) support this too. I would certainly buy more shares at the price you traded at.

While checking for a raised motion, I note that it looks to me like the motion functionality of the GLBSE server is currently broken, at least it is through the 2.0 version of the Python client.

Any others having problems with motions through the web client ? (I don't have any access to my BTC wallet at the moment to test with an additional PBJ share in the web client)

GLBSE is going to be down for Saturday.

Anyword from OP I own shares of the stock but with no responses and no post in quite some time I am concerned my funds are doing nothing.  I would use them elsewhere if this project isn't going materialize.

PBJ - what's the latest status ? Have you recovered from the unfortunate problems yet ? What's the total cost and what can your investors hope to recover ?

lulz.


zero. zip. nada.

he played you all from the start.

Bump.

PBJ - Are you still there ?

Sorry it took so long to reply. I just did not see you in my inbox. I have replied to your PM now. Thank you