Bitcoin Forum

I've  been thinking about this and i want to give it a try.  With the crazy price changes, I'd rather investors have the bitcoins ASAP so they can decide what to do with them.  I see no reason to hold on to all of them really.  It will work like this.  I will hold 44% of the bitcoins created everyday and will pay all shareholders daily 56% of what I mine.  After the middle of the month (when my electricity bill comes in) I will use the 44% to pay for electricity, anything left over will also be payed to the shareholders as a mid month bonus.  Simple, easy.  The only problem I could have is that bitcoins would take a death dive (isn't that all of our problems?)  If that happens the experiment is over and I'll go back on a monthly payout.

My first dividend payout will be Monday morning around midnight Eastern Daylight time.  It will be bigger than the daily because it will encompass the past 5 days of mining.

Hope you like this idea.  My ticker is SMM.

I'm open to questions and concerns.

This sounds interesting...

Why not, expect my purchase. Now is this listed in the contract? The new dividend deal?

No its not, I can't edit the contract directly.  I already had nefario edit it once and I hate to keep bothering him really.  I figure if it says monthly and I pay everyone daily there shouldn't be a problem right? everyone happy?

If some craziness happens and I'm forced to go monthly again, then the contract wont need to be edited.  

Does this seem ok? Most companies on the GLBSE dont even put their dividend schedule in there, I don't know why I did.

Dividend payed,

please make sure you got it.  For now on they will go out daily.

Just want to clarify that I own 10200 shares but I'm only getting dividends on 5000 shares to cover my initial investment.  I don't feel right taking 51% of the dividends.

So for about 1881 shares have been sold.  I've purchased more mining equip and just waiting for more funds so i can buy a power supply and maybe a card or 2. Also bought 31 shares of LIF.A.

I've kept a pretty good log of income and expenses here.

https://docs.google.com/spreadsheet/ccc?key=0AvdHbho4OHt9dFVTVHFUNFVvNFZyc2E5eERPeFd2Y1E&hl=en_US#gid=0

Put me down for one share!

Could someone post the dividend/share for each of the days on which a dividend has been paid please ?

I am trying to do a competitive analysis of SMM vs SIN and unfortunately the Google Spreadsheet for SMM only gives the total dividend payout rather than the more useful dividend/share figure. I can infer the total number of shares which are receiving a dividend from that total payout but I would like the actual figures themselves for the analysis.

Thanks in advance.

Hey Beamer,

I had it on the spreadsheet but then took it off cause I think it can be a bit misleading especially when the IPO shares are being sold.  One day it might say one eps.. but if 1000 more shares are sold the next day it will be divided up further.  Once all the shares are sold it wont be a problem.  (hopefully not too long at this rate)

The formula is:  the dividend / (number of shares sold + 5000 (my shares))

Edit: i'll just put it back up there) Should be up there tonight.

EDIT : Excellent. Thanks for that. Further evidence regarding comms and professionalism ;O)

Okey dokey.

I don't see any problem with that, as long as you make a real clear post to this thread, when you change from paying 5000 of your shares a dividend.

At the moment, that is where the vast majority of your financial competitive advantage over SIN is coming from.

You are light years ahead of SIN in terms of communication and professionalism.

I far prefer your daily dividend approach.

I have purchased 60 shares in SMM with funds from the sale of most of my SIN shares - it will be interesting to see how many others reach the same conclusions and investment decisions.

Thanks for bringing a higher quality of investment opportunity to GLBSE.

Question, what are the maximum GH you are planning to go up to? Are you capping at 2.5 GH or do you plan to expand operation?

I should be adding another 1 - 1.2 ghs within the next week just waiting for some stuff to arrive.  If it all works out smoothly I can add maybe one more rig. I don't want to expand beyond what I can handle.  It seems like alot of these companies got tons of money and invested it in mining gear and got in over their heads. Mining can be stressful especially when you have people waiting for a dividend.  I'd like to balance it out with smart investments on the GLBSE.   Just want to make something stable for people to be able to invest in without too much risk.

Or when you're like me and left to cpu mining only lol. Good to see your business thriving and moving forward.

Only 447 shares left of the IPO.  I had not idea they would sell out this fast.  There will be 9300 shares floating around after the IPO is done.  I put 500 shares aside for a later date in case we need to raise more funds.  Thanks for everyone whos invested. Now please get that bitcoin price to rise.

Yes this bitcoin price is screwing with my plans.  I have ideas for 2 websites. I think they will bring in alot more bitcoins than the mining operation does.  Don't want to just rely on mining in cases like this.  Hopefully since there are 9300 shares out there, the stock will be funner to trade than the others.

@Bitcoinswami did you decide what pool you would use for SMM?

Hey there.  Right now I am on Deepbit, I know they take a fee, but I've just grown used to it.  I plan on changing to a place with less fees soon.

I commented on your blog post relating to pool choice.

I did a small test on the top 10 pools and found that arsbitcoin gave the biggest payout with the least fees for the ammount of shares accpeted.

I bought some stock of SMM and am very pleased with the work you have been done. thanks. I think this stock has the most potential and is most trustworthy of the choice of stock on GLBSE.

Hey there, like what your doing, already saw a few dividends pop into my account, bought a bunch of shares a couple days ago..


Keep it up! Im really liking the GLBSE!

Hey guys after thinking long and hard I've decided to end the mining operation.  Please read my blog post.

http://smokymountainmining.com/?p=49

That sucks man.  What kind of equipment you have for sale?  We might be interested here at BMMO if the price is right..   I have some shares of SMM too.. 

Pming you

No peter I am selling the mining gear.  Selling what i can of another rig that I paid for and will be sharing it with shareholders just to keep a good name for myself and the glbse.

Bitcoin Swami, did you see the reply to your PM?  I am wondering if it went through..

Knew this was going to collapse.

I can understand not buying new equipment, as it really is a tough gamble to pay off...  But once equipment is running and making BTC, I just can not imagine with average electricity costs that it makes sense to turn them off.  You would need 30 cent a KW/h electricity to be unprofitable. 

I'm sorry to see this.  Hard to imagine that with all the shares you sold and the recent drop in your share price, you still can't make things work out.  Since yours was the largest stock by volume on the GLBSE, I can imagine this will seriously damange investor confidence.

With that being said, know that my fund SLV is:
1) committed to paying a dividend through at least the end of the year.
2) holding shares of silver that will not depreciate to 0.
3) backed by http://www.BitcoinMint.US and will not "end the... operation" without a shareholder vote.

https://bitcointalk.org/index.php?topic=45586.0

As a 2% owner of the total shares, I must say I am disappointed. We seemed to have a great run at it, and Swami was doing an outstanding job in terms of communication and providing investors with data. I would have preferred to see this be done with some investor input, but as majority shareholder, Swami's wishes would have trumped no matter what. Perhaps even a notice via the Motion function to let shareholders know immediately instead of a blog post?

Sorry to see one of the legit assets tank. I am relieved to read that this will be liquidated and investors at least made whole on IPO.

Makes a strong case for de-listing assets that are being shuttered by their founders. Trading needs to be suspended in dead issues. This proclamation was not introduced on the GLBSE forum, so anyone relying on that source for "official" company news would have been way behind the curve on this collapse.

And yes, investor confidence is going to be rocked by the loss of the market leader, and one can only wonder what message it sends to legit asset developers?

On his blog posting he states he will hold the other investments and paying back the shareholders.

Peter I'm holding them as of now.  Might liquidate some holdings to take profit and will probably buy other holdings. Any profit that is made from dividends, buying and selling ect.  Will be shared the day it happens.  I"m not closing up shop. 

Glad to hear it.  Would you advise a new investor to buy shares at this point?

@Bitcoin Swami

Are you still buying back shares from shareholders to repay them ?

What do you consider a fair price ? I'm unsure what would be fair given the BTCUSD change, the dividends paid to date and not knowing what return on purchase price you achieved for the company assets.

I'm assuming the share price in BTC should have increased proportionally to the drop in USD value of BTC - but this depends on the BTCUSD exchange rate you achieved when you purchased hardware.

Although my personal loss, assuming I get nothing more than the dividends to date is manageable, I'm mindful of your understandable desire to preserve your reputation following this.

guess this guy took off?  ???

Bump.

Just want to give Bitcoin Swami a final opportunity to maintain his reputation here.

He doesn't care - hasn't logged in since October.

The honor of being the first major scammer on GLBSE, but as history has shown us, certainly not the last.

I wont be using GLBSE until I see some measures to maintain the site and trustworthiness.

If old stocks/scams remain on the new one, I doubt Ill be using it again.

There is no reason for people to be able to buy old dishwara shares or smmm.

Its ridiculous..