Bitcoin Forum

Having been repeatedly been screwed by shipping delays, services failing to deliver, an ever rising difficulty (and expected further jump once the the major manufacturers actually start shipping), and the market price for coins climbing at a seemingly astronomical rate as of late, I must start paying people in USD weighted coin.  I've been paying back coins as quickly as possible and yet the USD value of coins is climbing much faster than I can generate/work off and buy coins each month.  I've sold assets to help payback but I'm to the point where there's not much left to sell and that which is left, won't be very well valued when accounting for USD->BTC.

There are currently 7 creditors remaining.  I will take their balances as of today and value them at a Gox 24hr Avg of $150/coin and continue to pay towards their amount due each month.  I will pay people in the coin equivalent valued via the Gox 24hr avg each Sunday at 12:00p CST beginning next Sunday.  While some debtors have opted to attempt to disappear or value the coins based upon when they were deposited (for me, its been about a 15x-30x value increase from deposit to today), I'll continue to pay to make everyone whole as best as I am able.

week 0 = 100 btc
week 2 = 101 btc
week 4 = 102.01
week 6 = 104.0502
week 8 = 106.1312..
week 10=109.315...
week 12=112.594...
week 14=117.098...
week 16=122.953..

etc...


Is this correct?

It is my intention to actually pay out the dividends, rather than have them be reinvested, but if that becomes a large demand, I'll consider it.

Edit: A quick scan over your example does seem correct though if a person did reinvest.

On second thought, if you want to reinvest dividends, not a problem.

I take it the money can be taken out anytime (except for the first two weeks)? I'd be interested, if you pm me an address.

PM'd.

I'm in

10 BTC sent as per PM

Thank you everyone for your interest thus far!

Updated Availability.  Almost full for now. :)

I wish I had any more to invest  ::)

Updated availability.  Enjoy your weekend everyone, stay safe.

If I ever get this resolved;
https://bitcointalk.org/index.php?topic=60166.0

I'll throw some BTC into it.  I have to get some OTC rep somewhere if iIm going to start being a player in this brave new BTC world.   ;)

Redacted.

LOL you and me both. I thought a good way to get rep was loaning out, didn't realize it was gonna cost me so quick.

next time, don't loan to people without good otc records. Those have nothing to lose most of the time.

Exactly.  I have tons of good -otc rep and have no desire to lose mine.

I've never used the OTC market that most people refer to, but I do background checks.  

anyway

imsaguy - as per pm, is availability down to 75, or can I take some extra as per our pm's

edit: 200 sent

Thanks for the interest everyone.  I've updated my availability based upon anticipated volume the next 2 weeks.

is this still accepting investment?

I would like to invest 10 BTC with re-investment. PM me the address if it is still available.

Is the best way to track an investment with you now to contact you on IRC?

Yes.

I originally stated that I'd prorate the first period to match your deposit time, but I was feeling a little generous and just gave you credit for the first 2 weeks regardless of deposit time.  All dividends have been either sent or credited to your account.  If something doesn't seem right, please let me know.

I can confirm receipt, everything looks good.

Thanks for the un-expected payout!

We're full right now.  If you *really* want in, pm me and maybe we can work something out.  Otherwise, stayed tuned and I'll update when I'm ready for more.

staying tuned for the next funding round...

Availability Update.

Im interested in investing some coins. pm sent

I didn't see yours as first.  It was quite the pm. :p  Replied.

sending 25btc now

Why not, all the cool kids are doing it...

PM sent and contacted (attempted) via IRC

PMed OPer ~ can I be a bit cool too pse :P

Replied to both people. A guy has to sleep you know. :)

250 BTC sent  :)

Current availability is: 195 btc. Huh?

it was arranged as a special via PM due to my offer terms maybe

I have a question. Does the dividend percentage start at 1% for each new chunk at the time of deposit, or is it carried over from other deposits?


fair enough.

I got busy and forgot to edit the OP.


If you have a regular ongoing deposit system, then I'll associate it all together.  If you deposit 10 btc, wait until you're at the 6% rate, then ask to deposit 250 btc, I'm inclined to treat them as separate investments.  The point of the higher rates is to encourage long term growth, late disproportionate investments run contrary to that.

Bump.

Care to share a bit more about what one is actually investing in to be able to generate the rates you offer?

Trading and mining with a few side things going on.  Nothing illegal, but sharing kills the competitive advantage.

I know 12%/month might seem like a lot, but when compared to conventional funding methods, its cheap.  Many credit cards are higher.


I welcome anyone who feels I haven't lived up to an obligation I've made to come forward.  I do everything possible to stick to my word.

Thanks for answering. I did not intend to cast aspersions, so sorry if you took it that way. I was merely a bit curious, because your last investment opportunity was mining, and this one offers greater returns and I wasn't sure whether that could be supported by mining alone.

Holy shit, that expression bothers me.

Why is that?

It isn't actually an apology. It's like saying "I'm sorry that you feel that way". It assumes no responsibility for any offense and puts the whole thing squarely on the shoulders of the person taking offense.

Now, in this case there was nothing actually wrong going on and the apology wasn't really warranted to begin with, so I'll admit that my response was just a knee-jerk :) I just wanted to point it out.

+1 and my wife would say +10000 to this, she hates when I say "I'm sorry you feel that way"

Any news on this? It'd be awesome.

It's on the todo list, I've just not worked on it yet. *Coming Soon*


In other news..
Dividends are later today.  Now's your chance to change your reinvestment setting if you so desire.  If you haven't given me a payout address and that's how you want your dividend, please pm one to me.  If you're set to auto reinvest, then you don't have to do anything.

I didn't see the dividend payment come through yesterday, did you send them out?

I had you set to reinvest.  You should see it shortly.

Got it, yea keep me on a payout for now...Got bills to pay  ;D

No problem.  You got them today, right?

Yes I received payment, thanks

Updated availability.  Things are running smoothly so I'm ready to move on a couple opportunities.  Price is down so the number of btc has changed a bit.

+1 for this

It's on the todo list, I've just not worked on it yet. *Coming Soon* Imsaguy

any updates on this atm?

Sorry no.  The earliest this would be done is mid-March.  Work has been super busy lately.

A few large withdrawals/spends today.  Another expansion.  Updated Availability.

PM'd. Basically, I want to get in with 60 coins, but also have few questions :P

Edit: 60 btc sent, pls confirm  :)

Just a quick query..  I have more opportunities and could use additional capital.  What would motivate a person to invest or if already invested, to invest more?  Would a flat rate be the better route?

That and make it more aware you have availability over Skype. I always end up going through INAU because I know I'll be able to push a deposit out to him for arb within the tight time constraints I have to make a 30D loan off a 32D deposit.

Noted. What else?

A web site that shows by date investor's BTC in, interest paid & rate, current balance or at the very least fortnightly updates on this otherwise it just feel like you've put x BTC in to a black hole with no feedback of what's going on with your funds, peeps like to see the growth with regular updates in order for them to be confident that it's still all ticking over nicely

& yep, a fixed rate from day one, with if you need - then a min deposit & commitment time, would be simpler & for me more appealing

edit: or banded interest rates

< 100 BTC = x% per week
< 250 BTC = y% per week
< 500 BTC = z% per week
> 1,000 BTC = 10% per week   :P ;)

Well maybe if I somehow had a guarantee that you wouldn't disappear suddenly with my money then I would invest more. Not saying I don't trust you but if I were to invest let's way $1000 (which is a decent amount of money) I need to have some kind of guarantee that some dude on some forums won't just disappear on me. Not a trust issue, just need some assurance.

I've met Nick. I do not believe I would have trouble sitting on him until he repays, which he can do with his cell-phone, so as long as his arms/hands/fingers are not immobilized by my immense girth, we would even be able to wait for a confirmation.

An observation given my investment is around week nine.  If the rates get changed or increased (which seems to be the suggestion) I would have to presume the old investments would be upgraded.

Therefore, from a selfish point of view, a bonus for early adopters like you originally set out seems fair.

Okay sounds good lol. Also a side note I thought you signature said buy my grandma!

You might even just do a private google spreadsheet at first just to show an investors deposit and projected dividends before a web site is available.

Personally for me I'm still expanding my operation and currently saving less and spending more

Also I just noticed you changed the minimum to 25 btc. I currently have 10. Can you please not kick me out? I'll invest more eventually if you just let me stay :(

increasing 1% every 2 periods is very slow. Id be happy and want to invest more if it was 1% every period until you reach a max limit. it would still take 10weeks. A weekly/biweekly pm letting us know how much me have invested and how much divided is payout would be nice.

It would be more work but perhaps make some short term investment plans. There seems to be a few guys around who like short term plans.
1 week = 2%
1 month = 8%
2 months = 15%

just my .02BTC

1. Change to a weekly rate so you are on the same time frame as almost all the other investments.

2. Do higher rates for amount deposited rather than length of the account being open.

3. I'll second the update emails/PMs with dividend or interest that gets reinvested. A spreadsheet with anonymous user identification may work as well.

+1 Anonymous google spreadsheet sounds good to me :) The site is more complex and needs more work and time.

About the rates, I don't have any preferences or suggestions. We already have some deposits/investments with flat rate, why not this to be something different? :) After 6 months the result is identical (or even better if the period is more than 6 months).

I trust Nick, and I hope things will going smooth for long period of time. Would be good for him and for us. 8)

Thank you for all the feedback.

First off, I have availability via skype under the same screenname as here. I'm usually found on IRC through the day/night.  PMs on the forums are sent to my email which are sent to my phone.

Second, my investments aren't an arb opportunity with any of the other major lenders.  While I might do short term loans to some of the big guys, its only as a favor to help them out, not as a long term investment.  I do maintain a certain reserve of BTC to use as a slush fund and to cover other incidentals.

Third, I'm going to implement a shared Google Doc spreadsheet with private worksheets for each lender.

Fourth, I'm inclined towards fixed periods of time for investments.  If I can plan for withdrawals, it means I can maintain less of a sitting slush and have it invested better which ultimately means increased revenue.


What sort of guarantee would work for you?


I concur.


Is that 15% for the 2 months? If so, that's less than investing 8% for a single month.


Thanks!

I posted a poll, please vote. 

Is that 15% for the 2 months? If so, that's less than investing 8% for a single month.  
[/quote]

Ya. I was just trying to make up some numbers for short term investment plans. I guess 20% might of been better. Im actually wouldn't go for those plans myself but some might.

I voted for By duration of deposit.

hi, could I have an update please - I don't mind if it's public or not, with initial amount invested on 2012 02 05, each interest payment amount with rate & date paid & so the current balances, many thanks - no rush

Sent pm

Watching. 


I have a suggestion: I think you should release regular encrypted reports about how you are investing the funds, and then maybe 1-3 months later, you can release the decryption key.  Depending on the type of opportunities you have, you may be able to do this without risking your competitive advantage (because of the large time delay).

I am possibly interested in putting money in, but more so, I have wanted to see this reporting method in action ever since it was suggested to Zhou as a way of reporting on the Bitcoinica order book without jeopardizing customers' positions.   More transparency would definitely make this investment more attractive, however.

imsaguy,

something seems to be wrong with your mail forwarder. Could you please check for my recent PMs?

You wanted to come back with conditions for longer term (bond or CD like) investments more than a week ago. With you not reacting on my inquiries I put larger portions of my coins to hashking but still need to dump some more.

Could you please clarify if you're still interested in ~100BTC over a longer investment period? Thanks.

I find this interesting.

My apologies, let me go back to my pms.  You may have just got lost in the shuffle, I do usually respond ASAP.

WHERE IS MAH SPREADSHEET

edit: tbh I really could care less about it but I felt like stirring up some shit

Dividends will be going out in a few hours, I haven't forgotten.

Hello all,

I just got back to my computer after doing the family thing.  I pushed out dividends in a few sendmanys, so you should see them confirming shortly.  Any discrepancies will be sorted tomorrow morning as I'm off to bed now.  The worksheet is coming Monday/Tuesday.  Thanks for your patience.

I've been attempting to make a shared google spreadsheet but obviously I want each tab to be private to each person.   I set the workbook to be private to only those people that are invited and then set each tab to be only accessible to a particular email address, yet any of the invited people can see ALL of the tabs, even though the permissions say they shouldn't be able to.  Anyone have this experience or an idea what I'm doing wrong?  I'd like to get this published so I can open up my availability again.  (I promised I wouldn't open up my availability until I got online tracking ready)

I don't think you can. I tried the same thing with my sheets. GDocs permissions only allow/disallow edits, not views.

I concur.

How about anonymize the data by giving each person a random ID. And only share with your depositors/borrowers their own ID.

I just use their deposit address.

It won't be particularly anonymous if you already have an idea of who the big people are.

Not to mention it'd expose my entire balance sheet :-/

hi imsa, could I have an update on my interest paid, dates & rates, plus current balance - I don't mind if in public or via PM, no rush at all

also I see that you are part of the GLBSE PPT cabal, are any of these OEIO funds being fed through in to Pirate's S&T, or are they completely isolated from any risk there or associated with P's borrowing? In other words do you guarantee the funds lent to you here in the event of a P default?

This OEIO isn't a FPS&T arb.  I do retain some holdings at FPS&T but its only for idle coins I don't have in play for other things.  THIS OEIO has been used to expand my mining operation (just yesterday purchased another 5GH of gpus), to take advantage of various market arbs, as well as some short term loans to various parties.  My exposure to PPT is currently 100 BTC and will always be a measured risk shared with the other 5 parties.

You should probably come up with a name for the "OEIO."  ;)

imsaguy's OEIO doesn't work for you?

Obviously it has to be Imsaguy's Reverse Farm.

marked

@INAU many thanks, I take it then that you do therefor guarantee these OEIO funds in full in the event of a Pirate default - that's what I was hoping & had assumed when I made my investment therefor I am happy to leave it with you for diversification purposes & to support your mining ops etc

Let's face it, a FPS&T default would have major effects on the economy and it wouldsome effect on my short term liquidity. I keep a local slush for everyday transactions. I keep some funds at fps&t. I keep funds at various markets. I have pending payouts from a multitude of pools.

If everyone asked for a withdrawal at the exact same time, I would have some issues.  If I sat on all coins invested with me, I might as well just return them as idle coins make no money other than possible appreciation.

In short, in the case of a fps&t default, I would honor all of my current debts and investments.

IMSA has a farm EIEIO?

Very nice.  Now to update the name to match the acronym.

Dividends went out in a few batches today.  Thanks for your support.

I've looked at many different online workbook places that allow for worksheet sharing, but the privacy controls all suck and essentially everyone could see everything and if that's the way things are going to go, I can do that right here in the forums.  I think I'm just going to bite the bullet and make individual workbooks.  It'll be extra time and energy to maintain but if nothing else, it will motivate me to write something of my own.

Edit: In case you didn't know, I have a farm and I've named it EIEIO.

Hey, guys. Imsaguy paid me this semi-weekly's dividends to create this logo for the company after seeing some of my other work. He wants me to note that the thing coming out of the coin is a penis going into the dollar's hind-quarters, not the USD leaving Bitcoin in the dust as a non-believer may interpret it as.


https://i.imgur.com/b1py5.jpg

Thanks for the logos, I guess I'll have to make a contest so I can choose the best one.

Work has begun on making an informational website to allow you to see your account balance/transaction history at any time.  There just weren't any good shared worksheet solutions out there that preserved people's privacy.

I'm anticipating making some availability here shortly.

Updated availability.  Getting the VPS for the info pages setup tomorrow and then I can copy my files up.

Wow, the availability went from 800 to 75 fast!

Just sent in a small contribution to add to my balance.

Availability updated.

Current availability is: 0 btc. ~ I'm impressed, even though this is why I do bank here

Edit: Fixed, sry wasn't meant to be criptic (was 3am)

Thanks for the compliment.. I think  :-\

I'm not anywhere near the point where I'd just buy everyone out and wrap this out, but I want to start the discussion now so that when the time comes, everyone's on board.

There have been people that joined at the beginning and there are people that joined 2 days ago. There are people that bought in for the minimum and there are people that bought in for much more than that.  From a strictly dollars and cents (btc, but that ruins the idiom) perspective, its to my advantage to buy out those with the highest rate.  From the investor's standpoint, I'm going to guess they'll want me to buyout the newest people first.  So where is the happy compromise?

I'm open to suggestions and ideas.  Once there's a couple good ideas, I'll put them to a poll and let everyone decide.

well it takes about 5 months to build up to the top interest rate of about 3% per week, I only entered in to this on the assumption that once reached I would be able to hold that for at least 6 months, better still 1 year, or I probably wouldn't have bothered, other reputable lenders like Hashking have been offering deals with 3% a week from day 1 recently (10 week special) & we all know what Pirate's rates pay - but I like to diversify. So I think it only fair to let those who are 3 plus months in to this (like me) to get up to the promised rate & to be able to hold that for a min of 6 months, at the very least 4 - if you can guarantee that then I'm happy & will stick around, otherwise I shall most likely look around for other options

+1

Only pays off if it lasts a while.  So far I'm still in minus territory (for disclosure, joined at the end of January, and I have several hundred invested - only now at break-even compared to the deposit rates I'm paying at Starfish).  If it runs to Christmas(December) I would be ok with that, but if the average monthly return works out to only a few percent less happy.

After talking with my largest investors, I've decided that if I push anyone out before they've been in for >= 10 months, I'll reimburse their early months as if they had been at 6% all along (excluding the compounding, sorry).   I think that's the most fair for everyone but still allows me to buyout shares as I have larger positive income.  

That being said, if anyone's interested, there's about 200 in availability.  I've already mentioned it to a few people, so if it oversubscribes, expect them back.  Thanks.  Gone. 

waiting for confirmation of payment address (300 available to send) 

May be just decreasing the dividend payments proportionally - 1%->0.75%, 2->1,5....6%->4,5% (or something like that). This rates you can multiply with bonus coefficient, depending on deposit date and size. Example:

Time factor:
- deposits made less that 2 month ago take bonus 1;
- deposits between 2 and 4 month take bonus coefficient 1.05;
- between 4 and 6 months take 1.1,
- over 6 months - 1.15

Size factor:
- deposits under 50 BTC - bonus 1;
- 50-100 BTC - bonus 1.05;
- 100-200 BTC - 1.1;
- over 200 - 1.15

In that case, the maximum earnings could be 4.5^1.15^1.15 = ~5.95% which is almost the actual maximum rate. So the largest and oldest investors not be affected at all, but newer and smaller ones will stuck on little lower rates between 4.5 and 5.95%. This scheme will be applicable only for existing deposits. All new deposits will take base flat rate of 4.5%.

This is the fairest way which I can think out.  ??? Of course, if you want to continue the business, otherwise the idea with reimbursing the early months at 6% sounds good and fair.

*All dividends, bonus rates, time periods and deposit sizes are explanatory.

Updated opportunity and availability.  This isn't a Pirate Passthrough.  See my PPT offering on GLBSE if you're interested in passthrough.

yep, I'd like in on some Plan B please PM me a deposit addie, thanks

Sent 500 BTC Plan B

I forgot to ask, is there a roll over option for compound interest on Plan B as there is for Plan A, np if not

Sent 60 BTC @ Plan B.

 8)

Just got home, running the dividend scripts now.  Thanks for being patient.

There's been an awesome response to B.  I've been making more availability with it because of the recent price increases.. its opened up some opportunities. :)

rollover option? web site going live when? until that happens please to continue to send fortnightly updates of interest paid, at what rates & the current balances, thanks

B will be paid out.  As long as there is availability, you're free to send back.

PM sent with your A info.

Updated availability.  This Sunday is dividends for both plans.   Plan A will pay out/reinvested according to user preferences, Plan B is currently pay out only.

Switched availability to Plan A. There's a narrow window on this opportunity, so let's make it happen folks!

Thanks to everyone that participated.  At this point, I think we're in a good spot.  The next phase will be maximizing revenues and returning capital.

Just got back from Father's day activities.  Paid out A, working on B.  Had some issues with the scripts so I'm switching to manual.  Please bear with me, everyone will get paid ASAP.

What, there was Plan 9 from outer space availability?  Missed it.

Thanks for the div :)

Ok, dividends are out, with about a minute to spare according to my clock before we roll to 12:00 it just rolled over as I type this.  If you didn't get a dividend, it means there was a problem like you don't have a withdrawal address on file (Plan B people).  Any errors will be sorted tomorrow, just send me a pm. 

With all this talk nowadays about Pirate defaulting, this statement is still true right?

Yes.  ASIC and the reward halving will have more impact on my long term plans than a pirate default.

How would people feel about me issuing an asset on GLBSE for EIEIO?  Once you hit the 6% threshold, you'd receive 1 bond per 1 btc you have invested and it'd pay .06 every two weeks just like it does now.  The difference being, that if you want out or want to lessen your exposure, you could sell it to the market at large.  The opposite would also be true.. if someone wanted in, they could actually bid over 1 btc which would reduce their yield a bit, but still allow them access to a pretty high, non-pirate related asset.  Should I make this a poll?  Should I only convert those that want to be converted?  I've certainly not made a decision, just stewing over different ideas to help people out.

I think I've mentioned my position directly - but might be interested in buying some more (or selling if the price is good).

Yep, I'm all for this.

I think the main problem is that if you want to get your BTC out you are at the mercy of the bids on the market which could be less than 1 btc.  Obviously it could go higher as well.  Unless you plan on having an outstanding, permanent bid at 1BTC or you want to increase the dividends to compensate for the price risk, I'm opposed because I'm not willing to take on the extra risk of the bid fluctuation.

This +1. You can put a bid wall at 1BTC though, this solves the problem of liquidity for the shareholders.

agreed, would need that, I knew that there was something I'd overlooked that was nagging at my choice, small bid wall or by PM for quantities like withdrawal requests now at 1.

2 Withdrawals today from .B so there's a bit of availability.

It seems the GLBSE idea will need some thinking if it were to work.  It was only an idea to let people get in/out without necessarily having to  talk to me directly. 

Just a heads up, .B payments went out early today.  I was planning to do .A as well, but some stuff came up.  They'll go out according to schedule tomorrow. :)

Received (plan B), cheers and beautiful Sunday :D

Thanks!

Spent most of the day working in the yard and then remembered that I hadn't paid out .A yet.  I just paid .A.  Have a good night everyone. :)

@imsa, PM'd you earlier today

Replied.

Couple of withdrawals in the past few days and Otah's tomorrow.  Availability updated.

Edit: Availability gone!

When I envisioned EIEIO originally in January, I set it for a 6 month build up with a 6 month continuance where I'd buy everyone out around December and keep doing my thing thereafter. 
 
When BFL announced their ASIC product, it screwed up my EIEIO timetable as it was a GPU based plan.  Now instead of December, I'm stuck at October.  I have invested in FPGAs, but as we well know, it seems several of the FPGA manufacturers have shipping issues.  As a result, if ASIC actually ships when BFL has announced it will, the FPGAs will leave me in the hole for that investment.
 
I have recently had someone approach me privately to invest a bunch of coins to diversify their holdings.  The individual offered a rate which beats the rates on my EIEIO.A by a pretty healthy margin.  Beginning August, I will be doing some forced buyouts.  I will be contacting you privately to discuss arrangements.  They'll most likely be along the lines of:
 
1) I will pay you according to the OP which states you'll get a bonus dividend plus I will bonus you an amount to reflect a higher dividend rate on your original investment.

2) You may roll your investment over to .B.

Just reporting that I had an excellent 5 week investment with imsa's plan B fund & a trouble free quick withdrawal, I'm continuing with my original imsa deposit from early Feb, many thanks, recommended!

On a scale of 1-10 how likely do you think you're going to default? This question is for imsaguy.

On a scale from 1-10, with 1 being 0% and 10 being 100%, I'd say about a 4.

Now before you freak out, let me explain how I came to that conclusion.  I'm using the strictest interpretation of the word 'default'.  A default is any failure to live up to the terms of the contract.  If I'm late, I'm technically in default, even if you get paid.

I have assets that exceed my liabilities if you include all the hardware currently on order from various manufacturers. I could close up shop today, sell everything and pay everyone off.  Now technically, I've promised a bonus if I push people out, so I'd technically be in default, even though there was no loss in principal.

As I mentioned before, my biggest risks are when and how ASICs are released, the block halving in December, some sort of environmental issue (which I'm insured for but obviously that takes time to get processed), and a few other more minor things.   I think any honest miner will reveal they are exposed to the same risks.  BFL has announced an October date and while I personally think that will slip, I have to plan like it won't.  Its that October date which is the heaviest influence as to why I rated myself as I did.

I am taking steps to mitigate the ASIC risks and have already lined up secondary funding from a private party if/when the time arises that I feel I need to make a power play.

Having met more than a dozen people in here in person, it'd be pretty stupid for me to cut and run.  I will continue and have every intention of providing the best return that I can for my investors.

If you have any more questions, please feel free to ask.

imsaguy: PM'd you...

Due to the slightly delayed payments from two weeks ago when I was out and about, I decided to pay a little early this weekend.  Enjoy the rest of your weekend everyone.

Hello Folks, Had some serious issues with my machine after being in Vegas last week. Payouts are going out shortly.  I'll process all withdrawal requests thereafter.

1)  serious, genuine LOL at this:


2)  obv added to Micon's list of Ponzi & other lending scams that you should never send BTC to or get back all you can if u already did

https://bitcointalk.org/index.php?topic=94900.0

It doesn't look like he's taking deposits right now...isn't that kinda the point if this was an actual ponzi?

As Imsa had previously stated he was winding down the older loans from his original plan A, I had invested 250 BTC in Feb & to date have accrued 150 BTC in interest, a further 24 BTC was just added in interest up to the 19th August, plus a doubling bonus of the same final interest amount of another 24 BTC, plus a second bonus which is incredibly generous imo & I don't even know what it's for of a further 27 BTC to make in total 475 BTC paid to me today. :P

In Feb the 250 BTC I gave to Imsa were worth $1,400
Today, 6 months later, Imsa gave me 475 BTC worth $5,150 +

Looks like Imsa needs to go back to ponzi pre-school remedial classes  ;)

Thank you very much Imsa, I very much look forward to investing with you in the future :)

Just for the record (seeing the usual misguided post from Micon above) - I redeemed 1500 coins of investments with Imsaguy a short time ago.  Also note, that availability has not increased since.

Edit:  All EIEIO.A investors have been bought out.

Dividends have been issued.  A few more buyouts this week. Thanks everyone for your interest.

Update: All EIEIO.A investments have been repurchased.

There's been enough withdrawals today that I don't need to buy anyone out at the moment, to the point that I've made a small amount of availability. 

I'm interested in making a deposit in plan b if you still have the opening.

Hi Imsaguy,

Sent you a PM in response to your message.

Mark

A few weeks ago, I secured a place with friedcat's ASICminer.  I have BFL hardware, but I'd prefer to not keep my eggs all in one basket so to speak.  I'm continuing to research additional areas of expansion. Availability update coming shortly.

Hello,

Over the last 9 months or so, I have strived to provide the best possible return on EIEIO possible while still keeping it profitable, but in the last 2 months, I’ve made a series of bad decisions and/or had bad luck which has disrupted my plans.

• I made an investment in some new hardware which should have added an additional ~25G of fpgas to the existing GPU cluster.  I ordered shortly before BFL announced their ASIC plans. The ~25G would have been pure profit and most likely used to purchase asics.  Through a series of problems with the distributor, only just shy of 1/3 of the original order shipped and it currently doesn’t perform to spec. I received half of that 1/3 in the last week or so. The rest was refunded to me, but due to the btc to usd price appreciation, there was actually a net btc loss of about 1100 btc. Had I waited a few days longer, I could have used those coins to purchase a MR SC or two and been better prepared. Unfortunately, the contract was already executed.
• I had roughly 1500 btc in btcst that I had slowly grown via purchasing btc, tips from escrowing for people, market making and the like. I had personally set it aside to purchase asic hardware.  At this point, I consider that lost as a going concern unless more information should develop.
• I had privately discussed with several individuals the possibility of their making an investment towards the end of this year which would effectively wrap up EIEIO.B and make it a 2 or 3 party affair.  As it turns out, the btc they had planned on using for that were invested in pirate, which effectively removes that option with them at this time. It is still possible someone else decides to partner with me, but that is to be determined.
• Difficulty has been growing by about 10% every 2 weeks and it doesn’t seem likely to stop any time soon.  This has slowly squeezed the profitability of EIEIO.  I’ve been covering the cost of electricity for the last few months out of pocket ($700-800/month) so as to keep up the EIEIO dividend. I failed to adequately plan for and save for the difficulty rises.  I certainly didn't expect the large rise as early as it has been.

Effective today, I am suspending dividend payments.

The way forward has several options:

Wind Down
I can wind EIEIO down now and sell the gear.  I estimate the value of the gear to be about $13,000 which would yield about 1200 btc at today’s prices, but that is subject to market conditions.  I have about 1200 btc in glbse holdings, but due to the lack of bid depth on glbse, it’d take some time to unwind that.  It would take me approximately 3 years to buy out the remaining shares of EIEIO at today’s prices.  To use a floating btc price and/or pay interest would only drive the payoff longer and would make me seriously consider BK.

Push Forward

• I currently have 11250 shares of ASICMiner (and a board seat).  That will be a source of income once they start mining and shipping gear.  There is some risk as they could do something drastically wrong, potentially making those shares worthless.  There are rough numbers now being tossed around on the forums about potentially making 100% ROI on ASICMiner on the first hardware sale, ignoring the self mining or ongoing sales. How that income is used I will leave open to discussion.  It could be paid out as a div, rolled over to secure further asic gear, or perhaps some combination of the two.
• Take current mining income and put it into a fund towards future asic purchases. This will help EIEIO remain competitive going forward as asics and advanced forms of fpgas will be the only way to successfully mine.  The currently owned BFL singles could either be set aside for SC trade-in or sold to a 3rd party for their SC trade-in and the funds used for other asic gear.  EIEIO currently has ~450 btc on hand, some of which would be used for dividends if they were to happen on Sunday. Dividends would resume as soon as asic gear arrives, with a certain % set aside to continue expansion and process requested buyouts.
• EIEIO is currently mining at CoinLab to help preserve future gpu earnings. It functions right now as a 97% pps pool with a guaranteed payout for a few months once difficulty prices out most gpus.  In addition, they have gpu leased work (non-bitcoin) coming down the pipes in the next 2 months or so which should be on par with bitcoin profitability (or possibly even better). Dividends would resume once the leased worked becomes a regular affair.  I'd be inclined to set aside a certain % to continue expansion and process requested buyouts.

If it turns out that the asic plans and CoinLabs both don't pan out, the set aside funds could then be issued to EIEIO holders and the rest of EIEIO wound down.

TL;DR  We have two options.  The first gets you paid in full on your principal in today's USD equivalent in about 3 years time. The second keeps the business going by taking a short term haircut in exchange for dividends and/or a return of capital in what should be a much shorter span of time than the first option.

Most of the people who have ever invested in EIEIO have actually been very low maintenance and all seem to be in bitcoin for the 'long haul'.
I've stewed on this trying to come up with the best resolution for everyone while standing behind everything I've said and done and I think this is the best way forward. I await your questions, comments, concerns.  [/list]

For what it's worth, I think the best option is to continue on, even if that means that dividends will have to be suspended for some time. 

I'd rather lose out on dividends for a bit than be paid a small portion of my principal if EIEIO is forced to wind down now.

The second option seems more reasonable to me, but we are dependent from unspecified factors - ASICs shipping times and specs, BTC price, difficulty (which increases fast and last few days there are spikes over 3 millions). Hope things going to be smoother in next months.

The poll at the top has nothing to do with my post.  It had results from my last poll months ago and I changed it a few weeks ago to blank it out.  People were just randomly voting on it.  If someone knows how to delete it all together from the post, please let me know.

Bad luck? This horrendous scheme came to its inevitable, sad conclusion.

1500btc with pirate
1200btc of mining hardware
 :o

Short version: He fucked up by investing in pirate's BS.

Luck has nothing to do with being smart with your investment choices especially with 7% weekly returns dangling in front of your face.

Quoting to save this.

Ooh! ooh! Quote me too!

Dude, come on.  You had first-hand experience about how hard it is to pay out ~1.5% interest a week and you still defended Pirate on the forums and IRC?  Get a spine.

This. Just play your boss games on IRC. Pirate pisses down your back. ;D Everyone backing him at this point is an idiot. Trendon is a miserable coward.

I was blind but now I see !

When I was buying much of the mining gear, gpu prices were higher and bitcoin prices were lower.  A 5830 for example was fetching anywhere from $75-100,  5850s for $150, etc.  Now, I don't expect to get $50 for a 5830.

If you take a 5830 priced at $75 in $5 bitcoins when it was bought, it would have a btc value of 15 coins.

If you take that same 5830 and price it at $50 in $11 bitcoins as they are today, it has a btc value of 4.54 coins.

Any hardware purchase is essentially a short on bitcoin price, while the gear itself while it continues to have a productive hash is a long.

coincidence? or planned together?
Both imsaguy and hashking say it will take 3 years to repay.

We've talked about this in private, but since you are afraid of using your delete button or edit your post where you are see things where there's nothing to be seen.. I'll explain it.  I said 3 years was a worst case scenario if people panicked and wanted me to liquidate ASAP.  A mining farm is worth much more mining than it is as used, 2 year old hardware.  The action plan is to build out the ASIC gear and continue dividends and process withdrawals.

So, is THIS a new form of ZERO INTEREST Loans that you are setting the precedent for ?

....I like it. What was I thinking, paying interest this whole time I borrowed money or BTC from people.

You gentlemen are all Pioneers in the Wild, Wild West that is...BITCOIN.

Dividends, not interest.  They'll pick up again when asic starts.  Everyone that actually has a vested interest has been pretty supportive of this.

No. It's LACK OF CHOICE.

You're right.  They could have acted like you and raised a stink on this forum.  That clearly got you your money back.

...and what has defending Trendon Shavers done for you and the people that you represent, again ?

Enough with the pleasantries ...... You want to tell me to FUCK OFF, so just do it....lol

Fuck off bitlane?

No... It doesn't mean as much unless it comes from reeses....lol

sorry bro, I tried :)

That was just mean.  What did jcpham ever do to you?

Drink a big cup of hot buttered cum, you slag-happy fuckaceratops!

Thank you. I needed that...lol ;)

Quoth reeses.

He cant. You drank all pirates cum in Vegas.

well, at least it was enormously interesting. 

Another shameful half-a-scam run by half-a-guy

Bryan, the keyword is now...


...as in, involuntarily EXTENDED TO 3 Years....with ZERO % Interest, so I guess that is Interesting after all.

At least youre not facing inflation in fiat. Imsaguy is doing you a favour and actually saving you money.


This is a fucking joke.

Any updates? A simple plan would suffice.

Waiting for the ASIC gear to arrive.
Using the current dividends to acquire additional hardware.
Waiting on ASICMiner shares to start paying.
Waiting on CoinLab to start GPU leasing.

Continue paying out as funds become available from above mentioned activities.

So what you are saying is.....wait and wait.
It seems that you have enough ASICs from BFL orders and ASICMiner that can cover your principal payment down the road when ASIC happens. The CoinLab should also be viable if they are able to find customers.

Perhaps you should stop using current dividends to acquire additional hardware.
Why? Because you stated that there have been a lot of messed up orders before. It would make sense to not keep throwing money down the same path. At this point, I think the investors should have a say in what to do with the BTCs generated now.
If you keep investing more into ASIC, what if something happened again that mess it up causing you to go broke again?
Wouldn't it be safer to use the BTC generated daily to pay out partial principal, and then wait to see what happens with ASICs.
This is investor's money you are handling, and the investors should be able to vote what to do. Why? B/c you are no longer paying the dividends, which means you are not the one controlling what happens from now on. If you were to continue paying dividends, then we the investors don't care what you do with the capital you have now.

I hope this makes sense.

I hope what I'm about to say makes sense:

Diff is expected to grow by leaps and bounds.  It will start out as an arms race with all this new gear.  Anyone that isn't ahead of the pack will get left in the dust.  If we don't get ahead of the pack, we'll be behind and once we're behind, it means things will take exponentially longer.

Coinlab isn't doing leased work, so we can't pretend that will make money until it actually is. 

Asicminer isn't paying dividends right now, so we can't pretend its making money until they start paying.  We don't even know what they'll pay because it depends on what they end up doing compared to BFL and the others.  I don't think it makes much sense to liquidate the position as the bid depth on GLBSE is lacking (which it always seems to be), which means the liquidating would be a huge loss.

Be patient.  These things aren't going to resolve overnight just because you wish it to happen.

Here's what I see:
Diff is expected to grow by leaps and bounds.  It will start out as an arms race with all this new gear.  Anyone that isn't ahead of the pack will get left in the dust.  If we don't get ahead of the pack, we'll be behind and once we're behind, it means things will take exponentially longer.
What makes you think you will be AHEAD of the pack? Someone could be dropping a million dollars right now into ASIC, and your dividends will definitely not be enough to create a million dollars.

You are right, Coinlab and Asicminer aren't making anything now, and they probably never will. I've been trying to explain that to you earlier too.

We need to take the risk, either to keep investing in ASIC or say we have enough exposure already.
Keep investing in ASIC means we might get ahead, but if not, everything will be gone, nobody would likely be paid anything.
If we don't invest in ASIC, means people get paid in this waiting time, and possible in the future, we never see our principal back.

Again, I think it is time for investors to decide what to do. I am favoring partial dividend payouts if not all. Just don't feel keep throwing money into something that didn't work out makes too much sense. But who knows, you might be 100% correct and rake in some serious BTC if you are ahead of the pack.

That's a great jpeg.  Consider it stolen!   8)

I'm glad you think so, but the fact that more and more  people are joining coinlab seems to indicate people disagree with you there.  There's not a known timeline, but to say it probably never will is a little disingenuous.   There's already a huge market for gpu clusters, the field is rapidly growing and changing.  CoinLab is just working through the logistics.

ASICMiner will most likely produce a product and start making money.  They might rock the socks off BFL and the others or they might just be average.  Either way, they should produce a return and any returns are paid to GLBSE shareholders before the three principals.  Even a simple 1:1 return of capital ends up being a 10%+ return. 


I think you're trying to cut off your nose to spite your face.  You're looking at this in the shortest of possible of terms and failing to look at the larger picture.   Mining, if done right, will always be profitable.  Attempting to take too much out too quickly and not fully accounting for the rapid pace of depreciation is what screws things.  Look at what's going on with gigamining or any of the others, asic combined with the reward halving is flipping the mining field in unknown directions.  Stockpiling a little coin right now is the most prudent thing.  If it turns out things are a bust, there's nothing preventing a payment of those in the future.  If price of coins goes up some, it makes buying hardware easier and less coins are diverted towards the keeping up and more coins are paid out.  If price goes down, then perhaps asic doesn't make sense and that means I can afford to buy more from "the day job", thereby decreasing the payback period.

Now you are starting to make sense on some points again.
Then again, some of what you say makes no sense.
But I am tired of going and forth just to get a bit more info out.

Officially selling my imsaguy debt. It is over 1000BTC. If any of you guys are in this for the long haul, and agree with what imsaguy says, PM me.

"Mining, if done right, will always be profitable", so far.... that is NOT the case with you.
"Stockpiling a little coin right now is the most prudent thing.  If it turns out things are a bust, there's nothing preventing a payment of those in the future.", there's no way to prove you are actually holding the coins.
When ASIC comes and it makes sense, people would invest in it again. No need to stockpile BTC/USD for it.

reeses.... you are the one that don't negotiate. You ask me how much is the paper debt worth, I told you the amount, and you said you are done.....
I said if you "agree with what imsaguy says".

Hello.

If you're selling something, you're supposed to try to convince people it's worth as much as possible. You make up bullshit about how you're illiquid and cash now is better, to you, than amazing earnings in the future, or something like that.

As it stands, you're not going to get the face value of the debt, because it never makes sense to buy debt at face value. If you go around everywhere bitching about how terrible imsaguy is, you're not even going to get anywhere close to that, because either people will be swayed by your statements and will believe that imsaguy is a piece of shit, or they'll know that you believe him to be a piece of shit and thus are willing to get rid of his debt at a hefty discount.

You sound like you've gone irrational on this whole thing, and are just flailing wildly to get some coins without paying attention to your reputation or even basic business skills. I suggest you take a break, and when you come back I'm sure your debt will be much healthier anyway.

And yes, this is dog.

Imsaguy, is that you?

No.  I'm more than willing to let the moderators confirm this.  I've been busy trolling contributing to other threads at this time.

Could you give us an update please?

Hahaha you invested in THIS one too? Man alive, you are a retard.

What's your language m8. Don't go around insulting people, it's not considered nice.
//DeaDTerra

As of this morning Imsaguy has repaid all BTC owed to me.

Thanks very much and a pleasure doing business with you.

slider1978

I have positions with 3 of the ASIC manufacturers (and considering making one with a 4th).  Obviously shipping order amongst the various manufacturers is somewhat of a concern and I didn't/don't want all of the eggs in one basket.  The manufacturers all have their estimates, but they are just that and as a result, subject to change.

I have paid towards a few small holdings to reduce the number of people affected by this.  They were <100 coins.

I've been watching the progress with CoinLab and am cautiously optimistic about that.  As the temperatures have gone down, I've been upclocking the gpus a bit which has been offsetting the diffchanges a bit, but obviously that will only go so far.

I'm considering starting a 1%/month payment while we wait for things to play out a bit as a show of good faith.

If this thread turns into a bunch of trolling by disinterested parties, I will close it as I typically communicate with those involved via other mediums.  Just because its the internet doesn't mean you shouldn't act halfway civil.

I think that would be a good idea as well. 

Thanks for the update and +1 on the 1% a month interest.

If you decide not to use this thread to communicate anymore please PM me your email address and let's start a mailing list / just send out mails to all the investors in the bcc. I like updates :)

So, any updates on this?  

I am happy to report that my full balance was paid out, including the dividends that had accumulated through September 6, 2012 when dividends were suspended.

I hope that this can put other investors at ease that they will eventually paid back.

The transaction in question:  http://blockchain.info/tx/0f695f9bbbbdce21a476ac7a425e39818297144a926a1bc571ff3343ba05fc15 (http://blockchain.info/tx/0f695f9bbbbdce21a476ac7a425e39818297144a926a1bc571ff3343ba05fc15)

How much was your full balance?

72.6606167 BTC

Thanks a lot for reporting this. Good to hear those <100BTC accounts include at least one on the higher end of that range. Also props to imsaguy for sticking with the interest agreement.

I still would like that update Imsaguy :)

any news on the ASIC front? or the dividend?

ASICs still aren't shipping.  Coinlab still doesn't have HPC work.  So in the meantime, I'm continue to do what I've been doing.  There are only about ~13 interested parties at this time.  I hope to have that number even lower at the end of this week.

What do you mean 13 interested party? interested in what? And lower the number of interested party?
On Coinlab front, they are goin to start do "redeem" pool this week.

Not to speak for imsaguy but I would assume he means there are 13 people still invested (owed BTC) and he will be paying some of them off this week.

Ok, that makes sense.
I was more hoping that the repayment would be proportional (for those that want it back), rather than imsaguy picking who to pay back.

Has anyone heard anything recently? Updates would be appreciated.

I don't want to jinx it, but there's a tentative deal on the table that would retire the vast majority of EIEIO.  Its expected to close Saturday (~2 days from now).

Working on it.  When there are multiple parties involved these things can take time.  I thought it'd be done by Saturday, but its been delayed a bit.  As soon as its complete, people will know because there will be more coin in their wallets.

And where are those dividends?

ASICminer started paying dividends yesterday. imsaguy, what's the plan now? :)

I am not seeing any payments

No honor among thieves? 

Nick's the only person to default post-Pirate who paid me out in full, I think - and "full" included months of painfully high interest rates on the rapidly-appreciating BTC, which really was over-the-top. It was a life-saver, though. He wasn't paying everyone out equally, though - going one-by-one to close out debts individually. He's probably still running down the list. I had to ask (rather, note I was pretty desperate for it) to get bumped up in the list. Came in a few large lumps over a couple months.

Indeed. He paid me back the principal in full. I haven't received any interest yet but he says this will be discussed when he pays back everyone's principal first. Kluge: have you received the full interest payments as agreed on in the first post (9% a month)?

On any account, even if I get no interest, Nick did a lot more than the other lenders, actually keeping his word while many others didn't even try. I would of course like to receive the interest because it's a lot of money :)

Oh FYI I would not trust anything chungenhung says in this topic.

No. We had a different arrangement from before. Heh - made me look at Skype logs. I forgot how things used to work.
[3/21/2012 11:48:17 PM] Ben Malec: Interested in 20BTC more?
[3/21/2012 11:48:35 PM] Nick: Sure.
[3/21/2012 11:48:43 PM] Ben Malec: Same address?
[3/21/2012 11:48:54 PM] Nick: yep
[3/21/2012 11:49:11 PM] Ben Malec: Sent! Cheers!
[3/21/2012 11:49:33 PM] Nick: I see them, thanks
[3/25/2012 1:56:08 AM] Ben Malec: Mind spotting me 5.5BTC for a few days? I'll pay 5.75BTC.
[3/25/2012 10:47:14 AM] Nick: yeah, I think I can swing that.  I'm getting ready to do dividends today so let me get those out and then I'll let you know.
[3/25/2012 12:49:37 PM] Ben Malec: Thanks, Nick. I don't think I'll need it, though...... GLBSE withdrawal should happen "soon."
[3/25/2012 12:51:36 PM] Nick: oh, ok
[3/26/2012 8:16:51 AM] Ben Malec: Care for 12.5BTC?
[3/26/2012 9:21:18 AM] Ben Malec: Great! Sent. (afk)
[3/26/2012 11:33:50 AM] Nick: lol
[3/27/2012 11:42:29 AM] Ben Malec: Care for 15.5?
[3/27/2012 11:46:50 AM] Ben Malec: Excellent news! Sent.

I also was paid out in full by imsaguy.

great... so I am the only one here that's not paid back.

You were amongst the first and the reason it took so long to pay the rest of us back. Also, we'd have received interest by now if it weren't for you.

Was fully paid months ago, thought I'd mention..

What makes you say that? I guess that's what imsaguy told you? and you blindly believed him.
I got like 25BTC back, and he still owes me over a thousand BTC.

If you think he paid me back, why don't you post the transaction to prove it? Even better, let imsaguy post the transaction. I'd like to see where the coin went.

how much BTC?
So far, I got like 2% of my funds back.