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Relaunched on Cryptostocks!


Bitbond (Cryptostocks (http://Cryptostocks.com/) ticker BITBOND (https://cryptostocks.com/securities/29)) is a perpetual mining bond where you can buy mining power and receive weekly mining payouts, without buying and maintaining expensive hardware.  Payouts will continue indefinitely.

Bond features

• A total of 200Gh/s offered in 2Mh/s increments
• Weekly payouts are 105% of PPS
• PPS means no variance
• Perpetual - no expiration date
• Buyback provision at 110% of 15 day Cryptostocks average

Benefits over other bonds

• 105% PPS means more bitcoins - a bigger payout and more coins before difficulty increases
• Positive ROI several weeks quicker - up to 13 weeks sooner
• Higher buyback provision - get paid more if I buy back the bonds

FAQ

When would payouts begin?
Payouts started on 4/8/2012
See the post after this for payout history

How long will it take to start mining?
Mining started on Saturday 4/7 at 2 PM.  It is a subset of my mining hash power currently on maxbtc.com (https://www.maxbtc.com/top-miners/)

What is your hardware setup?
I exclusively run GPUs for mining due to my low power costs.  I may offer further bonds in the future with FPGA hardware if the economics are right and the FPGA vendor can deliver when I need it

Why/how 105% PPS?
First, I will be doing merged mining so those coins will be used to increase the pay per share.  Also, I would like to offer a good value for each bondholder. The extra 5% will add up over the weeks, months, years.  If reinvested it will greatly accelerate ROI compared to 100% PPS options.

What if you have technical issues/downtime?
I have more than 210 Gh/s operating with a total capacity beyond 300 Gh/s.  Should there be any downtime, I will contribute hashes from my personal farm to ensure the full dividend is paid each week.

Payouts

Payout 26 - 9/30/2012 PAID
  All investors were paid 0.00516234 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 25 - 9/24/2012 PAID
  All investors were paid 0.00533112 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 24 - 9/16/2012 PAID
  All investors were paid 0.00548516 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 23 - 9/9/2012 PAID
  All investors were paid 0.00557257 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 22 - 9/2/2012 PAID
  All investors were paid 0.00605811 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 21 - 8/27/2012 PAID
  All investors were paid 0.00665011 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 20 - 8/19/2012 PAID
  All investors were paid 0.00674878 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 19 - 8/12/2012 PAID
  All investors were paid 0.00725972 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 18 - 8/5/2012 PAID
  All investors were paid 0.00725972 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 17 - 7/29/2012 PAID
  All investors were paid 0.00829930 btc per 2MH/s coupon at a rate of 110% PPS for the past week.

Payout 16 - 7/22/2012 PAID
  All investors were paid 0.00848085 btc per 2MH/s coupon at a rate of 110% PPS for the past week.

Payout 15 - 7/14/2012 PAID
  All investors were paid 0.00884393 btc per 2MH/s coupon at a rate of 110% PPS for the past week.

Payout 14 - 7/9/2012 PAID
  All investors were paid 0.00906345 btc per 2MH/s coupon at a rate of 112% PPS for the past week.

Payout 13 - 7/1/2012 PAID
  All investors were paid 0.00897142 btc per 2MH/s coupon at a rate of 110% PPS for the past week.

Payout 12 - 6/23/2012 PAID
  All investors were paid 0.00936318 btc per 2MH/s coupon at a rate of 110% PPS for the past week.

Payout 11 - 6/17/2012 PAID
  All investors were paid 0.00978396 btc per 2MH/s coupon at a rate of 110% PPS for the past week.

Payout 10 - 6/10/2012 PAID
  All investors were paid 0.00963598 btc per 2MH/s coupon at a rate of 110% PPS for the past week.

Payout 9 - 6/3/2012 PAID
  All investors were paid 0.00929289 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 8 - 5/26/2012 PAID
  All investors were paid 0.00879750 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 7 - 5/19/2012 PAID
  All investors were paid 0.00853082 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 6 - 5/12/2012 PAID
  All investors were paid 0.00911298 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 5 - 5/5/2012 PAID
  All investors were paid 0.01026771 btc per 2MH/s coupon at a rate of 110% PPS for the past week for a massive 420.98 btc ($2126 at current prices)

Payout 4 - 4/28/2012 PAID
  All investors were paid 0.00994375 btc per 2MH/s coupon at a rate of 110% PPS for the past week

Payout 3 - 4/21/2012 PAID
  All investors were paid 0.00981661 btc per 2MH/s coupon at a rate of 110% PPS for the past week

Payout 2 - 4/14/2012 PAID
  All investors were paid 0.00747781 btc per 2MH/s coupon at a rate of 110% PPS for the period of Tuesday 4/10 through end of the day Saturday 4/14

Payout 1 - 4/8/2012 PAID
  First round investors were given 0.00313828 btc per 2 Mh/s coupon for the period of Saturday 4/7 at 2pm through 11:59pm on Monday 4/9, and paid on Sunday 4/8.

Will defiantly be looking into buying some shares.

What where your predictions on dividends per share?

At current difficulty I would expect about 0.0091 btc per 2mh/s in a week.  Thus if you had 700 mh/s that would translate to about 3.18 btc in a week.

(700/2)*0.6 = 210 BTC investment for 700Mh/s
700*(0.0091/2) = 3.18 BTC/week

210/3.18 = 66 weeks to break even

Did I do the math right? Took me 10 minutes to double check it a few times. :\

Except when the reward is cut in half in less than 9 months.

Yeah, that's that I get also.

If my math is right that would put break even about 6 weeks faster than Gigavps' proposal (as currently proposed) and 13 weeks faster than Meni's bond

Could you provide a formula for coupons value, like Meni did ?

This looks very good.

I assume by coupon's value you mean the weekly payouts (similar to a bond's regular interest payments).

For my calculations I use a more straight forward approach than what Meni uses, but I am open to suggestions if someone has a better way.

Shares generated per day (24 hour period) is as follows:

    86400 seconds/day * 2^-32 shares/hash * hash/sec

Example of 700 Mh/s

    86400 * 2^-32 * 700,000,000 = 14,081.6 shares/day

Pay per share is calculated as follows

    52.5 btc / difficulty (normally 50 btc/diff, but 52.5 is 105% as offered in this bond)

PPS payout is calculated as follows (if difficulty is the same for an entire week):

     shares per day * 7 days * (1/diff) * 52.5 btc / block

Example of 700 Mh/s payout in one week with difficulty of 1626553.5

     14,081.6 * 7 * (1/1626553.5) * 52.5 = 3.18 btc

For weeks when difficulty does not change it will simply be the above.  When there is a mid-week difficulty change then I will do two calculations, one for the payout at the initial difficulty for the period of the week before the change, and a second for the period of the week after the change at the new difficulty.  I will then sum the two and that will be the week's payout at a given hash rate.

Let me know if that answers your question.

well enough, but you took the simple approach
ignoring difficulty changes.
with this year's mining activity peak the dividends will be probably getting smaller as the year end approaches

The bond is for mh/s and its equivalence in BTC (as a coupon payment) calculated on a weekly basis.

You are right that difficulty will affect the payouts, and that is represented in the calculation.

Regarding payouts decreasing over time, that is a concern to any miner, not specific to this bond.  Current thinking by many people is that difficulty will continue to rise, particularly as we near the point where the number of coins/block changes to 25 (later this year/early next?), but there's more to the story than that.  First, it's important to note that difficulty can go down (and has as we saw for half of last year) in which case coupon payments may go up.  More significantly, there is an important interaction between exchange rate (e.g. USD/BTC) and the difficulty.  Difficulty usually follows price.  Prices have doubled in the past few months and difficulty has followed by increasing (not quite by double).  By my analysis mining, if done efficiently and effectively, will continue to be profitable for a long time to come.  But it is up to each investor (or miner considering buying hardware) to draw their own conclusions on where we are headed.

FYI, there may be a delay in the IPO (hopefully not more than a few hours).

There are some bugs in GLBSE 2.0 website that Nefario needs to address before I can issue bonds

should not affect you. what happens is a program checks if the date/time you specified in the IPO form has passed and creates the shares.
they will appear in your sub-account created specially for the issuer as an asset management account which will have 0 BTC balance
and all 10000 bonds/shares you asked to be created.

if you check https://glbse.com/asset/view/BITBOND total shares issued this will change from 0 to 10000.
then you have to create a sell order to offer them to the public.

afaik there are no bugs in creating sell orders nor in the ipo process. but I see if you have problems to login and create the sell order, it will be delayed.

good indicators are
1) the https://glbse.com/ipos list will no longer contain bitbond
2) the https://glbse.com/asset/view/BITBOND asset page will display count of shares issued > 0
3) trading starts (or at least asks not empty)

Thanks mila-

From what I know it used to be that you could create bonds (shares) before the IPO.  I didn't know there was an automatic mechanism in GLBSE 2.0.

Seems like others are having login issues, but hopefully that won't affect me.

I'll check at the IPO time and see if everything is working (crossing my fingers!)

Subbed. This is definitely a neat venture. Sent you a PM.

When is this going live. 

This morning sometime I believe.

IPO time! Time to scramble.

http://i1260.photobucket.com/albums/ii580/omni1990/6bbc0931.jpg

GLBSE will automatically create bonds (shares) later this morning.  Then I'll get everything set up and offer the shares to the public.

Can't wait to get under way and start making money for you guys!  :D

This looks to be an exciting enterprise. Can't wait to pick up a few of these bonds.

The IPO is now live!   :)

Turns out that Nefario had to make a change to the asset type and then everything was good to go.  The bonds (shares) were issued automatically and then I was able to release the first bonds for sale.

How does this work? I see 565 asks at 0.6 but it says 10000 shares (bonds?) issued, too. Does that mean the issued bonds have all been sold and there have been four exchanged after the 10000 were sold?

Edit: I guess that means that of the 10000 issued, 565 are still for sale at the initial price.
Edit 2: Wow, those went pretty quickly :)

10,000 were created (issued) - 20 Gh/s divided by 2 Mh/s increments = 10,000

I put up 5,000 for sale in the initial round this morning.  Of that 484 are still available for sale at the time I write this.  Almost gone!

Love it when a good company IPO sells out so quickly. I always wish I had more BTC available to buy with though.

That's great! I'm confused by the volume view though. I've seen it go from 4 to 2 to 4 to 75 to 10 to 1 in a sequence of refreshes. Is it a 5-minute snapshot of the volume or something? It'd be nice to get historical volume. Perhaps we should bug nefario :)

I think it just shows the last sale.

Picked up a few. Can't wait to start receiving dividends.

First coupon payments (dividends) will be sent on April 14.  Looking forward to sharing the mined coins with all the bondholders

Down to about 400 bonds (shares) left.  Get them while you can!

Subbed. Hopefully my transaction will confirm fast enough for me to get some of these.

All 5,000 bonds (shares) from the first round have been sold!

I have updated the OP accordingly.

For all you new bondholders, thank you!  :)   We're off to a great start.   I will be partitioning the mining rigs later this week and will start on April 8 with the first week of mining.  First payouts to be made on 4/14

I have also started to work on the design for a website where you will be able to see earnings, estimate payouts, and other neat features.

For those who didn't make it into the first round, don't worry.  I am preparing the second round of 5,000 shares to be sold.  I will update the thread on the exact timing, but it won't be too long.

I just missed the first wave. Ah well, good idea doing this in two waves :)

I'll sell you a bunch for 2 btc each, if you want them sooner :)

Second wave is coming.  I plan to do a bit of advertising too.  Want to make sure it everything sells and that the trading price after the IPO will hopefully rise and give bondholders an opportunity for a bit more profit.

It's already started!  lol

Dammit, can't you leave an honest scalper a few hours of peace and quiet to do his job?  >:(

Damn son, that isn't scalping, that's chopping off the whole head. ;D

lol.

What is the IPO price per share of the second wave? I want to get some purchases ready!

I will probably align it with the most the trading price on GLBSE at the time I release the second set of shares, which as I write this is 0.6125

Do you have an ETA on the next issue?

Short answer
I'm targeting Sunday 4/8 or Monday 4/9

Long answer
I've been waiting to get an ad up on the forums.  The current auction round for ad space ends on 4/9, but I wanted to run it earlier.  It looks like I might be able to run an ad sooner, potentially starting as early as today.  Once it's up I would want it to run a few days and build up more awareness before starting the next issue.  I will be out of town on Saturday, so Sunday or Monday is looking like a good timeframe.

For the next round are you going to issue another 10000 shares that represent an additional 20 Gigahash making it 40 Gigahash total? Or will they be issued toward the initial 20 Gigahash, lowering the returns? Or am I completely wrong and misunderstanding how this works? haha

There were 10,000 bonds created at 2 Mh/s, representing 20Gh/s total.  The first round was 1/2 of that, 5000 bonds making 10Gh/s.  That sold out very quickly.  The second round is the other half of the offering, the other 5000 bonds making 10Gh/s.

The returns (2Mh/s per bond paid weekly as 105% PPS) will be the same whether you bought in the first round or second.

Thanks for that explanation. On the GLBSE posting under "Total Shares Issued" it lists 10000, which I assumed meant they all had been issued on the 1st go round. But we all know what happens when you assume...  :)

Yes, the terminology is a little confusing.  "Issued" seems to imply sold, it just means created.  Offering them for sale is separate.

Update: Firm details can now be found in the payouts post (https://bitcointalk.org/index.php?topic=75126.msg832720#msg832720)

Initial Coupon Payment Announcement

The first week of mining begins on Saturday, April 7 at 2PM Pacific Time (UTC -8).

The second round of bonds available for sale will occur after the first mining week starts, sometime during that first week.  This poses a problem of how to pay coupon payouts for the first mining week.  Investors from the first round will be due a full week's payment on April 14.  Investors from the second round will not have been invested for the entire week and thus are due a pro-rated amount.

To my knowledge there is no way to distinguish in GLBSE during which round a particular investor invested (if someone knows of a way, please let me know).  Accordingly, I plan to structure the first week's payouts as follows:

First round investors:
I will pay a payout before the second round bonds are put up for sale.  It will include the time from when the mining week begins through the first day that the second round of bonds is up for sale.

For example, if the second round is available for sale on Tuesday, 4/10 then I will make a payout on 4/9 for the mining rewards starting from the mining week starting (4/7 at 2PM) through 11:59PM Tuesday, 4/10.  In this example, 105% of PPS x your hashrate x 3 days and 10 hours.

First round investors will receive a second payout for the remainder of the week's mining earnings on 4/14

Second round investors
Based on the first round offering, I expect the second round to sell out quickly - mostly likely within a day.  Assuming that, I will pay second round investors their first payout on 4/14.  Their first payment will be for the period of the day after the second round is offered until the end of the first mining week.  

For example, if the second round is available for sale on Tuesday, 4/10 then mining earnings will start on 4/11.  I will make a payout on 4/14 for the mining rewards from 12:00AM 4/11 until the end of the mining week (4/14 at 1:59PM)

I didn't read your post above thoroughly, but it seems like that will work. Pay out the coupons before releasing more.

Also, if the newly released shares don't sell within a day, you could always increase the price by an amount equal to that day's earning, meaning people buying later pay more, but still get the full week's earning. This is similar to how an efficient market prices bonds during the coupon period. For example, a $100 with $2 accrued, but unpaid, interest would sell for around $102, all else being equal.

Thanks Brendio for the sanity check.  Your suggestion on the pricing is a good one. If it does take longer than a day I'll probably follow that strategy

Best of luck on Round #2

As some of you may have noticed, there have been some ads running on the forum for Bitbond.  :D

I will be announce a firm second round bond sale date and price soon.

Two Announcements:

1) I have announced that the next round of bond will be available for purchase 9AM Pacific Time on Monday 4/9.  Price will be announced before the offering and will reflect current trading price and other factors, but likely will be similar to the first round

2) A competing offering was announced by Gigavps.  Bitbond offers 105% PPS (instead of 100% PPS), faster ROI, and twice as high of a buyback premium.  Thus I expect Bitbonds to not only be more lucrative in payouts but also command a higher trading price over time.

Hi everyone!

I was happy to pay our first coupon payments today for first round investors - the first of many many more to come.  :)

This is my first time using GLBSE to make payouts, but it seemed to calculate everything correctly.  You should see a payment of 0.00313828 btc for each 2 Mh/s coupon you hold.  Let me know if there were any issues.

Next payout will be on Saturday

I cannot speak highly enough of amazingrando.

Our business dealings have always be flawless and his communication is top notch. This second wave coming out on Monday is a REAL opportunity to get in on a big mining operation. I have personally bought BITBOND and know that he is the real deal.

Keep up the great work amazingrando!

Thanks Gigavps for the kind words and congratulations on your very successful IPO!

Second Round Pricing Announcement

Pricing for the second round of 5,000 bonds (2Mh/s x 5,000 = 10Gh/s) will be 0.75 btc for 2Mh/s

This reflects the recent rise in Bitbond prices on GLBSE while offering a better return than competitive offerings such as PureMining, which is currently trading at .85 btc for 2 Mh/s and pays less than Bitbond.

Second (and final) round of bonds are now available on GLBSE.

New investors will receive their first payout on Saturday, April 14

Excellent news - best of luck with the offering.

Second round pricing update

After assessing market demand at the original second round offer price and talking with potential investors, I have decided that I will reduce the price for the second round shares quite a bit.

The new price will be 0.625.  Don't forget my bonds pay 105% PPS

Man, things are heating up around here. I was away for a week (illness/holidays combo) and a helluva things happened. I must transfer some funds to GLBSE asap...

Welcome back Kaos!  Get them while you can!  :D

Doing a cash transaction with a friend right now so I can snag a few shares :D

Cool.  Even though the bonds didn't sell out in the first day (yet), I think it's just a matter of time.  BitBond is the only 105% PPS mining bond, so it doesn't take a lot of math to see that it gives a higher return that other bonds.

Plus, any investor holding bonds on Saturday will receive a payout from the start of round 2 until Saturday 2pm Pacific Time.  ;)

Well, regardless of who's got the better bond, there's certainly a large influx right now in any case. I'm sure yours will sell pretty soon.

24-hour sale coming soon

There are approximately 4,000 shares left of the second round.  I have withdrawn them from sale temporarily in order to offer a special sale to try to close out this round.

Starting tomorrow, I will be offering 4,000 bonds at 0.45 btc for 2Mh/s (= 0.225 for 1MH/s or 1.125 btc for 5MH/s) if purchased in blocks of at least 100btc at a time.  And of course, you still get 105% PPS!  Also, new bond holders will get the payout from the time of the second round IPO as an added bonus.  Any unsold bonds will be held by me (no further bonds will be available for sale)

Sale was canceled

As in, we have to purchase ~100 BTC worth of shares at one go to receive the discounted price?

What time tomorrow and what time zone?

+1. Interested, but unsure how you can ensure a "block" is purchased now that GLBSE has removed asset transfer capability. Need to know if I can go to sleep or not.  :-X

I assumed the buyer would put up a bid in multiples of 100 for 0.45.  How will it work?

I don't have 100btc, but I'm still interested in how you'll be going about this without GLBSE enabling you to transfer shares between accounts.

I thought it was re-enabled? The gigamining issue seemed to make use of it.

Going to sleep. I'd love to take 100BTC worth of Bitbonds off you @ the discount price, though.

Guess I should review my posts more careful before I post them  ;D  Couple of clarifications:

* Offering at the discount price will start Wednesday 4/11 at 9AM Pacific Time and will continue for 24 hours or until 4000 shares are sold.  Sale has been canceled

* Transfers on GLBSE are working.  Theywere suspended temporarily a few days ago but are have been working for a while now

* I made a mistake in saying that bonds needed to be bought in 100btc blocks.  What I meant to say was that I am offering purchases of at least 100 btc, but they do not have to be in blocks.  For example, if you wanted to buy 250 bonds (112.5 btc), that's fine.  Mostly just want to avoid handling a lot of small transactions.

Sale update

I received a lot of interest in the second round bond sale. I discussed the sale with new and existing investors and determined that now was not the right time to put the remaining bonds on the market.  I want to build more value for existing investors and give time for new investors will have more time to be ready for the offering.

Meanwhile, for the next two weeks I will be paying out 110% PPS starting with this Saturday's coupon payments.  Depending on how well mining goes, I may offer higher PPS in the future as well.

As an investor and holder of a signaficant amount of your shares from the first wave, i'am really glad about this decision!

I'am really convinced more people are willing to buy more shares for 0.6 btc in a week or two when the market gains more liquidity again.

100% agree.  There have been a lot of offerings in the past week so I think it's best to get through this period and then offer the remaining bonds in a couple of weeks.  In the meantime, you can enjoy the higher payouts ;)

Please disregard question about buybacks, found answer here https://bitcointalk.org/index.php?topic=65569.msg763460#msg763460

No problem.  Let me know if you have any more questions.  I'm happy to answer them.

105/110% PPS sounds much better than 2.1/2.2 MH/s per share, right? :P

Thats a creative marketing. I will consider it also when I offer my bonds.

I got to agree it is just stupid.
It would be kinda like a CD/bond offering 105% of 5% interest instead of just offering 5.25% interest.
All that matters for a perpetual bond (beyond trust) is the price in BTC per "real" MH/s.

Maybe I should offer a .... DRUMROLL ... 500% PPS bond (sold @ 5x the price per MH/s)

Based on discussions I've had with investors what matters is the price and the payout (and thus ROI).  Some convert the PPS % into mh/s, others just use % of PPS.  The numbers come out the same either way.

FYI. Those who invested in a 2 MH/s at 105% PPS bond are receiving 110% PPS worth of payout in today's payout, without having paid more. Creative marketing or not, that seems like a deal to me ;)

Well, if you say you are backing this bond with 20 GH/s, it might be even a bad business decision instead of just marketing talk - imagine a 1000% PPS deal for 1 GH/s backed by 100MH/s for example... ;)

Anyways, it was just something that I found interesting.

I am not trying to offend you. Actually your offer does look good. Just that it can be explained easier as pointed above, but not less appealing to some investors. Thus I called it marketing. 

Amazingrando is one of the very few miners to be able to offer a deal like this at scale. If he needed to throw 40Gh behind this venture to make it successful, he could easily do it without batting an eye.

As for what to call his offer, 110% may not mean much if you only own 10 bonds, but for the larger investors who have put their faith and BTC into his offering, it is a bonus OVER what they were expecting. Amazingrando is under promising and over delivering for the investors who believed in him.

Just imagine what this community would be like if everyone tried to do this.

Actually I just bought some shares that give 200% PPS for quite some time in another IPO...

I'm just saying that offering 100000% PPS of 1 MH/s is worse than offering 100% PPS of 1 GH/s. As amazingrando has anyways more hashing power than the 20 GH/s he's selling here, I wouldn't worry much in this particular case. I just hope it doesn't turn into badly backed contracts when someone effectively sells 105 MH/s contracts for 100 MH/s owned, believing that it will always be possible to mine at more than 100% PPS values in the longer run.

Payouts will be coming later tonight.  Need to do a little math because we had a difficulty change mid-week.

Payouts paid!

Today's payout, for Tuesday through Saturday, totaled 48.86686 btc paid to 6,000 shares for 0.00747781 btc per 2MH/s share

Two interesting components of this payout were:
1) I paid 110% of PPS earnings for this period
2) Difficulty went *down* mid-week, so this resulted in more btc for investors

The 110% PPS payout will continue next week as well.

For those who are interested, I started the process to be verified on GLBSE.  Should be complete in the next day or two

Updates:

1) Verification on GLBSE has been completed

2) I will be offering up the remainder of round 2 bonds on Sunday, 4/22.  I will also likely be expanding the offering to 40Gh/s.  More info to come.

3) If you're interested in what >100Gh/s that backs this bond looks like, here you go ;)

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

Excellent pic -- you definitely need height in your mining room for the heat to escape...  ;D

Also love the drum fan - that is being added to my arrangement as well!

I had considered a couple of options before getting the drum fan.  This one pulls in 22,000 cfm of fresh air (which is quite cool here in the pacific northwest).  Temps have been great ever since I installed it

22,000 cfm - oh my lord!

 :)  Yeah, my data center blows - literally!

Hory fucken shet, that is a major operation. Sweet.

Nice.  What's the temperature inside. 

There's a ton of airflow, so it's quite close to outside air temperature.  Lately it's been in the 50's F and 40's at night.  Inside it might be like 60-65F

incredible.

Thanks for sharing!

That's very impressive. Nice job with your facility!

Updates

* Payout 3 was made today for all existing investors

* The remaining 4,000 bonds will go on sale tomorrow for 0.6 btc.

* 110% PPS will continue again for the next week

I guess "tomorrow" as in "less than an hour from this post", assuming you put that sell order up.

I probably should have been more specific about the time  ;D

I put the sell order up for the remaining bonds

Remaining bonds are available for sale.  Looks like about 500 shares have been snapped up so far.

For new investors, you will get your first payout on Saturday 4/28 for the entire week.

I thought I might toss a statement up on BetsOfBitcoin for BITBOND.  The statement is "Shares of BITBOND on GLBSE will be traded at or above 1 BTC on or before June 15, 2012."  The statement can be bet on at http://betsofbitco.in/item?id=350 (http://betsofbitco.in/item?id=350).  Bet away!

From my analysis I think the bonds are worth in the area of 1.2 btc.  Of course, it's up to the market decide on the value.

1,000 new bonds sold!  Get them while you can.  :)

New investors will receive their first payout on Saturday for a full week.

GLBSE prediction market launched (https://bitcointalk.org/index.php?topic=77859.0)

^ umm, ok

I think Nefario feels lacking in post count...

Now we know how he got to 2400 posts  :P

About 50% of the remaining shares have been sold.   :)

Predict when will they sell out? (http://predict.glbse.com/markets/46727)

I'm hoping they sell out today :p

Of the original 10,000 bonds, only 1850 are left.  Going quickly!

another 500 gone, only 1300 left.

Down to 897 now.

Just sold out.

Excellent!

Yes, they are all sold out!

Welcome all new investors.   :) Your first payout will be this Saturday.

BITBOND has now exceeded 10000 BTC is trading volume. The first GLBSE asset to do so.

Wouldn't mind picking up a few more shares.

Does this mean I'll get a cake from Nefario?  ;D

http://farm7.staticflickr.com/6210/6087136461_8197c83449_d.jpg

Congrats amazingrando!

I would prefer a medal if I were you. It lasts longer than a cake. ;D

But you can't eat a metal...

Yes, that's the downside. Neat cake pictures by the way. :)

You can eat metal if it's mercury in fish, but I don't recommend it. Besides, cake tastes much better  ;D

Wow!

20,000 bonds = 12,000BTC. Considering possible discounts, I assume it's about 10,000BTC. That's about 1/900 of the total Bitcoins ever mined. GLBSE is indeed becoming a major player in the Bitcoin world.

Yes, even I have started to stray away from playing forex style on Bitcoinica, Gox and look at GLBSE and MPOE as investing options.  In fact, I just purchased 7 Bitbond shares  ;D  In the beginning GLBSE looked like a fun toy to me, now it has some history behind it and I've done enough research I think I'll play too.

Welcome on board phorensic!  :)

Watching intently!

I guess gigavps would say otherwise. ;D

Largest is a numerical claim. In terms of volume, amazingrando is correct; 12036 BTC vs 10856 BTC respectively at the time of this post, though this will likely change once gigavps releases the next round of his bonds.

Then Diablo's op...

I am certainly not in a race with Amazingrando. I have a huge amount of respect for him and the operation that he has put together. He is one of the best in the business.

Spoken like a true professional!

I agree.  Gigavps has a great operation and is a true pro.  We're not so much competing as wanting to see each other go as far as possible.

Well, I was just kidding. No instigation was intended. :)

I know I'm a bit late on this...but HOLY DIVIDEND BATMAN!  This is officially more profitable for me than trying to day trade a flat market.  Thank you amazingrando.

Shhhh, don't tell anyone.

They are cheap as well atm - if you think 0.3 BTC for 1 MH/s is good, then the price for this one would be 0.3 * 2.1 = 0.63 BTC.
The asks are slightly above, the bids below that value, so you can make a good deal.

Shhh!

Don't worry, there are still some bargains to be had right now on GLBSE... ;)

Ok sorry for being a total noob, but i really want to understand this.
You buy 10 orders, 2mh each order, for lets say 0.62 BTC each, then you get 20mh of hashing power in Amazingrando farm for ever?
Thanks in advance  ;)

It's a perpetuity. Effectively, yes, as long as Amazingrando doesn't reclaim the bond.

This week's payout is coming shortly.  Waiting for confirmations on a deposit to GLBSE, but about to hop on a flight now.  Should be able to send in a couple hours or so.

Is it time to leak us some good news about your tantalization I marked bold? ;D

Payout paid.  A total of 373.63 btc was paid out to investors.  This is down from the prior week because of the increase in difficulty and reverting to 105% PPS.

I'm getting close to an announcement on that.  There are some changes that will need to be made to GLBSE to support the idea, so that is what will determine how quickly we can make this happen.

Update:

Payouts were paid today for this past week.  Next week there should be a nice drop in difficulty, so you'll get more btc in the next payout.

Have fun and don't spend it all in one place!  ;D

Damn, just when I bought in big time at 0.64! >:(

At least that means BITBONDs are now really cheap! 1 MH/s for less than 0.30 BTC is a bargain (1 share = 2.1 MH/s with these "105%" PPS).

Hi everyone-

This week's payout has been paid!  ;D

More to come....

This is an interesting venture. I'm surprised at the price of these bonds compared to other mining assets.

On a different note:
Are these typos?

 Yup, they are.  I've fixed them.  Thanks!

Major announcements!

I have alluded to some things in the works and now feel that I can reveal to you what I've been working on.

1) New Facility
Last weekend I started the setup of a new facility in Central Washington.  Although it is a bit remote, it has the advantage of very inexpensive power (as in 3 cents/kWh) from nearby hydroelectric dams.  I will be upgrading cooling and adding lots of amps of 480v power that will be connected to a proprietary power supply configuration.  Not only will the new facility allow for major expansion, the cheap power will be another way in which I can ensure that I'll be able to make weekly payouts for years to come, through thick and thin.

2) Huge expansion of hashing power
I believe is it very risky to invest in any bond where the operator does not already have all the equipment he will be mining with, or at least it has been purchased and its arrival and setup is imminent.  Now I can reveal to you that I have purchased 480 Radeon 5850 GPUs, which will add 175 Gh/s.  The first batch of 240 cards will arrive on June 12, less than a week from now.  The second 240 will arrive the following week.  That will bring my total hash power to just under 300 Gh/s.  Here are some pictures for you of the cards readied for shipment:

https://i.imgur.com/EKI8Q.png

https://i.imgur.com/RqMY0.png

https://i.imgur.com/EVC1x.png


3) Bitbond Expands to 150Gh/s
With the new hashing power I will be expanding Bitbonds to 150Gh/s.  Starting Friday morning, June 8, I will offer an additional 32,500 bonds for a total of 65Gh/s in new bonds.  Discounts will be offered to investors buying 400 btc or more of bonds.  PM me if you are thinking of a large investment.  All new shareholders will receive a full week's payout on Saturday evening (provided you buy your bonds before the payout).

4) 110% PPS is back!
As a thank you for those who have invested with me, and as a small incentive for new investors to consider Bitbonds, I will be offering 110% PPS for the next four weeks.  If I can meet efficiency targets that I have set for myself, I will likely extend the 110% payout beyond June.

5) Bitbonds and Loans
I have started to work with Nefario on a new way to use Bitbonds.  Soon you will be able to use Bitbonds as collateral for loans via GLBSE.  For example, if you hold Bitbonds but would like to get a loan from someone, you can use your Bitbonds as collateral.  This will reduce the risk for lenders and give borrowers a way to leverage their investment to secure loans, and do so at a better rate.  Details are still being worked out, but expect more info soon.

Although I'm not in the financial position to pull something like this expansion off, I'm really glad to see that you are!

Best of luck with the new facility, and I'm sure everyone else would like to see pictures of its progressing setup as well :)

Thanks Garr!

I will definitely add more pictures as I set up the new rigs.

uff, this is huge.  ;D Will that need a lot of maintenance? At what price will you be selling those additional bonds?
Best of luck

Quite interested. How to register to get your upcoming shares offer?

Yes, I registered at GLBSE and have my BTC's ready on account. How to subscribe motion? (I'm under 400 BTC investor :)

You may buy and sell shares/bonds there even now. On Friday he will put additional 30k bonds for sale. Currently price there is around 0.6 (just check asks and bids): https://glbse.com/asset/view/BITBOND

Thank you guys for instructing noob in Bitcoin stocks stuff :)

No problem, just don't buy too hastily everything you see with all your money, or you will learn the hard way :)

My philosophy is to set realistic goals and then strive to exceed those goals.  With the new hashing power, I hope to be able to extend the 110% PPS indefinitely and possibly offer more as I increase my efficiency.  I don't want to commit to that until I have everything up and running and it's working as efficiently as I plan.  At a minimum, the new hashing power will allow ensure that I have plenty of surplus hashing power to handle any issues that may come up.

The response to my expanded offering has been wonderful!  :)

In speaking with a few prospective investors, they would like more time to prepare their investment.  Thus, I will be moving the offering date to June 13th, next Wednesday.

If you need to make an investment before this weekend's payout, please let me know and we will see if we can work something out.

Can you disclose share price for public sale?

Hi everyone-

I have been having trouble with my GLBSE account since Friday.  Thus far, Nefario and team have not resolved it yet.  Until it is resolved I cannot pay a coupon payment or sell bonds.  I'll keep you posted on progress.

Fixed!

I will be send out coupon payments shortly

Update

This week was paid out at 110% PPS.  Today was our biggest payout yet:  423.98 btc!   ;D  Enjoy!

Large investors have asked for a couple more days.  Thus, the offering is now scheduled for Friday

Weekly payout paid, a total of 431.84 btc, which at the latest trades is almost $2800!  :)

While I have been hugely expanding my hashing power, there has been some interesting volatility in the market.

First, we've seen Bitcoin prices by a good 25%.

Second, bond prices (not just Bitbond) have been fluctuating and been down about 15-20%.  Part of this has been driven by FUD circulating around in chat rooms about the value of bonds in general.  In my view this is creating a huge opportunity for someone to snag a bunch of bonds on the cheap.

Until we get a bit more stability in the market, I will likely only make a very small expanded bond offering to the public.  I would rather not feed irrational selling.

Meanwhile, 110% PPS will continue, meaning all bondholders are getting effectively 2.2mh/s per bond.  Enjoy your bigger payouts!

One more thing....

Since my hardware is paid for and I pay a fair bit less than 3 cents per kw/h, ASICs won't dramatically improve my operational profitability.  What it will do is allow for less expensive expansion, which may be needed if difficulty increases.  Thus, I plan to invest in some ASICs as a hedge.  Given the real risk of a protocol change (which would render any ASICs completely useless), I will wade into ASICs carefully.  If there is no protocol change I will likely increase the payouts for bondholders or offer an upgrade to a new class of bonds when ASICs arrive

What, proof-of-stake? There have been many protocol changes proposed, which are you referring to?

Scrypt, interesting. That would certainly change things. Is there a thread about this, or has it just been mentioned on IRC?

From what I've read though, Scrypt would actually be more vulnerable than SHA256 to custom hardware, though, as it's specifically designed to be inefficient on standard CPUs/GPUs.

It is sinking in you can buy 5mh/s in 4 months for .023 btc.

With all due respect, I think stating such a prediction can only serve to stir up fear and panic.  Honestly, no one knows what will happen four months from now.  There is a great deal that could change in the next four months that would greatly affect pricing both in btc and fiat.

I kind of have to agree with amazinggrando here.

In other words, steelhouse, are you willing to sell a properly collateralized forward contract for perpetual hashing power deliverable in 4-5 months?

Everyone can have opinions on what they think will happen but I am more interested in what people are willing to risk money on happening. I would love for you, or anyone else, to put your money where you have asserted because I am inclined to take the other side of the contract based on Butterfly Lab's performance to date.

Hey amazingrando, have you considered replacing Bitbond with a fixed dividend bond instead of per mh? It would go a long way to stabilize GLBSE's wild fluctuations, and clearly you can grow your farm fast enough to keep up.

I think you have missed the point of a bond where the coupon is tied to processing power. That is the whole point of it. A way for large miners to go short difficulty.

If you want a fixed dividend bond then go find something like TEEK or one of the Pirate pass throughs. Sure, doing a fixed dividend bond would allow capital to be raised but it would not allow for the hedge against difficulty.

Weekly coupon payments have been paid.  This week's payout was about 432 btc.

In total, since inception, Bitbonds have paid out 3421 btc, worth almost $22,000.  :)

Had more issues with GLBSE login.  Hope to have it working again shortly, then I'll send out the weekly payout.  Sorry for the delay  ;)

next day for me now, update pse...

Weekly payout paid.

My issues with GLBSE and Google Authenticator have been resolved and I was able to send the weekly payout totaling 413.92 btc. Sorry for the delay

110% PPS will continue for the next week.

Div?

Dividends late...again...

Dare to sign an options contract on that? ;)

By the way, shouldn't there be dividends paid? Seems like some people are already panic selling (or going short?)...

GLBSE is as slow as molasses. Would be nice if GLBSE had a feature where dividends/coupons could be setup to be paid in the future. Then securities could trade like real ones with x-div dates and there would be no excuse for late payments.

Hi everyone-

My apologies for not sending the coupon payment yesterday.  Although GLBSE has been having some issues, this time it was mostly my fault.  I should have sent it before I started travelling.  I'll be sending out the payment in about an hour along with a bit extra for the delay.

I've got a message into Nefario to see if we can so some kind of scheduled payment.  Also, in future weeks if I'm travelling or there is a risk of a delay I'll try to send out the payment ahead of time.  Better to be early than late.

I bet the ladies disagree...

Anyways, better late than never! ;)

 :D

Weekly coupon payment paid.

Because of the delay in payment I paid bondholders 112% this week.  Thank you for your patience!

Sometimes it's nice being long on your bond and receiving double dividends. :)

Now you just need to get your trading price back north of 0.6 BTC and I'm all happy! ;D

Why don't you take care of that?  :o

I have made this suggestion before, and will just +1 it here!

Many thanks, btw I PM'D you yesterday when you have a moment, no rush & also I see that I misunderstood the part that I quoted from the OP in my PM so please to ignore my question about that bit.

Weekly payout paid!  Enjoy your weekend!  :)

Weekly payout paid! 110% PPS payouts will continue for this next week

Payouts coming.... Waiting on some confirmations in the next several hours

Also, some big announcements coming with the payouts  :)

Lots of news!

General Announcements
* Payouts for this week have been paid
* Last week 37,000 bonds were sold bringing the total hashrate sold to 176,276 Mh/s
* No BITBONDs will be issued beyond 100,000 bonds (200 Gh/s)
* The final 11,862 are available to large investors (200 btc and above)
* The 110% PPS special rate has ended as a part of the recent sale of bonds.  BITBONDs will return to their 105% PPS rate for the foreseeable future

BITBOND ASIC Upgrade Program Announcement
A while back I put in an ASIC order with BFL.  Today I am announcing my plans for the BITBOND ASIC upgrade.  I have shared the plan with large investors already and would like to have your feedback as well. 

Here are the broad strokes.  When the ASICs arrive, BITBONDs will be converted to BITBOND.ASIC.  BITBOND.ASIC will be a 100% PPS bond and act just as BITBOND does today, except at a higher hash rate courtesy of the ASICs.  All bondholders at the time of the conversion will receive a free upgrade.  Bondholders have the option of a paid upgrade as well, as outlined below. 

* Free:  2M/s BITBOND converts to 12.5Mh/s BITBOND.ASIC for free
* Small upgrade:  2M/s BITBOND converts to 45Mh/s BITBOND.ASIC for 0.25 btc
* Large upgrade: 2M/s BITBOND converts to 450Mh/s BITBOND.ASIC for 5.5 btc

Great news!  ;D

Could you explain the exchange process more in details? ???

* Small upgrade:  2M/s BITBOND converts to 45Mh/s BITBOND.ASIC for 0.25 btc
* Large upgrade: 2M/s BITBOND converts to 450Mh/s BITBOND.ASIC for 5.5 btc


If paid 0.25 then u get 45.
If paid 5.5(not 10*0.25=2.5) then u get 450

So if I have saying 10 regular BITBONDs I need to pay 0.25 for each to get them converted into 10 BITBOND.ASIC, right?

Since BITBOND will not be continued in perpetually (or will it stay around alongside BITBOND.ASIC?) will those that don't switch be purchased back at 110% of the 15 day average trading price?

In other words, assuming a value of 0.50BTC per BITBOND share:

Free: 12.5 Mh/s for 0.50BTC = 25 Mh/s per BTC, or 0.0400BTC / 1 Mh/s
Small: 45 Mh/s for 0.75BTC = 60 Mh/s per BTC, or 0.0167BTC / 1 Mh/s
Large: 450 Mh/s for 6BTC = 75 Mh/s per BTC, 0.0133BTC / 1 Mh/s

Sign me up!

It's 1:1 in the sense that one 2Mh/s BITBOND today will convert for free into one 12.5Mh/s BITBOND.ASIC.  You will also have the option of upgrading if you want more hashes for a small upgrade fee.

The idea is that BITBOND will converted to BITBOND.ASIC.  Bondholders will get a free upgrade automatically.  In that way it will continue perpetually.  Once ASICs become available I expect difficulty to increase a lot, hence the free upgrade.

 ;)  That's the reaction I was looking for.  I think it's a very competitive upgrade option that will let everyone increase their profit!

It's still not clear to me: is this fee to be paid per share or per bondholder for any number of shares he behold?

obviously per share.

When will this transfer happen?

Upgrade orders will take plane in advance of the ASICs shipping once a shipment date is known and nearing.  The actual conversion will happen once the ASICs arrive and are running.

Payouts are coming.  Waiting on some very slow confirmations (1 confirmation took 90 mins!)  ???

Update:  One of my deposits to GLBSE is not showing up.  "Check for deposits" button isn't doing any good either.  Block chain explorer shows it was confirmed a while ago.  Grrr.  I'll keep checking it.

Deposits finally showed up in GLBSE and payouts were paid  :)

I wouldn't call your upgrade program competitive... Or am I missing something?

Just go back from overseas.  Payout coming in the next hour or so....

Update:  payouts paid  :)

Weekly payout paid!   :)

Does Bitbond use GPUMAX?

totaleclipseofthebank, I think a more relevant question may be how much exposure does BITBOND have to Pirate and Pirate's service GPUMax?

The main page for the BITBOND security states:


Since the bond is now for 100,000 units or 210GHs therefore I am interested in some updated statements regarding the liquidity of BITBOND. Here are three questions I asked Gigavps (https://bitcointalk.org/index.php?topic=75802.msg1119581) that I would like answers from AmazingRando.


As a significant long investor, I would appreciate answers to assess the BITBOND liquidity and potential Pirate or other counter-party exposure.

Of course, I understand the sensitive nature of #3 and would not need an affirmative statement if there is significant (ex. 25%+ or 262.5GHs+ at 100% PPS) earning capacity in bitcoins in excess of debt service.

Apologies for a slow reply to this.  I have not been following the thread much this past week.

Let me answer each question.

1) I have never kept coins with Pirate nor pass throughs or other instruments that would expose me to risk from Pirate's HYIP.

2) Yes, I do mine on GPUMax.  After a long period were public shares were not being leased on GPUMax, it has recently been leased 100%, allowing for 130% PPS.  If GPUMax daily payouts were to stop I can easily switch to other pools.  This coming week I will be moving away from Maxbtc and Ozcoin and starting to use a combination of GPUMax, Bitminter, and 50btc.

3) In answer to the question of my general PPS earnings, it varies between 100% and 130% with the average being a narrow range around 112%

4) My total hashing capacity is 305 Gh/s.  We will be moving data centers within the next two weeks.  This will give us more power to expand.  Meanwhile, I operate at least 200 Gh/s on a continuous basis (often considerably more).  With new power, I will operate at least 300 Gh/s on a continuous basis and expand further.

5) I have significant cash reserves, enough to provide several weeks of payouts.  I also keep a modest amount of coins on hand and will accumulate more if the exchange rate is favorable.

Sorry for the delay in the weekly payout.  Having an issue with GLBSE.  Hopefully resolved soon... :-\

Update:  Issue resolved.  Payout should be made shortly  PAID

Still waiting. You seem to have problems with GLBSE almost every week. Maybe you should start paying a bit earlier?

I was having issues with GLBSE for quite a while.  Two factor authentication was the culprit.  Even if I tried to pay a day early, it was still taking a long time to resolve.  Other times GLBSE was so slow the transaction wouldn't go through or a deposit wouldn't show up.  If there was a better way to do distributions I would jump on it in a second.

I'll see if I can't try the transactions a bit earlier though, as you suggested, so that when there are problems the wait won't be as long.

Yes, I've talked with him about that more than once.  Seems like there is always something "higher priority"  ;)  Hopefully it makes it to the top of the list soon.

Weekly coupon payment paid!   :)

This week's coupon has been paid.  Enjoy!

Weekly payment paid

Weekly payouts in progress - little slow at the moment.   :-\

This stock is an excellent example of how the market isn't pricing in the reward reduction. It's currently trading at a 125 week ROI assuming no difficulty changes. If I could short it, I would.

Note: this is nothing against your company, just your shareholders are acting very irrationally.

The next few months will be quite interesting. The reward halving is only one of the major changes coming.  Given that there are three variables at work (reward, difficulty, value in fiat), it is quite difficult to have a clear sense of where things will end up.  The introduction of ASICs and upgrades to bonds will further muddy the waters.  We may only be able to determine if investors are behaving irrationally post hoc.

Yeah, I didn't want to muddy the water with difficulty stuff. Even if all the ASICs don't come out, there are increases in diffuculty coming from minirigs etc coming online, but the reward halving some something that known and I see so many times people say "the effect is priced in," but I don't see that happening here. I like GLBSE because there's some interesting data on investor behavior. I'm looking forward to examining the chart near the reward halving time (although ASICs may also be coming out then too, which will add noise).

There are four significant variables which introduce uncertainty: ASICs, difficulty, fiat exchange rate and mining operator solvency.

One reason may be that the main post, one page one before the dividend record, has not been upgraded in a long time. Consequently, potential investors have to sift through 12 pages in order to get an accurate view of what is currently happening. As a result, they may be unaware of the ASIC upgrade plan, solvency of amazingrando relative to other mining bonds, etc.

This is a good point.  Bitbond was the second bond to go into operation and has been running consistently for almost 7 months now.  There's a lot that be said about out solvency by way of significant extra capacity, that we never had any investment with Pirate and thus had no losses from him, and that we have an exciting ASIC upgrade path.

I'll redo the original post to highlight these points.

It is important to remember that all Mh/s are equal; but some Mh/s are more equal than others.

Weekly payout paid.  Have a great week!  ;D

Now that BFL has upgraded the performance of their ASICs by 50% you should be able to increase your hash rates per bond as well, right?

Yes, I am in the process of revising the upgrade path based on recent information.  Once I feel comfortable with a revised plan I will circulate it for comments with investors.

Upgrading your offering may well help.  As someone who day-trades and has been looking at various stocks, here's why your share price has crashed:

Compare what you offer to Gigamining.

You:

Bitbond at .21

* Free:  2M/s BITBOND converts to 12.5Mh/s BITBOND.ASIC for free
* Small upgrade:  2M/s BITBOND converts to 45Mh/s BITBOND.ASIC for 0.25 btc
* Large upgrade: 2M/s BITBOND converts to 450Mh/s BITBOND.ASIC for 5.5 btc

free = .0168 per mh/s
small = .46/45 = .01022 btc per /mh/s
large = 5.71/450 =  .01268 btc /mh/s

Now look at Gigamining's (each tera bond is 9 Mh/s):

Giga .56

Free - 36 mh/s
paid - 81 mh/s

    FREE UPGRADE: This is a one for four swap of GIGAMINING for the bond.
    PAID UPGRADE: This is a one for fifteen swap of GIGAMINING for the bond. A payment of .29 BTC per GIGAMINING bond is also required.

free = .015555 BTC per mh/s
paid = .85/(15*9) = .00629 BTC per mh/s

Two things are obvious:

1. At current market share prices you get more mh/s for your BTC with giga than with you.
2.  Now your share price has dropped your large upgrade no longer makes any sense.

You need to roughly double the mh/s your large offer gives you make it competitive with giga AT CURRENT SHARE PRICES.  More than double it if you want the share price to rise (unless giga's falls).  The free upgrade isn't all that uncompetitive - a 50% rise in that would make it better value than giga's: though who in their right mind will take the free upgrade anyway?

The sharp share-price fall was just the market revaluing your share in an entirely rational manner.  Hence why Giga's didn't fall in the same way.  Nothing to do with bad management - just bad value (at the old price).

It is naive to assume that the price of a bond is based just on its payout. If that were the case then Treasury bonds paying 0.25% per year would be practically worthless.

I don't understand how paid, 15*9 = 81?
15*9 =135 Mh/s in my calculator.

Can anyone explain who is wrong here?

Hi amazingrando,

Despite that it is weekend I think this is very hot topic to bother you. What do you think about all this sh** happened to GLBSE https://bitcointalk.org/index.php?topic=115669.0  ? Could we as your BITBOND investors count on some resolution from you personally if GLBSE was totally screwed up?

Looks like I had a brain-fart when I typed the 81.  The original info was in a spreadsheet.  If you look at my final calc of the BTC per mh/s it's pretty obvious I used the correct value of 135 there.  My point in the post wasn't so much to try to give accurate values - as to show why Bitbond price dropping had a perfectly rational explanation as, on the values published by the asset owner, it was clearly significantly over-priced compared to GIGAMINING.  Plus also to point out that, trading a lower price, the big upgrade no longer makes any sense - working out more expensive per MH/s than the small upgrade.

Hi everyone-

GLBSE closing is unfortunate and frustrating to all of us.  That being said, I truly believe the Bitcoin community deserves a better marketplace than what Nefario was providing.  This could be an opportunity to create a far better exchange that will help to catalyze adoption and growth of Bitcoin.

That being said, I am evaluating alternatives that we can use in the interim. Even if we need to transact directly in the interim I am open to that.  As far as I am concerned, there is no change to BITBOND.  Once I can get bond ownership info, I'll proceed with weekly payouts. Until then, the payouts will be banked.  As bondholders you will receive the payouts you are entitled to.

Regarding the ASIC upgrade.  I have revised the upgrade path quite extensively (e.g. there is only a free and paid upgrade - no small, medium, mega, etc.).  I intended to release the upgrade info today (bad timing!).  If current or prospective bondholders are chomping at the bit to know the upgrade plan, I can share it.  Otherwise, I'll focus on where to take BITBOND after GLBSE.

Cryptostocks?

Cryptostocks is a leading option right now.  It's relatively easy to use and could be a quick way for us to get back up and running.  I don't want to make a knee-jerk reaction, however, just to get BITBOND listed "somehwere."  Also, before I even transition to another market I need to get the investor list from Nefario (and hopefully get back coins).

Thank you for sharing your plans with us. I'm happy that I chose BITBOND as an asset of interest. Please keep us updated as we have no access to the Nefario's motions info at all. Have a nice week, amazingrando!

Its great to see some competence in the bitcoin community. I think I had about 80ish bonds but I cant remember exactly without having access to glbse, how are bond holders identified without the glbse?

Hey all!

Seems on the GLBSE site there is form for claiming assets: https://glbse.com/. Question to amazingrando: do you know about the described procedure, is it safe to submit my data to this form to let you authenticate me as a shareholder of BITBOND?

Regards,
Voland

thank you for asking this interesting question

It's been long since we heared from our issuer @amazingrando. I PM'ed him but he keeps silence... I wonder is there any progress in claiming assets from GLBSE, anyone? Any chance to get dividents paid in the near future?

Nefario asked to resend double payment & no word after it.
maybe due to this, amazingrando is silence.

I think there is no much relation between these facts...

I've been trying to get an investor list with positions for bondholders, but I have still not received anything.  A few of you have contacted me with claims for his/her bonds.  However, without a way to confirm who owns what I do not feel comfortable buying back shares or issuing new shares on a new exchange.

I will update the thread with progress if/when Nefario releases the investor information.  Meanwhile, please PM me (if you haven't already) with your outstanding bonds and I'll start a spreadsheet on Google Docs to track it.

Sent PM with info about my BITBOND assets.

Hi @amazingrando,

It's 3 weeks since we heard from you. Are there any news about our assets and/or dividends?

Guys, good news!

Issuers being given shareholder lists http://blog.glbse.com/issuers-being-given-shareholder-lists

So we'll hear from @amazingrando soon I hope.

Looks like amazingrando hasn't been there for a while.
Last Active:    October 31, 2012, 09:54:12 AM

 ???

Anyone have his contact details?

but he is still hashing full speed ... you can see him as number one on BitMinter ... so hopefully he'll show up

I know everyone has been itching for more information.  A lot of things have been going on behind the curtains, and I have been hesitant to share information that was not fact.  Now that I have some factual information (and I'm back from the holiday) I can share with you where we're at.

• Nefario sent me a partial list of bondholders.  I have been waiting for an updated list, but so far I have not received it.  The initial list was about 69,000 of the 100,000 bonds sold across 115 accounts.  I have since identified about another 26k of bonds that was held by a large shareholder.  Thus the list is close to 95k of the 100k bonds.  That's good enough for me to start to move forward.
• I will contact each of you in the coming week to confirm the information I have received and your payout address.  If you do not receive an email from my by Friday, then you were not in the bondholder list I received (also be sure to check your spam folder).
• Nefario has double paid some accounts and did not receive claims for all accounts, thus the discrepancy.  To ensure that all claims are valid, please make sure your claim has been filed.  If you received a payout for more than you were owed, you'll also have to work that out with Nefario.  I will rely exclusively on Nefario's list.
• I have started the process to relist BITBOND on cryptostocks.  I hope to have that done in the next week or so.
• I have not yet finalized a plan for the payouts since GLBSE closed.  I am exploring several options including a buyback and a free upgrade with higher payouts.  Unfortunately, because of the block reward change and my GPU mining costs, regular payouts will not be able to be resumed until I receive my ASIC.

I will post more information as I know it.  Thank you for your patience.

Please note that I have sent emails to all 115 accounts in the bondholder list given to me by Nefario.  Please confirm the email's information no later than Friday, 11/30.

If you did not receive an email from me, please submit your claim to GLBSE

Thanks for the update!

But you will pay all the interest that has accrued since the GLBSE shutdown, right?

Does it means that you stopped mining (when)? Or that you are going to stop at the halvening (until you'll receive ASICS)?

edit: now mining pays 0.37 USD/24h@100MHash/s ( http://bitcoinx.com/charts/ (http://bitcoinx.com/charts/) ), which is above the average of the last year I think, so you should not have problems keeping paying what you paid up to now (at least in fiat terms).

Email responded

numbers match in the email and reply sent

thanks for handling it so smoothly

Sorry for boring, I had claimed my assets on glbse one month ago, but I didn't receive any email from you, can you check it? thanks. My account of glbse is viboracecata@gmail.com

By Friday of last week, I had hoped to get confirmations from everyone that I emailed.  So many hadn't confirmed by that point that I've been holding off a bit longer before moving forward with the relaunch.  Many more confirmations have trickled in during the last few days.  As of today 88 of 115 accounts have been confirmed.

I think we're at a point where I can start the relaunch process.  As others confirm their holdings and if/when I get an updated investor list from nefario that I can confirm, remaining accounts will be added.  For confirmed accounts, the process will be as follows:

• Today, I'll send the list of confirmed accounts with bond holdings to Cryptostocks
• They will load the list and issue the bonds
• If you already have a Cryptostocks account with the email you used for BITBOND on GLBSE, then your bonds will be automatically added to your account
• If you do not have a Cryptostocks account, one will automatically be created for you and you will be sent an email to the one I contacted you at with further instructions

Quick update that I received an updated list from Nefario just a bit ago which included 2 additional claims.

I have emailed both of those claimants to confirm their holdings.

so there are no dividends for the period since the GLBSE closure?
and there will be no more?

He can't pay the old dividends until the migration to cryptostocks is done.  I'm a shareholder, ws on nefario's list, confirmed my holdings etc - but have yet to receive an email from cryptostocks with details of the account holding my bonds.  Until all accounts have been made and bonds distributed it would be silly for him to pay out the old dividend.  He'd also need to make an extra account holding unclaimed shares - so the portion of old dividends for unclaimed shares was properly distributed (and available to be given to new claimants as they get filtered through GLBSE).

No idea on dividends moving forward - I had this listed in my spreadsheet as a fixed-rate bond, in which case we don't get extra when it's profitable to mine and don't get less when it's unprofitable.  But haven't read the contract in ages and may have just listed it incorrectly.

Update on the Cryptostocks listing:  The security BITBOND has been created on Crytostocks.  I have sent them the list of confirmed accounts.  I think they are in the UK, so I'm not sure if they will get to it today or if it will be tomorrow.  I believe you'll receive an email once the bonds have been issued to your account.  I will also update the thread once they confirm the load and issuing has been completed.

Regarding dividends for the period between GLBSE closure and now, the plan is still evolving.  The vast majority of bonds (85%) are held by a small group of investors.  Their buy-in of bonds came with additional requirements and legal contracts that have required that I pay their payouts before other parties.  They have been paid all coupon payments going back to the GLBSE closure.

For those of you who constitute the remaining 15%, the earnings from GLBSE closure is not lost.  I am working on a plan that will give you a few options including payouts, buyback, and ASIC upgrade.  I hope to share details of that this weekend.

Thanks for the update, sounds good.

Update:  I received another updated bondholder list from Nefario with 15 more accounts.  I have emailed those on the list.

Not sure if its too late for you. However, why dont you look into re-launching on bitfunder.com.

Not entirely happy with this for two reasons:

1.  I don't recall ever seeing any mention that our dividends could be used to pay off other investors or that our bonds were somehow junior to other bonds.  But then I thought htis was a fixed-rate bond - not one where dividends could just be stopped (as you said you were going to) if you didn't want to keep mining any more.  To be clear - you CAN'T make a deal with one set of bond-holders that removes rights from other bond-holders.  That deal has to already be in place when bonds are sold (and the junior nature of them stated in contract) or agreed by ALL parties (not just the ones getting preferential treatment) and contract amended so subsequent purchasers know they only get the leftovers after paying some senior bond-holders..  Otherwise no bond would be worth anything - as issuer could just sell 1 bond to a friend, give them first right to all dividends and noone else gets a penny.

2.  If the bonds are getting listed on Cryptostocks then it's pretty important to get dividends to same state on all of them.  There's no discrimination in the software between bonds that have been paid dividends and ones that haven't - so as soon as people start trading you'll have no way to know who is owed what.  This may be covered if you haven't yet isuued bonds on crypto to the 85% - if you have then you'll need to recall them or you won't be able to pay dividends through the system.

I just hope the coming announcement doesn't end up being a choice between buying a new bond/upgrade or getting nothing for the foreseeable future.

Oh - and just looked at contract in OP it says:

    A total of 200Gh/s offered in 2Mh/s increments
    Weekly payouts are 105% of PPS
    PPS means no variance
    Perpetual - no expiration date
    Buyback provision at 110% of 15 day GLBSE average

I'm not seeing the "and I can stop mining and pay nothing if I feel like it" clause.  Though obviously ongoing dividends would be much smaller due to block-reward halving.

Just FYI about bitfunder again. They post info publically by a provided btc address/asset/shares, so privacy is kept. Also, Graet from ozcoin who has a great reputation all around works with this guy and backs him.

Received per Mail:


That worked really well, thank you.

I get my shares back thank you for your hard work : )

@amazingrando,
I think @Deprived's statement has a reason. Could you please respond to this?

Yes, I also feel the same.
amazingrando please explain.

Perhaps you are just being unclear, and what you meant to write was that the past dividends have been paid out on 85% of the bonds, and the rest will be paid soon.

10 days later and no response? When can we start expecting to see dividends?

amazingrando, has your shares' list been updated? I do remember I have ever bought some but did not receive any info from you, can you help to check? And how can we contact you through email?

Apologies for my absence during the holidays.  More updates for you:

I received the final list of bondholders from GLBSE.  The final list included another 45 accounts.  I have sent confirmation emails to all 45.

Here are the current stats:
* All 177 accounts totaling 100,000 bonds are now in my list
* All 177 accounts have been emailed to confirm their holdings and wallet addresses
* 118 accounts are confirmed / 59 accounts unconfirmed
* 90 confirmed accounts were submitted in the first batch to Cryptostocks when BITBOND launched there
* 28 accounts have been confirmed since then
* Those 28 and any further confirmed accounts will be in a final batch sent to Cryptostocks

In order to complete the transition to Cryptostocks, the final date to confirm your account will be January 4, 2013.  On the 5th I will send the final batch of confirmed accounts to Cryptostocks to be loaded.  If we need an interim batch, I am open to that if enough people are interested.

Regarding coupon payments since GLBSE closed, 85% has been paid to the largest investors (working from largest bondholder down).  I would like to be able to pay the remaining 15% immediately, but doing so would mean canceling our ASIC pre-order and losing the pre-order slot.

I'm hoping that BITBOND's ASICs will ship by the end of January, only 4 weeks from now.  Once I receive them and have them running, I would like to offer a free upgrade high enough to pay ongoing weekly coupons plus pay the gap between GLBSE and ASIC mining in relatively short order.

I am open to other suggestions that you may have.  Please let me know.

Get a scammer tag if you don't pay accrued dividends.

or maybe talk to the 15% that are left and ask them if they want to keep on or if they want to be paid out some may be willing to take the option of more power in the long term then a few btc that is owed. I dont like how evertyone just wants to jump to a scammer tag anymore amazing is askink for resonable ways to keep this going to to close his doors he could of been like everyone else and just said fuck you all but he didnt.

This is bad. In other words, you spent our money.

The right thing to do would be to pay the remaining 15% out of your own pocket, even if you have to get a loan to do it.

Agree. Doing other way it will be not a fair business. There are no priviledged bonds whatsoever nor such bonds were claimed during initial BITBOND issue.

This really has nothing to do with privileged bonds. He spent money that was supposed to be distributed to bond holders.

That's just totally out of order.

You're saying that if someone doesn't reply to your email in just over a week during the holiday season they lose the right to their shares?  After you just vanished for a fortnight yourself.

Just get crypto to import the remaining details, create accounts etc like they did the first time.  If they get YOUR email then they'd get one sent from crypto-stocks.  Seems like there's a few asset issuers trying set deadlines, impose hoops to jump through etc just to try to get out of returning funds to some investors.  You have their email addresses - that's all crypto need to make an account and put the shares into it.

Can't believe you're seriously saying that if in a fortnight someone emails you saying they were away on holiday you're just going to say "Sorry - I know I had your email address and could have given you shares on crypto, but you mssed the bit in the contract where you can't go away for more than 10 days at a time (or be in hospital longer than that, or lose internet longer than that etc) or I get to take your shares back and keep all the outstanding and future dividends myself."

This stinks. You took money from the little guys to buy ASICs for the big guys without our agreement. If you don't have money to pay for ASICs then you can't buy ASICs, it doesn't get any simpler than that. Please cancel the order and pay the interest that you owe us or get a scammer tag.

Now i know the whole thing. I wish I hadnt invested this crap. GFY

"    A total of 200Gh/s offered in 2Mh/s increments
    Weekly payouts are 105% of PPS
    PPS means no variance
    Perpetual - no expiration date
    Buyback provision at 110% of 15 day Cryptostocks average"


where is it said that glbse shares are paid last?
where is it said money that was supposed to be paid weekly was instead to be invested elsewhere?


i already called for a scammer tag to Gigamining will this have to be next?


and to think you are going to be asking for paid upgrades to asic. not sure anyone is going to take you seriously

I concur. I want my weekly dividends, as agreed to.

I have my BITBOND shares on Cryptostocks. Where are the dividends?!

+1

DIVIDEND
NOW

It is already Fifth of January now!

Please someone, start topic for scammer tag.
amazingrando, cancel your preorders or use your private funds, but we need dividends right now. No more milking people like farm cows.

I still have not recieved any of my nor the shares owned by FDBF.

I have send multiple PM`s and NO answer  >:(

Come on amazingrando, I know you are alive, you are still mining at Bitminter.

A quick update that I have sent to Cryptostocks the final load of 42 accounts that were confirmed by the January 4th deadline.  If you confirmed your holdings then you should receive your bonds in the next day or so.

More to come...

 If you confirmed your holdings then you should receive your bonds in the next day or so. And for the dividend..........

The shares have been migrated. You should have received an email if you haven't had an account with us yet. follow the instructions to activate your account and reset your passwords.

thank you guys!

i thought i have lost my glbse shares, now i can play again.

perfect

 ;D

Hey amazingrando: the time to pay up is last year.
Do something now or this thread is going to end in scam accusations soon

+1 No dividend payments for a month+ nor updates for weeks. Totally unacceptable.

I think it was ok to buy the ASIC using our dividends as long the ASIC is for Us, without ASIC this bond will be unprofitable in the future.
Just my 2 cents  :)

Scammer tag for you, fucking guy, absolutely

No way, if it was not stated in the contract that he would not pay dividends to pay the ASICs.
If he wants to do this, he could do it with whom wants to go along with it, and keep following the original contract with the others.
Anyway it seems that he's just run away with the coins.
Anyone who volunteers to open a scam accusation thread? (I already opened several ones for Gigamining, YABMC and FPGAMINING)

Moreover, he paid dividends to major bond holders (who holds 85% of the total issue).

The scam accusation is done. Everyone is invited to vote on the poll.
https://bitcointalk.org/index.php?topic=136803.0 (https://bitcointalk.org/index.php?topic=136803.0)

I think the remaining 15% should get an extra share for each share for their missing dividends.


BitForce Single 'SC' $1,299 Performance: 60 GH/s

15% out of 200Ghz is 30Ghz..

Looks fair to me.

Voted.

I might accept such proposal combined with an immediate start of dividend payments (or with further extra shares in case of further delay)

https://bitcointalk.org/index.php?topic=141139.0;all - "amazing"rando tried to explain the current situation 1 month ago. Since then, silence... >:(

Thank you man. And no one in this thread haven't posted this link before, not to say about @amazingrando himself.

He got the scammer tag. Anyone heard of him via email?

He response to nobody.

https://foursquare.com/user/6805005

same profile pic, possible be rando?

This guy is Thai. Is Rando Thai?

may be it is time to start the mining farm again ?

Good luck getting hold of Rando. :-|

Randy is an American citizen

On Cryptostocks there is only contact email of BITBOND issuer: todd (at) spiralcomputing. com
I've bother to google about the domain, my findings below:

http://www.whoismind.com/whois/spiralcomputing.com.html
http://whois.domaintools.com/spiralcomputing.com
http://whois.polodomains.com/domain/2X34mgvU2EwYaZEFoXIFnoWLH8WPLe_g_info.html

Administrative Contact:
   WhoisGuard
   WhoisGuard Protected (http://dimage.polodomains.com/png/emailaddress.php?text=Bw4zUxSjc7PF5MRfIR23mlQ_AaWalONNfypJ1VnE6oKRKwLnpsIprXb--c4c9hJrOIt2xfFsGE8.)
   +1.6613102107
   Fax: +1.6613102107
   11400 W. Olympic Blvd. Suite 200
   Los Angeles, CA 90064
   US

Technical Contact:
   WhoisGuard
   WhoisGuard Protected (http://dimage.polodomains.com/png/emailaddress.php?text=Bw4zUxSjc7PF5MRfIR23mlQ_AaWalONNfypJ1VnE6oKRKwLnpsIprXb--c4c9hJrOIt2xfFsGE8.)
   +1.6613102107
   Fax: +1.6613102107
   11400 W. Olympic Blvd. Suite 200
   Los Angeles, CA 90064
   US

Anyone from US care to file a police/whatever legal complain about amazingrando to find out from WhoisGuard his real person identity and maybe visit him with other shareholders? Maybe Cryptostocks itself have some mechanism to get in contact with asset issuers?

Most interesting thing is
so we need to hurry with query to WhoisGuard.

We will definitely lose our assets in this bond.

Can't agree with this.

I pledge a half of my 46 Bitbond bonds to anyone who will recover them by a legal action.
If enough people here do the same, possibly someone will get off from his ass and start moving things.

I have 30 shares, I will give away 15 (on cryptostocks) if somebody will start legal case against him.

I'll add my +10 shares to this.
25 BITBOND shares in total

well, it looks like all this has come to an end. Court filings have been take care off. Most of this is going to happen in King county, WA in the Tacoma area as that is where the mining farm is held as well ass the current location of Todd Peterson and co. If you have any information about further people involved or other information you feel can help in this matter, please contact me.

Who is Todd Peterson?

Great! I'm going to tip you if it reaches a judgment (with some scanned paper evidences from your side). Please keep us updated.

I think amazingrando's real name as his email is todd@spiralcomputing.com. A moron behind the BITBOND.

So he was quite happy for another guy (Randy Oest) to be blamed and he didn't say a word? What a coward! I wouldn't want to be in his shoes.

Yes. I think we need one show trial on BTC-involved scammer so other would think twice before do the scam.

Going to leave this here.

2026603654

What is that?

+1

Dosen't matter.

I'm going to say this now. I'm going to give this whole crazy thing a chance. A post from Todd would go a really long ways and would show us that all is not lost. Im going to put the hurt and anger aside, and I will put my faith in Todd. I'm not going to pressure him and I am just going to pray that this whole mess is worked out and he can get that scammer tag off his name. Todd, I believed in you when you started this, and I am going to believe in you now.
I would like to ask anyone who feels the same way to post their support for Todd and BITBOND here and maybe we will look like fools, but maybe we wont and I would like to be able to sit back when this is all over and say that good does triumph over the bad. Godspeed Todd.

If Todd is going to pay all he owes to his investors I'm going to vote for scammer tag removal.
Otherwise let the justice commence.

I'm with RedRobin2442 on this one. I invested in BITBOND knowing the risk.

Do you think this OP will come back to this thread and see your opinions here?

He was also emailed with a very similar message and words of encouragement. I believe in the guy. He built a massive gpu based farm from the ground up with little to no help. Just maintaining a farm like that is a near 24hr job and to build, upgrade, repair and monitor shows the mans dedication. The farm is still running and once the ordered Avalons arrive, I am hoping we can hear from Todd and maybe get a bit an dividend, or the debt to the Namworld securities gets settled so that the debt wont be hanging over everything.


Come on Todd! You can do it! Get them Avalons online and prove the assholes wrong!

I doubt in that too.

Well if thats the case, I will gladly take your shares off you for 0.002 btc each if you like.

Didn't Todd hurt you and your wife's health? Why you now turned into his advocate? Bring him to the court already.

Hi. I'm usagi, I run BMF. We had over 300 shares of BTC-MINING, run by Namworld. Of course, BTC-MINING was entirely backed by BITBOND.

The 1 BTC we paid for each share is now worth approximately $33,000. Of course, a more realistic figure would be in the range of $5,000-$6,000 seeing as how the price of BTC was about $20 or so when it became obvious he disappeared. What do I need to do to get involved with this? Do I need to donate to a legal fund like the motions we started against Ian Bakewell? Please advise.

Please note I am willing to settle for a small fraction of what is owed. The number "20 bitcoins" comes to mind. Wrapped up in that is total forgiveness for everything. I believe in Todd and I hope he does the right thing in the fullness of time. That is my final statement on this matter. June 27th, 11:44am JST.


https://bitcointalk.org/index.php?topic=141139.msg1503280#msg1503280

p.s. I have no personal skin in the game, as soon as I get any money from this it will go directly to paying back my shareholders.

Hey Todd,

I think you'd be interested in this outcome for scammer Trendon Shavers AKA prateat40 http://www.forbes.com/sites/jordanmaglich/2013/08/07/court-green-lights-bitcoin-lawsuit-rules-investments-constitute-securities/

Consider return owed Bitcoins to your investors ASAP.

https://i.imgur.com/rmAzeX2.png

Preserved.

Preserved.

I still have 40 shares in BITBOND on Cryptostocks. Just wondering if anyone got some sort of a return in the end, and how they did it.

I noticed the expiry date for the fund is "Fri, 06 Dec 2013 15:59:59 -0800".

I've got quite a few BITBOND shares on Cryptostocks as well. No resolution and no response from Amazingrando <todd@spiralcomputing.com>.

Last message from him:

(bump)