Bitcoin Forum

GLBSE asset: https://glbse.com/asset/view/REBATE

Description:

"BitcoinRebate brings arbitrage and penny auctions together in a new, exciting and most importantly, a profitable way. BitcoinRebate leverages ZipConf to instantly deliver player Bitcoin to multiple exchanges."

Essentially, BitcoinRebate uses a penny auction to enable its users to bid for arbitrage opportunities.  Whoever wins gets the profit.  BitcoinRebate will be both a profitable webapp and a demonstration of ZipConf's potential.

"Dividends will be paid to preferred shares on the 1st of every month. In the case that the dividend can not be paid out, the profits will be saved and paid out on the following payment date."

"The current estimated profits are 2000 BTC per month, by the second month of operations, which is equal to 1000 BTC in dividends owed to the outstanding 25,000 preferred shares. This corresponds to an average of 0.04 BTC per share, or a 20% monthly return relative to the face value of the preferred share."

"This offering is for 25,000 shares."  (each share yields 1/50000 of the profits of REBATE to the bearer)

Summary document on Google Docs (https://docs.google.com/document/d/1XDuigEcbq5rL1RP0frrBZ2rZ65fFz1phHUgKUYROOT8/edit)

Note that the summary document was written over a week ago, as a first draft, and should not be treated as completely authoritative.

Intriguing, but can you give some more explanation behind the profit calculation? Have you surveyed a market sample, or is that number just an educated guess?

The founder tells me that the number was a result of monitoring actual arbitrage opportunities and calculating the resulting profit.  However, since it is a penny auction system, some of the profits are dependent on the number of people who play.  The Ringcoin team expects this to be quite high, as the money raised from the IPO will be used to "advertise heavily," according to the document.

IPO tomorrow :o

Already put in some offers at 1 Bitcent - 500 BTC seems to me about right as valuation for a company like this - 2k BTC per month profits sounds too good to be true to me... As far as I know quite a few established pages are close to being unprofitable and I doubt people will pay substantial amounts at penny auctions, I'm always ready to be surprised though!

Any news? I see no movement on this asset?

REBATE is being skinned and should be launched in 1-3 weeks.

JRO's projects are not "established pages." Bitcoin sites are, for the most part, hobby projects reeking of minimal funding, low-value thinking, and inexperience. This project has significant funds and some of the best designers & devs the community has. Prepare to be surprised. :)

I was talking about the IPO. The contract talk about a facial value of 0.2 btc, and 25 000 shares to be sold. Considering the few bids that were put at the time the IPO started, I placed a bid for  250 shares for 0.2 btc each. It was never filled, as well as other bids at 0.2. What the fuck?

The shares were all sold before the IPO, I believe. INAU would know.