Bitcoin Forum

Public Contract: 

The holder of this bond will receive as coupons a number of Bitcoins equivalent 
to 100% PPS output of one million hashes per second for the duration of time the 
bond is held. All coupons will be paid on the Saturday of each week for the 
previous seven days of mining. This bond is 100% underwritten by a private 
investor. If operation is ceased at any time, during the same week the Investor, 
not the Manager, will repurchase all bonds at 105% the 744 hour average price.

Important Update!

Synergy (https://btct.co/security/SYNERGY) will be the most competitive mining bond on the market.

I have been fully underwritten for the bond (by a private investor who wishes to remain anonymous), so there will be no IPO askwall to deal with.

Initially we will release 23237 1mh/s bonds, a which will be sold at the respective owner's choosing. The first coupon payment will take place Saturday, June 9, 2012, and will be a full coupon, calculated including all seven days before the payment.

I am already verified with the GLBSE and have an outstanding reputation managing Cognitive.

Contract:

As always, input is appreciated.

Cheers,
Garrett

Well, the first and most obvious question is why you are releasing another mining bond when you already run COGNITIVE.

Secondly, what's the hardware ^^

Thirdly, if it's deterministic (1mHash/sec) it's already not as competitive as COGNITIVE. What is the investment hypothesis here? Will the shares be cheaper than 0.3 mHash/share to start? Are there bulk purchase options? Thanks.

I wouldn't take "This bond is 100% underwritten by a private investor who wishes to remain undisclosed." into the contract itself.

Synergy will be one of the most competitively priced mining bonds on the market.

I cannot give information regarding bond prices, because I am not selling them.

How can you claim to be the most competitively priced mining bond on the market when you are not setting the price?

IANAL, but I think "one of the" and "competitively priced" make the statement meaningless in the concrete sense. Just a wee bit of advertising.

What equipment will you be using, FPGAs like with cognitive, or something else?

This will be Mini-Rig powered.

are you managing/housing it?

How much of your attention will be diverted from cognitive to synergy? Will this hurt your cognitive shareholders in any way?

OK. How much time do you estimate will be taken up by the maintenance of synergy?

Selling $200 worth of bonds to jjames888 (https://bitcointalk.org/index.php?action=profile;u=33444) at school tomorrow. Thanks!

I feel really old.  Bitcoin mining bonds were not what I sold when I was in school!

No physical contraband to hide in multiple illicit lockers either. ;)

Great job guys!

That raises the question, what did you sell?

Pirated video games on floppy disks? :D

I think I had better plead the 5th. 8)

Clearly he sold honey and other bee related products. :-)

I think I had better plead the 5th. 8)

GLBSE Fail ?!?

I just received three BFL Singles and will be issuing additional bonds, so I am offering a bulk discount for orders of 100 or greater at 0.23 per bond!
First come first serve, so shoot me a PM.

Oh! This is cool.
Can we see a picture, how they actually look like... with some proof  ;)

you better put those mini rigs online as soon as possible before the next difficulty change. Looking at the yesterday's huge network hashrate increase I shorted all of my mining bonds (or better what I have left from last time shorting :D).
http://bitcoin.sipa.be/speed-thumbnail.png
Looks like a lot of hashing power coming online these days partly due to the BTC price increase and partly to all those ordered mini rigs and singles coming online finally.

GeoRW, this is really nice of you to inform us all about you shorting the mining bonds. I guess it's your desperate attempt to manipulate the market and cause a panic, so you can recover your short sells. I hope you used margin for this and end up with a massive margin call on top of it.   :-*

BTW, I can explain the sudden spike. I started up my Icicle Cluster and got it running @ 0.69 petafldrops. That was fun but I have to add some serious water piping to this monstrosity. I am going to take it down so you better start buying back your bonds.

PS! "Trust No One" as it's written under your icon ;) 
 

The coupon payments for this week have eight confirmations going over to GLBSE and nothing has shown up yet... I just sent Nefario & GLBSE support messages.

It can take more than eight confirmations, just be patient.

Alright, I've never seen it take more than six.

hey Garr, how do you plan to cope with the rising overall difficulty and the coming of ASICS into the game ?

Will our dividends drop to 0 or what ?

" it will likely be similar to GigaMining's."  - which is ? Give me a link or the gist of it.

To all interested parties:

I would like to request gigaminers and other interested parties feedback on the upgrade paths from Gigamining to Teramining. I have outlined my initial thoughts below but this is not final and could be changed based on community feedback.

I will offer a trade-up program from Gigamining to Teramining. Below is what each bond looks like from a numbers perspective:


You will notice that Teramining has 4 times the number of shares as Gigamining. This is to allow for both a free and paid upgrade path.

Free Upgrade Path
I will offer a 1:1 exchange of Gigamining bonds for Teramining bonds that costs nothing to upgrade. An example would be if you have 400 Gigamining bonds and don’t want to pay to upgrade, you can swap them 1:1 for Teramining bonds. This would represent a 5x increase in the bonds hashing power at no additional cost. So in this case, the 400 Gigamining bonds (2Gh) would be upgraded to 400 Teramining bonds (10Gh).

Paid Upgrade Path
I will also offer a 1:4 exchange of Gigamining bonds for Teramining bonds. So, if you have 400 Gigamining bonds (2Gh) and pay the upgrade fee, you will receive 1,600 Teramining bonds (40Gh) in return. The fee to upgrade will be .25 BTC per Gigamining bond. So, the upgrade fee on 400 Gigamining bonds would be 100 BTC.

Initial Sales of Teramining
There will be no public or private offering of Teramining to the larger community. The only way to receive Teramining bonds will be to trade-in your Gigamining bonds either through the free or paid upgrade paths. Any bonds not sold will remain in the gigamining sub-account and will not have coupon payments paid out on them.

Contract Changes
The only contract change between Gigamining and Teramining is the amount of Mh/s per bond.

Please leave your comments and questions below and I will answer them to the best of my ability. My hope is to solidify this in a timely manner so there is less uncertainty around the future of Gigamining.

Best regards,
gigavps

so if I am correct  - you will upgrade at some point and catch up with the trend.
And the upgrade will be free by default with an option to pay more and get even more.

Right ?

I see that you have put Cognitive up on Btct.co.

Will you be doing the same with Synergy?

If not, what is the situation for shareholders as you now have, according to Nefario, the shareholders list?

Synergy is up for vote by the site mods in the "Awaiting Approval" tab.

Pending approval, it will likely be imported similarly to Cognitive.

Cheers.

It probably wont be as well received as cognitive. A few moderators dont like perpetual mining bonds.  :)

Are there any plans to upgrade to a minirig SC?

Is the 0.00057142 BTC/share weekly dividend expected to continue for awhile?