Bitcoin Forum

Okay guys, I may be a new member of the forum, but I have been reading here and mining for about a year now.  I have just decided to sell some of my mining power through GLBSE in the form of bonds.  I plan on IPOing on Aug XX, 2012, for 0.23 BTC/share.  Details are as follows:

-Ticker will be "JOEMINER"
-Dividend of 100% PPS (eg. current block value/difficulty)
-Buyback by issuer at his discretion at 105% previous 24 hour average price
-Dividend payments will be weekly on Sunday for the previous 7 days of mining
-First day for dividends will be August XX, 2012
-Each share will be worth 1MH/s of mining power
-GPU's in use: 5970's and 5830's


I will be offering 1900 shares, but might offer more later.  I am currently running at 2500 MH/s

As I don't have much credibility on the forums yet, my ebay profile is http://feedback.ebay.com/ws/eBayISAPI.dll?ViewFeedback2&userid=nolo200&ftab=AllFeedback (http://feedback.ebay.com/ws/eBayISAPI.dll?ViewFeedback2&userid=nolo200&ftab=AllFeedback) for reference.

If you have any questions or if you think I left something out, please comment or PM me.  Thanks!

Please comment if you are interested.

0.29 USD per share or 0.29 BTC per share? Vastly different things. 0.29 USD would be an excellent price.

Are you offering pre-orders?

Wow! That's a typo.  0.29 BTC/share

I wasn't planning on taking pre-orders, but I will consider it.

You might want to update your OP and remove the $ sign then. Lots of people will only read the OP. ;)

I did not find your IPO listed.  Is this because you are going through the entire identification verification process right now?

Question:  you will need to explain to me (and the rest of the market) why I would want to buy a bond from you at 0.29 when I have all of these well known companies to choose from:  http://caspar.adterrasperaspera.com/dmc/trade (http://caspar.adterrasperaspera.com/dmc/trade) and I can pick some of them up for less than 0.29.

Please offer some proof (instead of just your words) that you actually own the mining hardware you claim to have. Pictures with a custom written piece of paper in it for example...

Also please publish the exact formula that you will use to determine how much you pay out on each Sunday.

Thridly: Will you verify with GLBSE?

This. And only this.

Burt, I have not listed the IPO because I do not have the hardware "in hand" yet.  The 0.29BTC is also approximate.  I will IPO at the lowest price available for a comparable share on GLBSE.

Sukrim, I do not have most of the hardware yet, I started this thread prematurely to test for interest.  I will list the IPO when I have the hardware and I will provide photos.

My plan is to run 4x 5830's, 1x5970, and 2x 6970's, in two rigs to start with.

I do plan on verifying with GLBSE.  Operation will be run from Missouri, USA.

I am also working on a python script to handle the payments.  I will post the exact formula when I am done, but it will look like: 
(7[day]*24[hr/day])(3.6E12[hashes/hr/GH/s]/2^32[hashes]/1000[MH/s/GH/s])(50BTC/((Difficulty @ 0:00 UTC Sunday+Monday+Tuesday+...+Saturday)/7))*(1[MH/s])*(multiplier)

This will be the amount paid per 1MH/s share per week. (eg. 0.0044 BTC at current difficulty)

Like I mentioned above, I guarantee 95% up-time.  If something goes wrong that is uncontrollable by myself, I will append a multiplier to the above formula (minimum of 0.95).  Almost all of the time will be a multiplier of 1.0 however.

A very good and correct formula for 100% PPS can be seen in the MOORE thread. Your current preliminary one does not take into account that difficulties can change throughout the week and the fact that difficulty changes not only at 00:00 UTC, so you either end up paying too much (if difficulty goes down) or too little (if it goes up, which is to be expected to happen more often according to Moore's law) and not exactly 100% PPS as promised.

Uptime of 95% or 100% or 10% isn't really relevant usually for holders of a mining bond, as you commit yourself to pying out regardless of the state of your mining operation. You anyways get a hefty bonus (~30 bitcents per MH/s is a LOT compared to the price for GPUs or FPGAs!) and the rates for these kinds of loans (bonds are in the end loans somehow) are in the end also far cheaper than what you'd have to pay in the lending forum.

If something goes wrong, you'll have to buy back bonds instead of paying less than promised.

By the way, your planned ticker symbol might either be copyrighted or at least confusing for anyone not knowing that you mean a specific brand of GPUs.

Sukrim,

I really do appreciate all of your input.  Getting a feeling for what people think is why I am here.  I understand the formula you posted and will definitely incorporate that into mine. 

As far as uptime, I get what you are saying, and I agree with you.

Ticker can easily be changed.

Thank you!

Case I built today.  That is a 5970.  I also have two 750W power supply's, 4 5830's, and some other components on the way!

https://docs.google.com/open?id=0B82_BueXe7EsNFMxd1prWkNxU0U
https://docs.google.com/open?id=0B82_BueXe7EsNFMxd1prWkNxU0U (https://docs.google.com/open?id=0B82_BueXe7EsNFMxd1prWkNxU0U)

edit: added url for photo.  Why is the image not showing up on the board?

BUMP!!  Is anyone still interested in this??  I am up and running and running very stable.

Note: UPDATED original post.  Please read it.


One rig: https://docs.google.com/open?id=0B82_BueXe7EsSUpqald0OFd1NDg (https://docs.google.com/open?id=0B82_BueXe7EsSUpqald0OFd1NDg)

BUMP!!  ANYONE??

Unfortunatly I don't think anyone is interested as you can get 1 mhash bonds for a lot cheaper then 0.29 BTC per mhash :8
Sorry to break it to you, but I think the chance of selling mining bonds is kind of gone now :P
At least if you don't have asic or FPGA technology.
//DeaDTerra

No offense, but if you would have read my updated original post, I updated my price to match gigas.  Price is now 0.23BTC / 1MH/s bond.

Whether it is run by FPGA, ASIC, GPU, shouldn't matter!  1MH/s is 1MH/s.

gigamining 24 hour average is 1.157BTC / 5MH/s bond => 0.2314BTC / 1MH/s

Okay sorry, I just saw your latest post and skimmed through :)
Wanted to be help full, didn't mean to cause any offense. 0.23 BTC is a lot better deal.
I meant that it's not as profitable for the Issuer as the mining bond price has decreased due to the new tech.
I have to add though that if you compare to for example PureMining or YABMC, the deal is still not as good. The reason why GigaMining is so high is due to the speculation value of the free upgrade to 25 mhash per bond :)
//DeaDTerra

The problem for me is that if BFL delivers as promised you won't be able to give these bonds away.  Anyone investing in a GPU mining IPO with no plan to upgrade if/when ASICS hit will want an ROI before then.

Comparing to a bond like gigamining with an ASICS upgrade plan really isn't fair.  To get people interested you would have to offer your IPO at a ridiculously low amount (or jack up the MH/s per share).

I'm pretty sure BFL won't deliver.  I've tried to contact them multiple times by email and phone and have gotten no answers or return calls back.  I would be more than willing to put a clause in that if/when they deliver at stated price/hash rate.  I will offer 10MH/s for each bond.  As I do plan on buying a Single SC anyway.

I think this offer is very generous and would hopefully gain some attention.

So the new offer is 10mhash per share, starting from now?
//DeaDTerra

10MH/s when/if BFL comes out with their ASIC's...and when they give me mine.