Bitcoin Forum

Economy => Securities => Topic started by: burnside on July 16, 2012, 04:17:17 AM



Title: [BTC-TC] [[LTC-MINING]] - GLBSE LIST RECEIVED - BTC-TC TRANSITION COMPLETE
Post by: burnside on July 16, 2012, 04:17:17 AM
LTC-Mining by burnside

was at: https://glbse.com/asset/view/LTC-MINING (https://glbse.com/asset/view/LTC-MINING)
now at: https://btct.co/security/LTC-MINING (https://btct.co/security/LTC-MINING)
website: http://ltc.kattare.com/ltcmining.php (http://ltc.kattare.com/ltcmining.php)

Introduction:
LTC has gone up in price a lot lately, definitely enough to start getting into LTC Mining.  Recent developments on the LTC scene have brought GPU mining into the mix, just as GPU mining is starting to become unprofitable in the BTC market.

The very first LTC Mining Bond:
This is the first and currently the only mining bond that can bring you profit from LTC.  

Summary:
Each bond issued represents a minimum of 1 kH/s ongoing hashing.  More bonds will be issued as demand dictates.

All bonds sold will be maintenance free.  All power, internet connectivity, hardware maintenance, and LTC to BTC conversions will be managed by burnside.


Additional Details:
I will be brining additional capacity online as the bonds are sold, with a 1 week lag for purchasing equipment, configuring it, and deploying it.  Dividends will still be paid during that time by using existing hashing gear.

Each bond will pay out earnings every 4-10 days with a targeted average of every 7 days.  To keep things simple, all bond-backed hashing will be directed at the burnside Mining Pool (ltc.kattare.com) using it's own account with it's own wallet.  On payout days I will be converting all LTC in the LTC-Mining wallet to BTC on public exchanges and then distributing the resulting BTC to bond holders on the GLBSE.  I require a wide berth in the payment interval because I wish to maintain a stable price for the security and I must maintain a flexible schedule should any family or day-job issues arise.    

The bond will not expire.

Because I am taking on a very possible risk (eg, difficulty doubles, exchange rate drops) whereby the cost of operating the hashing pool will become a liability:  

    I reserve the option to repurchase bonds at 105% of the highest traded price over the last 15 days.

    I reserve the option to shift mining resources to alternate crypto-currencies should profitability in LTC
    diminish and an alternate crypto-currency become more profitable.  Should I exercise this option, all bonds
    will be converted to a hashing rate determined to be as profitable or more profitable than the LTC equivalent
    as of the day of conversion.

And because I would like to somewhat future-proof this bond:

    To grow the operation I reserve the option to issue additional bonds at a price I will determine.

    I reserve the option to use alternate mining pools, should anything happen to the burnside Mining Pool.

    I reserve the option to increase the hashing value of each bond should there be a significant shift in the
    market. (eg, much as ASICS have done to BTC)


Cheers.



Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: burnside on July 16, 2012, 04:34:07 AM
Who are you?

I am burnside.  I am a long time linux systems administrator with 15 yrs experience system administration and programming experience.  I have ties to the website hosting industry and access to the associated resources.  (datacenter facilities, hosting, etc.)

I am relatively new to cryptocoins, but since discovering cryptocoins a few months ago I've worked on several projects.  I've rolled out an LTC mining pool, reprogrammed a large hosting company to accept BTC, issued securities on GLBSE, and have been mining LTC at well over 2,000 kH/s for some time now.  I believe now is the time to offer up LTC bonds.

I've had a public presence on the internet since 1997 and I'm not going anywhere any time soon.  I will keep your investment safe and will follow the terms of the contract.  If you have any questions please feel free to ask.

Where is the hashing coming from?

I currently operate hundreds of servers in a website hosting cluster.  These servers may be retrofitted with GPU's for hashing.

New servers I build will be outfitted with GPU's for hashing from the outset.

All hashing will be coming from hardware directly managed.  NO HASHING WILL BE CONTRACTED OUT.

You can see the farm mining at anytime on the burnside LTC Mining Pool at http://ltc.kattare.com/stats.php (http://ltc.kattare.com/stats.php) under username LTCMINING.  Worker details and account balance is publicly visible here: http://ltc.kattare.com/ltcmining.php (http://ltc.kattare.com/ltcmining.php)

Do you plan to verify?

I've tried to verify my company in the past, we're online in the State of Oregon corporate listings, on the BBB website, on Duns & Bradstreet, US/EU Safe Harbour Certified, Trustwave Certified PCI Compliant, etc.  However GLBSE wanted my ID with my home address on it, dob, etc.  Didn't seem like a good idea to be sending that around the internets.  I've connected with GLBSE on Linked-In, sent them my phone number, and worked with them via email.  Hopefully they'll update those on the security.

What is LTC?

According to the creators of Litecoin, it is "Crypto-Coin silver to Bitcoin's gold".  It's intended to be used in micro-payment situations where it doesn't make sense to get out the wallet for BTC due to the differing value scales.  It has recently seen a surge in popularity.

What if LTC crashes?

If LTC crashes, a shift to directly mining BTC could be put to a vote.  For example, each 1kH/s LTC bond could be converted to a 1MH/s BTC bond.


What is the dividend interval?

There will be a dividend every 4-10 days.  It varies somewhat but my goal is to average once a week.

How much should I invest?

No more than you can afford to lose.



Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: puffn on July 16, 2012, 06:52:26 AM
Good idea. I had thought about applying my gpus to this post asic also. Best of luck to you on your IPO, I may nab a few shares myself.


Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: Bitcoin Oz on July 16, 2012, 07:07:57 AM
Now I wish glbse supported litecoin investments using litecoin


Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: burnside on July 16, 2012, 07:16:00 AM
Good idea. I had thought about applying my gpus to this post asic also. Best of luck to you on your IPO, I may nab a few shares myself.

Definitely worth looking into reaper if you haven't already.  If you need a pool, check out ltc.kattare.com.   ;D


Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: burnside on July 16, 2012, 07:19:39 AM
Now I wish glbse supported litecoin investments using litecoin

A few more of these and maybe we can convince Nefario to add LTC support.  Probably wouldn't be all that hard and it'd be a huge win for the LTC scene.


Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: RandomQ on July 16, 2012, 07:37:41 AM
A question, I know this is a bond but I want to ask.

Do you own the servers you are going to be putting the GPU's in or do you just administrate them?


Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: burnside on July 16, 2012, 07:46:30 AM
A question, I know this is a bond but I want to ask.

Do you own the servers you are going to be putting the GPU's in or do you just administrate them?

Good question.

Servers considered for the project are owned outright.  Servers on lease, dedicated servers, colocated servers, 1U servers, most 2U servers, and servers requiring higher levels of security would be excluded. 

Cheers.


Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: Bitcoin Oz on July 16, 2012, 07:48:26 AM
Now I wish glbse supported litecoin investments using litecoin

A few more of these and maybe we can convince Nefario to add LTC support.  Probably wouldn't be all that hard and it'd be a huge win for the LTC scene.

Dont know if thats going to happen  :)


Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: pieppiep on July 16, 2012, 08:11:53 AM
Total network speed according to pool-x at this moment is 212.9 MH/s
1500 * 1 kH/s = 1.5 MH/s would be added.
214.4 MH/s is the new network speed with your bond.
Each bond will give 1/214400 network speed.
576 blocks/day = 28800 LTC/day is mined with the total network.
28800/214400 = 0.13432836 LTC/day is mined with one bond.
0.00550746 BTC/day with the exchange you quoted. (1 LTC is 0.041 BTC)
0.49 BTC / 0.00550746 BTC = 89 days ROI.

Is it really to good to be true or do I make a mistake somewhere in my calculation?

/edit
According to BTC-E 1 LTC = 0.006699 BTC.
So that gives,
0.00073981 BTC/day with the exchange you quoted. (1 LTC is 0.041 BTC)
0.49 BTC / 0.00073981 BTC = 662 days ROI.


Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: BlackBison on July 16, 2012, 09:44:17 AM
I was wondering when this would happen.. good luck!


Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: burnside on July 16, 2012, 09:50:10 AM
Is it really to good to be true or do I make a mistake somewhere in my calculation?

/edit
According to BTC-E 1 LTC = 0.006699 BTC.
So that gives,
0.00073981 BTC/day with the exchange you quoted. (1 LTC is 0.041 BTC)
0.49 BTC / 0.00073981 BTC = 662 days ROI.


Yes, too good to be true.  I transposed the LTC/USD exchange rate.  Crazy tho, all the way up to 0.006699 LTC/BTC in the time it took me to write it all up today...

Exchange right now:
1 LTC = 0.0064 BTC
Per your earlier equations, you would get 0.13 LTC/day/bond.
That's 0.00078 BTC/day = 628 days ROI.

You're right, not good enough.  Just since I ran the numbers this morning (projected difficulty 6.2) the next difficulty estimate has hit 7.  Lots of hashing power shifting over to LTC.  Things are changing really fast.

The good news is that there's a bit of slack in my business plan.  I was wanting to get more expensive GPU's for their density.  (Less GPU's overall = less maintenance)  I can alter GPU models and get to a 0.40 BTC price point I think, I just have to put them in a lot more machines, that gets closer to a mid-lower 400's ROI.

Hard to say exactly where things will end up with the exchange rate, but it's been outstripping the difficulty increases, and if that trend continues things will improve further.  Personally, I'm going way long on this one.  I've already deployed ~4,000 kH/s and today I ordered another $3k in hashing gear and will have it operating just in time to start paying dividends. 8)

Cheers.


Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: burnside on July 16, 2012, 09:51:39 AM
I was wondering when this would happen.. good luck!

Thanks!


Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: Garr255 on July 16, 2012, 09:52:30 AM
I had considered doing something similar to this at one point, but was too busy to establish it at the time. Best of luck to you.

And...
Now I wish glbse supported litecoin investments using litecoin

+1


Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: burnside on July 16, 2012, 10:02:23 AM
I had considered doing something similar to this at one point, but was too busy to establish it at the time. Best of luck to you.

And...
Now I wish glbse supported litecoin investments using litecoin

+1

Thank you.  I have Cognitive holdings myself.  Don't get too distracted!   :D


Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: PinkBatman on July 16, 2012, 06:37:56 PM
Personally I feel like the price is too high (but people are placing bids so what do I know :P)

You also have to remember that selling around 1700LTC a week is going to drop the price quite a bit.

Good luck on your IPO though, I will be rooting for you.


Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: burnside on July 16, 2012, 07:57:32 PM
Personally I feel like the price is too high (but people are placing bids so what do I know :P)

You also have to remember that selling around 1700LTC a week is going to drop the price quite a bit.

Good luck on your IPO though, I will be rooting for you.

Both good points.

To the first point - I've tried to make it as attractive as possible while still making it worth taking on the personal risks.  The one that really worries me is what happens if the LTC/BTC exchange drops below the cutoff where I'm pulling in enough to cover the cost of power.  Not that it'd make or break me, I have the personal resources to deal with that, but the potential is there for this to end up costing me significantly.  Thus with this security, I'm betting heavily on the future of Litecoin.

To the second point - I've sold tens of thousands of LTC over the last couple months.  (I started with CPU mining when the difficulty was ~1.1)  Even in my largest sales, it did not drop the price for more than an hour or two.  I'm not sure where all the demand is coming from, but there is definitely lots of demand out there right now.

Cheers.



Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: burnside on July 17, 2012, 01:15:29 AM
We're on the IPO page now.

Official GLBSE URL: https://glbse.com/asset/view/LTC-MINING (https://glbse.com/asset/view/LTC-MINING)

Two days to liftoff!


Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: RandomQ on July 17, 2012, 01:22:45 AM

To the second point - I've sold tens of thousands of LTC over the last couple months.  (I started with CPU mining when the difficulty was ~1.1)  Even in my largest sales, it did not drop the price for more than an hour or two.  I'm not sure where all the demand is coming from, but there is definitely lots of demand out there right now.


Just curious what exchange(s)?  ::)


Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: burnside on July 17, 2012, 01:40:18 AM
Just curious what exchange(s)?  ::)

BTC-e & Vircurex.  I've used both a bunch.  I just go wherever the exchange is the best.  Both are easy to get LTC and BTC in and out.

Cheers.


Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: burnside on July 17, 2012, 07:52:21 AM
...
According to BTC-E 1 LTC = 0.006699 BTC.
So that gives,
0.00073981 BTC/day with the exchange you quoted. (1 LTC is 0.041 BTC)
0.49 BTC / 0.00073981 BTC = 662 days ROI.

...
Exchange right now:
1 LTC = 0.0064 BTC
Per your earlier equations, you would get 0.13 LTC/day/bond.
That's 0.00078 BTC/day = 628 days ROI.

I sold over 1,000 LTC today at 0.0069 on Vircurex and BTC-e.  Thus, as of today:

  1 LTC = 0.0069 BTC
  Difficulty hasn't gone up significantly, per your earlier equations, you would get ~0.13 LTC/day/bond.
  That's 0.000897 BTC/day = 479 days ROI.

  If you buy at the 0.4171 pre-ipo discount, 464 days ROI.

  If you count the first and second month bonuses and the pre-ipo discount:
  First month return per share: 0.032292
  Second month return per share: 0.029601
  Subsequent months return per share: 0.02691
  ~= 456 days ROI

The same calcs with a moderate rise in difficulty and exchange rate:

  1 LTC = 0.0079 BTC
  Difficulty goes to 7.0, you get ~0.12 LTC/day/bond.
  That's 0.000948 BTC/day

  If you buy at the 0.4171 pre-ipo discount, 440 days ROI.

  If you count the first and second month bonuses and the pre-ipo discount:
  First month return per share: 0.034128
  Second month return per share: 0.031284
  Subsequent months return per share: 0.02844
  ~= 431 days ROI

You get the idea.  The potential here is pretty good.  

and operating in a currency that is not in upheaval due to upcoming ASIC shakeups and halving payouts... priceless?  (heh, couldn't resist.)




edit/add ... I just double checked the expected payout at a difficulty of 7.0 using allchains.info and it's more like 0.15 LTC/day/bond.  It's 1 am here and I have a meeting in the AM but quickly re-doing those calcs it's actually:

Round 2: The same calcs with a moderate rise in difficulty and exchange rate:

  1 LTC = 0.0079 BTC
  Difficulty goes to 7.0, you get ~0.15 LTC/day/bond.
  That's 0.001185 BTC/day

  Thus if you count the first and second month bonuses and the pre-ipo discount:
  First month return per share: 0.04266
  Second month return per share: 0.039105
  Subsequent months return per share: 0.03555
  ~= 343 days ROI  ... (difficulty 7.0, exchange 0.0079, buying pre-ipo at 0.4171)

Seems pretty solid to me.  I'm out of steam for today, let me know if I missed anything with the math!

Cheers.


Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: burnside on July 18, 2012, 08:42:39 AM
LTC hit 0.00865000 today on Vircurex.  Not really high volume, but definitely exciting.



Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: burnside on July 19, 2012, 04:28:02 AM
Asset is live!


Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: burnside on July 19, 2012, 06:09:22 AM
I bought 100. Thanks:)

Appreciate it!

If you figure out a way to pay out in LTC I'm very interested!

I think GLBSE would have to either support LTC directly, or would have to give me some kind of a share management API where I could access a "share id" and "email address" on a per-share basis.  With those two pieces of info I could build a website where you would sign up by email account (matching your GLBSE account) and plug in a payment address.  Then on payout I would iterate through all the shares and make payouts on the ones that had registered.  Ones that had not would receive an email from the system asking them to register and would store their payout in the system until they did so.

I would love to see such an API for the asset managers.  Just with those two bits of info there's a ton of things you could do with the assets.  Starting with building a decent mailing list to keep everyone up to date.


Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: burnside on July 19, 2012, 06:36:06 AM
To pay out in LTC you would have to do this outside of GLBSE odds are.

Posted on the 'GLBSE request for features' thread.  ;-)


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on July 23, 2012, 09:40:40 AM
First dividend paid.

Days since IPO: ~5

1260.7193644701 LTC in the pool wallet, converted to 7.56 BTC, came out to 0.01502982/bond or 0.003005964/bond/day.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: Jurek on July 23, 2012, 10:54:22 AM
Interesting. I got twice as much as I used to with gigamining.
Thanks burnside!

What are your predictions on upcoming weeks? How is the post-ipo growth and set up going on?


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on July 23, 2012, 07:24:08 PM
Interesting. I got twice as much as I used to with gigamining.
Thanks burnside!

What are your predictions on upcoming weeks? How is the post-ipo growth and set up going on?

This was definitely a good dividend.  I've been running the full 1500 kH/s plus the bonus 300 kH/s that I made available for the IPO, thus those that bought in (~500 bonds sold) received the benefit of that entire pool of generated funds.  As more people buy in, the dividend will go down, until it finally settles at the actual 1 kH/s per bond + 20% bonus.

The good news is that LTC/BTC has been holding relatively steady price-wise around 0.006.  Difficulty has gone up from 6.2 to 7.2, not a huge increase, but not insignificant either.  I expect difficulty and exchange rates to both continue to climb in the coming weeks, effectively keeping the payout per share stable.  That is just my guess though, I don't have any info other than what is publicly available regarding what is moving the market.  The currency exchange definitely adds some complexity to the picture.  I'm hoping some day I can just pay out LTC and let everyone do their own exchanging.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: EskimoBob on July 25, 2012, 04:04:35 PM
You better start mining and help keeping this lunatic BCX at bay


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: pieppiep on July 25, 2012, 04:11:40 PM
For more info about 'this lunatic BCX' see 51% Attack Planned on LTC (http://"https://bitcointalk.org/index.php?topic=94912.0") and Second LTC Fork to Begin (http://"https://bitcointalk.org/index.php?topic=95116.0")


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on July 26, 2012, 03:59:02 AM
heh, yeah, I've been watching the situation over the last couple days.  I'm not too worried, the main exchange for LTC stopped deposits/withdrawals until things settle down.  If the attack actually succeeds I'll be pretty surprised.  Feels to me more like a big market manipulation.



Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: Jurek on July 26, 2012, 05:31:06 PM
Yup, I agree.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on July 28, 2012, 12:41:43 AM
Second dividend paid.

Time since last dividend: ~5 days  (per my original contract, not doing dividends at exactly 7 day intervals.)

1100.637108801 LTC in the pool wallet, converted to 7.005709675 BTC, came out to 0.01165675/bond or ~0.00233135/bond/day.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: smoothie on July 30, 2012, 04:19:50 AM
heh, yeah, I've been watching the situation over the last couple days.  I'm not too worried, the main exchange for LTC stopped deposits/withdrawals until things settle down.  If the attack actually succeeds I'll be pretty surprised.  Feels to me more like a big market manipulation.



Very much spot on. Pure BS on BCX's part.

Keep up the good work! Nice to see progress to incorporate LTC.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on July 30, 2012, 07:23:13 AM
Added a pic of a machine we recently built.

http://ltc.kattare.com/ltcmining.php (http://ltc.kattare.com/ltcmining.php)


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on July 31, 2012, 05:20:08 AM
As many of you probably have noticed, BTC-e was hacked this evening.

https://bitcointalk.org/index.php?topic=96802.0 (https://bitcointalk.org/index.php?topic=96802.0)

I did not lose any LTC or BTC.  I was online when it started and immediately withdrew everything I had on the exchange.  Things were tense while I waited for the first confirms, but everything came through fine.  :)

Unfortunately this leaves us with just one remaining exchange to work with.  If anyone wants out I've taken the funds that have not yet been put toward hardware and posted a buy offer for 200 shares at 0.30.  Personally, I'm going to stick it out for now and I recommend everyone sit tight.  I think LTC will survive.

Cheers.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: Jurek on July 31, 2012, 11:56:04 AM
You are a good captain, Burnside. Thanks.

It's a free market after all - where one exchange falls, 3 more will pop up. That's how it was with bitcoin too. Progress.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: EskimoBob on July 31, 2012, 01:24:31 PM
As many of you probably have noticed, BTC-e was hacked this evening.

https://bitcointalk.org/index.php?topic=96802.0 (https://bitcointalk.org/index.php?topic=96802.0)

I did not lose any LTC or BTC.  I was online when it started and immediately withdrew everything I had on the exchange.  Things were tense while I waited for the first confirms, but everything came through fine.  :)

Unfortunately this leaves us with just one remaining exchange to work with.  If anyone wants out I've taken the funds that have not yet been put toward hardware and posted a buy offer for 200 shares at 0.30.  Personally, I'm going to stick it out for now and I recommend everyone sit tight.  I think LTC will survive.

Cheers.


Do we really need one more alarmist and FUD master?
They are fixing it right now and promised to be back ASAP. Read the fkn news from https://btc-e.com/news and don't invent your own ;)


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on July 31, 2012, 05:11:38 PM
As many of you probably have noticed, BTC-e was hacked this evening.

https://bitcointalk.org/index.php?topic=96802.0 (https://bitcointalk.org/index.php?topic=96802.0)

I did not lose any LTC or BTC.  I was online when it started and immediately withdrew everything I had on the exchange.  Things were tense while I waited for the first confirms, but everything came through fine.  :)

Unfortunately this leaves us with just one remaining exchange to work with.  If anyone wants out I've taken the funds that have not yet been put toward hardware and posted a buy offer for 200 shares at 0.30.  Personally, I'm going to stick it out for now and I recommend everyone sit tight.  I think LTC will survive.

Cheers.


Do we really need one more alarmist and FUD master?
They are fixing it right now and promised to be back ASAP. Read the fkn news from https://btc-e.com/news and don't invent your own ;)


Heh.  That's funny.  I came back here to post that all is well and things are not as bad as they seemed yesterday.  ;)

As for FUD... As of the time of my post late last night, everything I said was true.  There was one operating exchange, and one that had been hacked and was unusable.  I'm pleasantly surprised that BTC-e has handled things quite nicely as they're my favorite exchange by far.

" ... and I recommend everyone sit tight"

Cheers.



Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on August 05, 2012, 06:50:07 PM
Third dividend paid.  The surge in BTC price has caused a rough week for LTC.

Time since last dividend: ~9 days  (per my original contract, not doing dividends at exactly 7 day intervals.)

1736.8723466318 LTC in the pool wallet, converted to 9.71648514 BTC*, came out to 0.01028199/bond or ~0.00114244/bond/day.

* Had I actually converted it today, it would have been at 0.0048-0.0052 and come out to about 1 BTC less, but I had personally exchanged a couple thousand earlier this week at just under 0.0056 and I've retroactively included this payout in that conversion for the benefit of everyone.



Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: Jurek on August 05, 2012, 08:00:13 PM
Stats on the website this morning showed ~6BTC. Thanks for not doing this on auto. So far so good!


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on August 12, 2012, 05:39:15 PM
Dividend paid.  The LTC prices are still down, good news is difficulty is also down, helps offset it.

Time since last dividend: ~7 days  (per my original contract, not doing dividends at exactly 7 day intervals.)

1577.393448301 LTC in the pool wallet, converted to 7.37220134 BTC, came out to 0.0073722/bond or ~0.00105317/bond/day.

Cheers.


Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: interlagos on August 19, 2012, 11:48:59 AM
Now I wish glbse supported litecoin investments using litecoin

If it doesn't, competitors will grab some of its market share :)
Check out https://cryptostocks.com/ they support LTC for securities since 16th of August.


Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: burnside on August 20, 2012, 05:29:33 AM
Now I wish glbse supported litecoin investments using litecoin

If it doesn't, competitors will grab some of its market share :)
Check out https://cryptostocks.com/ they support LTC for securities since 16th of August.

Yeah, actually I built a site to do LTC based stocks at http://litecoinglobal.com and soon will be announcing LTC-MINING.LTC that will be listed there.  People holding those shares will get dividends paid in LTC.  :)

It's in public beta now, but there are only a few things left to develop before I take it out of beta.  The cryptostocks guys were watching the litecoinglobal.com development threads and beat me out by a couple days, but I have a good feeling about Litecoin Global.

Cheers.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on August 20, 2012, 05:41:16 AM
Dividend paid.  The LTC prices crashed this last week.  I witnessed it as low as 0.002 at one point.  Things bounced back pretty quickly though and I held out until today and got a semi-decent exchange.

Time since last dividend: ~7 days  (per my original contract, not doing dividends at exactly 7 day intervals.)

1676.8867817015 LTC in the pool wallet, converted to 7.36830184 BTC, came out to 0.0073683/bond or ~0.00105261/bond/day.

Cheers.


Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: sp0rus on August 20, 2012, 05:42:04 AM

Yeah, actually I built a site to do LTC based stocks at http://litecoinglobal.com and soon will be announcing LTC-MINING.LTC that will be listed there.  People holding those shares will get dividends paid in LTC.  :)

It's in public beta now, but there are only a few things left to develop before I take it out of beta.  The cryptostocks guys were watching the litecoinglobal.com development threads and beat me out by a couple days, but I have a good feeling about Litecoin Global.

Cheers.


Looking forward to LTC-MINING going live on Litecoin Global.  Signed up for the beta today.  Hope it turns out to be fairly popular.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: Jurek on August 21, 2012, 09:42:21 AM
So after all nefario isn't going to add LTC support?


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: sebnow on August 21, 2012, 10:01:53 AM
So after all nefario isn't going to add LTC support?
Correct, at least for now.
GLBSE will NOT be support litecoin, most likely anytime this year.

I fully support the development of other exchanges (rising tide lifts all boats).

I'll put my money on https://www.litecoinglobal.com/ and actually want to invest myself in this.

Eh...do we need to have litecoins to invest?


Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: sebnow on August 21, 2012, 10:04:41 AM
Now I wish glbse supported litecoin investments using litecoin

If it doesn't, competitors will grab some of its market share :)
Check out https://cryptostocks.com/ they support LTC for securities since 16th of August.

Yeah, actually I built a site to do LTC based stocks at http://litecoinglobal.com and soon will be announcing LTC-MINING.LTC that will be listed there.  People holding those shares will get dividends paid in LTC.  :)

It's in public beta now, but there are only a few things left to develop before I take it out of beta.  The cryptostocks guys were watching the litecoinglobal.com development threads and beat me out by a couple days, but I have a good feeling about Litecoin Global.

Cheers.

Will shares be somehow transferred to Litecoin Global, or will this be a completely separate offering with new hardware backing it? I guess that will be explained in the announce :).


Title: Re: [GLBSE] [[LTC-MINING]] - The First Perpetual LTC Mining Bond
Post by: burnside on August 21, 2012, 04:20:06 PM
Will shares be somehow transferred to Litecoin Global, or will this be a completely separate offering with new hardware backing it? I guess that will be explained in the announce :).

I thought about that a bunch.  Trying to figure out how to pull something like that off.  Best I could think of was to do a forced buyback and just tell everyone to convert their BTC to LTC on the exchange, then come over to LTC-GLOBAL.

For various reasons like:

- I don't have the BTC - spent 2/3 of it on hardware
- and some people might like getting BTC out
- and the exchange process is not necessarily easy nor free
- and I have no way of doing a share transfer because GLBSE does not (currently) have a way to track who owns LTC-MINING.

It just doesn't seem like it'd make sense trying to move over.

I do already have plenty of mining hardware on tap to make a separate offering, and can certainly purchase more hardware.  The only reason I hadn't yet offered more shares to grow LTC-MINING on GLBSE is because of my uncertainty around this particular issue.  Even with the crazy power drain of the hardware, our datacenter has capacity for a lot more of these machines.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on August 28, 2012, 07:27:54 AM
Dividend paid.  Not a good week for LTC prices.

Time since last dividend: ~8 days  (per my original contract, not doing dividends at exactly 7 day intervals.)

1883.0643137115 LTC in the pool wallet, converted to 6.96759989 BTC, (extended pricing on a trades I made late last week, as it was not good the last couple days.) came out to 0.00696759/bond or ~0.00087095/bond/day.

Cheers.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on September 05, 2012, 03:30:42 AM
Dividend paid.

Time since last dividend: ~7 days  (per my original contract, not doing dividends at exactly 7 day intervals.)

1920.7308346319 LTC in the pool wallet, converted to 7.29878 BTC, came out to 0.00729878/bond or ~0.00104268/bond/day.

A bit better than last week.  :)

Cheers.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on September 05, 2012, 03:45:19 AM
Hi all.

I've been proud of how this bond has performed.  Our mining hardware has been stable thus far, and confidence in the pool that I rolled out to operate the mining bond has grown.  It's time to expand the operation.  I'll be issuing between 1000 to 2000 new bonds in the next few days, priced between 0.58 and 0.68 BTC each.  I haven't decided on exact numbers yet because...

I am also going to be issuing 1000-2000 new bonds priced between 175 and 200 LTC each on Litecoin Global (https://litecoinglobal.com) in the next few days.  For those of you who would prefer a payout in LTC, it will be one of the first direct LTC mining bonds.

I'd like to thank everyone for their support.  It's been great so far.  :)

Cheers.



Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: Jurek on September 05, 2012, 04:47:00 PM
This is great news! Nice to profit with you burnside!


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on September 06, 2012, 05:51:57 PM
Hi all.

A software update last night caused some issues with reaper.  I think one of the underlying libs got swapped out and reaper wigged out.  So we lost some hashing overnight.  I have restarted all of the reapers and things are back up and running.

I credited 150 LTC to the LTC-MINING account to make up for the lost time.  (It currently pulls in ~230/day, so I figure 150 should be fair for ~10 hrs downtime.)

Cheers.



Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on September 12, 2012, 04:51:22 AM
Dividend paid.

Time since last dividend: ~6 days  (per my original contract, not doing dividends at exactly 7 day intervals.)

1499.7437164229 LTC in the pool wallet, converted to 5.479062 BTC, came out to 0.00547906/bond or ~0.0009132/bond/day.

Exchange rates this week have been a bit depressed.   :-\

Cheers.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on September 20, 2012, 06:25:30 AM
Dividend paid.

Time since last dividend: ~8 days  (per my original contract, not doing dividends at exactly 7 day intervals.)

2150.0385344726 LTC in the pool wallet, converted to 6.84862 BTC, came out to 0.00684177/bond or ~0.00085522/bond/day.

Cheers.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on September 27, 2012, 09:02:33 AM
Dividend paid.

Time since last dividend: ~7 days  (per my original contract, not doing dividends at exactly 7 day intervals.)

1822.0880271418 LTC in the pool wallet, converted to 6.45841249 BTC, came out to 0.00064684/bond or ~0.00092405/bond/day.

Cheers.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on September 27, 2012, 09:06:04 AM
LTC-MINING.LTC on Litecoin Global has successfully established itself now.

I'm offering a 1 to 1 share swap for anyone that wants to transition from LTC-MINING to LTC-MINING.LTC.  You can transfer me your LTC-MINING shares on GLBSE, and I'll transfer back to you the same number of shares in LTC-MINING.LTC on LitecoinGlobal.com.

LTC-MINING.LTC works pretty much the same as LTC-MINING.  The difference is that you get paid in LTC instead of BTC.

Cheers.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on September 30, 2012, 09:53:17 AM
Hello everyone.

It's been a somewhat depressing day, I've been tracking my own personal portfolio through the events surrounding Nefario's handling of Goat's assets on the GLBSE and things are not pretty.  People are bailing out of GLBSE as fast as they can and it is severely depressing the market.

Thus I thought it worth posting that while many other assets are closing up shop, defaulting, disappearing, or being forcefully disappeared, LTC-MINING is not going anywhere.  We have real hardware generating real coins.

Cheers.





Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: smoothie on September 30, 2012, 11:22:44 AM
Hello everyone.

It's been a somewhat depressing day, I've been tracking my own personal portfolio through the events surrounding Nefario's handling of Goat's assets on the GLBSE and things are not pretty.  People are bailing out of GLBSE as fast as they can and it is severely depressing the market.

Thus I thought it worth posting that while many other assets are closing up shop, defaulting, disappearing, or being forcefully disappeared, LTC-MINING is not going anywhere.  We have real hardware generating real coins.

Cheers.





Burnside keep up the good work.

I remember you posting up pictures of the mining rigs. Can you give me the link(s)? Thanks.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: Bitcoin Oz on September 30, 2012, 12:01:19 PM
Hello everyone.

It's been a somewhat depressing day, I've been tracking my own personal portfolio through the events surrounding Nefario's handling of Goat's assets on the GLBSE and things are not pretty.  People are bailing out of GLBSE as fast as they can and it is severely depressing the market.

Thus I thought it worth posting that while many other assets are closing up shop, defaulting, disappearing, or being forcefully disappeared, LTC-MINING is not going anywhere.  We have real hardware generating real coins.

Cheers.





Part of it is related to bitcoin being  a better investment than any mining stock.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on September 30, 2012, 08:45:19 PM
I remember you posting up pictures of the mining rigs. Can you give me the link(s)? Thanks.

1st post, 3rd line.    :D


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on September 30, 2012, 08:50:16 PM
Part of it is related to bitcoin being  a better investment than any mining stock.

I'll agree somewhat.  This is only true because the market right now makes it true.  The future behavior of the market is not a given, and any one of these big dips in exchange rate could end up being long-term or permanent.  There are far too many factors in play for me to begin to try to predict what is going to happen in the next 6 months.  But I DO know that for the next 6 months, I'll be mining new coins.  :)



Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: Jurek on October 01, 2012, 09:57:33 PM
http://f.cl.ly/items/2e1T0K3K19442k133w2t/CapturFiles_21.png

Looks really good, I wonder how all the gpu miners will influence exchange rates  ???


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on October 01, 2012, 10:24:40 PM
That's a nice graph, I'm really loving the new ltc-charts.com site.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: Deprived on October 02, 2012, 12:31:57 AM
That's a nice graph, I'm really loving the new ltc-charts.com site.

Yeah, the site's very nice.  You can also buy shares in the site on LTC-GLOBAL (they're starting to monetarise the site with adverts) and get a share of any future revenue it brings in, plus support the developer.

Obviously not saying that for YOUR benefit burnside as you already know :)


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: Jurek on October 04, 2012, 12:00:55 PM
Looks like somebody is crushing the bid wall :D Nice deals happening :)


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on October 04, 2012, 07:25:34 PM
Looks like somebody is crushing the bid wall :D Nice deals happening :)

I get the feeling someone knew what was about to happen on GLBSE.



Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on October 04, 2012, 07:27:25 PM
Hi all.  GLBSE is temporarily offline.  They have posted the following to their website:

Quote
GLBSE is offline

For those worried about their bitcoin, please calm yourselves there has been no hack and your coins are safe and all accounted for.

I apologize for the lack of notice and the downtime, but there isn't much choice. We will update our users on Saturday.

I'll process dividends as soon as they come back online.

Cheers.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on October 06, 2012, 04:10:33 AM
Looks like GLBSE is shutting down.

My current plan is to offer one of three options to asset holders:

a) You can trade for LTC-MINING.LTC shares on LTC-GLOBAL.
b) I will outright buy your shares back at 0.4 BTC.  (IPO was 0.43, value of BTC has risen)  (edit: I have bought out as many as I can right now, I will buy more at this price as income from mining comes in, offer ends Dec 31 2012.)
c) You can transfer your shares to whatever new BTC exchange we manage to setup.

Hopefully lots of people will choose A or C.  :)


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: Jurek on October 06, 2012, 11:45:41 AM
Thank you for providing us with such fair solutions.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: Garr255 on October 06, 2012, 06:51:36 PM
Burnside, how difficult would it be to add BTC support for LitecoinGlobal?


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on October 06, 2012, 08:53:33 PM
Burnside, how difficult would it be to add BTC support for LitecoinGlobal?

Super easy.  I expect to have a release ready in a few days.  I didn't build LTC-GLOBAL with variables for things like the company name, the currency denominations, etc.  So I'm working on all that.  Once that is done I'll be able to operate two sites from a unified code base.




Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: Garr255 on October 06, 2012, 11:35:09 PM
Burnside, how difficult would it be to add BTC support for LitecoinGlobal?

Super easy.  I expect to have a release ready in a few days.  I didn't build LTC-GLOBAL with variables for things like the company name, the currency denominations, etc.  So I'm working on all that.  Once that is done I'll be able to operate two sites from a unified code base.

Great.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: Jurek on October 10, 2012, 09:08:08 AM
Any news? Did you get any information from nefario? Did you try to contact him?


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on October 11, 2012, 06:16:34 AM
Any news? Did you get any information from nefario? Did you try to contact him?

I've submitted my photos and have sent an email requesting approval of my account.  I suspect that everyone that wants to claim their LTC-MINING shares will have to do the same.  I'm not absolutely certain though, as it seems very disorganized at this point.

Cheers.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: Jurek on October 11, 2012, 09:51:44 AM
Actually so far it looks like all I needed to do is log in and enter my email. Did you receive request for your photos etc as a further instruction, by email?

Anyway I'm very happy to see that you did verify as I do know it wasn't an easy choice. 


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on October 12, 2012, 11:24:17 PM
Actually so far it looks like all I needed to do is log in and enter my email. Did you receive request for your photos etc as a further instruction, by email?

Anyway I'm very happy to see that you did verify as I do know it wasn't an easy choice. 

I submitted my photos the first time it came online.  Shortly after that, it went offline.  Not sure what they're up to now, it's been several days.  :(


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on October 13, 2012, 08:28:35 AM
I was a bit worried that the LTC price was going to drop before GLBSE let us in to figure things out and process dividends.  I have converted the LTC in the mining account to BTC this evening.

Thus this is public record, I am holding 19.7 BTC for distribution once GLBSE allows us to figure out who owns what.

Cheers.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: Jurek on October 13, 2012, 06:49:31 PM
edited:

how big is currently the dividend that's on hold?


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on October 24, 2012, 10:20:09 PM
edited:

how big is currently the dividend that's on hold?

19.7 btc, 1026 ltc as of right now.

I'll convert the ltc to BTC soon as well.

Cheers.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on October 24, 2012, 10:21:40 PM
Wanted to cross-post this.

Just got off the phone with James, he said he's not going to be producing trading history for anyone. As for releasing shareholder data, he said that he's asking for the extra coins his script sent out to be returned, and it looks like he won't be releasing shareholder data to issuers until that happens. He said about 3/4 of the extra coins have been returned.

Is he announcing this somewhere?  I feel like I missed an announcement or something.

If I'm understanding you correctly, his script screwed up, paid out too much, and now he's emailed those people and asked for the coins back?

I think Nefario's gone off the deep end.  :(

Just so everyone knows.  Nefario's payout script screwed up.  He's holding all the asset issuers hostage until the people he overpaid give the BTC back.

Ugh.



Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on October 25, 2012, 06:29:19 AM
edited:

how big is currently the dividend that's on hold?

19.7 btc, 1026 ltc as of right now.

I'll convert the ltc to BTC soon as well.

Cheers.


Ok, the LTC in the pot has been converted.  Adding 7.85 BTC to the BTC pot I now have 27.55 BTC to disburse.

I'm also fairly close to releasing our new BTC Virtual Stock exchange modeled after LTC-GLOBAL.  LTC-MINING will have a trading platform all ready to go by the time GLBSE releases the list of bond holders.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on November 02, 2012, 11:55:17 PM
LTC in the pot has been converted.  Adding 5.86 BTC to the BTC pot I now have 33.41 BTC to disburse.

No progress or word from the GLBSE.

I'm really sorry for everyone involved.  Had I known Nef was going to be so flaky I never would have listed there.  :(



Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on November 13, 2012, 09:46:05 AM

LTC in the pot has been converted.  Adding 5.079 BTC to the pot.  I now have 38.489 BTC to disburse.

No progress or word from GLBSE.  I emailed james@glbse.com earlier today asking for a timeline.  I have not yet heard back.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: EskimoBob on November 13, 2012, 01:00:42 PM

LTC in the pot has been converted.  Adding 5.079 BTC to the pot.  I now have 38.489 BTC to disburse.

No progress or word from GLBSE.  I emailed james@glbse.com earlier today asking for a timeline.  I have not yet heard back.


I talked to James last week and he was sure, that everything is cleared up by this week. We will see.


Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on November 17, 2012, 06:41:12 AM

LTC in the pot has been converted.  Adding 5.079 BTC to the pot.  I now have 38.489 BTC to disburse.

No progress or word from GLBSE.  I emailed james@glbse.com earlier today asking for a timeline.  I have not yet heard back.


I talked to James last week and he was sure, that everything is cleared up by this week. We will see.


He didn't reply to my email.  :/  How are you talking to him?


Title: Re: [BTCTC] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on November 17, 2012, 07:48:20 AM
Whenever Nefario gets around to being responsible, LTC-MINING will pick up and operate on BTCTC (https://btct.co/)

Cheers.



Title: Re: [BTCTC] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: Jurek on November 17, 2012, 10:45:12 PM

LTC in the pot has been converted.  Adding 5.079 BTC to the pot.  I now have 38.489 BTC to disburse.

No progress or word from GLBSE.  I emailed james@glbse.com earlier today asking for a timeline.  I have not yet heard back.


I talked to James last week and he was sure, that everything is cleared up by this week. We will see.


He didn't reply to my email.  :/  How are you talking to him?
If you want to call him ask Bob or DeaDTerra for number.


Title: Re: [BTCTC] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on November 20, 2012, 08:36:37 PM
Great news!  I snagged this out of the Gigamining thread:

To all Gigaminers:

Late yesterday I received an asset holder list from GLBSE. Per the email received, the list may grow some more so it may not be the final list.

This is good news as it means step one is near completion. I will be working with counsel later today and possibly into next week to finalize the next steps and to clarify what has to be done and why.

Best regards,
gigavps

Looks like we'll get a list from Nefario sooner or later. 

Anyone that is going to want to claim their LTC-MINING shares must log into GLBSE and grant permission for GLBSE to give me your contact and asset info.  Please do this ASAP so that you do not get missed in the initial list from GLBSE.

Cheers.



Title: Re: [GLBSE] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on November 23, 2012, 08:04:31 AM
LTC in the pot has been converted.  Adding 5.012 BTC to the pot.  I now have 43.501 BTC to disburse.

Cheers.


Title: Re: [BTCTC] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on December 06, 2012, 12:45:26 AM
Great news!  Got the list from GLBSE today.

Everyone on the list should have received an email from me that looks roughly like so:

-----
Hello,

Great news! Nefario has provided us with your share information for LTC-MINING.

This is confirmation of your new account at BTC-TC, created on behalf of LTC-MINING.

  Website URL: https://btct.co/
  Username: LTC-MINING-xXxXx
  Password: xXxXxXxXxXx
  PIN: xXxX (important -- do not lose this!)
  Validation URL: https://btct.co/register?eauth=xXxXxXx

Please visit the Validation URL ASAP to verify your email address and claim your account.

XxX shares of LTC-MINING have been distributed to your new account.

*** We highly recommend you enable Google Authenticator support on your account ASAP. ***

Thank you for using BTC-TC!
-----

Note that there is no way to change your Username on BTC-TC.  I logged in using the details in the email I received, then transferred the shares to my normal user using the interface on the Portfolio page.  BTC-TC does not charge a fee for asset transfers between accounts.

If you think you had shares and you did not receive an email, please PM me your email address.  I will confirm if you are on the list or not.  If you are not on the list, please contact GLBSE and request assistance.  James has expressed that there may be updates to the list in the future, and I will keep all funds in a separate account for any such future claims.

Now that the import is complete, my next task is to distribute the funds.  I'll be doing that here in the next hour or two.  (I'm waiting for the deposit to btct.co to confirm.)

Please let me know if you have any questions regarding the BTC-TC interface, etc.

Cheers.





Title: Re: [BTC-TC] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on December 06, 2012, 01:33:01 AM
Dividend issued!  43.501 BTC that was accrued since the shutdown of GLBSE.

An additional dividend will follow shortly, as there's a week and a half or so of LTC in the mining pool fund.

Cheers.


Title: Re: [BTC-TC] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: Garr255 on December 06, 2012, 01:35:58 AM
How about the shares that weren't accounted for? How do you issue dividends without knowing these? Are you just pooling the coins that ideally would go to these shareholders and waiting for the completed list?


Title: Re: [BTC-TC] [[LTC-MINING]] - Now Available! - The First Perpetual LTC Mining Bond
Post by: burnside on December 06, 2012, 01:37:51 AM
How about the shares that weren't accounted for? How do you issue dividends without knowing these? Are you just pooling the coins that ideally would go to these shareholders and waiting for the completed list?

Yup, I setup an account just to hold the unclaimed shares.  That account will accrue dividends until the shares are claimed via GLBSE.  Thus I can issue dividends normally and let the system do the math for me.  :)

Cheers.





Title: Re: [BTC-TC] [[LTC-MINING]] - GLBSE LIST RECEIVED - BTC-TC TRANSITION COMPLETE
Post by: creativex on December 06, 2012, 04:07:12 AM
Pretty slick. I'm impressed with your ability to get things done.


Title: Re: [BTC-TC] [[LTC-MINING]] - GLBSE LIST RECEIVED - BTC-TC TRANSITION COMPLETE
Post by: Jurek on December 06, 2012, 07:59:02 AM
@burnside
Regarding buyback - should I transfer the shares to you on btct.co? What is your username?


Title: Re: [BTC-TC] [[LTC-MINING]] - GLBSE LIST RECEIVED - BTC-TC TRANSITION COMPLETE
Post by: bziubek on December 06, 2012, 09:47:06 AM
Absolutely great job!

Now I know I can't change my username but if I changed the e-mail attached to that account and then register new account with proper username to that old e-mail and transfer all the shares would that work?


Title: Re: [BTC-TC] [[LTC-MINING]] - GLBSE LIST RECEIVED - BTC-TC TRANSITION COMPLETE
Post by: handytxg on December 06, 2012, 11:35:57 AM
Thank you for your effort, i get my devidends : )


Title: Re: [BTC-TC] [[LTC-MINING]] - GLBSE LIST RECEIVED - BTC-TC TRANSITION COMPLETE
Post by: warmach on December 06, 2012, 12:44:17 PM
Absolutely great job!

Now I know I can't change my username but if I changed the e-mail attached to that account and then register new account with proper username to that old e-mail and transfer all the shares would that work?

Yup.  I had already registered before the list came for Nefario.  I just logged into the account created by burnside and then did a transfer of funds and shares.  Extremely simple. 

Props to burnside for being a responsible operator and for the site's ease of use.


Title: Re: [BTC-TC] [[LTC-MINING]] - GLBSE LIST RECEIVED - BTC-TC TRANSITION COMPLETE
Post by: burnside on December 06, 2012, 11:17:41 PM
Absolutely great job!

Now I know I can't change my username but if I changed the e-mail attached to that account and then register new account with proper username to that old e-mail and transfer all the shares would that work?

Yes, you can create a new account and transfer.  The emails do not need to match for a transfer.

Cheers.


Title: Re: [BTC-TC] [[LTC-MINING]] - GLBSE LIST RECEIVED - BTC-TC TRANSITION COMPLETE
Post by: burnside on December 06, 2012, 11:21:25 PM
Quick public service announcement.

I've had a couple of people PM that didn't get their emails and later found them in their spam folder.  :)  Gmail in particular didn't seem to like something about them.

Cheers.



Title: Re: [BTC-TC] [[LTC-MINING]] - GLBSE LIST RECEIVED - BTC-TC TRANSITION COMPLETE
Post by: burnside on December 07, 2012, 02:40:34 AM
Nefario sent me an updated list today.  Users on the list have been sent emails exactly like the previous list and I have transferred the dividend proceeds to the new accounts.

Cheers.



Title: Re: [BTC-TC] [[LTC-MINING]] - GLBSE LIST RECEIVED - BTC-TC TRANSITION COMPLETE
Post by: camolist on December 07, 2012, 04:22:37 AM
just wanted to confirm that all does indeed seem well

email did end up in spam but found it thanks to your post here


Title: Re: [BTC-TC] [[LTC-MINING]] - GLBSE LIST RECEIVED - BTC-TC TRANSITION COMPLETE
Post by: burnside on December 14, 2012, 09:38:07 AM
Hi all,

  Get yourself some more LTC-MINING via the new Dividend ReInvestment Program!  (DRIP)

  https://bitcointalk.org/index.php?topic=125629.msg1399240#msg1399240

Cheers.


Title: Re: [BTC-TC] [[LTC-MINING]] - GLBSE LIST RECEIVED - BTC-TC TRANSITION COMPLETE
Post by: burnside on December 29, 2012, 08:44:14 AM
Got the final list from GLBSE, all of the new share holders on it have been imported and the BTC from the holding account has been distributed.

If you were expecting an email and have not received it, please check your spam folder.

Cheers.


Title: Re: [BTC-TC] [[LTC-MINING]] - GLBSE LIST RECEIVED - BTC-TC TRANSITION COMPLETE
Post by: burnside on January 20, 2013, 05:06:01 AM
This is a repost from LTC-MINING.LTC, but this person voted anon and I want to make sure I reach them.

I'm not sure who it was, but to the voter that voted ABSTAIN on LTC-MINING, I commend you.  I'm really glad we have voters like you watching the assets and keeping the issuers on their toes.

You are absolutely right to request that I fill out the rest of the info on there, and I will do so as soon as I reasonably can.

Cheers.


Title: Re: [BTC-TC] [[LTC-MINING]] - GLBSE LIST RECEIVED - BTC-TC TRANSITION COMPLETE
Post by: burnside on January 22, 2013, 05:28:31 AM
This is a repost from LTC-MINING.LTC, but this person voted anon and I want to make sure I reach them.

I'm not sure who it was, but to the voter that voted ABSTAIN on LTC-MINING, I commend you.  I'm really glad we have voters like you watching the assets and keeping the issuers on their toes.

You are absolutely right to request that I fill out the rest of the info on there, and I will do so as soon as I reasonably can.

Cheers.

Quick update.  I have posted the rest of the prospectus.  It's somewhat brief, given the simplicity of the asset, but I'm happy to expand on it if needed.  Please let me know if there are any questions, etc.

Cheers.


Title: Re: [BTC-TC] [[LTC-MINING]] - GLBSE LIST RECEIVED - BTC-TC TRANSITION COMPLETE
Post by: burnside on February 01, 2013, 10:07:39 AM
I went back through all of the dividends that had been issued on GLBSE and plugged them into the database on BTC-TC.  So now you can see the entire history of the asset's dividends there.  I thought some might find it interesting.

Also - I'm willing to do this for any of the other GLBSE refugees on btct.co.  If interested I just need a CSV of all your GLBSE divs (date, total paid, shares outstanding at the time) and I can import it into the db.


Cheers.


Title: Re: [BTC-TC] [[LTC-MINING]] - GLBSE LIST RECEIVED - BTC-TC TRANSITION COMPLETE
Post by: burnside on February 02, 2013, 12:02:30 AM
I just sent out an email to the 6 remaining holders of LTC-MINING that have not yet claimed their bonds:

Quote
Hi there, I noticed that you hadn't claimed your LTC-MINING shares on
https://btct.co/ that you held on GLBSE.

Let me know if there's anything I can do to assist.

Cheers.

If you think you had bonds, but did not receive an email, please let me know and I'll cross-reference you with the list GLBSE gave us.

I will leave unclaimed bonds in their holding accounts until June 1st.  At that time they'll be shifted back into the issuer account and the coins will be reclaimed and re-distributed to the current bond holders.

Cheers.


Title: Re: [BTC-TC] [[LTC-MINING]] - GLBSE LIST RECEIVED - BTC-TC TRANSITION COMPLETE
Post by: burnside on June 04, 2013, 05:10:54 PM
I just sent out an email to the 6 remaining holders of LTC-MINING that have not yet claimed their bonds:

Quote
Hi there, I noticed that you hadn't claimed your LTC-MINING shares on
https://btct.co/ that you held on GLBSE.

Let me know if there's anything I can do to assist.

Cheers.

If you think you had bonds, but did not receive an email, please let me know and I'll cross-reference you with the list GLBSE gave us.

I will leave unclaimed bonds in their holding accounts until June 1st.  At that time they'll be shifted back into the issuer account and the coins will be reclaimed and re-distributed to the current bond holders.

Cheers.


I have some great news.  All but a couple of the bonds were claimed!  I'm really glad we were able to reconnect nearly everyone after the GLBSE shutdown.

Next steps for this bond... It's been nearly a year now that I've been operating it.  I've learned a lot, and had a great time running it for everyone.  My goal has been to repay the principal and then some within the first year, giving every initial purchase a profit.  Despite this goal, after almost a year of operation only 0.181 BTC of the initial 0.43 BTC price has been repaid on a per-bond basis.  Even more upsetting is that in the nearly year of operation, that gap of 0.24 BTC is worth nearly 10x what it used to be in most fiat currency conversions.

Bottom line, this issue has lost bondholders money, and with the way difficulty has been going up, it is not showing much promise in terms of paying it back anytime soon.

BTC-TC had a great month this May, and I have benefited greatly from that.  So what I've done is I've posted a large bid using the following math:  Taking the IPO price of 0.43, I multiplied it by 1.1, then subtracted the dividend payments to date of 0.181, leaving 0.292 BTC as the number at which I can buy back the bonds, and still give IPO buyers a roughly 10% return.

I know this doesn't seem like much, but per the contract I could in theory just let it languish until the price tanked, then buy back at 110% of that.  So this is my effort to make bondholders whole, in a fair manner and at my expense.

No one has to take this offer, but it's there on the books.  Do your own math and decide on your own what you'd like to do.  I can't commit to leaving the bid there indefinitely, but I'll continue to operate the bond unless/until something else changes.

Cheers.


Title: Re: [BTC-TC] [[LTC-MINING]] - GLBSE LIST RECEIVED - BTC-TC TRANSITION COMPLETE
Post by: killerstorm on June 05, 2013, 06:58:38 AM
Next steps for this bond... It's been nearly a year now that I've been operating it.  I've learned a lot, and had a great time running it for everyone.  My goal has been to repay the principal and then some within the first year, giving every initial purchase a profit.  Despite this goal, after almost a year of operation only 0.181 BTC of the initial 0.43 BTC price has been repaid on a per-bond basis.  Even more upsetting is that in the nearly year of operation, that gap of 0.24 BTC is worth nearly 10x what it used to be in most fiat currency conversions.

Bottom line, this issue has lost bondholders money, and with the way difficulty has been going up, it is not showing much promise in terms of paying it back anytime soon.

You shouldn't feel bad about it.

Fixed-hashrate mining bonds are effectively a bet that exchange rate of a cryptocurrency won't go up. The reason is simple: if exchange rate goes up, total hashrate goes up and bond's dividend payouts go down. (Or, from a different perspective, higher exchange rate allows others to sell same hashrate at cheaper price.)

So it can be used to hedge one's position. If you own both cryptocurrency and mining bonds on it, you profit either way: if cryptocurrency price explodes, you profit from it while mining bonds sink; if cryptocurrency stagnates, you keep collecting dividend.

So, well, Bitcoin price shoot up ~20x, Litecoin price shoot up ~75x against fiat. So it is normal that bonds became worthless as people profited.

Of course, some people did not understand that it is a hedge... But, well, how hard is it to understand that hashrate increases?


Title: Re: [BTC-TC] [[LTC-MINING]] - GLBSE LIST RECEIVED - BTC-TC TRANSITION COMPLETE
Post by: burnside on June 05, 2013, 07:14:46 AM
Next steps for this bond... It's been nearly a year now that I've been operating it.  I've learned a lot, and had a great time running it for everyone.  My goal has been to repay the principal and then some within the first year, giving every initial purchase a profit.  Despite this goal, after almost a year of operation only 0.181 BTC of the initial 0.43 BTC price has been repaid on a per-bond basis.  Even more upsetting is that in the nearly year of operation, that gap of 0.24 BTC is worth nearly 10x what it used to be in most fiat currency conversions.

Bottom line, this issue has lost bondholders money, and with the way difficulty has been going up, it is not showing much promise in terms of paying it back anytime soon.

You shouldn't feel bad about it.

Fixed-hashrate mining bonds are effectively a bet that exchange rate of a cryptocurrency won't go up. The reason is simple: if exchange rate goes up, total hashrate goes up and bond's dividend payouts go down. (Or, from a different perspective, higher exchange rate allows others to sell same hashrate at cheaper price.)

So it can be used to hedge one's position. If you own both cryptocurrency and mining bonds on it, you profit either way: if cryptocurrency price explodes, you profit from it while mining bonds sink; if cryptocurrency stagnates, you keep collecting dividend.

So, well, Bitcoin price shoot up ~20x, Litecoin price shoot up ~75x against fiat. So it is normal that bonds became worthless as people profited.

Of course, some people did not understand that it is a hedge... But, well, how hard is it to understand that hashrate increases?

Thank you, I definitely appreciate that.  I guess I look at it as a loan I took out to get a mining op started, and I'm the kind of person that doesn't feel quite right if I don't pay back a loan.

I know there are a lot of people that have traded it since the IPO, and I can't do much about whatever price they might have bought in at, but I also know that there are several bond holders that have held hundreds of bonds since the IPO (keeping in mind I have the asset holder list) and I feel an obligation to those people to pay this loan back.

Cheers.


Title: Re: [BTC-TC] [[LTC-MINING]] - GLBSE LIST RECEIVED - BTC-TC TRANSITION COMPLETE
Post by: gnar1ta$ on June 06, 2013, 02:06:27 AM
Hi Burnside, that is good offer and I have enjoyed the dividends and well run bond for the past year.  Thank you for your efforts.


Title: Re: [BTC-TC] [[LTC-MINING]] - GLBSE LIST RECEIVED - BTC-TC TRANSITION COMPLETE
Post by: kmtan on August 06, 2013, 01:08:01 AM
@burnside, i am interesting to litecoin, any planning from you about your company? would you please let know the coming?


Title: Re: [BTC-TC] [[LTC-MINING]] - GLBSE LIST RECEIVED - BTC-TC TRANSITION COMPLETE
Post by: burnside on August 06, 2013, 01:12:23 AM
@burnside, i am interesting to litecoin, any planning from you about your company? would you please let know the coming?

Hey there, hate to say it but I'm winding these down.  I just closed the LTC-GLOBAL issue last week.  I just haven't been able to grow them like I would have liked, and running the exchanges has taken up most of my time.

There are definitely other mining bonds and mining companies out there that are getting into Litecoin.

Cheers.