Because if you are so monumentally stupid that you really think OP will accept 3 btc you are an idiot. And if you do not, you are an idiot for posting a pointless bid far under what anyone would sell it for.

Hi, purchased 4 shares. My "back of the envelope" (ok, Excel) calculations with some WAGs as to where we are headed (mainly using 18% difficulty increases every two weeks):

Estimated delivery: September 15
Estimated difficulty when delivered: 50,000,000
GH/share: 2.8
Estimated BTC/day/share at delivery: 0.028
Estimated time to full ROI: 21 days after start of mining
Estimated time to 100% profit: 49 days after start of mining
Estimated total BTC earned per share (24 months): 2.1
Estimated final ROI: 325%

Of course the last two are the hardest--we probably aren't going to increase at 18% every two weeks for two years (we'd have a difficulty of 85 billion in June '15). Very difficult to know how that will pan out. But it's sure nice to see a 20 day ROI even starting in September@50,000,000 difficulty.

Even if we start at 100,000,000 difficulty, full ROI is about 48 days.

I will try to keep this updated as we get closer to delivery.
(Edited to reflect 2.8 GH/share vs. 2.9 earlier)

Good evening everyone!

Allright, we've finished the IPO agreement. Now before we start, the following:

We've had to rewrite original agreements in the post because some things just need to be airtight when you do an IPO, also this share will hopefully be traded for many years to come and the original post wasn't setup to be on an exchange. We believe the changes made do not change anything for you (or us as a matter of fact) but clarify things and remove irrelevant things. We want you to take this opportunity to ask questions, check for mistakes and making sure we haven't forgotten anything.

We kindly request that if you feel somethings is not right, not clear, missing (or worse ) etc, you let us know either by PM, Email or on topic. If you want to discuss it we'd prefer PM, Email or IRC (#p2poolnl on freenode). This because we need consensus with all of you (and there are more than 100 of you  ). I'll reserve the post below for

Allright, about the IPO. We decided to do this on bitfunder.com. I know we have mentioned btct.co before but we've had a really pleasant talk with the owner Ukyo, the trade volume of bitfunder is almost the same as btct.co. Also Ukyo helped us tremendously with setting up the agreement and most importantly, bitfunder will enable us to expand our operation in a special way (more on that below). Read more about bitfunder here https://bitcointalk.org/index.php?topic=130117.0.

So what's next. Below you'll find the complete agreement. As said wednesday, we want to try to finalize these over the weekend. In total 840 shares were sold (7 miners *120 shares). If a 67% mayority of shareholders (exclusing our own shares!) is in favor of the agreement we will finalize them and start the IPO.

Below the agreements we've added a short summary of changes. We look forward to your reviews and comments. We've tried to be as thorough and precise as possible, but please remember both of us are not native English speakers and people simply make mistakes

Thanks!

BlastBob & Tyrion70

--------- START AGREEMENTS --------
About the asset

ADDICTION started as a groupbuy on bitcointalk. 12 14typo KNC Jupiters were bought with the intention of making it an investment on an exchange. We thought this was best for multiple reasons. First of all it would allow shareholders an easy way to trade shares, even before the KNC miners are delivered. Second it would greatly simplify the administration of paying out dividends. Lastly if done right it would allow us to expand the operation and issue more shares. More on that later.

The Conditions

We are bound to the conditions we started out with on Bitcointalk. The original conditions can still be found here. Irrelevant parts have been removed and conditions were rewritten to accomodate the IPO. A summary of changes made to the original agreement are outlined below the original conditions.

Shares

Currently 148800 shares are issued. These shares represent the total hashing power of ADDICTION. As of this writing ADDICTION's hashing power comes from 12 KNC Jupiter miners. Total estimated hashrate of ADDICTION should be 4200GH/s. A bi-weekly average hashing rate will be published together with financial statements in order to determine the hashing equivalent of each share.

Dividends

Dividends are payed bi-weekly.

Payments

Payment are based on the total proceeds from the total hashrate of ADDICTED minus the costs described below. Detailed reports regarding the total mined amount will be made available bi-weekly together with dividend payment.

Costs

costs consist of the following one-time costs:
- the USD/BTC market difference at the time of purchase due to the fact that shares were payend in BTC and miners were bought with USD
- funding for power supplies for the miners
- costs for shipping and setting up the miners at the chosen facility
- one time costs for repairs / replacement parts during operation
- tax, duty or other governmental fees
and the following returning costs
- costs for hosting of the miners
- Unforeseen expenses to maintain efficient operation not exceeding 1BTC per month
- tax, duty or other governmental fees

A details expense report will be made available bi-weekly. Expenses not mentioned above exceeding 0.5 BTC cannot be made without consulting the shareholders. through a vote.

Hosting

Miners are hosted at a facility of operators choice. Choice of facility will be based on a number of things like network facilities, power facilities, airconditioning, location, on-site support etcetera.

Delivery

Miners are expected september/october 2013.

In case of non-delivery
We believe KNC will keep its promises. In case KNC does not deliver we will do everything in our power to refund your (and our own) investments. We cannot guarantee this however. Buying these shares means you agree to not hold us responsible in case KNC does not deliver.

Expanding the operation

We want to be able to expand our operation in order to keep profitable. In order to do that we calculate Hash/share on a bi-weekly basis. This number will be used when issuing new shares.

For example. Total hashing power of 144800 shares is 4200GH. Which is 28.23MH per share. If we were to buy a new miner that delivers 200GH we can issue 200.000 / 28,23 == 7084 new shares. This ensures that all shares are equal.

Newly issues shares will be kept in a special depot until the miner they represent is up-and-running. While in depot, these shares will not yield dividend and will not be tradeable. New shares are not prices above market value, but never below costprice (ie. the price of the miner it represents). Once an tranch is issued and the miner is working, any profits (difference between cost-price and issued shares) are payed out as dividends to current shareholders. Once that's done the new shares are released.

Expanding with miners that are not directly deliverable (like KNC's) cannot be done without a vote.

--------- END AGREEMENTS --------

Changes to original agreement

- We waived our right to retain the miners after 24 months of operation. Miners are simply assets of ADDICTION.
- Shares have been multiplied by 100 to allow smaller transfers.
- Costs have been specified in more detail
- Added several conditions on when a vote is called for
- Changed share definition to an equivalent of total ADDICTION hashing power
- Removed miner specifications to allow for expansion
- Removed part on how to acquire shares

Where's the Boca Raton bitcoiners at?!?

Yeah, you are not an idiot at all..

With escrow

3 BTC and that is my final offer!

Nice, I guess you live in Australia as well?