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21  Economy / Securities / Re: [GLBSE] BFLS.RIG - BFL Hardware mining & Sales on: November 26, 2012, 02:19:01 AM
I thought his intent was to ditch the singles entirely and move completely to minirigs and minirig SCs, not single SCs.
22  Economy / Securities / Re: [GLBSE] BFLS.RIG - BFL Hardware mining & Sales on: November 25, 2012, 10:05:34 PM
Argh, there doesn't seem to be a way to make everyone happy.

No matter what happens, someone will be unhappy.  Embarrassed

Quote
I'm thinking maybe I should sell off the singles and payout the final payment on the singles for the sale price and then let people buy back in to RIG as appropriate.  That would fulfill the contract as stated and should satisfy people in a fair (if not ideal) manner.  What are the thoughts on this?

I'm okay with a 1:1 exchange as one share appears to be nearly identical in hashrate between the two. I do see the personal benefit illustrated by taking the unit cost per share as the source of a conversion rate, but for the simplicity of getting this done and behind us I'm content with 1:1.

I'd rather move over to RIG shares than take a buyout, but if the buyout is the only way to make the most people happy I'm okay with that route.

Priceshareshashrate   hash per shareprice per shareprice per hash
single$599.00200832      4.1600$3.00$0.71995
minirig$15,295.00605825200      4.1598$2.52   $0.60694
Single:Minirig1.00011.18631.1862
minisc$29,899.00121161500000      123.8032$2.47$0.02
23  Bitcoin / Pools / Re: [2000 GH/s] BitMinter.com [Zero Fee, Hopper Safe,Merged Mining,Tx Fees Paid Out] on: November 25, 2012, 10:55:26 AM
Pondering some of Gavin's suggestions on https://bitcointalk.org/index.php?topic=95837.0

Perhaps some combination of 'Create Smaller Blocks' and 'Punish High-Frequency Users' settings? Maybe:

blockmaxsize=100000
blockminsize=0
blockprioritysize=50000
mintxfee=0.0005
24  Economy / Securities / Re: [GLBSE] BFLS.RIG - BFL Hardware mining & Sales on: November 25, 2012, 09:32:58 AM

The only question remaining is how much of the new ASIC devices will a BFLS.RIG share get you.




Once the details of the ASIC unit orders are publicly available, available shares will double and be put up for sale. At that point, it will require 6058 x 2 = 12116 shares to convert your BFLS.RIG shares into the physical hardware (Mini-Rig or SC).


25  Other / Beginners & Help / Re: SatoshiDice support needed! on: November 23, 2012, 07:45:46 PM
You can try sending Evoorhees a direct message ( https://bitcointalk.org/index.php?action=pm;sa=send;u=12149 ), I honestly don't remember if you can or not during your newbie probation.
26  Bitcoin / Mining software (miners) / Re: BitMinter.com * Optional Custom Miner, PPLNS, Merged mining, Newbie-Friendly! * on: November 23, 2012, 07:32:53 PM
Disable CPU mining, but leave GPU mining on.
27  Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It on: November 21, 2012, 06:20:18 AM
With GLBSE unable to recover the contract text, we ask for people to first quote it several times before we make a significant change to it.



I'm relatively active between 1:00AM to 3:00PM of forum time each day. Contacting me within this time interval could get quicker responses.


(Recent update: We are collecting the shareholders data. Please check:
https://bitcointalk.org/index.php?topic=99497.msg1264071#msg1264071)

As some people might have already known, we have been working
on our own design of ASIC miner chips for quite a while.
(https://bitcointalk.org/index.php?topic=91173.0) The front-end (RTL) design,
optimization and simulation has finished and we are currently focusing on the
physical design. From existing data, we are convinced that it will be very
profitable thanks to the reasonable NRE, low margin cost, and revolutionary
speed and power consumption compared to all the current mining devices. Our
project will greatly contribute to the Bitcoin community and Bitcoin itself, by
offering nice return to investors and at the same time securing the network
significantly.

We are in a close race with our competitors. It is quite possible that
Bitfountain will be the one to have the world's first working ASIC-based
devices for Bitcoin mining. In this case, there will be fantastic early return.
Even if we are not the earliest, our company will still have a lot of room to
make money, because the impossibly insane price wars are not likely to happen,
or at least not all at once if they do.

About the Company ASICMINER is a GLBSE-listed partner company of the
Bitfountain IC company registered in China. After the fully issuing of
ASICMINER shares, each one of ASICMINER and Bitfountain controls 50% power to
make decisions and shares 50% of the total profits, but the ASICMINER investors
will first get 100% of the total profits until they have their principals paid
back. After the first payment, the dividends will always be paid weekly in each
Wednesday of Beijing time.

To be more detailed, ASICMINER has 200,000 shares in total. Each share gets
1/400,000 of the voting power of, and the regular dividends from, the Bitfountain
IC company registered in China. In addition, before investors of ASICMINER
break even against the IPO price, all net gains from Bitfountain will be paid
to them. The issuer could stop selling ASICMINER whenever enough funds for the
expenses are collected.

IPO The GLBSE ticker is ASICMINER. 200,000 shares are issued. Initially,
30,000 are for public sale. 170,000 are for private bulk purchase via PMs and the
asset transfer system of GLBSE. The ratio may be adjusted but the total number is
always 200,000. The price per share is set at 0.1BTC. Given the fluctuation of BTC price,
the IPO will be closed when collected funds exceeds the expected expense and the
expected abundance reservation. No more shares will be released to the market other
than the very 200,000 ones.

Each investor who privately buys 5,000 or more shares will get extra 10% ones,
plus a position on the board of Bitfountain. 10,000 or more shares will get
another extra 2.5%. Board members could ask for details of Bitfountain, as well
as inspecting and monitoring our financials.

---------------------------------------------------------------------------

Business plan and Estimated Return The expected starting date of chips
manufacturing is late August to September, 2012. The chips are supposed to be
deployed and start hashing in October to November, 2012.

After the ASIC miner chips are produced and deployed, we will first directly
mine with them, then use part of the revenue to make user-friendlier mining
boards or rigs for sale.

If our chips are successfully produced, all the following businesses will
contribute to the shareholders' return:
  Self-Mining with First Batch of Chips At least 12TH/s in
total, that is equivalent to 30MH/s per share, or 300MH/s per BTC.
  Hashrate/Chip/Board Selling Net profits are
conservatively calculated as $5 per GH/s. That roughly equals to 0.5BTC per
GH/s with the current BTC/USD exchange rate. It means that each time we sell
1TH/s of hashing power in various forms, the net profit per share will be
1.25mBTC, that is, 1.25% of the initial investment.
  Self-Mining after Mass Production Unlimited hashrate in
theory because of the low margin cost. But in reality we have to consider the
cost of management (labor) and place (rent). We believe an expansion to 50TH/s
is not hard to achieve. That pushes the hashrate per share to 155MH/s, or
1.55G/s per BTC.
  Next-Generation Products The plan will be discussed among
board members and approved by shareholders, because it would require keeping
some of the revenues instead of paying them all as dividends. The return of
this stage is difficult to estimate, since in the Bitcoin world everything may
happen and happens even quicklier than imagination. But we personally believe
that much more potential profits wait there.

Potential Risks and Tips on How to Hedge We list all possible risks of
our project here, and the most straightforward way to hedge each of them.
  BTC drops too much in value This will finally make mining
unprofitable because even with ASIC devices people still have to pay
electricity bills and operating fees. Hedge: take a short position on BTC.
  BTC increases too much in value This might make your
investment of your Bitcoins to ASICMINER less profitable than simply holding
them. Hedge: take a long position on BTC.
  Failure to produce The IC production has some minimum
failure rate. We have some fund reservation ourselves to cope with this
scenario, but the risk here is still not zero. Hedge: diversify your portfolio
by also making bets on our competitors.
  Outpaced too much by competitors It will make the
difficulty very high and our efficiency/price less attractive. Hedge: same as
above, making some bets on competitors of us.

Risk Compensation for Investors To further compensate the risks of
investors, we give investors following privileges.
  You Break Even First We (Bitfountain) will not take any
net profits from mining or device sales until the investors (ASICMINER) break
even against the IPO price (0.1 BTC per share). It means that each share of
ASICMINER will first have 1/x of the total net revenues as dividends, in which
x equals to the total number of ASICMINER shares in circulation, and have
1/400,000 after the principals of the investors are paid out.
  Return On Rally If the price of Bitcoin rallies too much,
then we probably don't need so much money to make our project succeed. We will
return part of the principals as big dividends before we tape out the chips
when BTC/USD exchange rate rises a lot.
  Return When Discontinuation If we haven't raised enough
money to tape out before August. 28, 2012, we will return 100.5% of the total
raised funds to investors of ASICMINER. The 0.5% is for compensating the GLBSE
fee.
  No Future Dilution Each share of ASICMINER always
represents 1/400,000 of the whole company. If we have to attract more investors
in the future, we will only sell our own Bitfountain shares.

Extra Words The OP is kept as brief and clear as possible, if you have
any further questions about details, just ask. Advices and criticisms are also
welcome.
28  Bitcoin / Pools / Re: [400GH/s] p2pool: Decentralized, DoS-resistant, Hop-Proof pool on: October 29, 2012, 11:31:36 PM
What's a normal 'age' for a share submission? After a weird issue with disk corruption I moved p2pool and bitcoind off of the miner hardware to an ubuntu install. getting from 5 to 10+ second 'age' times on 'Got Share' messages, with occasional 30-40 second ages. I'm presuming this is due to the lack of horsepower on the ubuntu system in processing and verifying the share against the chain. (Hint: it's a netbook Tongue)

Maybe I should swap to a low/no fee public node, instead.
29  Economy / Securities / Re: [GLBSE] BFLS - Bitcoin Mining & Sales on: October 29, 2012, 05:00:41 PM


Your avatar is a perfect combination with that ice cream Cheesy Cheesy Cheesy

30  Economy / Securities / Re: [GLBSE] BFLS - Bitcoin Mining & Sales on: October 29, 2012, 04:34:15 PM
What do you propose?
31  Bitcoin / Mining software (miners) / Re: BitMinter.com * Optional Custom Miner, PPLNS, Merged mining, Newbie-Friendly! * on: October 15, 2012, 06:46:44 PM
You have no idea how annoyed I am that I took today of all days to test returns on p2pool  Cry
32  Economy / Securities / Re: GLBSE is offline We will update our users on Saturday. on: October 14, 2012, 04:07:01 AM
Received 12.4... Apparently some of my sell orders went through between when I was asleep and when I found the site down.

http://blockchain.info/tx/8028625561d0bfb1cfdf1a7cde3415ea2bc6e0cf653544a92a49990484e58241
33  Other / Beginners & Help / Re: FREE little single upgrade from 4 Jalapenos? on: October 14, 2012, 03:49:21 AM
Aha, that's where I saw it. Thanks zikeji.
34  Other / Beginners & Help / Re: blockchain.info what does - before address mean? on: October 14, 2012, 03:48:35 AM
The label becomes the hyperlink if it exists. Since yours existed (but was effectively invisible) the link seemed to be missing.
35  Other / Beginners & Help / Re: BitCoin-QT won't download passed block 199935. Little help? on: October 14, 2012, 03:41:30 AM
What version of the client do you have? You may want to update to 0.7 if yours is lower.

0.7.0 changelog includes this:

* Attempts to fix "stuck blockchain download" problems
36  Other / Beginners & Help / Re: FREE little single upgrade from 4 Jalapenos? on: October 14, 2012, 12:07:04 AM
I believe i read on another thread that the price difference to swap them out costs about $40. Well worth it.
37  Bitcoin / Mining software (miners) / Re: BitMinter.com * Optional Custom Miner, PPLNS, Merged mining, Newbie-Friendly! * on: October 13, 2012, 11:57:52 PM

I can't really turn off people's perks or raise their donations without giving advance notice. I don't think that would be good form.

If orphans go up to 5% or whatever for a short time the pool can survive that. Might need a backup plan if the orphans get completely out of hand, though. Maybe announce ahead of ASICS that prepay may get disabled if orphans get too high? I think most likely the orphans will be manageable, though.


Oh, no, I wasn't suggesting you do it without notice. I apologize if it sounded like that.

I do have a bfl ASIC on order (yay order 6000+) so I'm looking forward to trying the client with it once it arrives. I'd understand completely if prepay was shut down (temporarily, hopefully) due to mass orphaning depleting the pool reserves.
38  Other / Beginners & Help / Re: GLBSE lots of speculation talk, but so far it's gone. on: October 13, 2012, 11:31:44 PM
I think I've been paid.

https://blockchain.info/tx/8028625561d0bfb1cfdf1a7cde3415ea2bc6e0cf653544a92a49990484e58241

39  Bitcoin / Mining software (miners) / Re: BitMinter.com * Optional Custom Miner, PPLNS, Merged mining, Newbie-Friendly! * on: October 13, 2012, 05:09:12 AM
If all else fails, you could always bump the donation percentage required for the unconfirmed payout perk again. Hopefully, though, even at 2% you'll get enough in the coffers to cover for those.

Do you get enough in NMC donations to actually do much of anything with them since they trade so low against BTC? I have about 40 NMC in my bitminter account that I'm honestly not sure what to do with aside from just donate them back to the pool. Haven't read up enough on namecoin to know what I'm missing.
40  Other / Beginners & Help / Re: Bitcoin website free bitcoins section on: October 11, 2012, 01:11:30 AM
Thanks! Slowly building back up to a coin...
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