As a non-muslim, I am unclear on these loans and the cultural/religious expectations/traditions ...

Who are these loans intended for ?

Could a "consumer" obtain a loan (e.g. I want a loan of 5 BTC to buy an iPod) ?

What would the expected / average 'gratuity' be on such a loan ?

Could an "entrepreneur" obtain a loan (e.g I want a loan of 5 BTC to bulk buy 250 apples which I will sell at a market this week)

If the 250 apples sold for a total of 6 BTC (20% profit) at the market, what would the expected / average 'gratuity' be ?

If the 1000 apples sold for a total of 5 BTC (0% profit/loss) at the market, what would the expected / average 'gratuity' be ?

If the 250 apples sold for a total of 4 BTC (20% loss) at the market, what would the expected / average 'gratuity' be ?

Could a "speculator" obtain a loan (e.g. I want a loan of 5 BTC to buy a set of classic vinyl Cliff Richard album which I expect to be able to sell for 6 BTC at the record fair I am going to tomorrow)

If the set of records sold for 6 BTC (20% profit) at the record fair, what would the expected / average 'gratuity' be ?

If the set of records sold for 5 BTC (0% profit/loss) at the record fair, what would the expected / average 'gratuity' be ?

If the set of records sold for 4 BTC (20% loss)at the record fair, what would the expected / average 'gratuity' be ?

Nefario - I also tried with a newly registered account and got exactly the same error with each of the three commands, suggesting either a problem with the bmc.py script and/or the system configuration.

For reference, here are the system details ...

     bob@bob-laptop2:~$ python --version
     Python 2.6.5
     bob@bob-laptop2:~$ uname -a
     Linux bob-laptop2 2.6.32-32-generic-pae #62-Ubuntu SMP Wed Apr 20 22:10:33 UTC 2011 i686 GNU/Linux
     bob@bob-laptop2:~$ lsb_release -a
     No LSB modules are available.
     Distributor ID:   Ubuntu
     Description:      Ubuntu 10.04.2 LTS
     Release:      10.04
     Codename:      lucid

Tawsix ...

How many rigs can the electrical supply support and how many rigs can be cooled using the cooling methods currently being employed ?

Pictures of the current set of rigs and the space itself would be very encouraging to new investment too.

All sounds good Tawsix. I look forward to the first report.


Given the purpose of the company, I understand this position and agree with it - there is value in the research that has been performed by Tawsix while "employed" by the company.

However, in lieu, I think it necessary that an estimate for the value of these assets be stated in each report.

Shareholders need and deserve to know the $ value of the hardware assets of the company, which could be liquidated tomorrow, if the worst was to happen (e.g. something akin to what has happened recently with DISHWARA), as per the proposed new contract.

Tawsix ...
I think it would be beneficial to record dividend payouts on the first post in this thread, updating in the same way you are for the hash rate.
It will be very helpful in encouraging further investment / new investors.

Agreed.

I still want to see a Finance Sheet as per that provided by UBX (but also including dates for each entry)

The Asset List shareholders appear to now be requesting would then by compilable from the Finance Sheet.

For me personally, the Asset List is a significant input to the assessment of the value of the company and hence each share (particularly mining companies) and is a key differentiator between the SIN shares and shares in mining contracts (e.g. CM400).

A link to a Google Docs spreadsheet shared on a "if you have the URL" basis rather than fully public could easily be provided to shareholders via a "mock" motion on GLBSE.

The Finance Sheet is still missing dates for the transactions too.

I am looking at making further investment in UBX. Some company performance information will be helpful ...

     Where can I see the statistics on user base growth over time, usage figures over time, etc ... ?

     What are your thoughts on changing the listing fee to a % of the BTC being sold rather than the flat 0.5 BTC on the Ubitex site ?
          Looking at the order books of the various exchange sites, I suspect such a high relative charge is dissuading users from utilising the site.

     What are your short, medium and long term plans for marketing and development of the Ubitex site ?

     What are your short, medium and long term plans for Ubitex Music ?

     Where can we view latest development version of the Ubitex Music Client ?

     What other projects are in the pipeline for Ubitex ?

     When can we expect the next dividend payment on the UBX shares ?

Please communicate the link(s) / content via a "mock" motion on GLBSE, if you prefer not to post such commercially sensitive info in public.

Also, the Finance Sheet needs fixing - the balance column is incorrect from cell D13 down.

I am also having a problem making a sell order for the last of one of my shares. I would like to know if anyone else has encountered anything similar ...

I own X shares of asset Y.

I can successfully place a sell order for X-1 shares of asset Y.

When I attempt to place a sell order for the last share of asset Y, I get the following error message ...

     bob@bob-laptop2:~/bitcoin_stuff/bmc/black-market-black-market-client$ ./bmc.py sell 1 <asset-name> 9999999999
     Enter passphrase:
     Problem: You do not have enough unreserved assets to make this order, please cancel another order to allow

Seems to be specifically limited to my shares in asset Y, as I can successfully place sell orders for my full quantity of shares in other assets. Attempts to place further sell orders then give the above error message, as would be expected.

I guess a problem with the reservation logic. However, I have been juggling a couple of accounts and transferring assets between them, so maybe the state of this particular account is less common than "normal".

Nefario - I will PM you with the user id, specific share, order and quantity details - I don't want to take on any risks by publishing private details in public.

Is anyone else seeing a problem with the bitcoin-history, asset-history and market-history commands on the 2.0 version of the bmc.py client ?

No html files were generated.

Couple of bugs to report for the new Python client ...

--------------------------------------------------------------------------------------------------------------------
bob@bob-laptop2:~/bitcoin_stuff/bmc/black-market-black-market-client$ ./bmc.py bitcoin-history
Enter passphrase:
Traceback (most recent call last):
  File "./bmc.py", line 388, in <module>
    app.run()
  File "./bmc.py", line 368, in run
    self.branch(args)
  File "./bmc.py", line 359, in branch
    return getattr(self, args.command)(args)
  File "./bmc.py", line 262, in bitcoin_history
    ret = self.request('history/bitcoin',{'entries':args.entries})
AttributeError: 'Namespace' object has no attribute 'entries'
bob@bob-laptop2:~/bitcoin_stuff/bmc/black-market-black-market-client$ ./bmc.py asset-history
Enter passphrase:
Traceback (most recent call last):
  File "./bmc.py", line 388, in <module>
    app.run()
  File "./bmc.py", line 368, in run
    self.branch(args)
  File "./bmc.py", line 359, in branch
    return getattr(self, args.command)(args)
  File "./bmc.py", line 271, in asset_history
    ret = self.request('history/assets',{'entries':args.entries})
AttributeError: 'Namespace' object has no attribute 'entries'
bob@bob-laptop2:~/bitcoin_stuff/bmc/black-market-black-market-client$ ./bmc.py market-history
Enter passphrase:
Traceback (most recent call last):
  File "./bmc.py", line 388, in <module>
    app.run()
  File "./bmc.py", line 368, in run
    self.branch(args)
  File "./bmc.py", line 359, in branch
    return getattr(self, args.command)(args)
  File "./bmc.py", line 279, in market_history
    ret = self.request('history/market',{'entries':args.entries})
AttributeError: 'Namespace' object has no attribute 'entries'
bob@bob-laptop2:~/bitcoin_stuff/bmc/black-market-black-market-client$ ./bmc.py --version
bmc.py 2.0
--------------------------------------------------------------------------------------------------------------------

Let me know if you need any more info.

Interesting idea and very creative - I like it.

Quick questions ...


What would be the cost of delivery of the coins ? Is it free and paid for from the 5 free shares you would take ? What about international customers ?
(I'm assuming you are proposing that the "company" merely represents a fund raising exercise rather than an asset-holding company)

Trust and reputation. As ever in Bitcoin, these are worth more than the Bitcoins themselves ;O)
Beyond your activity on this forum what trust/reputation have you built outside the forum ?

dishwara - once the GLBSE exchange is back up, I suggest you sign a piece of text (perhaps the content of the last two posts) using the private key that pairs with the public key which was placed in the contract.xml file placed on GLBSE.

This will confirm to all shareholders the content of the last two posts came from the CEO of the company DISHWARA, as listed on GLBSE.

Rather than, for example, some person who has managed to acquire access to the account of the user dishwara on this forum.

Maybe you should ;O)

Apologies if I have offended.

I am trying to calculate my "steady and predictable BTC income stream" and doing my due diligence on the historical, medium term and short term difficulty changes, before I go ahead with an investment.

PS : Don't knock the mathematicians, they are the only reason Bitcoin exists after all ;O)

Me too.

I'm looking at these contracts and got all confused ...

I'm trying to work out what my expected total BTC payout would be from a 4 month 1 GHPS contract.

I understand the difficulty changes every 14 days. Is there somewhere I can get the historic changes in the difficulty ?

If I can find that figure and assume I got to keep the rig for ever, I can use the sum to infinity calculation as follows, right ? ...

     1 / ( 1 - ( 1 / ( 1 + difficulty change ) ) ) x 14 (days of each period) x 1.15 (current daily payout from 1 GHPS) =  total BTC payout

Let's assume for now that it is high (10%) that would give ...

     1 / ( 1 - ( 1 / ( 1 + 0.1 ) ) ) x 14 X 1.15 = 11 x 14 x 1.15 = 177.1 BTC

So that's £1760 / 177.1 BTC = £9.94 / BTC at least (as I'll only have the 1 GHPS for the 4 months rather than forever)

Is 10% a safe estimate for the difficulty increase ?

Thank you for your answers. Much appreciated.

I now own 500 shares. Further bigger investment very likely when the first dividend is paid out.

I look forward to making our company one of the best in the Bitcoin community.

When can we expect the prices for each 200 MHPS to be adjusted to reflect the last set of changes in difficulty ?

Will the prices be updated for each subsequent difficulty change ?

At the current $500 / 200 MHPS they appear to be a very expensive way of obtaining BTC.

Why would I not just purchase the BTC at the exchanges ? What does taking one of these mining contracts provide over that ?

I am interested in investing in these mining contracts, but either the price for each 200 MHPS needs to fall considerably OR the MHPS for each $500 needs to increase considerably.

I am tempted by this, however, I have a few questions before I invest. I think these results from these will also help to encourage others to make an investment ...

     You mentioned USD investors in the initial thread, which I am assuming are the two investors you mentioned here.
     What assets/cash does the company currently hold as a result of the funds raised from these two investors ?

     You mention "The backing is the equipment, money, and labor i already have invested." for the 51% of the shares you own.
     What assets/cash does the company currently hold as a result of this ?

     What liabilities does the company currently hold ? You mentioned debt earlier - are there any as of now ? What the retainer arrangement with the programmer ?

     I am not clear on your plans for the websites bitcoinbux.com and betterbitcoinbureau.info.
     Can you put together a business plan covering what you intend to do with these ?
     How do you plan to bring income into the company through these sites ? Please ensure this includes projected user growth figures and revenues.
     I am more clear on the mining side of the company but it would also be extremely helpful to have that documented in the business plan too.
     Please include plans for how you intend to deal longer term with the move from GPUs to hardware designed specifically to mine Bitcoins.

     Are the websites bitcoinbux.com and betterbitcoinbureau.info owned by the company now ?

     I am uncomfortable with the two USD investors having greater control (29%) than the other shareholders excluding yourself (20%).
     I think this is particularly important as the during the initial stages of the company a lot of decisions will need to be made through votes and you have already stated they
     do not understand Bitcoin - something I personally feel essential for such large owners of a Bitcoin company. How could you change this situation before 12/31/2011 as I
     feel that will act as a significant drag to investor takeup ?