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I thought about investing, however I am unhappy with the move away from GLBSE and into ventures like ziggystar (a badly paying PPT imho) - but good luck with your fund nevertheless!
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Maybe a bit related: How many private keys can a wallet hold in the satoshi client and/or Armory? Millions? Billions? Terabytes? Petabytes?
The reason would be that for serious bruteforcing, one would constantly (for every block on the network) check all your gazillions of addresses if they have been funded - if yes, quickly snatch the money and sign a transaction. To do this though, one would need to iterate over a LOT of data (at least address wise, the block's data could probably be broken down into "address that received money" parts).
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No need to cut it off, just disply an aggregated amount, like the depth charts on bitcoincharts.com.
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Wouldn't it be better to allow for new investors again instead of shutting down withdrawals?  |
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I made it decrease the amount of BTC over time, but since the Bitcoin exchange rate closely follows the difficulty, the higher the difficulty means higher value of Bitcoins, company assets go up in value. Sorry, but THIS is (another) fatal flaw: Difficulty follows BTC price, never the other way round! Think of it like gold mining: You have a mine where it costs 100 USD to mine 1g of gold and another mine where it costs 500 USD. If you start mining at the 500 USD mine, the gold price will NOT magically jump upwards - actually, you're dumping MORE gold on the market, so it might go down! If the gold price though increases to 1000 USD per g, then it makes sense to mine at the 500 USD mine too. About the topic in question: I already read weeks ago about the idea to purchase shares in lottery gambling system offers ("companies" that buy e.g. 1000 tickets and distribute all earnings to the people who gave them the money for these 1000 tickets) - still lotteries have usually huge markups between funds raised and prizes paid. It would make more sense imho to play on Bitlotto (as the currency conversion risk - another fatal flaw - is eliminated) or even Satoshi's Dice... About lottery systems paying more than single tips: http://en.wikipedia.org/wiki/Lotto_649 seems to be a lottery where you can choose your numbers. This means (since people buying lottery tickets are not smart in the first place) that the distribution of numbers played is NOT uniform (betting on birthdays...), the distribution of numbers drawn however hopefully is. this way a smart lottery player will pick less preferred numbers, so in the event that actually a win occurs, the earnings are higher, since he has to share with fewer people. Still: 6/49 (as all other lotteries) will have a much larger operator cut than Satoshi's Dice, Bitlotto et al - so the expected earnings over a longer time are even worse. |
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One of the few reasons (besides betting on difficulty changes) for buying a mining contract e.g. on GPUMAX would be that I as the buyer receive "fresh" Bitcoins, ideally with as few hops from the coinbase transaction as possible. Will you do this, or will people buying contracts then get any random (potentially "dirty") BTC?
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Mining equipment, mining electricity and rent for the space where this is housed as well as internet connections etc. are all denominated in USD or other fiat currencies.
So what? You dont own shares in a mining company, you own bonds. Does it matter what gigavps pays for electricity or his hardware? Does it matter whether he mines on GPUs, FPGAs, or a solar powered desktop calculator? Does it even matter how many GH he has? Not a damn thing. It does, because if he only has to pay 1 BTC to buy another GH/s he can issue a LOT of new shares and dump the current prices (the main concern of the OP is not the dividend return or a mining ponzi but that bonds loose value quicker on the market than they pay out dividends). Just look at what Obsi did as soon as BTC prices went up - completely crashing the market of his 1MHS "bonds", because he could. Also I'd like to see your math skills on current bank book rates that are below inflation...  Still people are investing billions of fiat money in these. GIGAMINING has in total paid ~35 Bitcents or more (I just did quick estimates) to date, so the price is currently not too far away from "IPO_price - dividends" so far. Again I'd like to challenge you to release a script that calculates profits/losses individually from mining assets on GLBSE (both dividends and on paper) so you can really verify if you were trading at a loss so far or not. If you really think it's such a good idea to sell mining bonds without backing (no mining hardware), then do so please! You can even undercut current assets, as you have 0 costs besides dividends. Actually a mining ponzi scheme is something that I still fear to happen and since a LOT of "miners" don't disclose anything, I think there are already a few on GLBSE right now... I see this as a much larger threat to people's money than losses on paper by not selling the mining "bonds" they have right now for cheaper prices than they bought. |
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kk, in response to the chip cancer stuff, people neednt worry about it to much. when stuff browns (im not talking about charred and crunchy) that's a natural process called the Maillard reaction, and all that brownness brings out a bunch of tasty chemicals (natural chemicals, like sugar). that's why fried stuff is always gold and tasty. sure, there are some potential carcinogens present depending on what youre cooking and a million other factors, but it's far less dangerous than other commonplace things like shampoo, raw pork, or crystal meth.
So you have tested exactly THESE chips and can confirm that they contain low/not dangerous levels of Acrylamide? Even commercial products had ranges from nearly 2mg per kg down to 47µg per kg ( http://foodwatch.de/foodwatch/content/e10/e5281/e9192/e9210/e16571/Chipstest_2008_Tabelle_20080715_final_ger.pdf, german) a few years ago. After some bad press "suddenly" Pringles managed to cut their Acrylamide levels by a huge amount. Looking at your example pics (which might be badly lit) makes me wonder if these chips were either seasoned with soy sauce or badly burnt - I regularly fry my own potato chips and they more or less look and taste like store bought ones (only that they are a bit thicker, are without any additives and can be seasoned to taste), not dark brown. What actually also works quite well is to cook the chips before frying - something that is also usually done with french fries too (McDonalds fries are cut, cooked, shock frozen and then fried on demand). |
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No, the amount of money earned per mhash is up in general. 100/mhash earns about 54 cents a day right now. It was below 30 cents earlier this year.
You really have to keep bitcoin price out of it. Bonds are denominated in btc and pay out in btc. What btc does compared to fiat is irrelevant. Otherwise I can offer you a negative interest rate on your BTC and you could still "make money". Mining equipment, mining electricity and rent for the space where this is housed as well as internet connections etc. are all denominated in USD or other fiat currencies. "Mining bond" issuers only sold their assets cheaper when the BTC price went up, so they would still be able to keep their end of the bargain. Instead of offering me a negative interest rate on BTC, you could offer me 1% interest per week on USD, backed by BTC trades/mining if you dare going long on that... |
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An anti mining contract would just hold BTC.
No, that would be 100% going long on BTC - mining is a combination of going short (by buying stuff in USD) and a little bit long (by generating + paying out BTC). Anti-mining would need to go long (by holding BTC) and a bit short (maybe selling an amount equal to mining output on an exchange?). Maybe one could put it like this: Sell shares for 1000 BTC. Then on dividend day, calculate how many USD these would be and pay out 0.1 USD (converted to BTC) per share or so from the raised capital. I don't really see how this model can be in any way attractive though, since you could just invest into a non-mining fund (e.g. lending operations) etc. or just hold BTC yourself. |
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Isn't a contract something that is negotiated and signed between 2 (or maybe even more) parties? Mining shares/bonds/contracts/floaters/... on GLBSE though can be transferred and sold on a secondary market at will.
"Solar power bonds" also do exist, though from a quick google search I only found some that are paying fixed interest rates as opposed to a portion of the real earnings. This could be done as well here, but I doubt many ppl. would be interested in a "mining bond" that pays <10% per year fixed rate but for 5 years or so. Might be interesting to try out though!
Shorting the current issues on GLBSE is also possible, as ciuciu demonstrated, though you need a partner who trusts you with their shares. Alternatively I'm sure there's a way to create "anti-mining" contracts, there seems to be already some demand for it.
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It's highly profitable even with the dividend returns likely lowering over time. Hydro bonds has been paying out almost 2.5% weekly. This will most likely increase when butterfly delivers the new ASIC's. I keep the price about $1.45 -$1.50 per mhash or currently .13 btc. Apparently you need to brush up on your math, because that is a highly profitable return rate. If you want your payouts to increase every week you need to reinvest some of your dividends. The same way miners reinvest into their farms. You can't have your cake and eat it too. Also calling something a bond or a share has little relevance. The contract is all that matters.
BTW, I like your upgrade path because you have no additional rip off fee attached to it. Interesting, how you brought the fiat into this equation but this is is irrelevant. Really? https://bitcointalk.org/index.php?topic=88756.0 - and still no real counter arguments so far! Just wait for the crash down to 5 USD, then suddenly "x MH/s contracts" will become more attractive again. |
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Hm, I got an unspecified error there... how can I debug this properly and let you know the necessary info? |
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Just release a script that parses the GLBSE CSV file and calculates if one has actually made a loss or is still in the win-zone atm. with mining "bonds".
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Acrylamide is actually a quite big concern of consumers around here and chips manufacturers managed to cut the amount in half as soon as they were made aware of it that consumers don't want the stuff.
You might want to invest in a thermometer and measure the heat of your oil bath exactly - and keep it as low as possible. One thing I'd love to try is to hook up a PID controller to a temperature probe and an oil bath (so it keeps the temperature even after adding cold potato pieces) and precision cook these chips. I managed by the way to get perfectly golden chips from ordinary potatoes at home, but it's quite some work to even cook up a standard pack equivalent. Scaling up (I just used a pot and ~1 cm of oil) though might be easy.
Especially with something that can potentially poison or at least harm people though, I'd be a bit careful about selling/buying the stuff on the internet - cool names or not... maybe try to find a food lab on your nearest university that has chemistry students and talk them into testing some samples?
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Where's the blockchain evidence? Please post the transaction, a screenshot of your BTCS&T account with balance and your logged in forum account open in another window, a picture of your screen when you took the screenshot and sign a statement with the sending address' private key that it's really you. Anyone can claim a random amount of BTC with pirate... I have 3 million BTC with him! |
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Hint: not many companies think its wise to pay out any dividends at all when generating losses like you are, particularly not when the goal is incredulous growth.
Hint: A lot of companies exist for some time BEFORE handing out shares instead of being crowd funded and crowd owned. Inflating the NAV by using the buyback prices instead of current market prices will also only help on paper - what counts are the dividends generated, as 50% of these go towards growing the fund and eventually(?) building the datacenter. I still think Diablo should focus on marketing the potential DC more than the current contingency plan with mining bonds. |
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Quite a few shares for sale at very nice rates, considering that in a few minutes or hours there will be a dividend of 0.068 BTC paid and you can sell back to goat (or others quite often) at 1 BTC...  |
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