As for IPO & shares -- that's a misrepresentation on my part. I've tried to clarify it, and had trouble when originally naming it which is why it's a "hybrid instrument."
Thank you for clarifying this. I did not want to make your life harder or discredit you in any way. I guess GLBSE needs to add some new fancy securities to its list. 
They're more of a floating bond where the variable interest is determined by net operating profits.
Yes and no. FRNs have a variable interest but it has nothing to do with net operating profits of the issuer. FRNs interest rate is a combination of so called spread (%) and some reference rate like LIBOR in the US. LIBOR+spred = rate you get from your FRN. If you keep the new pile of BTC working as hard or better as the previous pile, we will be fine. Lets hope you understand the limits and do not get greedy.  Cheers and thank you for clarifying this. Thanks & right. I'm at the point where I'm denying CDs requests, now. Not running into scaling issues, yet, but I need to correct my judgment before taking on more liabilities. For example, putting $20k into Hermes so soon was a mistake. That's ~1/3 of BDK funds. Way too large a % of funds for a project too far off, and opening a dialogue with GLBSE about it was a near-fatal mistake. I over-committed myself, gave away too much too soon (I did this with the Kronos bond deal, too -- most of that should have been handled privately before starting a forum thread), and am kicking myself for it, now. I tend to do well with loans, but I really shouldn't be allowing myself to buy equity in startups I don't fully understand in and out (and that means I'm due for learning some programming languages with emphasis on security -- I should be able to do code-review personally), especially not with such a huge % of funds. That was a mistake I won't repeat. It's effectively costing BDK ~$1k (between paying depositors & opportunity cost) every month until the product launches, and that's too expensive when it's compromising BDK's diversification. I'm definitely not blaming the dev team or JRO - I think both Kronos and Hermes will both be great products for the community and net equity-holders a boat-load of cash - but it was definitely an over-commitment by me to tie up such a relatively large amount of funds in it, and I & other investors are paying for it now. Good learning opportunity, though. BDK should be better for it in the future. After I pay bondholders tomorrow, I need a break for 2-4 days. I'll make sure I have all my chips on the tables, then make up for neglecting family - maybe go watch a movie or something. Cheers! |
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Scammers gonna scam. Nobody who cares about their reputation is going to scam you out of $8, so identifying the person is likely pointless anyway (and if the scammer's not an idiot, the ID you'd be providing may be that of someone else, not the actual scammer).
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Sorry - had meatspace stuff to do. I'm assuming I won't be selling the 1k units reserved for IPO today (.185/unit minimum). Regardless, here's a 3-minute warning.
ETA: 1k units reserved for IPO not sold. Current outstanding units = 8.1% BDK monthly profit. Distributing units to pre-IPO buyers.
Cheers!
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I have few questions. IPO: An initial public offering (IPO) or stock market launch, is the first sale of stock by a company to the public.Why do you keep calling it IPO? You do not offer any stock to investors. To me it looks like you are borrowing money for your operations without giving up a slice of your company. Those are not bonds either, because you are not offering a fixed return from the investment. ...These shares are non-voting and do not represent equity Why do you keep calling it "shares"? Shares usually mean share of stock aka slice of a company's equity. Shares of what? Share of outstanding loans with no guaranteed interest nor maturity date? As I understand, you are not required to buy them back so you can just lift your hat and "say thank you". Did I misunderstood something? Until after August 2nd, I will be issuing up to 5,000 shares on the second day of each month. Up to 4,000 of those shares can be pre-purchased early. The remaining 1,000 will be sold on the open market through an ask order at the IPO price I determine before-hand. ...
Every time I offer profit shares to the public, equity and (ideally) dividends increase. Each month, this means 4.5% of BDK's profits are more valuable than the previous month's.
 What you are saying is when this "soup" gets watered down every month, a spoonful of it will be worth more? This makes no sense at all. Every month you ask for more money to pay out dividends to previous owners of "buttons" and make it look like the value of those "buttons" has gone up? If I have misunderstood how this works, please explain in more detail. Thank you As for IPO & shares -- that's a misrepresentation on my part. I've tried to clarify it, and had trouble when originally naming it which is why it's a "hybrid instrument." They're more of a floating bond where the variable interest is determined by net operating profits. As for the "soup" getting watered down - it's really being thickened. Previous BDK investment money is used to lend and purchase shares in bulk, either to flip or hold for dividends. Normally, this should result in increased profits, usually within 30 days, though sometimes it takes longer to "cycle" money. The 4.5% of BDK net operating profit increases in value as investment because investing in BDK increases assets without creating fixed-rate debt - BUT, it doesn't dilute the value of previous offerings. Those who got in last month paid ~.055/unit and have already received >10% of what they put in. For instance - this month's offering is the second wave of bonds/shares/whatever being issued. While it's also for 4.5% of BDK's monthly profits, that doesn't dilute the previous buyers' investment - they still will hold 4.5%, and that wave of investors always will while they hold BDK units - future offerings only increase the value of BDK unit holdings because BDK *should* be increasing profits with increased money invested in BDK. What's being diluted is my own cut of the profits each time I make a new offering, so I need to make up for that by bringing in enough money for my own "monthly split" to increase in value as well. Cheers, Ben |
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The IPO will be at 21:00 UTC tomorrow, on 6/2. Reservations must be paid for by 15:00 UTC tomorrow. Any shares not paid for by 15:00 UTC will be sold at a fixed price of .185BTC/share to anyone interested until 18:00 UTC. Beyond that, the 1,000 shares reserved for IPO (+ any pre-IPO shares not sold) will be offered on the open market as usual @ .185/share. If there are more bids above .185 than shares available, the shares will be sold at the highest bidder. If there are not enough bids @ .185 or above, the shares will be reserved until a later offering. ~5h warning All pre-IPO shares have been paid for, so only 1k will be sold at IPO time in ~5h. Cheers, Ben |
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Only 200 pre-IPO shares remaining for reservation.
Cheers,
Ben
Aaaand there they go. Will give a 5h, 1h, and 5m warning tomorrow for IPO. Cheers! |
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Only 200 pre-IPO shares remaining for reservation.
Cheers,
Ben
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A month later, he writes to me and says that he hasn't received his item.
Next time, make your offer to refund coins or reship product at this point. After several months when the customer has given up, it's too late. Never give up! *shakes fist* I will contact the thieving shits @ "RC & ME" every damned month until I get my *%!)ing battery charger! RC & ME Hobbies ------------------------------------------------------ Order Number: 11841 Date Ordered: Monday 30 August, 2010 Products ------------------------------------------------------ 1 x E-flite 3S 11.1V LiPo Balancing Charger, 1.8A EFLC3115 (EFLC3115) = $26.99 ------------------------------------------------------ Sub-Total: $26.99 Total: $26.99 (thanks for the reminder -- time for another poke) |
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June 2012 Net Profit Expectations
Optimistic estimate: 400BTC
Reasonable estimate: 100BTC
Pessimistic estimate: -150BTC
(Guesstimated weekly dividend payouts -- June 4th - 0BTC/share, June 11th - .00063BTC/share, June 18th - .00018BTC/share, June 25th - .00036BTC/share)
Week-by-week estimates assuming I somehow lose the ability to find new opportunity
Wk1 (May28-Jun4) - 90BTC income, 155BTC outgo (Assuming negative shareholder dividend, this shareholder "debt" will not rollover)
Wk2 (Jun4-Jun11) - 100BTC income, 30BTC outgo
Wk3 (Jun11-Jun18) - 110BTC income, 90BTC outgo
Wk4 (Jun18-Jun25) - 70BTC income, 30BTC outgo
Total: 370 income, 305 outgo, 65 profit (shareholders will likely receive dividends as if there were 130BTC profit as wk1 losses will not rollover). Additionally, the money I have in Hermes ($20k worth) will likely be rolled over into Kronos debt which may begin paying by the end of the month and would be expected to pay ~50-100BTC if so. Otherwise, July will be a much more profit-favorable month. Seeing these fairly low numbers for June - if you'd like a refund on shares you've prepaid for, or would like to cancel your reservation, I'd be happy to accommodate! Though, the price for BDK will never, in the future, be as cheap as they are now - so if you're going long-term or mid-term, I do believe BDK would still be a great investment.
Cheers,
Ben
ETA: OP updated with shares remaining
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BDK's been unrestricted. The IPO will continue as scheduled with a few minor time changes.
The IPO will be at 21:00 UTC tomorrow, on 6/2. Reservations must be paid for by 15:00 UTC tomorrow. Any shares not paid for by 15:00 UTC will be sold at a fixed price of .185BTC/share to anyone interested until 18:00 UTC. Beyond that, the 1,000 shares reserved for IPO (+ any pre-IPO shares not sold) will be offered on the open market as usual @ .185/share. If there are more bids above .185 than shares available, the shares will be sold at the highest bidder. If there are not enough bids @ .185 or above, the shares will be reserved until a later offering.
Currently, there are 700 pre-IPO shares which were decided not to remain reserved. These 700 shares can be reserved for a price of .18/unit.
I'll have profit guesstimates up within a couple hours. It will not be nearly as nice as May (initial eyeballing suggests 100-500BTC monthly profit). Lot of large deposits paid this month, and we're starting off with ~-84BTC profit to pay depositors.
ETA: BDK.BND and all JRO securities are still restricted AFAIK.
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Thanks. - I should be using different addresses for everyone so this never happens, and will in the future. My fault. Cheers & thanks again. Locking thread, stripping OP. |
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I believe it was jackrabbit
My assumption, too. Sent him a PM after posting this. Will see. Cheers! |
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Well this is not how I expected things to happen and I am pretty disappointed honestly. I guess I have to give credit to Nefario, his questionable actions did seem to workout for him on this.
My question would be is why are you making a new exchange? My interest in it was to get away from off the wall random regulation that hurts business. Giving into GLBSE demands by giving up part of your exchange makes me think that Hermes will be no different and maybe even more extreme if lawyers are getting involved.
Just a worried investor and a supported of unregulated markets. Hermes has many unique ideas, and different target audiences than GLBSE (though there's also a lot of overlap). More than anything, having both parties agree to an equity swap proves that there are niches being filled independently by the two exchanges. GLBSE's getting their way, and it is indeed my fault for being too loose-lipped. But, that's not to say Icehill is necessarily losing in this agreement, either. Nefario brings his own unique expertise to the table, and a more polite relationship has been established between Icehill & GLBSE (at least, more polite than would've been if we were talking to Nef & team with a straight face while secretly developing, then suddenly launching a partially-competing listing platform). As originally planned, Hermes wouldn't be launched for 2+ months. As looks like will be the case now, Hermes won't be launched for 2+ months, so not much change there. BDK funds which were originally slated to go toward Hermes will likely now go toward Kronos so we can still launch within a few weeks. This is probably a better investment anyway, since Hermes was a longer-term commitment with a relatively large chunk of change. As well, since an amicable resolution seems imminent, I believe BDK will have its June offering as originally scheduled. All-in-all, very little has effectively changed from what was originally planned, the drama's nearly finished, and we can soon continue forward implementing innovative ideas. too many projects to follow  That's progress at the pace of Bitcoin. |
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Well this is not how I expected things to happen and I am pretty disappointed honestly. I guess I have to give credit to Nefario, his questionable actions did seem to workout for him on this.
My question would be is why are you making a new exchange? My interest in it was to get away from off the wall random regulation that hurts business. Giving into GLBSE demands by giving up part of your exchange makes me think that Hermes will be no different and maybe even more extreme if lawyers are getting involved.
Just a worried investor and a supported of unregulated markets. Hermes has many unique ideas, and different target audiences than GLBSE (though there's also a lot of overlap). More than anything, having both parties agree to an equity swap proves that there are niches being filled independently by the two exchanges. GLBSE's getting their way, and it is indeed my fault for being too loose-lipped. But, that's not to say Icehill is necessarily losing in this agreement, either. Nefario brings his own unique expertise to the table, and a more polite relationship has been established between Icehill & GLBSE (at least, more polite than would've been if we were talking to Nef & team with a straight face while secretly developing, then suddenly launching a partially-competing listing platform). As originally planned, Hermes wouldn't be launched for 2+ months. As looks like will be the case now, Hermes won't be launched for 2+ months, so not much change there. BDK funds which were originally slated to go toward Hermes will likely now go toward Kronos so we can still launch within a few weeks. This is probably a better investment anyway, since Hermes was a longer-term commitment with a relatively large chunk of change. As well, since an amicable resolution seems imminent, I believe BDK will have its June offering as originally scheduled. All-in-all, very little has effectively changed from what was originally planned, the drama's nearly finished, and we can soon continue forward implementing innovative ideas. |
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Assuming Nef agrees to unrestrict our securities, we'll be putting Hermes on the backburner for 2+ months, then reconsider development after that time. Trying to get a hold of him.
Hmm... The actual deal on the table now is a "mutual options" contract, which gives both Icehill & GLBSE the ability to exercise that option in xx days, being an equity swap. GLBSE would get a % equity stake in Icehill, and Icehill would get a % equity stake in Hermes. Then, we have a symbiotic business relationship where we each have our own niche and there's much less incentive to try becoming a monopoly. Icehill's attorney is writing it up now and there's more internal discussion going on. While it looks like a mutually-beneficial solution is imminent and Nef & I are on friendly terms again, I asked Nef to unrestrict BDK so I can go ahead with the June offering as scheduled. |
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Ok OP,
1) So, you come on the forum looking for highly-skilled programmers to develop a website for you...no luck.
2) Attitude quickly turns belligerent and you start talking about disharmony within the community. Alright.
3) Then, you want to be a taxi driver for BTC...OK.
4) No response.
5) Then, this thread is created. Attitude quickly shifts again and the arrogance of the all-knowing emerges.
Note: You registered less than 2 weeks ago.
So, a few possibilities emerge. Since you claim you had known about BTC for months, my guess is that you either missed out on the June Bubble or lost quite a bit on the way down from it and are bitter. Obviously, you didn't get in before the June bubble and escape with a handsome profit or you wouldn't be here bitching about the "little game" we're playing.
It's also possible you're just mentally unstable and are largely unaware of your apparent contradictions in personal intention.
A few other possibilities exist, but they aren't much brighter.
My advice: Don't be so bitter. When ASIC miners are released, if you act quick enough you will be able to catch another glorious opportunity to profit. Don't be late to the bus 'cause it's going to be jam-packed.
ASIC miners. lol. wtf are those? ,.=ctE55ttt553tzs.,
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Bump. Reading through this thread, I've already been filled with self-doubt.
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I'd imagine females are pressured into not disclosing their sex. By my experience, anyone proclaiming to be a woman (assuming no additional relevant info, and not assuming the person claiming to be a woman is actually a woman) has a 40-80% chance of being a scammer. It's an immediate red flag, not because I hate women or think they're incompetent, but because I immediately associate cleavage with scams.
Mousepotato's the only female I'm aware of doing significant transactions on the forum and not scamming folks out of money. AFAIK, every lender is male, and every user who I've done business with is male.
ETA: Oh, and the strippers.
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