If you plan on continuing operations with a new exchange, I would highly recommend https://btct.co/
burnside has spent a lot of time on the Litecoin version of his exchange (where I manage an asset), and has now just released the BTC side.
Burnside got a lawyer, and registered it in Belize.
As a standard feature, you will be emailed all shareholder information on a routine basis--just in case. And, it's not slow!

Sure, Ian may know who purchased shares using his "special deal." But who's to say that nobody sold those shares on the open market?
In my opinion, until Nefario decides to do something, there is not much that any asset manager can do.
And everyone will just have to wait (essentially all assets frozen) until that time.

Sounds good to me.

Thanks for keeping us updated.

As far as a replacement exchange, Burnside has something that looks very promising.

Once Nefario reseales the list of asset owners to the respective issuiers, moving to a new exchange (like Burnside's) would be practically painless for everybody.

My personal experience (after the changes fireduck implemented):
I sent a 15.63 BTC bet, divided among 11 individual bets.

The 15.63 BTC already had 2 confirms went it was sent and had no fees.
After I sent the bet, it was "stalled." It did not show up on the Dice website and checking blockchain.info I could see that the bets were left "unspent."
After my 15.63 BTC bet was confirmed, the Dice website picked up my bet and processed it. At that point I could see that I rolled an 832 (damn lucky) and won all 11 of my bets.
A few of the winning bets showed up in my wallet.
After another block on the BTC network, a few more winning bets were returned.
It took a total of 5 blocks for all of my bets to be returned. I had to be patient, but I was paid back everything I was owed.


I am also curious about this. I had sent many bets on Oct 23-24. Some bets had the fees included, some not. I had many many "UNKNOWN" bets waiting to be returned. Even so, some "UNKNOWN" bets were returned to my wallet but never confirmed, even after 20 hours. Then the next day, *poof* many of my bets (wins and losses) were just gone--even from the block chain. Was this a orphaned block (or several orphaned blocks)?

I think BAKEWELL should still operate as normal. In fact I hope you are mining with the 2 rigs you already have. Just keep the earnings in a BAKEWELL wallet for now.

There are others working on new BTC "asset" exchnages. Burnside has a promising one in development, complete with consulting a lawyer and everything.

I hope that Nefario will be able to release the list of email addresses with whom owns what and how many. If that is the case, then moving to a new exchange is easy. This would definetely get my vote. Even without an exchange, issuing "shares" and dividends is doable manually, albeit much more messy.

Are the rigs built?
Are we mining yet?

Do not do a NAV.

NAVs are for assets funds like BMF and MOVE.TO (things that are a compilation of other things).

Stocks (like BAKEWELL) have Market Capitalization, Price/Earnings ratios etc.

You can give the investors a list of all company owned assets (like the 2 rigs you just bought) and left over BTC. This will give us a number, but it doesn't give us a true valuation of the company. How you use those assets, your plans, and your ideas help increase (or decrease) the value. This is how a company stock price can rise (or tank) when a new CEO takes over--even though the rest of the company hasn't changed.

So, the only way to really figure out a market capitalization (and price per share) of a company stock is find out what people are willing to pay for it on the market. If the market thinks the company will succeed, then the price will rise. If not, then the price will fall.

The more people that are confident in a company, the stronger the price will be.

Of course there are things you can do to help the price. (See my opinion)

As an investor, there are two ways to make money on a stock in the long run: Growth and Dividends.
- Growth is allowing the share price to.. uh, well... grow. The classic buy low, sell high.
- I'm sure we all know what dividends are (paying out company profits to shareholders).

My opinion:

It's very very difficult for a company to do both (growth and dividends). So I would focus on one or the other, and it looks like you already have everything ready for dividends. I think everyone here would prefer dividends as well.
The best course of action is to:
Maintain the price by keeping the company strong and issue dividends on a regular basis.
Taking down the huge ask wall is a good start. There is simply not enough BTC going around to fill that wall (liquidity crunch). So the share price will never rise above it. I agree with deprived on that issue.
Release shares in smaller batches is the way to go.

You could not build yourself?  I'm just asking, I don't know your technical skill, but I thought (ASSumed) you could build the rigs yourself.
That could have saved $70 * 2 = $140
Plus would make a great weekend project. And hashing would start sooner.


Expense on Windows 7  and on SSD = blah  . Yes it adds to resell, but not needed for mining.

 

This has got to be one of the fun parts of managing a mining asset... getting to spend thousands on equipment.
Have fun, and make us proud.
Don't forget to wheel and deal a little. Ask the manager for discounts if you spend more than X thousand. The worst that can happen is that they say "no."

My only fear is: the person who purchases the rig expects any kind of warranty. If no warranty is given, then resell price could be hurt.

Woot!


Please put these numbers and hardware inventory in a public spreadsheet.


Awesome.

This is why we (the investors) pay the operators of mining companies (like Ian) a fee or a percentage.
It's Ian's job to look out for all of our best interests in BAKEWELL.

Keep us updated just like you have on everything else. There are other ASIC companies out there.

(Bold emphasis mine)

For as much as you talked/trolled/screamed/pleaded in this thread... you bet only 1 BTC? It seems you don't trust yourself that much either.

Correct all shares are based on the weight in grams. ( 100 shares = 1 gram gold bullion )


A gram is a standard measurement of weight in most of the world, but not usually when dealing with precious metals.
For reference there are 31.1034768 grams in one troy ounce.

There will be no set upper limit to the amount of bullion held. The actual amount of bullion will depend on market activity. If there is a large number of people willing to buy, but little to no sales, this would indicate more bullion (and shares) would be needed.

The gold bullion would be stored in a safe in my home.
If the amount of bullion becomes significant, I will look into insurance and other safety measures at that time.
A motion would be raised to determine how to cover the cost of these additional measures.

There are only two times the assest will deal directly with shares:
When new bullion is added, a sell wall will be created for the new shares.
When a bullion withdraw is made, the corresponding shares are also removed from the market.
After that, the share price is determined directly by the market.
Please remember each share is gold bullion, which is always at a higher price than the spot price of gold.

The only time a buyback would ever occur, is if the asset were to shut down. In this case, shareholders would be given the chance to withdraw bullion (if they have enough shares), and the rest of the bullion would be liquidated and paid out to the remaining shares.

No shares will ever be sold unless I have the actual gold bullion in my reserves to back them up.
When shares are redeemed for a bullion withdraw, those shares are removed from the market.

I am using my personal funds to purchase the gold bullion upfront. When it arrives, the shares will be issued. When the shares are sold, my personal funds are paid back.


More and more gold bullion will be kept in my reserves and more shares issued as market demand increases.

Yes, I will post photos of the gold bullion.


I have one 5 gram bar being delivered. I expect it to come in next week. And pending Nefario's approval the shares will go live on Oct 1.

Woo!  Getting close to our first rig!