Thanks.

Waiting on Nefario to approve the asset on GLBSE.

Possible mining pool idea:

Horrible Horrendous Terrible Tremendous Mining Pool

Forum | Website

This is a PPS pool made by fireduck (the programmer behind SatoshiDICE).

His pool allows you choose how much of a fee you pay based on the difficulty of the shares you submit. You can get all the way down to near 1%.
His theory is that every share submitted adds a load on the pool and put additional strain on the database.
If you submit less shares (and don't clog up the pool as much) you get charged a lower fee.

So, if you choose to submit difficulty 32 shares (the default) the pool charges a 2% fee.

His pool also features no sign up, and auto payouts.

Here is a chart of the various fees:

I don't want to have the most expensive shares on GLBSE.

With 1 share = 0.01 grams, it is very easy to:

• buy a few here and there (for smaller investors)
• know exactly how many grams you own

Good questions odolvlobo.



This security sells shares of gold bullion. I plan to make a small profit the same way that any other bullion dealer would. A more precise answer is found in the next question.



First, I have never specified a premium or a percentage.

Like I said in my answer above, I am selling shares of gold bullion, not just gold. Buying gold bullion always cost more than the spot price of gold because bullion goes through a process. The gold is purified, it is then weighed and then minted.
This "fabrication and procurement" process always adds an additional cost on top of the spot price for gold, and is included in the price per share.

As mentioned above, operating expenses are included in the price per share as gold bullion shares are released.

Bullion Inventory:
https://docs.google.com/spreadsheet/ccc?key=0AqLxDN0JzEUNdE9vNG1zZWlrUTIwbFhrZzVtSUowc3c

FAQs

Why would I want this?
This is probably the easiest and fastest way to buy gold bullion with your BTC, especially for someone who can't afford to buy all at once.
If your goal is to buy and accumulate physical gold bullion, you can purchases shares a little at a time until you have enough to withdraw.

You can use your shares as collateral because they are always backed by physical gold bullion.

It is a quick and easy way to transfer gold bullion to either your own portfolio, or to others.


Does this pay a dividend?
No. Holding a share is the same as holding 0.01 grams of gold.


Why is you per-share price so high. It’s way over spot price.
The spot price is the going rate for a certain amount of gold. Having this gold purified, and minted in to exact weight bullion adds a extra cost.
The share prices reflects the bullion price for minting, storage and other costs.
After the shares are released to market and sold, the price per share is determined by the market itself.

Why do you buy small bars of bullion when there is less overhead with larger bars?
It's true, smaller bullion bars do have a bigger bullion cost than larger weight bars. This is why 5 grams is the smallest that can be withdrawn.  I chose this size because I feel it is the best opportunity for smaller investors to eventually withdraw a bar while keeping bullion costs manageable.
As market demand grows, larger bars will be added to the bullion stock. However I need to keep enough 5 gram bars in stock to fulfill requests to withdraw 500 shares.

Do you sell shares first and then buy bullion?
No.
No shares will never 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 see BTC-GOLD and LTC-GOLD Why are there two?
I manage two separate funds--one priced in Bitcoins and one priced in Litecoins. They both work the same way and each fund has it own stock of bullion and will never intermix.

ANNOUNCE: BTC-GOLD CLOSING

My Goal is to increase strength of Bitcoins and Litecoins, by allowing the free and simple trade between the currency and Physical Gold Bullion without all of the hassle and added expenses of procurement and sale of bullion.
Each share is equal to 0.01 grams of gold bullion.

OVERVIEW:

By investing in BTC-GOLD you are investing into Physical Gold Bullion. Various forms of Gold Bullion will be obtained by the operator (myself) ranging in brand, size, and form, but all gold is guaranteed to be at least .999 pure. The amount of shares in circulation at any time will only reflect the amount of gold I have held physically in grams at any given moment. One share is and will always be equal to 0.01 grams of physical gold bullion.

WITHDRAW OPTION AND SHIPPING:

You may request to have your shares withdrawn as physical gold bullion and shipped to you.
You must issue requests in 500 share (5 gram) increments.  To do this, please send the operator a message and I will give further instruction. I will also require that you pay a 15 share handling fee and the entire shipping expense, which will be calculated upon your request for withdrawal. Payment for shipping will be accepted in additional Shares, Bitcoins, Litecoins, BTC-E Code, and MtGox Code.
You will be responsible for the cost of all shipping features you desire, be it insurance, or the use of another shipping company. (ie UPS or Fedex) After the entire shipping expense has been paid, I will guarantee that all gold bullion withdraws requested will ship out on my end, and I will provide appropriate tracking via the carrier at no additional cost, when available. However,
although rare, the carrier can lose your packages. I am not liable these mistakes, and it is your responsibility and highly recomended to request appropriate insurance if you feel it necessary. It is also your responsibility to check all of your country's laws about bullion importation. I will be shipping from the USA, so please look into local laws, and be prepared to pay
any applicable taxes, customs or fees imposed by your country.

Exit Strategy:

If for any reason I am unable to continue my obligations here, I reserve the right to shut down operation. In that case, the first option available will be to receive your Physical Gold Bullion via the mail. The above shipping terms still apply, but the handling fee will be waived in this case. For those that do not want to receive their Physical Gold Bullion, I will liquidate the remaining bullion and pay out your share value at current Gold spot market value.

Bullion:

Your investment is 100% backed by Gold Bullion. No shares will be issued unless an equal number of grams is held in storage. In theory, your stock value should never be worth less than its weight in gold. Of course, gold has its own price fluctuation up and down, but it is your duty to make your own informed decision as to whether or not this is an investment that suits your needs. I recommend you do some research into gold economics, look at the price trends, and decide for yourself whether Gold Bullion is the best choice for you right now.


Condensed Version


This is a Gold Bullion mutual fund, operated and managed by myself.  Each share being worth 0.01 grams of Gold Bullion. I will buy .999 pure Gold bullion, and will first take pictures to prove the total asset amount, and will then release an equal amount of shares to how many total grams of gold bullion are in the fund. The gold bullion will then be placed in a secure location, and locked away until needed. Another feature that this investment has, is the option to physically withdraw from the Gold Bullion asset. In this case, I will send you your physical gold bullion in the mail, of course I will require that you pay shipping and customs/duties, and there is a small fee, but that is listed in the shipping terms above.
The best part being, since there will never be more or less shares owned and on the market than I currently have in the vault, everyone could withdraw at once if they really wanted, and no one would have to wait, and there would be no "bank run." Although, I will mention, your best deal is to just own the BTC-GOLD shares, and not have them physically shipped. The whole idea of this asset is to give a liquid Gold to currency asset, where you don't have to deal with your own country's taxes (VAT to be specific) and you don't have to deal with the shipping cost.

Thanks SaltySpitoon, you're awesome!

Great job with the fund.
I am picking up a few shares myself.

Would you mind if I created a Gold fund (mostly) copied from your idea?

I'm just trying to remove any roadblocks that any potential investor might have.
Verification and paying a dividend are the last two major hurdles.

We are getting closer.
Keep up the good work.

No, not for BAKEWELL.

This is a credit default swap. If you don't know what these are then stay away.
This is for people who like to play fast and loose. Both sides of the "insurance" represent high risk and high rewards.
If you are an "average" investor, you might be better off just playing SatoshiDICE.

Even though FDBF has dumped OSBI.HRPT, there are a lot of personal loans being issued.
It looks like we traded one high risk for another.

The best thing to do is just pick 5 day average, or "last price" and just make sure it's named correctly.

It's true that stocks don't have a "current price" because they sell for whatever people value it at. Bid and Ask price are never the actual value because they can be changed easily and may never be executed.
 The "last price" simply shows what a buyer and a seller valued the stock to be worth at the time it was sold. This is the price displayed when you look at stock tickers.


In all cases, I think everyone meant to say "last price." So let's use that.
Or use the 5 day average of "last prices."

OK. I'll make the comment:

HA!  Leet


My fear is that selling those last 500 shares (of the first 2500) will be very, very difficult. As I said earlier, please try to get a dividend as soon as possible.
This could be holding up some investors and fund managers. It shows the complete process of having actual equipment and generating income.
183.75 BTC is more than enough to get a rig going (with 1 GPU). Plus you can add more GPUs as additional capital comes in.
And, don't forget to take rig pr0n photos. Those are always fun. 

Also, tell Nefario to update your BAKEWELL verification. You posted that you submitted verification over a week ago. What gives?

HHTT A PPS pool run by fireduck (the main programmer behind SatoshiDICE).

You can mine PPS at close to 1% fee. It works by the difficulty of the share you choose to work on. The higher the difficulty you set, the less fee you pay.
Standard settings are difficulty 32 shares at a 2% fee.

Off Topic, but I couldn't resist.



Awww   

This is great. BAKEWELL is starting to take off.


This made me chuckle. Usagi, I know you wear many different hats... but, um. I'll just leave it at that.


Just to clarify for those of you who tr;dr the thread:

If you want to get in right now, Ian will give you 10% more shares for free if you PM him and buy 100 shares or more.
These 10% extra shares come from Ian's "Founder Shares" aka, his management fee shares. He is giving these shares away to not only help get this first rigs up and running, but to also thank early investors.
Remember, the 10% bonus shares will only be matched for a total of 25,000 shares set aside for this special offer, and ONLY in you request it through a PM to ianbakewell.
I repeat, the shares for sale on GLBSE do not qualify for this offer, but are a great way to purchase shares if you can't afford 100+.

If there are any other fund managers considering BAKEWELL, really take a look at this offer.


@Ian,
You might want to look at getting that first rig up and running sooner than later. Getting any kind of dividend paid (not matter how small) will get a lot more investors to buy. It will show that BAKEWELL can generate income and is not "all talk."

I just want to get this straight from the angle of someone who will buy insurance.

In this case, there is no default.

• I buy 10BTC worth of insurance. This insurance is for 12 weeks.
• Then I buy 10BTC of OBSI.HRPT on the GLBSE.
• I make 7% per week on OBSI.HRPT
• After 12 weeks, I still have 10 BTC of OBSI.HRPT
• I loose the 10BTC I paid for insurance.

In this case there is a default

• I buy 10BTC worth of insurance. This insurance is for 12 weeks.
• Then I buy 10BTC of OBSI.HRPT on the GLBSE.
• I make 7% per week on OBSI.HRPT, until it defaults, on the 8th week
• I get 20BTC paid from Insurance

Is this how it works?

I had fun playing.

Sometimes the transactions slowed down a little but then again, I was betting back to back. But I always got paid!

And I also have the current record for biggest win  


Yep, that's me.

I have not requested a withdraw and my account is a re-invest interest account. So my account is "all on paper."
As such, the latest amount shows that 1% was credited to my balance.

I don't know if that clears up anything, but that's what my numbers are.

If you are looking to get 100+ shares, send a PM to Ian and you can get 10% additional shares for FREE!*

*Limited time only.