Sorry but this is NOT in the terms that is in the shares contract/certificate/agreement (or however it is called).
If you want to have "at least" 51BTC for something and I would give you 50BTC + 1 Satoshi, you would also complain, right?

Also it still seems a bit wierd to me, that you on the one hand claim to have tons of networking equipment, racks, switches, kvm equipment..., are able to handle GPG on Linux + generate a certificate, want to stay highly anonymous but upload a video(!) with your vioce(!!) on youtube(!!!), don't disclose hardware specs and at the end of it all: do not even have the ~500€ it would cost you to build a test-rig yourself, make a picture of it and say "Hey, what would 30/50/100 of these roll in? Here's a picture of my equipment, give me money and I'll do it!"

And to the "3000 shares now, I'll pay later" --> That's exactly the same thing you yourself are doing! Besides, you already got some (actually quite a lot of) money - I really expect to see first results next week, in the form of hardware being bought + pictures to proove!

Btw. I even bought a share (more to test out GLBSE than because I trust the operations... .75 BTC is not so huge of an investment and imho better than the ponzi-bubbles or other weird/half legal stuff that is floating around atm.) so this comes from a shareholder.

Hopefully a sharp price drop also scares the "kiddie-miners" away, that are just looking for free money and phantasizing about hosting a datacenter in their basement...

The growth figures on http://bitcoin.sipa.be/ are outright scary... 

So... I'd like to have 3000 of your shares and you can deduct their price from the first dividend(s) that roll in.

50%+1 share = 5001 shares, 51% = 5100 shares. Usually the former is usually used afaik.

With 400 shares (405 actually atm) you can already buy right now (@7,5 USD/BTC) 3 rigs as a starter and start to already set up one system properly so that later, when you do bigger orders in bulk with the rest of the money, you just have to assemble, clone an USB stick and mine away.
Time is now very much important, as difficulty increases are the biggest danger to your business.

If, then please only optional + with unsubscribe feature (as this might be an easy way to spam people by subscribing them via this system to a mailing list)

Nice statement... As I guess you do not manufacture them yourself in the backyard - so which company actually handles the manufacturing?

199 * 0,75...

With the current 150 BTC people already bought shares for, you can buy at the current rate of ~8.75USD/BTC already nearly 2 rigs to get started before the difficulty skyrockets even more - the 3750 BTC you want to raise are even enough for 46 rigs already (over 50% more than planned).

The BTC-USD values are more or less arbitrary (and also from a single entity - maybe there will be another exchange coming up in a few weeks/months that is far more popular?!)

You could take a value from http://bitcoincharts.com/t/weighted_prices.json instead - unfortunately they don't offer historical data afaik (then it would be easy to get these values automatically).

Edit:
Btw. the only interesting USD value is anyways the one of the current day - as you won't be able to get different exchange rates than the current ones...

Also you could try to put 2 of these values in one chart (for example current worth BTC + current worth USD or "BTC mined per day + USD value of these mined BTC per day")

This is a crosspost from http://bitcointalk.org/index.php?topic=8208.0 btw.

Yes, what counts is the amount of shares you want to buy, not the amount of money you are willing to invest max.

Similar to eBay maybe, where you set a maximum limit until where you want to bid - but if your max. is 100$ and your actual winning bid is 10$, it won't mean you will get 10 of the same item.

I would be interested in a few shares too, but I'm (like cypherdoc) not really sure if I even get the invested money back.

Do you plan to have business reports (and if yes, how often?) etc.?


I would also recommend to get asap a test box with your desired configuration from the money you already have and report on your progress - it might give a bit more confidence that you really mean it!

After all, I could also make up a nice story, issue shares, open a thread here and collect the money for myself. It's not even clear if anyone could sue me for this, because then BTC would need to be accepted as real money. If they aren't, it's like sueing someone over monopoly money... (besides that you would need to even find me in the first place!).

Edit:
I looked again through your presentation and proposal and there are 3 main questions arising for me:
* You stress transparency a lot, however in your share certificate (http://dev.glbse.com/cgi-bin/asset?id=4813709653f9d4b4060d045fb1ebef1ef1a1895cb585d076c9553955e1005399.xml) you only have a paste-html "website" that states you will not have a public website but give updates here in the forum and via pastehtml. To me this sounds a bit shady the least...
* You want to fund your 30 rigs ONLY from the 4999 shares, but yourself get 50,01% of all income (after you have "paid back" your shares to the company) - how would you make sure that you not just keep the rigs (that you got for free from others) as you have 0 investment money wise from your side? Especially since you are NOT liable for any dept that this "company" (= mining computers that you got donated) makes eventually. 100% of the risk lies at the shareholder in my opinion, so why then give them only 49,99% of power? which leads me to my last point:
* according to your terms, you need 51% of shareholders to agree if you want to change something. Currently you only hold 50,01% of shares though. Also the bylaws are not existant at the time I would buy these shares, so that means if you want to do something and the others don't, there won't be any decisions made! I would highlsy recommend you to buy at least another 1% of your own shares to make sure this doesn't happen.

As a tipp:

Read the wiki pages first, there are comparisons of GPUs (how much hashing power they deliver) and also some backgrounds about bitcoin (or: why every ~10 days (currently) you will get ~40% less income (currently)).

As there were some questions here and Eligius doesn't have (a lot of) fees either, here's how to configure the poclbm-gui to mine in another pool with low priority (so you have a "fallback" mode).

Simply add another OpenCL miner tab, name it to something you like, select server "Other", Host: "pool.bitcoin.dashjr.org", Port: "8337", Username: "[your payout address]", Password: "[doesn't matter what, just type "xxx" or so - there is no PWD!]", Device: the same(!) GPU you use for mining here, Extra flags: the same flags, except that you increase the value at the parameter "-f" to something around 60 (by default it's 30).

Save config, run the miner and then you should see a few MH/s going to Eligius (for me 2 out of total ~280 MH/s are by default there with -f 60 @ Eligius and -f 30 @ BTCGuild).
Once one of the two servers fails, the full hashing power will switch to the other one.

I get quite a few more stales at Eligius that way though - however it means I will have in total more "uptime" meaning I on the one hand have to care less about service windows like the announced one and also don't have to monitor the pools constantly. Eligius has the advantage, that it pays out either after 1 week of inactivity or once >1 BTC is reached - meaning you don't have to care about getting your payouts from there at all. Your main hashing power will still be in this pool and at least in my case (ATI 6870) running a second miner with low priority on the same GPU did also not harm my total performance in any way.

Currently you can buy a GPU and be "quite" sure that it'll pay off in a not too distant future (at least sooner than it's expected lifetime), as there is a real run for buying BTC, which keeps the BTC<-->USD price high.
This will change over time, as the profit margin from mining will become smaller and smaller.

If you can only earn less than 1 BTC per block in the future, Bitcoin would either rather have prices comparable to gold/diamonds than to USD or hashing power/difficulty will be much lower (in proportion to future computing devices that is of course).

It's nice to hear though, that difficulty can only increase 4-fold, not skyrocket endlessly after just 2016 blocks!

You do not even assume in the first month of your calculation, that the difficulty will most likely still increase.

By the time you have bought that hardware, difficulty could very well be in the 500.000 region or more.

Also I personally do not trust people who can't even use a calculator: 30*710 != 27690(!)

Payoff per day, if you have 30 rigs @ 710USD each running with 54USD/day electricity costs would be ~145USD per day that you NEED to earn, no matter what!
Also I don't know about the legal situation in your country, but the first thing I would do when starting a business like this would not be to issue shares but to get a lawyer and a startup consultant...

To me this whole stuff seems like a very rushed idea and hearing that you cannot prefinance even 5 rigs (~3500 USD!) on your own makes me as a potential investor extra nervous.

I'm not sure if this attack scenario already came up:

If someone posesses enough computing power to push the difficulty to a level that is far beyond the current level, this might cause the network to collapse. It might be nearly impossible after the attacker leaves the network again 2016 blocks later to discover/solve any block, so the next 2016 blocks might take ages or be never found if miners give up their business. So - is a difficulty manipulation attack possible in bitcoin (theoretically) - or are there some countermeasures that could be taken?

Just imagine for example "back in the days" when you could only do CPU hashing if somebody would suddenly drop in with a few dozen GHashes/s, solve lots of blocks in nearly no time, push the difficulty to 50 000 and disappear again. With 3 MHashes/s this would on average mean to get a hit about every 2-3 years. Even if the whole network has ~1 GH/s even a simple transaction would need 1 week to be confirmed.

In an early adopters/enthusiast community this might be ok, but later on (as it is expected somehow that difficulty might fall again when the income from BTC generation gets less and less and the few bitcents from transaction fees get more and more interesting) this could pose a real threat to the network.

According to http://bitcoinwatch.com/: Over 1.2 million BTC transfers in the last 24 hours.

~9 blocks per hour generated, ~2/3 of miners are in huge pools (and probably there are more, smaller pools) --> 7200 BTC of pool payout transactions.
MtGox has a volume of ~60k BTC daily, so still the majority of transactions must be something else... only question is what...!

Depending on the rest of your hardware you can expect that 2 5870 GPUs will draw ~200W each under load.

The latter is actually a feature that is no longer in place, other than that payouts are rounded down at the 3rd decimal.

BTC, USD, EUR, GBP...?!

When clicking on "Pay me now", there is afterwards a different number shown as "Confirmed rewards" than what should be there. Also it seems like paying out is still rounding to the 3rd decimal and keeping micro-BTC and below (though in the "pool wallet").