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61  Economy / Securities / Re: FeedZeBirds UPDATE Feb 9, 2013 on: July 17, 2013, 08:33:42 PM
Hey guys,

This is still in progress. Original developer project collapsed and I've had to restart it. I'm spending a considerable amount to make a beautiful new site/service, totally redone.

Will post more when there is something to show. I know this has taken forever, but it will rise like a phoenix.

-Erik
62  Bitcoin / Bitcoin Discussion / Re: New Bitcoin Billboard in California - Honey Badger! on: June 15, 2013, 02:44:52 AM
Okay so after speaking with MemoryDealers. It seems like we can proceed forward with this funding.

Why the secrecy? I'm still waiting on a public explanation of the copyright so we can all be sure its okay to use. Getting sued sucks.

The graphic was bought from ShutterStock (by myself) with proper license for commercial use.
63  Economy / Gambling / Re: SatoshiDICE.com - The World's Most Popular Bitcoin Game on: June 13, 2013, 10:25:55 PM
I tried accessing the website last night and again this morning and saw:



I'm in Canada, and pretty far from the US border.

'whois' on my IP address tells me:

Quote
NetRange:       198.254.128.0 - 198.254.255.255

Hi!
This is a mistake which will be taken care of as soon as possible.
We have no plans to block Canadian IPs.

I'm still in the same IP block, still in Canada, and still blocked.

Any idea how long it will take to fix this?

From the SD developer...

"The web server has a GeoIP database, but this can certainly have inaccuracies. I have updated the GeoIP database to the latest available. Visiting via VPN from Canada, it appears to work for me.

However, it depends on his [dooglus] specific ISP and whether the GeoIP database has their IP range accurately associated with Canada in the GeoIP database.

If this doesn't solve it for him, we could consider adding some special case rules, such as specifically allowing his IP address (or a range of addresses) through the check.

(Technically, I can't update the GeoIP database file itself, but I could add special-case code to our Terms of Service check.)"

Dooglus - do you have any suggestions for this issue? Any other canadians (or other non-US players) getting blocked?
64  Bitcoin / Bitcoin Discussion / New Bitcoin Billboard in California - Honey Badger! on: June 13, 2013, 08:08:45 PM
This just went up on Lawrence Expressway in San Jose, California. Brought to you by Bitcoin Jesus.

65  Economy / Gambling / Re: SatoshiDICE.com - The World's Most Popular Bitcoin Game on: June 13, 2013, 04:58:23 PM
Quote
Notice how the guy on their little banner looks like a commie and that the US flag in the background is upside-down? Seriously?!
Chairman Barack

The upside-down flag is a symbol of national distress. It was intentional.
66  Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx on: June 13, 2013, 03:42:16 AM
Let me step back a bit here.

My last few posts were unprofessional. I apologize for the tone. Having a bad day dealing with government bureaucracy =/

I absolutely should have disclosed that there was a betting pool, and that this pool consisted of the loan from me. The reason I did not was because I figured since there was a liability (the loan) and an asset (the 6100 btc in the wallet) the two cancelled out and needn't be mentioned. Obviously this was retarded of me. Again, I apologize. And I understand why such disclosure is so important even if the asset remains there - for situations like this!

I understand also that as a shareholder, being asked to forgo a month of dividends in order to replenish a fund which you didn't know existed is upsetting. I should have recognized this before I posted.

I'll continue with the last plan I mentioned. My dividends for June will be retained by the site for the betting pool. S.Dice holders will receive dividends as normal. I'm sorry for the drama today, I can see it was largely because of me and how I approached the issue and responded to you guys.

Back to work.

If s.dice goes into the red more than collected in the pool will you let it die or will you make a new loan? if you let it die people will come after you with pitched forks.

Also your new plan seems to be in violation of the contract. 100% has to be paid out.

Of course I wouldn't let it die.

The new plan is not in violation of anything. I can pay myself my dividend, and then send that amount to the SD wallet pool. Everyone else will get their dividends like normal, I'm just sending mine back in.

67  Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx on: June 13, 2013, 03:28:06 AM
Let me step back a bit here.

My last few posts were unprofessional. I apologize for the tone. Having a bad day dealing with government bureaucracy =/

I absolutely should have disclosed that there was a betting pool, and that this pool consisted of the loan from me. The reason I did not was because I figured since there was a liability (the loan) and an asset (the 6100 btc in the wallet) the two cancelled out and needn't be mentioned. Obviously this was retarded of me. Again, I apologize. And I understand why such disclosure is so important even if the asset remains there - for situations like this!

I understand also that as a shareholder, being asked to forgo a month of dividends in order to replenish a fund which you didn't know existed is upsetting. I should have recognized this before I posted.

I'll continue with the last plan I mentioned. My dividends for June will be retained by the site for the betting pool. S.Dice holders will receive dividends as normal. I'm sorry for the drama today, I can see it was largely because of me and how I approached the issue and responded to you guys.

Back to work.
68  Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx on: June 12, 2013, 08:31:53 PM
Alright. This isn't worth the drama.

- June dividends will go out as normal.
- Ill withdraw my 6100 btc loan at the end of the month
- My own June dividend will be retained and that will be used as the betting pool

In effect, this won't change things much from the current situation. I'll bear the whole cost of the betting pool, it'll just be smaller now.

Nowhere was it ever mentioned by me that SD owned a big pile of bitcoins. I guess people just assumed this. My mistake for letting the site use my coins since the beginning.

Enjoy your dividends this month.
69  Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx on: June 12, 2013, 06:44:50 PM
The thing that irks me is the surprise of it all.  Shares are down and we finally get a good month, and this announcement is a bit of a kick in the nuts.

Why not do it gradually, take 10% everytime we get a good month?

Shouldn't take long due to the great abilities of the management and superb skills of the IT staff we are paying for, right?

Right?

Well the thing about suprises is that there is no way for me to announce something without it being a surprise upon announcement, no? How can I convey new information to the community without it being the first time they've heard it? I'm trying to give people a heads up, and make the announcement 2-3 weeks before the end of the month.

Again, it could be done gradually... I'm just the "rip the bandaid off quickly" type of person. Really, this has been a massive free loan to SD shareholders. I'd like to end the loan because it's been bothering me since BTC went up 10x, so solving the issue with one month of earnings seems ideal. Again, 87% of those dividends would've been going to me and my partner anyway, so I won't be getting dividends this month either.

Lots of questions.

I'm not an expert, but isn't failing to disclose a giant liability like that tantamount to fraud?  I'm probably confused, was it made clear during the IPO?  I can't seem to find anything in the PDFs.

What was to stop us from considering the reserve pool an asset of the company all along (was it formed with pre-public profits from SDICE?  Is considering it a loan a new idea?)  Is your spite for shareholders going to continue to grow, and one day you'll decide to collect interest on this loan?

Fraud is a more than reasonable conclusion. But sadly your only option is the good will and love of the OP or the courts. MPOR-PR clearly has no power but bitching so what can you do? Cry? Ask for scammer tag from Theymos the fail? You got fucked.

OMG why is this so complicated for you guys?!

This 6100 BTC is not a "giant liability" of SD. It is sitting in a wallet, getting used by SD as a betting pool. If I withdraw it, then SD is not "in debt by 6100 btc"... there is not some huge 6100 btc hole. It's like if I had been letting SD use my personal hosting account for free, and then one day said, "he guys, we need to get a hosting account for SD because I don't want it using mine anymore." And then people yell, "zomg that is so terrible how could you let SD use your account!!"

Amazing that letting SD use this money for 9 months, for free, turns into accusations of fraud.


70  Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx on: June 12, 2013, 06:31:52 PM
The thing that irks me is the surprise of it all.  Shares are down and we finally get a good month, and this announcement is a bit of a kick in the nuts.

Why not do it gradually, take 10% everytime we get a good month?

Shouldn't take long due to the great abilities of the management and superb skills of the IT staff we are paying for, right?

Right?

Well the thing about suprises is that there is no way for me to announce something without it being a surprise upon announcement, no? How can I convey new information to the community without it being the first time they've heard it? I'm trying to give people a heads up, and make the announcement 2-3 weeks before the end of the month.

Again, it could be done gradually... I'm just the "rip the bandaid off quickly" type of person. Really, this has been a massive free loan to SD shareholders. I'd like to end the loan because it's been bothering me since BTC went up 10x, so solving the issue with one month of earnings seems ideal. Again, 87% of those dividends would've been going to me and my partner anyway, so I won't be getting dividends this month either.

To be honest, this should have been made clear from day one.

After all what is going to stop you from saying BTW I made a loan to s.dice for 1,000,000 BTC.

Yeah accounting does suck but no one will ever trust you evar again.

I can't claim a loan to s.dice for 1,000,000 btc. The 6,100 actually exists in SD's wallets. So when I withdraw that, SD won't have lost money... it simply won't have a big betting pool any more. If I tried to claim some illegitimate loan, then when I withdraw it back to me, it will come from.... where? It wouldn't be real, thus an obvious lie.

So that's not a good comparison but I understand what you are saying.




71  Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx on: June 12, 2013, 06:04:02 PM
The thing that irks me is the surprise of it all.  Shares are down and we finally get a good month, and this announcement is a bit of a kick in the nuts.

Why not do it gradually, take 10% everytime we get a good month?

Shouldn't take long due to the great abilities of the management and superb skills of the IT staff we are paying for, right?

Right?

Well the thing about suprises is that there is no way for me to announce something without it being a surprise upon announcement, no? How can I convey new information to the community without it being the first time they've heard it? I'm trying to give people a heads up, and make the announcement 2-3 weeks before the end of the month.

Again, it could be done gradually... I'm just the "rip the bandaid off quickly" type of person. Really, this has been a massive free loan to SD shareholders. I'd like to end the loan because it's been bothering me since BTC went up 10x, so solving the issue with one month of earnings seems ideal. Again, 87% of those dividends would've been going to me and my partner anyway, so I won't be getting dividends this month either.
72  Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx on: June 12, 2013, 05:56:00 PM

Doing in gradually, with 10 or 25% of profits going to the reserve fund seems much more reasonable to me, rather than doing it all at once. Is this where the problem is, that the contract says 100% of profits go to dividends? Couldn't you just list it as an expense to pay off the loan which gets taken out before profits are calculated?

Sure, it could be done gradually such that a % of earnings each month go to building up the pool. I'd rather just get it over with, do one single month without dividends and then problem solved.


"I'd rather ..." yeah, that is what would be good for you, but as the manager of SatoshiDice you have the responsibility to do what would be good for the shareholders. Seems there is a conflict of interest here.

Of course. But the math is as follows - 3-4k BTC needs to be retained in order to create an asset betting pool for SD. If not, then I have a personal loan to SD indefinitely.

The only conflict of interest here is that I was being extremely generous about letting SD use that money for free, and now I need to go back to being normal, and establish a betting pool for SD with its own funds.

Strictly speaking, in the narrowest interest of an s.dice shareholder, Erik (me) should continue to loan the 6100 btc to the site forever, for free. But sorry, I'm not going to do that. Anyone have a good suggestion if my plan is so terrible?


73  Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx on: June 12, 2013, 05:36:43 PM

Doing in gradually, with 10 or 25% of profits going to the reserve fund seems much more reasonable to me, rather than doing it all at once. Is this where the problem is, that the contract says 100% of profits go to dividends? Couldn't you just list it as an expense to pay off the loan which gets taken out before profits are calculated?

Sure, it could be done gradually such that a % of earnings each month go to building up the pool. I'd rather just get it over with, do one single month without dividends and then problem solved. Remember too that 87% of the dividends would have gone to me and my private partner anyway. So I'm not treating mpex holders any differently than I'm treating myself. It's not like I'm paying my own dividend and then retaining the dividend of mpex holders. Is that what people thought I meant??

And yes I could write it off as a "cost" of SD, to create its own betting pool. But it seems a much better deal for shareholders if the earnings are simply retained as the betting pool. Then, the shareholders still own the btc. Instead of it being paid out in June, it sits in the SD wallet, paid out at some liquidation event in the future, and allowing the site to earn all its profits until then.
74  Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx on: June 12, 2013, 05:32:07 PM
Hmmm why am I not surprised that this caused more fuss. Not a single, "hey Erik thanks for providing an interest-free loan of half a million dollars to SD for the past six months, I understand it's time for SD to hold its own betting pool."

MPOE-PR.... how does this violate the contract (either in letter or intent)?

nimda... why would you think the revenue from sold shares would be property of SD? They were my shares, which I sold, thus the BTC from that sale is mine, not the company's.  

GeoRW... I'm not trying to "squeeze any money out of the company." The 6100 btc held in the better pool belongs to me, and had been used by SD, interest free, since the creation of the site. I think it's appropriate for SD to own its own betting pool. There are two ways to do this: dilute shareholders to raise capital (which I will never do), or retain earnings for a period of time to acquire a betting pool.

Why is this contentious?
75  Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx on: June 12, 2013, 03:57:27 PM
Evorhees, can you please publish SDICE balance sheet too? Nothing fancy, just a summary of company's assets, liabilities and shareholders equity. As of May 31 is OK.

Thank you.

+1

I'm looking to invest but would like to see up to date financials to have a better understand of where SatoshiDICE is at...

Thanks,
Eric


I agree the financial statements I create in google docs aren't ideal. I'm not an accountant, after all. I will find someone by the end of June to prepare more formal statements, so that starting in July the finances are documented properly. It won't be anything elaborate, just something more professional. If any of you have an example of simple financial statements which you'd like me to use to model the SD statements, please link them here or send to me.
76  Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx on: June 12, 2013, 03:54:24 PM
Quick announcement - This month is progressing well with site performance. I am going to take this opportunity to have SD retain up to 4k in earnings for June at the end of the month. This means that dividends on earnings up to 4k won't be paid for June (ie - if the site earns 5k, then dividends will be paid on only 1k of earnings).

Before you yell and scream, let me explain the purpose.

Currently I have, personally, provided an ongoing interest-free loan of roughly 6100 btc to SD that is used by SD as its betting pool. This is money that is at risk of hacks and losses, but I've permitted SD to use it because it needed a capital pool. The risk to me was tolerable when Bitcoin was $10-12 each. Now, however, that's a ton of money, and I would like to withdraw the loan.

Thus, earnings for this month (June) will be retained by SD for the purpose of replacing this pool. The pool needs to be roughly 3-4k btc, so the site is on track to earn this amount this month. It's thus a perfect time to do the swap.

Note that because these earnings are retained and owned by SD, if and when they are ever paid out or released from SD, they will go to all shareholders. Thus the betting pool held by SD will from now on be an asset of SD instead of a liability owed to me.  Therefore MPEX holders will, after June, own 13% of the betting pool fund assets. If the site is ever closed down, sold, etc, these funds would be liquidated out to shareholders.

Hopefully that's not too confusing. Please let me know if you have questions about it.

Kind regards,
-Erik

77  Economy / Securities / Re: S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx on: June 08, 2013, 08:14:14 PM
Psst, SD PR... You still there? I know it's probably very easy to get away with doing nothing in your PR role because Erik never checks if anybody is posting here himself...but do you have any further clarifying information? Or are you the once a month active kinda PR..Only active when Erik is online...making your position null and void.


The IT guy is paid $10k per month. It's typically paid on the first couple days of the month, using the exchange rate at the time of payment.

In general, I pay bills when I get them and use the exchange rate at the time of payment, but I'll pay them whenever I wish. Deal with it.

Quote from: Abu22
His salary is from diluting shares,

I've never diluted shares. If you're referring to the 3% sold a few months ago, that was non-dillutive, and those weren't even my shares. I was selling them for another private owner. In fact, my position net increased, because I bought more than 3% from him and only sold 3%.

You're really obnoxious. Please sell your shares and stop making this thread such a miserable place to spend time.

78  Bitcoin / Project Development / Re: Holy Grail BOUNTY on: June 05, 2013, 02:43:24 PM
14 BTC donated! That should get you up to 50 btc.  Kick ass guys.
79  Bitcoin / Bitcoin Discussion / Re: Peter Vessenes: Take a step back and F*** YOUR OWN FACE!!! on: June 04, 2013, 11:08:45 PM
Mtgox is the biggest ally in any attempt to subvert the Bitcoin Foundation.  Both Bitinstant and Coinsetter are based in New York, so maybe they would get on board too since they aren't so close to Vessenes.  
Gavin is a big proponent of the Foundation, but maybe he would distance himself if a different foundation offered to pay his salary.

Obviously it would be better if Peter would just resign.  Does anyone know what the rules are for ousting him?  Perhaps we can pressure other board members to take action.

I believe there is going to be an election very soon, and that Peter will be stepping down.
80  Bitcoin / Bitcoin Discussion / Re: Peter Vessenes: Take a step back and F*** YOUR OWN FACE!!! on: June 04, 2013, 10:37:52 PM
Peter absolutely should be saying things like he's saying. Think about it long and hard and you'll figure it out. Don't be so dense.

Erik, it's not just words (although words often do tell a lot... I don't view you, for instance, begging for more regulation... something tells me it would make you sick with yourself, which is a good indicator on your character)

But in Vesseness case, there's more to it. This lawsuit against MtGox... wtf? Plus this suspicious involvement with Bitcoinica, which is still owing thousands of bitcoins to many.

I'm sorry, but I still believe this Peter Vesseness is the type of guy that won't hesitate to use the state and its regulation to rule out competitors. He looks too suspicious to me. I don't trust him. I'd love to be proved wrong, but for now, that's how I see it.

Sure, good points. Let me clarify my position.

I was commenting purely on the statements Peter recently made, and his common "pro regulation" stance. I think someone in a position such as he has is perfectly justified in making those statements. BUT - that justification ends where action begins. To the extent he actually assists, fosters, and furthers state actors against Bitcoin or Bitcoin businesses, then I am very much opposed.

His lawsuit with Gox is certainly awkward and I don't know who's in the right or wrong so I'll just stay out of it. If I ever knew that he used his position at the Foundation to harm someone or some company that hadn't caused harm to someone else, then he would have no support or defense from me whatsoever.

I do not have enough inside information to know what position to take on Peter, at this point, so I remain neutral. But, narrowly speaking, on the topic of "what someone like that should be saying when the authorities come knocking," I think a policy of "keep my friends close and my enemies closer" is a wise policy, and the public "official" representatives (and we know there aren't any but the press doesn't, and that's fine) should not be taking overtly anarchistic positions - not because that position is incorrect morally, but because it is less likely to foster the environment in which Bitcoin has the best chance of thriving.

tl;dr - If his talk is statist, that's fine and maybe even productive. If his actions are statist, then he must absolutely go away and wouldn't be worthy of anyone's support whatsoever.

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