Thank you very much. I like your criticism. We will calculate the NAV out in future financial reports. But we have to explain some of my points here:

1. It is common that an asset is traded at a price far above (NAV/number of shares). If you liquidate a company of great performance, the money you get could be comparative to the NAV, and I believe that it will usually be much less than the market value. Just take GLBSE mining stocks as examples, if you use 1000BTC to buy GPUs, the NAV automatically shrinks to less than 600BTC after the first minute they are plugged onto motherboards, and if you buy FPGAs, I believe the NAV will be less than 200BTC after they are used for the first time. How long should shareholder wait to fully recover the price difference?

2. Yes, it will take 1.5 years to recover that premium. But even at this price level, the time is still shorter than some of the mining companies on GLBSE.

3. We are not an ETF, we are a venture capital fund, and besides hunting IPOs and startups, we are also doing arbitraging, market making, and anything that could bring our shareholders greater returns.

4. I myself, as many folks do, think MU will be accelerating its revenue in all scales of time. This is why I started MU in the first place.

I added some more to the translation.

Upon closer inspection, the article contains numerous factual errors and unwarranted sensationalism. But as I said it's a bit better than what we usually have.

Good read:

http://www.nytimes.com/2012/04/24/opinion/brooks-the-creative-monopoly.html?src=me&ref=general

The plan is to issue 1 million shares (no additional shares or bonds forever, although splits might happen if/when GLBSE supports it) at 1 BTC each..

Poll is set to show results after 7 days, poll will only run for 7 days.

Contract: https://bitcointalk.org/index.php?topic=77469.msg861305#msg861305
Plan: https://bitcointalk.org/index.php?topic=77469.msg867837#msg867837

I haven’t done the research on this asset, but perhaps it is a case of the Greater Fool Theory.

Some people may be aware of it and just expect there to be new people who are bad at math to buy them later on, or even new people who expect new people who are bad at math.

I would, but not because of the name change.

First, a suggestion to friedcat and anyone else with a fund or etf: use mark to market and publish your NAV (Net Asset Value) and NAV/share as frequently as possible.

Let's compute the NAV based on last night's financial report:

Cash: 189.277
Bitbond: 134 @.6319 = 84.6746
Gigamining: 40 @1.48 = 59.2

Those prices are the lesser of last trade or ask right now (2:15 PM Eastern US time).  I didn't use bid prices (which would be lower) so as not to unfairly bias my math.

NAV = 333.1516
Shares issued and outstanding: 3000
NAV/share = .11105 BTC

Last trade for MU was @.275 current best ask is @.269 - that's more than double the NAV/share!

The premium to NAV/share is .269 - .11105 = .15795  WOW!

But it pays a dividend you say?!  About .002/share yesterday.  Let's pretend it will be that profitable for many many weeks.  .15795 / .002 = 78.975  So it will take 79 weeks (about 1.5 years) to recover that premium using the dividend.

Not knocking you, friedcat, but someone's got a lot of faith in you, congrats!  :-)

I can buy "regular" ETF's near or even below NAV on US stock markets.  Either the folks trading MU are bad at math, or must think MU will be accelerating its revenue big time.

That it!  I am pulling all my money out!  You can't just change the name all willy-nilly

If you've sold them short you won't be able to vote.

GLBSE should allow voting on less than the full holding for shares held beneficially for others, who may not all vote the same way.

The others seem to understand those things too and that the rigs are a much better option cost-wise and also necessary competitive wise with their much lower power consumption. They seem to still be interested even if that means to wait for delivery. So I'll avoid going for singles or the Lancelot which have worse mhash/$ for now and are more power hungry.

The more it goes, the more I feel it's an awareness issue. People are either unaware the IPO is underway or for those that are watching this sub-forum, they have spent their bitcoins on previous IPOs. There's been previous IPOs with large initial volumes that went well.

The first round is already reduced and is one third of the shares as stated. Even less depending on current rate. People may not read this thread in full however. I'm adding that fact to the main post. It may help.

I'll stay active, visit the OTC chat regularly and browse for advertising options. I've also been told by some they will buy shares when I told them about this thread and will even buy some myself which should get BTC-Mining up in the shares list on GLBSE and reduce the shares left before first rig is ordered even further. That should take care of the "so many shares left, and I'll wait and see what other people do"

I'll have to look if anyone has interesting rates for loaning equipment. That may help too.

This is very good news. A bull market need professional, dedicated and teamwork operation. Zhou Tong is very smart but he is not a team and part time CEO.

Bitcoin Consultancy is very talented and promising bitcoin team. They've tried their best to provide an exchange service. However, since the exchange business has very strong network effect, the performance and profit of their exchange cannot reflect their contribution to the community. If they start to work on Bitcoinica, they can bring their us more on this platform.


P.S


Goldman Sachs, Morgan Stanley, which one will be the first to contact bitcoinica to open an institutional account?

A bit slow but they're selling. I've heard of interest in BTC-Mining and seen other mining offers almost sell out on preorders, yet slow.

Would appreciate feedback from the ones that were interested. Are everyone out of bitcoins after the other mnining corp IPOs or the new securities sub-forum just don't get as much exposure?

I'm considering either purchasing a chunk of the shares myself or paying for a bit of advertisement. Opinions on that?

Legal botnet FTW.

We are in live testing and it is making live trades. However since we are not really able to offer you a dividend of any real amount I'm giving you the 50 BTC bounty.

Thank you for waiting and also, whoever is making the price in BTC so stable please stop it! 

Right. 1k shares are reserved for the IPO on May 2nd (I'll be placing an order to sell them @ .055BTC each). However, there are >200 shares already "reserved" through bid orders placed, which requires those potential buyers' commit to having BTC in their GLBSE account for over a week, which I believe indicates fairly high demand, and expect there to be a kind of "auction" at the IPO. Whoever bids the most at time of IPO receives the shares.

The way I've decided to sell BDK profits works a bit like a pyramid. All funds raised through the public offerings, which will occur in small amounts on the second day of each month for at least four months, will boost BDK's equity and thus (ideally) dividends paid out. As the amount "IPO" shares are sold for will likely increase significantly every month, early adopters are greatly rewarded, both in a lower price for shares than later buyers, and also in that they stand to see dividends (and presumably, aftermarket share value) increase significantly each month as more funds are raised through public offerings since future public offerings do not devalue shares already held.

However, if there is an "auction-style" IPO, I honestly have no idea how much BDK IPO shares will sell for. Already at a 10% markup over pre-IPO shares, there appears to still be quite a bit of interest. Potential investors should be very careful not to screw themselves over, as next month, I may sell IPO shares @ .055BTC again, even if people bought @ .08 on May 2nd. Or maybe I'll sell IPO shares @ .075BTC next month -- who knows? Lots of risk -- should be plenty of meat on the bone for investors, though. I purposefully sold the initial IPO shares at a loss for me with regards to income I'll receive each month.


I don't mean to be a hype-peddler, but this should put everything in perspective for those who already did the math and figured the initial IPO shares are being sold at a loss for me: in the first month's IPO, I'm expecting to sell 5% of total shares for ~275BTC, but once all the shares are sold in 2-3 years, I want no less than 40k BTC raised through public offerings. I have no idea if I'll grow BDK to the size I want, but I do enjoy challenges.