I think big press events still deserve a thread in the main forum, though they're all archived in the News subforum. Besides, this was relevant not just for the "news" but for the community members involved  |
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Last night Huffington Post Live did a video segment on Bitcoin. BitInstant's Roger Ver and CoinBase's Brian Armstrong were there to reprazent. Also, the "Austrian" Neils Van Der Linden (famous for last year's "Don't Buy Bitcoin") YouTube video was there to demonstrate his lack of understanding regarding Mises' Regression Theorem (he doesn't yet know that he doesn't know what he's talking about). The host quickly noticed that she was the only female  Watch the video:http://live.huffingtonpost.com/r/segment/5037b5b402a76066bd0000da |
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Thanks buddy PS: Watching the Porcfest bitcoin talk! exciting to put usernames to faces! Haha that's great! Yeah it was a fun panel, one of the best turnouts of any event at PorcFest. It's very fulfilling to see someone in the audience who has a question and then, after hearing the answer, just has their eyes light up with possibilities. Once someone grasps the power of Bitcoin, there's almost a physiological reaction |
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Absolutely. Bitcoin will cost more than 2x its current price in 12 months. How do I know? Because I'm involved in the business world of Bitcoin and very exciting things are happening.
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It will happen some time between October 2012 and April of 2013.
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A number of times I have seen people say: with Bitcoin it is going to be 'all or nothing'. In other words, Bitcoin is either going to displace and put out of business all fiat currencies or it is going to 0. However, when people say this they don't really give any support for the statement. I think this is wrong right off the bat. Bitcoin could easily have a market cap of billions of USD on 3 use cases alone: black market/grey market products (e.g. Silk Road), gaming tokens (e.g online Bitcoin casinos), and international transfers (e.g. all the Bitcoin exchanges across the world). Another use case would emerge after Bitcoin had a large market cap and stable price from those 3 markets: long term wealth storage. Wealthy individuals who want to stash away a significant amount of wealth that can't be confiscated by governments or otherwise stolen could put BTC into cold storage for as long as they wanted. They could travel the world and sell their coins to local Bitcoin dealers for the local fiat currency.
In any event, I would like to hear some arguments from people who believe Bitcoin is going to either be 'all or nothing'. Perhaps there is a good argument that I have not heard yet.
I wouldn't say Bitcoin is "all or nothing"... but I would say it's really worth either thousands of dollars per coin or it's worth zero. |
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If I were to buy shares, could my shares be diluted at a later time?
Nope. That would be dishonest of me, and it's written in the contract that such cannot happen. |
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It's already specified that the shares offered in this IPO have no voting rights. Even if the shares had voting rights, evoorhees is only offering 10% of the company ownership to the public, so it wouldn't matter either way. All you're buying with these shares is a non-guaranteed revenue stream.
You are correct. 10% vote can never win 90% and this was pointless clause. I guess those shares offered are not the same shares what Evoorhees owns at the moment. In this case, are those a new issue of stock and issued by SD for the IPO. Can someone clear this up a bit? There are 100,000,000 ownership shares. 10,000,000 of these are up for sale via MPEx (and via a proxy on GLBSE). As per the contract, shares cannot be diluted, so these are all the shares that exist and can ever exist unless I bought up the shares again (which is very possible). |
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if you only sell 6% of the company then only 6% of profits will be paid as dividends ?
Of course. Each share created represents one one hundred millionth of dividends. It doesn't matter how many are sold. The owner of each share gets that amount. |
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come to think of it, you actually have added "Free riding" to your IPO.
LOL...
And now I like to know, why did you let people to trade your shares BEFORE! the IPO was complete (in half, full, canceled).
Sorry I have no idea what you're talking about  |
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So it is thus accurate to say that I prefer 32k BTC instead of 10% of SatoshiDICE, but I would not prefer 15k BTC instead of 10% of SatoshiDICE. My investment preference only shifts to the BTC at the 32k for 10% exchange rate. Further, I wouldn’t sell another 10% for an additional 32k btc, for at that margin my preference shifts back to SD.
If some portion of the Bitcoin investment world has a matching inverse time preference to to mine, and is thus willing to pay 32k BTC for 10% of SD, then we all have a deal and the exchange is made. Otherwise, my exchange preference and that of the market do not align, and we continue on as we were.
Are you planning to call off this IPO since the second tranche is practically untouched after 24 hrs and the third one should also be released by any moment now? Seems like your conditions above (emphasis mine) are not going to be met. What price you're going to use when buying back shares? I mean, if someone is now buying in for .0034 and then you decide to cancel the IPO and buy back for .0032 there's immediate 6% loss (plus possible MPEx/GLBSE fees etc). Didn't find a clause for this when glancing over the conditions. No intention of "calling off" anything. If shares don't get bought, then I get to keep the dividends to myself. No biggie. I hope you arent going to transfer unsold shares to your own account because that would be fraud, because thats the only way you can earn dividends from them. The shares originate in my account - I'm the owner. Why are you suggesting it's fraud if they remain under my ownership when they're under my ownership currently? |
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My investment preference only shifts to the BTC at the 32k for 10% exchange rate. Translation: S.DICE shares are worth less than 0.0032BTC You don't seem to understand the concept of marginal utility. I'm happy to sell 10% for the IPO price, but I would not sell the next marginal 10% for the same amount (I would be unwilling to sell it unless the price was higher). So the first 10% of shares are worth less than .0032BTC to me (their marginal utility is lower), but the next 10% are worth more than .0032 to me and thus are not being offered at that price. In the same way, an investor with 1000 btc might value his first 100btc less than X amount of SD stock, but wouldn't value his next 100btc at that same price, and thus he'd be willing to trade 100btc for the X amount of stock, but no more than that. |
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So it is thus accurate to say that I prefer 32k BTC instead of 10% of SatoshiDICE, but I would not prefer 15k BTC instead of 10% of SatoshiDICE. My investment preference only shifts to the BTC at the 32k for 10% exchange rate. Further, I wouldn’t sell another 10% for an additional 32k btc, for at that margin my preference shifts back to SD.
If some portion of the Bitcoin investment world has a matching inverse time preference to to mine, and is thus willing to pay 32k BTC for 10% of SD, then we all have a deal and the exchange is made. Otherwise, my exchange preference and that of the market do not align, and we continue on as we were.
Are you planning to call off this IPO since the second tranche is practically untouched after 24 hrs and the third one should also be released by any moment now? Seems like your conditions above (emphasis mine) are not going to be met. What price you're going to use when buying back shares? I mean, if someone is now buying in for .0034 and then you decide to cancel the IPO and buy back for .0032 there's immediate 6% loss (plus possible MPEx/GLBSE fees etc). Didn't find a clause for this when glancing over the conditions. Actually it is a biggie to you and not for the investors. If you do not buy those shares personally from the IPO, you can not get the dividends. As simple as that. If part of the IPO is not sold out, shares will be "bought back" or more like held by the company (not you as a person) and those shares become so called treasury stock. Treasury stock will be excluded form dividend payments and have no voting right etc and are not part of the SD equity (in your balance sheet). Option #2 is, you cancel the left over shares and by that you reduce the number of the total outstanding shares. Option #3 You cancel the whole issue and return the money to IPO participants at the price they bought the shares. Like I mentioned before, you got greedy and this moron, who advised you on your IPO, has no idea what he is doing or did. Nonsense. The shares which are not yet sold are still owned by me. They are in my personal MPEx account, just as if I had bought them. Dividends thus go to me. |
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So it is thus accurate to say that I prefer 32k BTC instead of 10% of SatoshiDICE, but I would not prefer 15k BTC instead of 10% of SatoshiDICE. My investment preference only shifts to the BTC at the 32k for 10% exchange rate. Further, I wouldn’t sell another 10% for an additional 32k btc, for at that margin my preference shifts back to SD.
If some portion of the Bitcoin investment world has a matching inverse time preference to to mine, and is thus willing to pay 32k BTC for 10% of SD, then we all have a deal and the exchange is made. Otherwise, my exchange preference and that of the market do not align, and we continue on as we were.
Are you planning to call off this IPO since the second tranche is practically untouched after 24 hrs and the third one should also be released by any moment now? Seems like your conditions above (emphasis mine) are not going to be met. What price you're going to use when buying back shares? I mean, if someone is now buying in for .0034 and then you decide to cancel the IPO and buy back for .0032 there's immediate 6% loss (plus possible MPEx/GLBSE fees etc). Didn't find a clause for this when glancing over the conditions. No intention of "calling off" anything. If shares don't get bought, then I get to keep the dividends to myself. No biggie. |
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It's not out of the normal range, especially since prices were >$10.
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I'm not saying that SatoshiDICE has any hidden deals presently, but it would be good to know that should such deals arise in the future, where a significant fraction of equity changes ownership, it will be revealed. Just like the traditional securities markets.
Understood, but let's be careful before we become too similar to "traditional securities markets"... they've had some problems in recent times  |
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UPDATE: first tranche is almost sold out (131k shares remain out of 2m). The second tranche will be released in about 6 hours at .0034btc per.
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You bring up a great point. Unlike a government sanctioned securities exchange, there are no regulations here. The prospectus for S.DICE never promised full insider transparency. How many shares does the owner hold? Was MPOx given any compensation? What are the details of the business arrangement between SatoshiDICE and Blockchain?
misterbigg - I don't think you can ever get "full insider transparency" in any business or investment, but SatoshiDICE is about as transparent as things can get (especially compared to many other BTC "investments"). As I've stated before, MPEx did not get, nor did it give, any special compensation from or to me. The business arrangement between SatoshiDICE and Blockchain is simple - Ben and I are acquaintances and we chat occasionally. I'm a huge supporter of what he does, and I think he saw the success of SatoshiDICE as worthy of inclusion into his wallet (he actually did an awesome integration, I recommend you try it!). I advertise with him on behalf of BitInstant as well. We give each other feedback and advice, and I respect him tremendously. |
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....
I'll end by saying that just because I'm not investing, that doesn't mean the deal isn't a good opportunity for some people. You'll have to assess the risks and opportunity cost for yourself. There are definitely worse guys you could give your money to than Erik--he's trustworthy and he'll probably use it to continue doing great things for Bitcoin. Good luck all around.
btcx- your comments, once again, are much appreciated and very well thought out. Thank you for posting. |
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