I paid out full face value on them by dividend days ago - check your dividend history.

You'll have a dividend there of .01 BTC each.

I did it by dividend rather than buyback to save you (and me) the transaction fee.

I am asking because I plan to write my masters thesis which will be completed in June of 2014.  So I will submit after then.

I agree with the above.

Regarding your journal, what exists as far as certifications (does it need to be?), is there a place where the journal can be peer reviewed for academia? How do we get it into Google Scholar as a citation source? What other printed/online journals of this kind already exist, that we as a community should help try and get the attention of for marketing/pr purposes?

I really like this idea. When do you plan to have a blog /website for it?

when would be the first publication?

I have no clue. The futures market on that exchange decided it... they may very well be wrong.

One problem is that it will remain a theoretical arbitrage rather than a practical one.  For it to be useful in practice you'd have to rely on the market correctly pricing SELLING at the settlement on icbit.se.

A second issue is that if you assume the icbit.se projected difficulty rise is correct then you could almost certainly make significantly more money by just buying PURCHASE, splitting it and selling MINING - as their projection is a LOT worse than the one the market appears to be using in its current valuation.  I haven't, however, looked at icbit - and it may well be that their projection is just what they're using when selling futures - and so is nowhere near what even they believe (but rather a projection sufficiently high that they're confident of profit).  That's in the same way that if you go to a bookie and they offer you an even money bet they do NOT believe you'll win half the time.

I didn't read the paper in detail, but I am curious why you chose DMS.SELLING instead of DMS.MINING (or TAT.VIRTURALMINE, or any other PMB for that matter). SELLING is effectively a short position and it seems to me that using MINING would result in a more straightforward analysis.

I guess the choice depends on which expected difficulty is higher. If the difficulty expected by the futures market were lower than the difficulty expected by DMS, you would sell the futures and buy MINING. In addition, since P = M + S, and S >> M, a change in the difficulty will have a more profound effect on the price of MINING.

Very interesting, thanks for your work. Most of the math is beyond my skills, hence someone else has to check.

One question though: How is the difficulty of 77,000,000 calculated at icbit.se? With the latest difficulty increase of about 10% it has to rise ~29% per jump for the next 5 times until September 16. This is far beyond the numbers that are discussed on the forums currently...

Sold   150
Swapped   0
Total   150
Price   0.054412
Total   8.1618
Less Fee   8.1454764
Man Fee   0.244364292

BTC Balance (BTC-TC)    961.23784813
12500 LTC-ATF.B1    125.00000000
TOTAL ASSETS    1,086.23784813
   
Outstanding MINING   20608
Outstanding SELLING   20608
Outstanding PURCHASE   351
Effective Units   20959
   
Block reward   25
Difficulty   19,339,258
Hashes per MINING   5000000
   
Daily Dividend    0.00013002
50 days (Min Liquid)    0.00650111
100 days (Forced Close)    0.01300222
365 days (Buyback)    0.04745810
405 days (IPO)    0.05265898
400 days (Post SELLING div)    0.05200887
410 days (Pre SELLING div)    0.05330910
   
NAV Post MINING Div    1,083.51271315
NAV/U Post MINING Div    0.05169678
Days Dividend Post Div   397.60
SELLING Dividend    -         
NAV Post SELLING Div    1,083.51271315
NAV/U Post Selling Div    0.05169678
PURCHASE selling price    0.05428161
PURCHASE buy-back price    0.05066284

Alright that's a pretty good point so I redid some calculations:

After ASICMiner recovered, total network power is at 146.13 TH/s
At last difficulty readjustment, total network power was at 138.43 TH/s

If we ignore the period over the last day and a half where total network power was hovering between 120-130 TH/s and just suppose it was at 146.13 the entire time, then we come up with a difficulty increase of 5.7%, which would receive a dividend of .0029 BTC/Share or so.
(Using numbers from the previous day:
TotalAssets/(EffectiveUnits*(Dividend*.943)) = 423.7108705177327560934408247899 (Days of dividends remaining)
(DaysRemaining-400) *(EffectiveUnits*(Dividend*.943)) = 23.7108705177327 * 2.55136776774 =  60.495150784 (BTC to be paid out in dividends to SELLING)
60.495150784/EffectiveUnits = 60.495150784/20809 = 0.00290716 BTC/share of DMS.SELLING paid out in dividends

Using infinite series calculations supposing difficulty readjusts every 12 days (CurrentDividend * 12 /(1-DifficultyIncrease)), DMS.MINING will pay out a total of

.0312 if difficulty increases 5% each time
.0208 if difficulty increases 7.5% each time
.0156 if difficulty increases 10% each time
.0078 if difficulty increases 20% each time

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If he does - this might be the best trolling we've yet soon on bitcointalk.org.

I vote troll