bumped

Anybody have any updates?

If anybody is interested, I've compiled various crpto currency applications and put them into an open SUSE repository.

You can access it here

If you find it useful and would like something added (or updated) then let me know and I'll see what I can do.

I am still missing the following payment from ghash:

2013-12-14 18:15:58   -0.00413321 BTC   0.79182933 BTC    WITHDRAW   Paranoia (0.492%) undefined...

UVyb2BHrYADAJaFNrGCvkdcbn4bQLSGUzS

Thanks

My payments exactly match yours (but for 2 shares).

You have had 3 withdraw payments:

2013-12-15 16:24:15   -0.01668713
2013-12-14 18:16:01   -0.02066605
2013-12-13 19:11:03   -0.01441762

The one on the 13th was paid just over an hour later.
The one on the 14th has never been paid.
The one on the 15th was paid on the 16th.

We are currently mining on Eligius so I dont expect any more daily payments but I would like to know what has happened to the missing 0.00413321 from the 14th (0.02066605 in your case).

I am still missing a payment.

I received the 0.00333742 BTC on the 16th December but have not yet got the 0.00413321 BTC.

Any idea on when Ghash support will have this sorted?

The value of the altcoins compared to BTC can go down as well as up.

If the altcoins were to be shared amongst the group then they would have to be converted to BTC before being shared out. Would you care to specify what exchange should be used and what exchange rate we should accept? What should he do if there is what looks like a temporary blip and the exchange rate for the coins drops? Should he hold onto them indefinitely until the rate goes back up?

Why not just keep the Namecoins generated from merged mining as your 5%? You can sell them on one of the exchanges for $ or BTC.

I'm in for 2 * 17.85

txid: d845143ef28d8a655993fe50e0699012eab8bf32d929d86f9933542dbcef8512
BTC: 0.50

My Address: 19749EwutZbVDXGi7PbgpMY9QLK6tYvkL8

4 shares, $200 = 0.571428 @ $350

TXID: 6a8c1c9fbfcda2390ae2d31d3eae0b222f6e7717d6ed721f6827988868aee244-000

I bought 2 shares in Jupiter #1 so I assume I'm one of the ones with the "forced" refund.

Would you be willing to offer me 2 shares in one of the Saturns for exactly the same amount of BTC as the refund?
If so then once I've been refunded I'll send the BTC back. That way you will have fulfilled your refund obligation and I will still have 2 shares in the mining operation.

add me to the refund list please.

1.1 BTC 2 shares Jupiter #1
txid: 5fddd2a3f49ecc51e1fda66d6069f4c06a5c866c26d570671b8cca4e92c03e3c-000
address: 1CkB84xbqUH7PG4sUZw1E6zLzC1g7uLsTz

I would suggest that as each share is refunded, the original post is updated to reflect this.

This way, everybody with a stake in this can see that progress is being made even if it is slow progress.

You could start by marking which shares on Jupiter 2 have been refunded.

Both. I've got to wait for a Jupiter to be delivered before I start earning anything or can join the company. It wouldn't be right for me to have a share in any proceeds until my machine is delivered and producing coin for the pool.


The emergency fund could simply be allocated some shares and receive payouts like everybody else. Alternatively, when calculating distributions, the values could be rounded down with the rounded part going into the fund. For example, if each share is supposed to get 0.033333333 BTC then it could be rounded down to 0.03333BTC and the extra 0.000003333 going into the emergency fund.

No. Early adopters should get their reward for being early adopters (I'm a late adopter).

Lets say that 4 Saturns have been delivered and each one generates 1BTC every week. Every Sunday, at midnight, all the generated bitcoins are distributed to the shareholders.

Everybody with a share in the first 4 Saturn has 11 shares in the Company. This means that there are a total of 3432 (4x78x11) shares in the company.

On Sunday, at midnight, every Company share gets 4/3432 BTC = 0.0011655 BTC.
On Wednesday, Saturn #5 is delivered and powered on. Over the following 3.5 days (until midnight Sunday) it generates 0.5 BTC.
On Sunday, at midnight, every shareholder of Saturn #5 gets 0.0064103 BTC (0.5/78). Every share in the Company gets 4/3432 BTC.  858 (11x78) new shares are created in the Company and exchanged with the owners of Saturn #5.

The company now has 5 Saturns and there are now 4290 shares in the company.

The following Sunday 5 bitcoins have been generated over the previous 7 days and each share in the Company get 5/4290 BTC = 0.0011655 BTC.

Here are some thoughts on how the company could work.

• Once you have joined the company you no longer own shares in an individual machine. Instead you own shares in a pool of machines. This means that your income is not dependant upon a single machine but it also means that if any machine breaks down your income will decrease.
• A percentage of generated BTC is kept back so as to provide funds for emergencies. This should be capped based upon the total value of the companies assets.
• Broken machines are repaired (or replaced) from the emergency fund. Without this the Gh/s of each share will decrease over time.
• Shareholders may sell or transfer any number of their own shares without the permission of any other shareholder.
• A publicly available list of all shares and the bitcoin address distributions are made to should be maintained. This would allow 3rd parties to verify you own any shares you are selling and to verify that you have transferred the shares.
• Any share transfer is the sole responsibility of the individuals involved and not the company.
• New shares are only issued for new machines (not replacement or second hand machines) and the number of shares issued is based upon the hash rate of the machine. This will allow bigger and faster machines to join the company at a later date.
• Shares are issued at the rate of one share for every 100/429 Gh/s. This would mean that 1 share in a Saturn would get you 11 shares in the company and 1 share in a Jupiter would get you 12 shares in the company.
• When a new machine first arrives all bitcoins (less costs) generated by that machine are distributed to the machine owners until the first bitcoin payout date. At that point new shares are issued for the machine and the new machine starts generating bitcoins for all the shareholders. For example, if bitcoins are paid to shareholders every Sunday at midnight and a new machine arrives on Wednesday then the owners of the new machine get the bitcoins generated up to midnight Sunday. After that, the owners get shares and generated bitcoins go into the pool.
• The company can use its own funds to purchase new (as opposed to replacement) machines and thus increase the hash rate per share.
• In any company vote it is one vote per share and not one vote per person.

If you want shares in the company to reflect the hash values of the shares in Saturn and Jupiter then you need to do the following:

Every Saturn share gets 11 shares in the new company.
Every Jupiter share gets 12 shares in the new company.
Each new share gets an equal dividend.

Just in case you think this does not reflect the hash/share values you can test it.

Lets say Mr Pink has 156 shares in Saturn and Mr Blue has 143 shares in Jupiter. This means that both of them are generating 400Gh/s. In the new company Mr Pink would have 156*11 or 1716 shares. Mr Blue would have 143*12 or 1716 shares. Both of them would get exactly the same payout for the same hash generation.

No matter what scheme is chosen for share allocation, under no circumstances should anybody lose their income if the machine they have a share in breaks down. The whole idea behind a company is shared costs, shared risk and shared reward.

edit: The reason you should not lose you income is because you will no longer have a share in an individual machine. Instead you will have a share is a group of machines.

According to the status the 11th Saturn and the 1st Jupiter have both been ordered.

They haven't been paid for yet, but they have been ordered.

Delivery times.

11 Saturns have been ordered and one Jupiter. If I invest in the Saturn then no matter what happens I will not start mining until all 11 have been delivered. On the other hand, by investing in the Jupiter I will start mining the moment the first Jupiter is delivered. This might not be until all 11 (or even more) Saturns have been delivered but there is a chance that it will be sooner than the 11th Saturn. This will all depend upon KnC's manufacturing priorities.

As with any gamble, there is also the chance that it wont be delivered until after the 20th Saturn has arrived but that is why it is a gamble.

Just to confirm 2 share of 1st Jupiter for 1.1 BTC

Transaction ID: 5fddd2a3f49ecc51e1fda66d6069f4c06a5c866c26d570671b8cca4e92c03e3c-000

Hi,

I'd like posting privileges  to

Bitcoin Forum > Bitcoin > Mining > Hardware > Group buys > [Live - Group Buy].5BTC = 2.8Gh/s KNCminer Jupiter/Saturn *10 Sold [Selling #11]

please.

I've just joined and sent BTC payment for the group buy without realising that I would not be able to either PM the organiser or post the transaction ID in the thread!

Thanks for your help.