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1  Economy / Securities / Investing in coinsortium on: August 22, 2014, 09:20:23 AM
I remember back in the day, shares of BTC-TC traded as high as 10 bitcoins each. They were initially sold for (IIRC) 0.1 BTC. Even at 7 or 8 bitcoins the payments justified the price (barely) at 1.5% annually. Actually it was illogical to me at the time and I suspect the price had a healthy boost from the fact that you could vote on securities with shares.

Today we have Coinsortium which is the only share exchange that lets you invest in the business. As far as I can tell their IPO has closed with 100,000 shares outstanding (vs. BTC-TC's 10,000 shares). But BTC-TC's shares represented 10% of the business, coinsortium's represents 100%. These shares are currently going for less than 0.0016.

Based on how many shares burnside released and the life cycle of the platforms, I'm guessing COINS could represent one of those "once in a lifetime" buys that pop up every, oh, year or so in the bitcoin world. If they manage to repeat BTC-TC's success I would be very happy.

Does this sound right to you guys or am I missing something? I bought 20 shares.
2  Economy / Securities / Lost Bitcoins -- Did you just get 0.2 bitcoins? on: August 17, 2014, 04:08:31 AM
I've been active here mainly on the Securities forum for 2 or 3 years now. Almost since I got involved with bitcoin. I've now made a small mistake transferring bitcoins to the wrong address.

The address is 12MVspMShYYoQgHrMG4SQsXhPS7WxsEkFX, with a previous transaction of 0.175 BTC on March 6th, 2013.

This is the most likely place someone would know who owns the address, yet at the same time it's unlikely anyone would know. If you received these bitcoins please consider giving them back. I had just bought some bitcoins to pay off another old BMF shareholder and was going to pay a second one when this happened. It's been a long road and a mistake like this makes me very depressed given all I've put into this. If you have these bitcoins please help.
3  Alternate cryptocurrencies / Announcements (Altcoins) / [JOB] Altcoin Developer on: July 26, 2014, 10:28:16 PM
Hello.

I'd like to create my own altcoin. I have a few specific ideas for what I want to do, but I do not mind if you copy an existing coin (almost any coin will do).

I am a coder myself, so I will have oversight on the project, said hired developers however will be doing all the "real" work.

I don't mind paying in bounty or cash. Yes I said cash. Which in this case will be bitcoin.

Send me a proposal including what you want in terms of pay, between $1,000 and $5,000. If you can complete the objectives below, and (important) any other ideas you might have for the coin. Here are my essential requirements for the job:

Basics:
1. Command line and GUI client for windows, mac and linux. Command line only is okay too, but more money for GUI obviously.
2. Custom algorithm which will be "security by obscurity" to help the GPU miners, until hashrate passes a certain threshold or at least for the first little while. We'll do what we can.
3. An exchange which is willing to host the coin for at least a year. Must be a reasonably active exchange, please.
4. A pool or two who can commit to hosting the coin at no more than 3%, for at least one year.
5. Ability to premine a significant number of coins (not to scam; it will be disclosed; but to start a foundation for the coin).


As you can see the basic setup is relatively straightforward. The magic will come in how I trade and manage the coin. I'm very open to suggestions and info on things I would need to be aware of as someone in charge of the codebase for a coin.

I look forward to any offers!
4  Economy / Digital goods / [WTB] EVE-ONLINE PLEX on: June 13, 2014, 07:13:51 PM
Yes!

I'm buying.

Send me a PM.

Hopefully soon. I'll buy 5 plex, maybe 10.

For bitcoins of course. Chat soon~
5  Other / Meta / Post Deletion Complaint re: twentyseventy is Deprived on: June 11, 2014, 05:24:37 AM
Hello. I recently had a post of mine deleted from the securities forum, which contained a textual analysis of twentyseventy's post showing he has a similar posting style to Deprived (a known scammer).

This post was deleted, presumably as being "off topic", despite there being several historically valid reasons for it's existance as pointed out by several mods and Theymos himself.

* Such posts are vital in exposing scammers.
* Such posts are vital in showing how people think and act (their character) so as to enable others to decide whether or not to do business with them.
* It is not the mod's job to intervene in or censor debates or discussions.

It's obvious that off-topic posts are not deleted (by request or otherwise) in the securities forum, leading to many troll threads where posts erupt in a gaggle of puerile accusations. A common tactic is to post a thread with the exact same title and trash another user. Like this -- just for example -- and I think you know I could give you a dozen more just like this. And not even about me. Just by trolls who have decided to launch a personal campaign against someone for something as normal as running a self-moderated thread.

But no, I do not mean to say trolling is acceptable because moderators only enforce the rules for some while telling the polloi it's not their job to intervene.

If you are a moderator, and you've formed an opinion about (me or anyone) by listening to people like deprived, eskimobob, ian bakewell, bitcoinoz, fluffypony and the like, you need to sit down and rethink your worldview. All of these people have turned out to be fraudsters and scammers. Most of them ended up attacking me in particular because they didn't want to pay me back. Like bitcoinoz -- I have a message from bitcoinoz promising a return of ~200 BTC worth of shares, but when the time came to pay, he decided to pretend he didn't owe me anything and instead attack me on the scam accusations forum. And moderators listened to him, because he was a GLBSE shareholder and a respected asset issuer. But when it turned out he was a murderer and he ran with his customer's money, I didn't get an apology. The EskimoBob case should also make some of you very ashamed. I had positive OTC transactions for cash with some mods here who took what EskimoBob said about me at face value, despite a massive amount of log evidence and eyewitness reports supporting my case.

I  understand how stressful a moderator job can be, because the massive number of posts and complaints a mod tends to want to sift through wears them down. I know moderators in general want to do a good job, but often times find themselves slipping in the wrong direction because of the stress and because let's face it, power corrupts.

So if you find yourself taking sides against people you don't know based on rumors put out by the in-crowd.... do yourself and the community a favor and retire. You don't need the stress, and we don't need you.
6  Economy / Securities / BMF wallet update -- official on: June 02, 2014, 11:07:14 PM
Based on the amount of trolling in the unmoderated thread, I feel it is important to notify the community of updates to this situation in a new thread.

In any case I am sorry if people feel I was irresponsible. However it remains my position that people feel this way because they have a severely incomplete and warped idea of what happened.

One of the big mistakes people seem to have made is seizing upon the number $10,000 and the word "wallet" as if I had said I had $10,000 in the wallet. I did not say that. In fact $10,000 would be the worst case upper end; in reality I panicked a little (remember the OP?) and the number should have been closer to $5,000.

I also did not claim I was using RAID as a backup. I did not say that. I mentioned the server and the backup were hosted on RAID because of how the server went down. The actual fact it was a RAID array is inconsequential. A hard drive could be pulled even if it was not in a RAID array. It boggles my mind how people could not have read what I wrote.

Another claim is that I had "edited dates on the fly" because I had made an obvious mistake and typed "May" instead of "March", and in the edit I used strikethrough instead of just replacing the word. A reading of the post would have implied this anyways because most of what was written was an explanation of the actions I took since the server went down two months ago. It boggles my mind how people could not have read what I wrote.

More than one person even stated I was a known criminal who had previously (as well as this time) absconded with bitcoins. Of course by this point you have to laugh -- seeing how far people have fallen.

The actual wallet had few bitcoins -- certainly less than three -- if anything. The code? Nothing was in production.

I was completely justified in the backup solution I chose. The term realized losses referred to lost costs for the server's downtime and what I had paid for into the future, as well as lost time, lost code, lost content, IP, etc. Not the coins in the wallet. In fact I am pretty sure there was almost nothing there. The big thing is that in the future, should HashKing decide to send us our 500 BTC back, we need to provide a well-known public statement to show that we no longer have access to the wallet. That is the only reason the post was made. We cannot have HashKing (or anyone else) claiming "Oh, well we sent the money back but I guess you screwed up!"

Now that I have recovered everything except the wallet file the actual loss should be pegged at less than $2,000, twelve hundred of which is the cost point of our new backup system. And I have covered the contingency of a future loss with people like Hashking.

Remember the OP?
I may have slightly panicked; they have assured me a new server can be up in about a day. Fingers crossed!

Guys. fucking relax.
7  Economy / Securities / BMF has lost access to its wallet on: May 29, 2014, 05:30:00 AM
Hello. This is the letter I never expected I would have to write, primarily because I never saw this coming.

On MayMarch 29th, 2014, I received the last e-mail which passed through tsukino.ca and the website was shut down by BitVPS.

The official story is that a RAID disk was pulled and was no longer in use. How this could have happened to a live server, esp. one of the more expensive plans (KVM-6) was never explained. The problem was not noticed by BitVPS but two weeks after, I sent them a letter asking about my server. I was assured someone would look into it.

How the remote backups which I had running via cron disappeared was never explained or commented on.

Over the next month, there were few emails sent to support. The responses were typically "someone is looking into it" or abouts; I didn't pay it much attention. In the back of my mind I had always assumed someone was looking into it and that the problem would be fixed soon. In the last two weeks (or so) I have stepped up efforts; On the 20th I ended up opening a ticket because email and IRC was something of a dead-end. Not because I couldn't talk to people like arij and Starsoccer and a few others, but because nothing was ever done.

On the 23rd my ticket expired unanswered so I reopened it. It remains unanswered and just expired again.

On the 27th I sent arij (the president of BitVPS) a detailed e-mail letter explaining what was going on and he assured me on IRC that he would open a new server for me "right away" while they worked on the backups so that I could at least resume development and have a webpage.

Of course, two days later, nothing has been done. Unfortunately I still don't know precisely why this hasn't been fixed and due to the exceedingly odd circumstances surrounding it, I am forced to disclose this as material information about BMF; BMF's webpage and it's wallet were hosted on that server (primarily because I was developing a web wallet service called hotwallet.ca since a couple of years ago). This wallet and all the bitcoins in it have been lost. The total estimated damage is about $10,000 in realized costs. There is a much larger amount possibly lost in losing the ability to prove we are GLBSE claimants. Not a small amount of money by any means, but not a huge and ugly number like "millions" (I pity some web businesses). However it means we can never prove a legal claim to money owed to us by HashKing, AmazingRando, Ian Bakewell, BitcoinRS, etc.

I have to admit, I have been assured by tech support that I would be taken care of and that a new server would be set up for us. However, it has not been done. Two months is a long time; if it gets done later I'll post an update.

This has set us back about 2 years. Essentially, our only asset now is our mining income stream. We have 36 mHash/share which is a significant increase over our last reported number, but please excuse me for not calculating the gain in percentage terms because this setback is deeply troubling to me.


I may have slightly panicked; they have assured me a new server can be up in about a day. Fingers crossed!
8  Economy / Services / Japanese Insrtruction / JLPT N5 -- GUARANTEED! on: April 24, 2014, 05:04:17 AM
Hi!

Do you want to learn Japanese?

I guarantee you will pass the JLPT N5 after just 100 hours of instruction (standard is 150+) with me, or your money back.

It's really that simple!

I will give you as much time as you need, up to 1 hour a day one on one.

You will learn enough to pass the JLPT N5 in the upper half of your class or better. This means a 500+ word vocabulary, 50+ sentence patterns, and the ability to use Japanese in daily life i.e. shopping, directions, introductions, common tasks.

The cost is 0.07 BTC/hr or 0.05 BTC/hr if you pay for the 100 hours as a package.

All custom materials or your choice of textbook as desired. The price includes the cost of all teaching materials which will be provided for free/upon demand.
9  Economy / Goods / [Japanese] Massive Comprehensible Input Textbook on: April 24, 2014, 05:03:08 AM
For the first time in history, you can learn Japanese via massive comprehensible input from day 1.

There is no other textbook like this in the entire world.

It contains thousands of example sentences and over 100 additional pages of reading material at the pre-N5 level. It includes hundreds of pages of worksheets, JLPT-style quizzes, and more -- from writing kana to "similar kanji" questions likely to appear on the N5 Japanese exam.

Constructing a textbook like this is an extremely difficult and time consuming task.

You essentially learn Japanese by reading and listening to Japanese. And it's as easy as pie. The Japanese slides down like buttered chicken.

The book is in post-production and is going to be printed within 2-3 months (waiting on our mangaka).

If you place a pre-order now, I will send you a copy of the book in it's current state and I will send you the final version when it goes to print.

This method will save you hundreds of hours passing the N5 and N4 tests. It is money well spent.

Cost: 0.15 BTC (includes free shipping anywhere in the world).
10  Economy / Goods / [WTS] GOLD AND SILVER on: April 21, 2014, 05:38:15 PM
Courtesy of TU.SILVER!

For sale, the following items, in bitcoin, maxcoin, litecoin, or other as arranged:

SILVER:
5 x 1oz Canadian Maple (2014) [SPOT + $2/coin]
20x 1oz Lakota Crazy Horse (2013) [SPOT +$1/coin]
40x 1/2oz Lakota Sitting Bull (2013) [SPOT +$1/coin]


GOLD:
4 x 1/4oz Canadian Maple (2014) [SPOT +$20/coin]
10x 1/10oz Canadian Maple (2014) [SPOT +$10/coin]
16x 1/20oz Canadian Maple (2014) [SPOT + $10/coin]
All coins are individually sealed in plastic cases.

FREE 7 day international shipping + tracking number on orders over 1 BTC.

Otherwise shipping is about $20.

Feel free to ask for references.
11  Economy / Securities / Eternal Bitcoin Bonds by Usagi on: March 03, 2014, 01:57:13 PM
Hello, I am here today to offer Eternal Bitcoin Bonds, for sale today!

All bonds are essentially loans, of course, which require collateral. My collateral is both personally owned and highly liquid, in the form of blue-chip stocks. In short, you have NOTHING to worry about.

You may lay claim to your collateral in the form of agreement to my personal information and arbitration via http://judge.me (free) or we can even sign a document drafted by Real Lawyers (tm) -- which you would pay for of course.

Each Eternal Bitcoin Bond costs 1 BTC, and pays 0.05 btc back to you every anniversary of your purchase -- forever.

Fractional investment is acceptable, so long as you understand you will be paying any transaction fees...

You may redeem the bonds for 1 BTC at any time by forfeiting what would have been the interest accrued until that point.

I reserve the right to repurchase said bonds at any time for 105% of purchase price, which would sever the obligation to pay interest on the bonds.

12  Economy / Long-term offers / 1000 year bonds on: March 03, 2014, 01:27:43 PM
Hai guys. I want to make you a special offer which is totally serious.

For a while I have been scheeming on how to leverage my landlocked assets into crypto and I have finally come up with something.

Here is how it works. I will take ANY loan for ANY amount of bitcoins you care to offer me.

1. Collateral
Collateral will be in the form of real estate or direct ownership of investments in real estate leveraged 1 to 10 on a 3rd party evaluation, meaning if I have a $500,000 property I will use it to back $50,000 of loan debt. "Direct ownership" means that there's no bs going on like I take out a mortgage and then double-obligate the property to backing a loan -- the collateral will all be wholly owned and paid for by myself. I do not mind signing a legal obligation to turn over assets to you should I fail to live up to the terms of this loan. Please have your lawyer draft a document. I will post any such agreement here for all to see.

2. Repayment
The trouble is that no one wants to make a long-term fiat denominated loan in bitcoins because of the exchange rate. But no one wants to take a loan denominated in bitcoins because of the exchange rate. So to make things simple, you will be repaid in bitcoins unless the value of bitcoins should increase by greater than 100% of the price the loan was made at. At that point, any further increase in price will be ignored. I think that's reasonable and I am open to other ideas. Other than that, you will receive a guaranteed perpetual rate of 6% interest per year paid as 0.5% per month. Any ADDITIONAL payment over and above that is a) completely optional and at my discretion, b)  will be a payment towards the principal amount owed (and would therefore lower future interest payments).

It's really simple, if you have a lot of bitcoins and you want to invest into real estate, this is your call to arms. Remember, I have no problem signing an agreement for the collateral (we could agree to http://judge.me arbitration for example or use "real lawyers").

p.s. if you haven't figured out the "long and short" of this deal, i'll make it simple: you are paying for part of my house and I am paying you RENT in return, or to be more specific, lease-to-own.
13  Economy / Computer hardware / ASUS GPUTweak R9 290 -- FREE SHIPPING! on: February 18, 2014, 07:42:04 AM
Hai.

ASUS R9 290 reference cooler design -- is the only cooler design which sucks hot air out the back of the case.

This means the cards are designed to be stacked next to each other 2 or 3 at a time in a normal case, as they are often pictured in AMD advertisements.

This is GREAT if you have a poor airflow case. If you have an open air case or a case with high airflow like a Raven 4 or a HAF XB or something, you might want to look at an aftermarket cooler style like the Sapphire TRI-X or the MSI GAMING OC Twin Frozr IV 290.

Otherwise, if you don't mind the noise this is the best way to run a gaming rig that doubles as a mining rig when you're not around.

Comes with GPUTweak for overclockers (designed to be OC'd) but maybe you can only get 10-15% OC out of such a card.

My price? 0.69 BTC (approx $440) -- free shipping anywhere in the world.

PM! I only have ONE. When it's gone it's GONE!
14  Economy / Goods / GOLD COINS FOR SPOT -- FREE SHIPPING! on: February 13, 2014, 04:25:38 PM
Hi! Since no one took my other offer this is the best offer I can make.

I have:

GOLD:
1 x 1/10 Kruggerand (1983)
1 x 1/10 Canadian Maple (1997)
1 x 1oz. Canadian Maple (2011)

SILVER:
5 x 1oz. Canadian Silver Maple (2014)

All prices are SPOT and FREE SHIPPING, I will quote you kitcosilver.com / bitstampusd and give you a payment address in PM.

Good luck, first come first served.

Note: I also accept payment in maxcoin.
15  Alternate cryptocurrencies / Announcements (Altcoins) / [ANN] MAXCOIN BONDS -now available- on: February 09, 2014, 05:08:06 PM
MAXCOIN term deposit bonds!

Brought to you by BMF and TU.SILVER.

Please check our loan history on btcjam; We have repaid all our loans. The proceeds from this bond issue will go towards BMF's real estate deals and relisting on havelock. I'm offering this service to help promote maxcoins. If you would like references I can ask some of our customers to post here.

term: 30 days: 1% (minimum: 500 maxcoin)

term: 60 days: 2% (minimum: 1,000 maxcoin)

term: 90 days: 5% (minimum: 1,500 maxcoin)

Send me a PM if you are interested in taking part in this offer.

This offer expires May 1st, 2014.
16  Alternate cryptocurrencies / Marketplace (Altcoins) / Taking loans in maxcoins: 5% on: February 09, 2014, 04:58:23 PM
Hello Hello Hello!

I am Usagi, and I will take a LOAN in MAXCOINS from YOU!

That's right. You can loan me your maxcoins and I will give you more maxcoins back! The term is 90 days.

How do I do this, you ask? It's simple, I use your maxcoins to fuel my business, which is profitable, and I give you a share of the profits in return. I also guarantee your maxcoins in the form of a solid ounce of gold I keep sitting on my desk, so even if my business blows up you don't lose your maxcoins.

My business operations are limited to buying and selling precious metals, real estate, and crypto-currencies. I've been doing this for a while so I've developed a system. You will also note I have had several loans which I have paid back early such as my business development loans on btcjam. But this time I don't want bitcoins. I want maxcoins.

This is the only place I can get a loan in maxcoins, so here I am!

How to loan me maxcoins: send me a PM. I'll take loans in chunks of 100 max up to 2,000 maxcoins. TY
17  Alternate cryptocurrencies / Marketplace (Altcoins) / GOLD and SILVER for MaxCoins! Free Shipping on: February 09, 2014, 04:04:11 PM
Hello!

I have:

5 x 1oz silver (Canadian Maples)

1 x 1/10oz Gold (Canadian Maples)

1 x 1oz Gold (Canadian Maple)

We will discuss the pricing in PM but it will essentially be

(maxcoin rate @ mxcNOW) * (kitco.com spot price / bitstamp bitcoin price)

Come on guys, gold at SPOT for maxcoins.

Free shipping anywhere in the world!
18  Alternate cryptocurrencies / Marketplace (Altcoins) / [ANN] mxcNOW -- maxcoin exchange -- earn interest on your deposits on: February 07, 2014, 12:56:24 PM
Hello, I am here to announce (unofficially) that mcxNOW proudly supports maxcoins at launch!

Maxcoins are currently trading at over 0.01 BTC on mcxNOW. When I first wrote this post they were trading at 0.02. Now they're 0.014. The price is jumping all over the place but seems to be stable over 0.01 BTC. They hit 0.04 a couple hours ago. This is an amazing ride!

mxcNOW is the only exchange which gives you interest on your maxcoin (and BTC, LTC, etc.) deposits. It is FAST. There's 5,000 people online right now and there's no lag.

Non-referral link: http://mcxNOW.com

Referral link *(thank you): http://mcxNOW.com/?r=usagi

Good luck and happy mining!
19  Economy / Goods / [WTS] Silver and Gold! <--- Free Shipping! on: February 06, 2014, 03:56:12 PM
Introduction:
Hi guys. I've bought and sold hundreds of oz. of sold silver and gold here over the past year-plus. Some of you may know I ran TU.SILVER before BitFunder shut down. In short I'm a trusted seller and can easily come up with references if you need to see them.

Today's Deal:
Ok! Today I have for sale:

1 x 1oz Gold 2011 Maple Leaf
1 x 1/10oz Gold Maple Leaf
25 x 1oz Silver 2014 Maple Leaf


All the coins are new and untouched condition. I.E. They are "very clean" and have no dings or marks on the surface. The gold coins are individually sealed. I can take custom photos of the coins for you if you're interested in buying them.

Prices are kitco.com spot/bitstamp for gold and kitcosilver.com/bitstamp spot for silver. <-- Price lowered from spot+5%!
Free shipping anywhere in the world! (7 days)

How to Order:
1. Send me a PM indicating your interest.
2. I will give you a quote and a clean deposit address.
3. Give me your mailing address and fund the address and I will mail the coin(s) to you.

Thanks and good luck!
20  Economy / Securities / BMF - 2014 news and updates thread on: January 24, 2014, 04:26:55 PM
Hello friends;

I've promised many of BMF's investors that a news update would be coming in January and I've been dragging my heels a bit over it, but here are the basics.

Essentially, when BTC-TC shut down, I was one of the first people to start selling. Indeed some of you may remember that infamous post of mine responding to burnside which predicted the shutdown of BTC-TC just a few hours before it was announced. Unfortunately despite our prescience we did not escape unscathed. I can estimate losses of 25% due to selling into the bid. Those who doubt this strategy please be aware that the securities we did not sell (like FIMB) are now unrecoverable. For example, I haven't heard a response from Cognitive over the FIMB bonds we held (I believe we held 500, worth approx. 8 BTC at the time). That isn't to say I've put much work into recovering them. We do have contact with BitVPS over our BitVPS shares (4000+) and we have decided to hold the BitVPS shares for now.

Anyways, after the BTC-TC shutdown I decided to move forward on the silver conversion (essentialy the merge with TU.SILVER) despite Deprived voting no. There are a few reasons why I did this. First, what Deprived voted no on was a series of warrants attached to the deal. Secondly, because as CEO I believed moving into silver was the best thing that could be done with the money at the time, and third because I issued an additional 5,000 shares at 0.03 to myself, tied to the real estate project I mentioned just before BTC-TC shut down (more on that in a moment) giving me 70% control of the company. With insider ownership that strong, all I can say is that my personal interests were definitely aligned with every other holder of BMF and TU.SILVER, and with no possible way to hold a vote I just went ahead and bought as much silver as I could. We got out around $120/BTC on average as I recall.

We moved most of what we had after than into BitFunder, and therein lies a sad, sad tale. It's ironic, that after fighting for over a year to get into BTC-TC it should shutdown just a few short months later, and that BitFunder would shutdown right after BTC-TC. I had primarily invested in Ukyo's bond and Graet's bond (i.e. the weexchange bond) and shares like JAH and PAMB. When the shutdown news for BitFunder came I sold what I could and invested into places like Just-dice and so forth. But having to go through another 20% loss to get out before the herd really made me feel like shit. I believe I was justified in dumping our holdings, in hindsight had I not done it I probably would have lost everything. And on that note I really feel for the people who still have (hundreds) of BTC stuck with Ukyo.

I have now begun a process of moving our silver assets back into mining, and I am extremely pleased to say that as a result of me coughing blood until 5am every night trading and investing we have increased our megahash per share by over 50%, from ~5 mh/share to 7.5 mh/share fully diluted. The bad news of an increased difficulty has been strongly tempered with high bitcoin prices.

Let me try and summarize where our value is coming from these days so investors can get a fuller picture of our worth.

1. Income stream #1: 7.5 mHash/share = .0075 gH/share * 0.044 (price on ghash.io) = 0.00033 per share in mining assets

In addition, there is a sizable amount of silver remaining from the buyout of TU.SILVER -- ~140 oz. mainly in canadian silver maples. There is also a small quantity (less than 1oz.) of gold. At an optimistic $30 for silver, that adds approx. 0.00038 BTC/share in value at current rates (I am using canadian dollars, not US dollars atm). [edit: investors in bmf and tu.silver have now redeemed over 200 oz. of physical silver. If you still own shares of tu.silver, you now own shares of BMF. your purchasing power remains the same, you can still redeem 1 share for 1/10th an oz. of silver if you wish]

2. Approx 0.00038 BTC/share from remaining silver holdings.

Finally, there's the real estate deal I mentioned earlier. The return on that investment is a baked into the cake minimum 100% which will be realized over the next 3 to 5 years. How do I know that? Because we're being matched $2 per $1 and it was a distressed property. I'm going to be honoring the full value of that deal for shareholders by including that value in the "NAV" calculation we use to place the bid at 95% of "NAV" if/when we relist. A quick back of the envelope calculation shows that the $16,000 cash I put into that deal, if it does return 100%, would be worth 0.00237 BTC per share at current rates.

3. Approx. 0.00237 per share from our real estate holdings.

4. We have about 5 bitcoins left sitting in a wallet which I will probably use to buy the new butterfly labs hardware or maybe put it up on ghash.io. I was saving it for applying to list on havelock or 796, not sure. That works out to 0.00033 per share.


There will be residual income from the real estate in the form of rent which will begin paying out before the end of the year. I haven't included it in the calculations here because I have no idea what those costs will be.

Total is:
0.00033
0.00038
0.00237
0.00033
--------
0.00341 BTC/share

All things considered, I'd say we did a pretty good job of preserving purchasing power in the rise from $100 to $1000 BTC. During that time we went from about 0.032/share to 0.0034/share.

In retrospect...

I've learned a heck of a lot over the past 2 years running BMF and various other businesses. The most important lesson I have learned is that bitcoin is not legal tender. You cannot invest bitcoin and expect a return in bitcoin. It is a break in logic. If I invest $1000 in mining hardware, that mining hardware is going to be worth ~$1,000 next month no matter what the price of a bitcoin is. Once you invest your bitcoins, you no longer own bitcoins, you own what you invested in and if that happens to be worth 1, 100 or 0.1 bitcoins, has nothing to do with what you paid for it. This hard lesson was to understand the difference between price and value. Price is what you pay. Value is what you get.

I also strongly suspect that the rise in $/bitcoin is due to the rise in difficulty. Mining must always be profitable. This is a somewhat perverse idea, but it seems to make sense to me on some level. I am not sure if it is true.

Where we go from here with BMF is into a bright future. We are making 1%+ per week accreting gHash/share on ghash.io, and the silver and real estate saved our necks in terms of purchasing power. It's pretty much the same accross the board really. COGNITIVE fell from 0.55 btc/share on BTC-TC to 0.055/share today on Havelock, so I guess we did our job tracking the market. But going forward the least change I am making in how I run BMF is to never invest entirely on one platform. For example we will not be investing/living on havelock the way we used to "live" on BTC-TC. We're spread out over a number of different projects and investment vehicles. Had I done that long ago I don't think we would have lost so much money when BTC-TC and BitFunder shut down.

In terms of management guidance, and lessons learned from the past, I feel confident in predicting forward momentum for BMF in 2014. The goal is to relist somewhere by March/April, keep the assets mainly off-exchange this time, and I feel confident with a share price around 0.004 by that time (in terms of current $800/BTC exchange rates).

Questions or comments welcome. This is a self-moderated thread.
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