https://btct.co/security/MININGCO.ETF

https://bitfunder.com/asset/MININGCO


Closed


MININGCO.ETF

Summary:
The purpose of this MiningCo.ETF (the fund) is to allow investors to instantly diversify among higher quality mining assets.
MININGCO.ETF is an Exchange Traded Fund that holds assets that are invested in mining Bitcoins where mining equipment is owned by the shareholders. Only assets with a proven track record of steady dividends and upholding their shareholder contracts will be considered. There is equal weight to all assets in the fund, no trading will occur outside of rebalancing the fund.
The Fund's portfolio will be public (where available) to show proof of ownership of underlying assets.

Transparency
The fund seeks maximum transparency by fully disclosing all assets held in the fund at any time. All dividends accrued and paid will be disclosed. All management fees will be disclosed.

Assets to be included
Only mining assets where equipment is owned by the shareholders will be included in the fund. Only assets with a proven track record of steady dividends and upholding their contracts will be considered. Assets on Bitcoin Trading Corp. with a total score of 6 or higher will be included in the fund.
When a new asset meets these criteria, it will be included in the fund, following balancing rules (see Balancing). When an asset no longer meet these criteria, it will be removed from the fund, following balancing rules.
A motion to add or remove assets from the fund can be requested by the shareholders.


Bitcoin Reserve
A portion of the fund will be held in Bitcoins. Not more than 20% of the entire fund’s value may be held in Bitcoins. The Bitcoin Reserve will be used to balance the fund and to offer share buybacks.

Balancing
All assets in the fund, except the Bitcoin Reserve, will be weighted equally based on Bitcoin value. Assets in the fund will be kept in equal weight less the Bitcoin Reserve by periodically rebalancing the fund. This occurs through the manager utilizing the Bitcoin Reserve, when necessary, to trade underlying assets. This can not be maintained all the times with 100% accuracy. Rebalancing will occur not less than once per month, and not more than once per week. Acceptable tolerance for balancing is a 10% margin of error of entire fund’s value for each asset. Balancing to a higher degree will incur unnecessary exchange fees and might depress low volume underlying assets. Exchange fees will be kept to a minimum by trying to perform direct transfers between asset issuers and the fund.

Dividends
Dividends will be paid only from dividends accrued from the underlying assets. Dividends will be paid weekly at most, no less than bi-weekly.

Share buybacks
Share buybacks will be offered on a very limited basis at 90% of the current Net Asset Value per share buy placing bids on the market.

Net Asset Value
The Net Asset Value (NAV) is the value of all assets in the fund plus the Bitcoin reserve.
The Net Asset Value per share is the value divided by number of shares outstanding. This is also known as NAV/U

Management Fees
Management will be compensated in with 6.9% of all dividends paid. 6.9% will be paid to management from all accrued dividends before being paid to shareholders.

Underlying Asset Motions
Underlying assets held by the fund may periodically raise motions to vote. This fund will vote on motions on underlying assets favoring the best interest of the fund. Shareholder may request a motion for proxy voting the fund’s shares of an underlying asset.


Risk to shareholders
Although research has been put into each underlying asset, Mining assets in the past have been unpredictable. The fund’s value relies on the the value of the underlying assets. If the underlying asset value decreases, the entire fund’s value will also decrease. Additional risks to Mining assets include the price of Bitcoin, the price of mining equipment, the difficulty mining Bitcoins the Bitcoin reward per block, mining equipment upgrades, as well as many other risks. This fund does not hedge against any of these risks. Each shareholder must understand these risks before investing.



Fund Closure
Management reserves the right to close this fund for any reason giving 30 days notice. All assets in the fund including unpaid dividends will be liquidated on the respective markets and paid to shareholders.

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Great news! ...  Again.

Delivery by Mid-January right?

*begins holding breath*

*Begins holding breath*   

I don't think this is possible. I thought all sales of "seats" need to to through the site.

Thanks. We also had our first bullion withdraw on the LTC-GOLD asset.

This is great news!

I hope bASIC makes good.

It takes 6 confs to complete everything.

Yes, DeaDTerra is going to re-list the PT on both exchanges. Shareholder's choice. You should have received an email about this.

By the way: DeaDTerra, thank you for doing this.

I submit this poll option: Lottery - Current number of seats = number of lottery entries you get.

I figured it this way:

20% = Personal Stake
30% = Growth and Maintenance

That's where I got 50% from.

Then you subtract the "10% special offer" on shares. And if people were to take full advantage of your offer, at a maximum that would subtract, 10%.

So, at the very, very least you would still control 40%. This is still too much in my opinion.

The 30% Growth and Maintenance is what I see as the problem. Those shares should not vote.

The motion was to either pay out all accrued BTC (during the glbse fiasco) or "bank" it to buy more equipment.



The price dropped because Ian used "growth" (company) shares to vote. In my opinion (and others) growth shares should abstain from voting as technically nobody controls those shares. Because Ian's personal shares and company shares will equal 50% of the vote, it makes any future motion worthless and Ian can vote whatever he wants.
Some shareholders believe this is not how BAKEWELL should be run and have dumped their shares.

Ian, this really needs to be fixed. Growth and Maintenance shares need to abstain from all future motions as those share have no voice.

Bug report:

Custom APi url returns:

"balance":{"LTC":"XX.XXXXXXXX"}

Instead of BTC.

Bar added to BTC-GOLD inventory:




Sunshine Mint 5 gram

Shares will be released is small batches.

I agree with doing things this way as it does making furute accounting and motion voting much easier (and transparent).

But, I would request a motion so that the contract can be changed to reflect this.

I have decided to stick with grams.

This would allow for shareholders to transfer shares from LTC-GOLD <-> BTC-GOLD.  This would only work if there are unsold shares of the requested fund. For example, if there are 200 shares left unsold from a bar of gold bullion, up to 200 share are available to be transferred.
The number of unsold share are available at the publicly available Bullion Inventories spreadsheets of each fund (LTC-GOLD  BTC-GOLD).

Since both LTC-GOLD and BTC-GOLD equal 0.01 grams of gold bullion per share, I thought it would be a bonus feature to allow share holders to transfer shares from one to the other. All other contract rules will still apply. There is still a 500 share withdraw minimum in each fund. But by being able to move shares from one fund to another, it will be easier to achieve this goal with out the penalty of buying in both funds.

Note: Bullion inventories will never intermingle.  This will not affect the total number of shares in either fund as only unsold shares are eligible to be transfered. This will also not affect anyone who only wishes to invest in one fund only.

The BTC-GOLD contract has been updated to reflect this change:

Share transfer between LTC-GOLD and BTC-GOLD (on the BTC Trading Corp. exchange) can be requested.
Requests must be made in multiples of 100 shares.
Requests can only be completed if there are enough unsold shares available on the requested fund.
There is a fee of 5 shares per transfer.
Please contact the asset issuer to make your request.

It takes only 1 BTC to send a thousand 0.001 bets (excluding fees).

I would be very happy to see GSDPT continue on https://btct.co/


I know how btct.co works, because I manage assets at both of Burside's exchanges, (LTC-GOLD and BTC-GOLD) and I highly recommend it.


Here's how it works:

• You sign up, list your asset.
  
• The moderators take a look at your asset contract, your history (from forums, irc, whatever) and then give a YES or NO vote.
• Once you get 5 YES votes, your asset is approved and trading can begin.
• Give you list to burside so it can be imported.
• The exchange automatically creates "claim accounts" and emails everyone who had shares at GLBSE.
• People log in, claim shares, life goes on.

Other benefits of btct.co:

• Speed. Burside developed the exchange with speed in mind and continues in that direction.
• Community Involvement. Burnside is actively involved with the community. He listens to all suggestions and implements the best ones.
• Followed lawyer's advice before creating the exchange. Registered as an actual company in Belize.
• As a asset issuer/manager, you will be emailed all shareholder info (as of right now) at least twice a day. This email includes the email address of all shareholders and how many shares they own--just in case.
• Can easily import the GLBSE list from Nefario. Automatically creates "claim accounts" for all users to log in and claim shares. Unclaimed account will still accrue their fair share of dividends as normal until claimed.
• Burnside is "going easy" on previous GLBSE asset issuers and will refund the asset creation fee. All you have to do is ask. So it's free to move there from GLBSE.

This email was caught in my spam folder.

Also,
I just want to let everyone know that once you log in to the "conversion" account that was automatically created and verify your shares, you can log out and create a new account on btct.co, perhaps with a username that you prefer.

After you create a new account, you can transfer any shares from the "conversion" account to your account for free. Then you can forget about the "conversion" account.

This is great! Things seem to be progressing very smoothly. And I can't believe how fast it was approved. 


I'll be waiting for my email from btct.co.