Everyone light a candle for GLBSE.  Keep the faith.

Excellent thread, good work

Yep, hopefully!

WTF.

What is up with GLBSE.com!!!! 

We had 250 BTC worth of shares sold last night, and I was about to order two 60 GH/s miners and now It's offline!  WTF.  This is outrageous.  Less than 1 day since he put the ticker up on GLBSE, the whole site goes down. 

I spent all last night making up lottomining.ca...

man I hate to poke fun in situations like this, but Edd I think I deserve to take a shot (you know why!)

aaaaahahaahhahahahahhahha so insta-scammer tag?  theymos must know something.

I am concerned about the bitcoin foundation, but at the same time i am very hopeful about what i promises to deliver.

It is going to be kinda cool to have a bitcoin person to shake hands with the money regulators and try make bitcoin an official currency, maybe convince other big money-transactors to get on board with integrating bitcoin, protecting us from laws, etc.

But it does put a lot of power in the hands of 1 team.  What if the hammer fell and we the bitcoin foundation, being responsible for bitcoin.org, the bitcoin-qt client, etc was forced to put in an update to track users or something?  if it were possible, that is.  it would give a group of people the power to do such things, if a government was forcing them to do so. 

There should be a seperate foundation for development on the official bitcoin client than the one that knock on the government's door.

If you think it's a joke, don't invest, just watch and buy shares once the share price has increased.  Since there are only 3500 shares, and I know people who are are ready to invest, there is a good chance they will be sold out.  When they are all sold out, the market will decide the value. 

At least 100 BTC will be invested day one by people I have told about this. 

The contract I sent to Nefario must have been too long-winded to include on the IPO posting, and the detail about what share ownership included must have been omitted.  See this link for the official contract:

http://www.bitcointrading.com/forum/glbse-investment-companies/(glbse)-bitcointrading-com's-canadian-lottery-mining-company/

So that having been said, yes the shareholders indeed have ownership over the hardware and other assets owned by the company.

- We are buying lottery tickets with mining revenue, you are correct about that.  However, you say the chance of winning the lottery is 0%, which it is not.  Winning all 6 numbers correct would be nice, but what if we get 3 or 4 numbers correct?  If there are $500 and $1000 winnings, even the $5 winnings here and there would give dividends, and regular lower-winnings are almost ensured.

- You don't understand how we will be spending the money I think.  So imagine, now that BFL has announced even higher numbers, we will expect higher returns on each unit. 

So let's say we order our units, they eventually arrive, and each BFL Single does 60 GH/s.  We order, say, 6 of them (360 GH/s), so at the current difficulty we will make 114 BTC PER DAY.  That's 798 BTC PER WEEK.  At the current price, $9,895 per week and we only bought 6 units, leaving the other money to invest elsewhere, other GLBSE tickers. 

So we make $10k a week.  Difficulty will clearly get higher, so week 4 make we're only making $8000 a week, week 8 maybe we're only getting $6000 a week, and the number will continue to get smaller.  But we only need to spend $50 per week to survive indefinitely.  Each week when we buy a ticket, it is valid for 3 months, so even just spending $50 per week we have more and more sets of numbers in each draw. 

We will increase our spending from 1 ($50) ticket per week, to two tickets, three, and so on as long as we have enough money to continue for a long time.  If 1 ticket is $50 CAD, at $12.40 per BTC, so 4.03 BTC spent.  If we are sitting on 100 BTC in revenue, that means we are sustainable for 24 weeks.  If the next week we spend 4.03 BTC on ticket #2, but earn another 100 BTC, that means we have (100 - 4.03 + 100 - 4.03) = 191.94 BTC left, and sustainable for 47 weeks now.  See what I mean?  If we make more money than we spend, it means we sustainable for that many more weeks.  Once we are sustainable for >1 year, it is easy to justify spending more each week.  On week 20, who knows, maybe we are buying 10 tickets per week ($500) and still be sustainable for a year.  If all of a sudden our revenue goes way down (difficulty gettiing nutters), then we reduce spending to a level where we are sustainable. 

It's hard to imagine that on 360 GH/s we can be 'not sustainable' to purchase lottery tickets. 

If 1 year from now, bitcoins are worth $20, which is very plausible, now the $50 tickets are costing us 2.5 BTC each.  As BTC rises in value, our costs go down.  Price will not follow difficulty directly, but it's safe to assume bitcoin will increase in value in the next 2-3 years.  If we have enough funds to maintain this lottery, then we will almost get an infinite number of tickets on a small $8000 investment. 

If we took $8000 and spent it ALL on lottery tickets on the first day, we would probably lose.  But since we are investing the money and only spending revenue, I see it as a bulletproof company. 

Great to hear.  I was coming here to say.. ehh.. jalepeno's are gona be so powerful according to that latest spec release.. good to know the share hashrates are going to reflect thsi!!

oh lol i didn't read the rules, I just assumed it was like, bid whatevs like usual.  I figured if one person were to blanket bid across lots of slots, it would increase the bid for all the rest of the slots.  However, the way you set it up works better for we, the people, since no one can get more than 1 slot.  Great idea!!!

I have a question, can we increase our bid amount, if we are 'bumped off the charts' by other bidders?  I would not want to lowball bid and then not be eligible to enter a higher amount. 

kk well on behaf of www.bitcointrading.com, I bid 0.25 BTC.  If I am not able to later increase the amount, hold off my bid until I get that answer.

the auction ends at a random date and time?

Lmfao


Instructions on how to buy drugs?  Very informative!

You'd think they would make more bitcoin simply by mining.

It's an interesting experiment, but IMHO they must be stopped at all costs.

Now, if a person orders twenty of the 1TH/s BFL rigs, could they not do the same thing?  

Not saying it's a bad deal, I will be buying shares regardless.

The concern I have with the teramining upgrade path, and please correct me if I'm wrong, is that the share hashrate increases five-fold?  So a 5 MH/s share turns into a 25 MH/s share.

But..

a $150 GPU can do 350 MH/s
a $150 Jalapeno can do 3500 MH/s

So the hashpower increase is 10-fold, your shares increasing 5-fold is not a great value considering. 

Please correct me if I'm wrong, LOTTOMINING to be purchasing shares off you and other tickers on GLBSE, I just want to better understand the teramining transition, since we will be purchasing shares very soon (our IPO is Oct. 1 and our company is going to purchase shares in other tickers). 

If bitcent was officially defined somewhere...  I'm not the one to talk, though, since when I see something in the store for 0.99¢, I'll demand to get it for one penny. 

17 pages in one day?  Geez.

Looks good, I have no idea what it's for, but it looks good!

Ticket scans will be available!