Weekly coupon payment paid.

Because of the delay in payment I paid bondholders 112% this week.  Thank you for your patience!

It's been hit or miss for me.  I was trying to access it yesterday on an Amtrak train and it wouldn't load.  This morning I got CloudFlare and nginx errors, but when I refreshed it loaded after about 10 seconds.  Not exactly the speed you need in an exchange!

 

Hi everyone-

My apologies for not sending the coupon payment yesterday.  Although GLBSE has been having some issues, this time it was mostly my fault.  I should have sent it before I started travelling.  I'll be sending out the payment in about an hour along with a bit extra for the delay.

I've got a message into Nefario to see if we can so some kind of scheduled payment.  Also, in future weeks if I'm travelling or there is a risk of a delay I'll try to send out the payment ahead of time.  Better to be early than late.

Weekly payout paid.

My issues with GLBSE and Google Authenticator have been resolved and I was able to send the weekly payout totaling 413.92 btc. Sorry for the delay

110% PPS will continue for the next week.

Had more issues with GLBSE login.  Hope to have it working again shortly, then I'll send out the weekly payout.  Sorry for the delay 

Weekly coupon payments have been paid.  This week's payout was about 432 btc.

In total, since inception, Bitbonds have paid out 3421 btc, worth almost $22,000. 

With all due respect, I think stating such a prediction can only serve to stir up fear and panic.  Honestly, no one knows what will happen four months from now.  There is a great deal that could change in the next four months that would greatly affect pricing both in btc and fiat.

One more thing....

Since my hardware is paid for and I pay a fair bit less than 3 cents per kw/h, ASICs won't dramatically improve my operational profitability.  What it will do is allow for less expensive expansion, which may be needed if difficulty increases.  Thus, I plan to invest in some ASICs as a hedge.  Given the real risk of a protocol change (which would render any ASICs completely useless), I will wade into ASICs carefully.  If there is no protocol change I will likely increase the payouts for bondholders or offer an upgrade to a new class of bonds when ASICs arrive

Weekly payout paid, a total of 431.84 btc, which at the latest trades is almost $2800! 

While I have been hugely expanding my hashing power, there has been some interesting volatility in the market.

First, we've seen Bitcoin prices by a good 25%.

Second, bond prices (not just Bitbond) have been fluctuating and been down about 15-20%.  Part of this has been driven by FUD circulating around in chat rooms about the value of bonds in general.  In my view this is creating a huge opportunity for someone to snag a bunch of bonds on the cheap.

Until we get a bit more stability in the market, I will likely only make a very small expanded bond offering to the public.  I would rather not feed irrational selling.

Meanwhile, 110% PPS will continue, meaning all bondholders are getting effectively 2.2mh/s per bond.  Enjoy your bigger payouts!

Large investors have asked for a couple more days.  Thus, the offering is now scheduled for Friday

Update

This week was paid out at 110% PPS.  Today was our biggest payout yet:  423.98 btc!     Enjoy!

Hi everyone-

I have been having trouble with my GLBSE account since Friday.  Thus far, Nefario and team have not resolved it yet.  Until it is resolved I cannot pay a coupon payment or sell bonds.  I'll keep you posted on progress.

Fixed!

I will be send out coupon payments shortly

Cool.  Thank you!

Due to the delays in MtGox withdrawals, I want to exchange $3k-$5k into Dwolla or wire transfer.  I can provide a MtGox USD code or bitcoins.

The response to my expanded offering has been wonderful! 

In speaking with a few prospective investors, they would like more time to prepare their investment.  Thus, I will be moving the offering date to June 13th, next Wednesday.

If you need to make an investment before this weekend's payout, please let me know and we will see if we can work something out.

My philosophy is to set realistic goals and then strive to exceed those goals.  With the new hashing power, I hope to be able to extend the 110% PPS indefinitely and possibly offer more as I increase my efficiency.  I don't want to commit to that until I have everything up and running and it's working as efficiently as I plan.  At a minimum, the new hashing power will allow ensure that I have plenty of surplus hashing power to handle any issues that may come up.

Thanks Garr!

I will definitely add more pictures as I set up the new rigs.

Major announcements!

I have alluded to some things in the works and now feel that I can reveal to you what I've been working on.

1) New Facility
Last weekend I started the setup of a new facility in Central Washington.  Although it is a bit remote, it has the advantage of very inexpensive power (as in 3 cents/kWh) from nearby hydroelectric dams.  I will be upgrading cooling and adding lots of amps of 480v power that will be connected to a proprietary power supply configuration.  Not only will the new facility allow for major expansion, the cheap power will be another way in which I can ensure that I'll be able to make weekly payouts for years to come, through thick and thin.

2) Huge expansion of hashing power
I believe is it very risky to invest in any bond where the operator does not already have all the equipment he will be mining with, or at least it has been purchased and its arrival and setup is imminent.  Now I can reveal to you that I have purchased 480 Radeon 5850 GPUs, which will add 175 Gh/s.  The first batch of 240 cards will arrive on June 12, less than a week from now.  The second 240 will arrive the following week.  That will bring my total hash power to just under 300 Gh/s.  Here are some pictures for you of the cards readied for shipment:








3) Bitbond Expands to 150Gh/s
With the new hashing power I will be expanding Bitbonds to 150Gh/s.  Starting Friday morning, June 8, I will offer an additional 32,500 bonds for a total of 65Gh/s in new bonds.  Discounts will be offered to investors buying 400 btc or more of bonds.  PM me if you are thinking of a large investment.  All new shareholders will receive a full week's payout on Saturday evening (provided you buy your bonds before the payout).

4) 110% PPS is back!
As a thank you for those who have invested with me, and as a small incentive for new investors to consider Bitbonds, I will be offering 110% PPS for the next four weeks.  If I can meet efficiency targets that I have set for myself, I will likely extend the 110% payout beyond June.

5) Bitbonds and Loans
I have started to work with Nefario on a new way to use Bitbonds.  Soon you will be able to use Bitbonds as collateral for loans via GLBSE.  For example, if you hold Bitbonds but would like to get a loan from someone, you can use your Bitbonds as collateral.  This will reduce the risk for lenders and give borrowers a way to leverage their investment to secure loans, and do so at a better rate.  Details are still being worked out, but expect more info soon.

 Yup, they are.  I've fixed them.  Thanks!