@2weiX: I am very glad you find the service useful! Unfortunately though, I have no way of distinguishing between torrents downloaded by unregistered users and those downloaded by members, so the only way to handle the deletion of files is after a standard timeframe. It was initially 7 days, but I reduced it to 3 after a number of users pointed out that it may be open to abuse if the torrents remained on the server for too long. I could increase the global time limit to 4 days though, if you are having trouble downloading the files in time. Or alternatively, just contact me through the contact form on the site and I can extend the time indefinitely for you until you confirm that it has been downloaded.

I will try and come up with a slicker way of handling this in the future though. I have a number of new features lined up for the next major update, which has been in the pipes for a while now. I don't have an exact ETA, but I am extremely busy with work until the end of october, so I don't think I will get round to it until the first or second week in november.

With regards to shares, unfortunately I do not have any more remaining for the IPO price of 0.2 btc, and the site does not need any further investment. But I thank you for your offer. You may be able to scoop some up from the secondary market if there are any shareholders willing to sell. You could put in a buy order on GLBSE for however many shares you want for whatever price you are willing to pay, and if any of the existing shareholders are interested, your order will be filled.

I offered 200 shares at the IPO for 0.2 btc/share.
I have sold a few more since then, I have checked GLBSE and your math is correct.

Don't worry about returning the dividend. Like you said, it would be an impossible hassle. Let's just chalk this one up to stupidity on my part and a GLBSE lesson learned. I may deduct the excess from the next dividend payout, but it's not a huge deal to be honest. It's only a couple of bitcoin. Hopefully, there will be more by 16th of next month, and the month after that, and the month after that...

+1

Ahh... well, that kinda sucks. But at least I know for future reference now.
They really should make that more clear on GLBSE!
Can shareholders confirm receipt of their mega-dividends?

Ok, I have paid 8.93177 btc to asset holders, but I'm a bit confused. On the GLBSE client, I clicked pay asset holders, and entered 8.93177. I think that payment was distributed only among the 200+ shares that have been sold, but not to the 700+ shares that I hold myself.

This is the first time I have paid dividends, so I am not 100% sure if I should have only paid profits for the amount of shares held by others? I assumed that the profit would be distributed equally among all 1000 shares, but it appears not to have been the case.

Oh well, I guess shareholders have gotten an unexpected windfall.

If anyone has any experience paying dividends on GLBSE, do you know where I went wrong?

@molecular: With regards to the cost of running the site, i.e. server costs and advertising, I will absorb these expenses for now using money raised from the IPO and pay the gross profit figure as dividends. This server is being paid for by myself and a friend, and it would be otherwise just sitting there doing very little and I would be paying the rental anyway. So for the time being, I consider the server as a personal investment to the service.

@Peter Lambert: With regards to the timeframe for payment of dividends, I don't really think a motion is necessary. I'll just go ahead and make one of those "executive decisions" and pay them monthly instead, unless any shareholders object to getting paid. I think this would be the most transparent way to do it. Plus I have always wanted to make an executive decision...  

Profit per share to date is 0.00893177 btc, which is a 4.5% ROI at my IPO price after 1 month. I will make the dividend payment later on this evening once the transfer to GLBSE has been confirmed.

It's only been one month, but traffic to the site has been steady and growing and the sales figures are looking quite good.

Total earnings to date are 8.93177 btc, with approximately 221 downloads, equating to about 7 downloads per day and approximately 0.04042 btc per download on average. Some of course download much smaller files, others much larger, and some of those earnings were when the price was more expensive.

There are 39 registered users on the site so far, and 1,719 unique visitors according to google analytics. There are quite a number of users downloading without registering too, but unfortunately I have no way of determining the unregistered:registered downloads ratio. Earnings are 435% above my initial growth estimates, and this is even taking into consideration the 50% price drop... so I would say things are well on track to date.

I said dividends would be paid every two months, but was just wondering if shareholders would prefer I pay monthly instead?

I think what he meant was obvious... he certainly didn't earn 50.4 btc from 2 transactions.
How ever much fun it might be, there is no need to rub salt in his wound with pedantic comments like that.

It could be your bank being overly cautious about foreign money transfers?
It does seem like too much of a coincidence though.

Those are VERY disappointing stats for the price he paid. I think it was in the region of 50 btc as far as I remember. So thats about 0.25 btc/click. Dailybitcoins.org only charge 0.01 btc/click, or in other words, 25 times less. I hope his conversion ratio was excellent.

For 200 clicks, I would not pay more than 10 btc. Thats about 0.05 btc/click, or x5 more than dailybitcoins. He did make a pretty ridiculous bid of 50btc though. The previous bid was only 3 btc. Why he felt bumping the bid by 47 btc was a good idea, I have no clue.

A virtual credit card? Isn't that more of a good than a service?
A quick google search found:

https://www.bitcoincashout.com
https://www.bitcoin2cc.com

And I'm sure there are more out there. Try searching the forums here.
I can't vouch for either of the above websites.

I am curious myself. I can't answer this question for you, as you would need to ask the investors themselves. The stock price seems to move of its own volition, in ways that I cannot predict. I can only put this down to the over-exuberance of investors. It is still valued at approximately 0.6 btc, which is 3x my IPO price.


Not everyone has access to private torrent trackers that can max out their download pipe. Others may have limited or expensive bandwidth and cannot afford a 1:1 seeding ratio, which is required of you on these sites. Tor is too slow for anonymity purposes. Some people cannot use torrents because they are behind firewalls or other restrictions that throttle their download speeds. Others simply want streaming access to video files after a few minutes, while some use to service because they value their anonymity. There are many different useage-scenarios, I am not going to reiterate them. If you can't see the utility of the service, fair enough. Others do however.

I did not say that the service can provide faster speeds than the home user's maximum download speed, what I did say however is that the torrent will download up to 100x faster than it would on a home connection, meaning the file is available for instant streaming access (e.g. to vlc) or instant download access within minutes.

When you download a torrent at home, you have to wait for 100% completion before you can access it. Even with fast download speeds, this can sometimes take a long time. This service will download it for you in a matter of minutes, and it is then instantly available to access from the server. You can then stream it to your computer if it is a media file, or use a download accelerator to ensure that you max out your download bandwidth - you cannot always achieve this with public torrents, even well seeded ones.

Yes, you can give a link from a private torrent site, as long as the tracker allows torrent downloads from IP addresses other than that used to login to the site itself. If not, you can just download the .torrent file and upload it. Please note however that this service is not intended to be used as a seedbox or long term storage of files, so I cannot guarantee that your torrent will be seeded according to the rules of the particular private torrent tracker you are using.

And don't forget, not every torrent is illegal! There are many legitimate uses of the technology. Bitcointorrentz does not condone the use of the service for the downloading of copyrighted or illegal materials. So if you want to download illegal files, please feel free to do so using your own home connection, and suffer the consequences should your ISP or a IP rights organization find out about it.

Anyway, as I said, If you can't see the utility of the service you obviously have no need for it. On the other hand, If you DO have a need for the service, for whatever reason, the utility is immediately obvious. Clearly you don't need it, but thank you for your input nonetheless.

Put me down for 6 btc, to advertise bitcointorrentz.com

@phelix: you will keep earning referral credits indefinitely, even if the user comes back to the site without using your referral link. You just need to get them to click once. Your refid is then stored in a cookie on the users system. Until the user clears their cookie cache, or clicks a link with a new referral code, you will continue to receive commission.

I would use "stolen" with quotation marks. Anyone who has lost coins with this shambles of a company should cut their losses, and certainly shouldn't send those criminals photo identification. Unless you want it to get "stolen" also.

Or maybe people should just learn how to smell a scam, and stay well away. Due to the nature of the system, I think any organizations set up to protect "bitcoin user's rights" would be just as powerless as the rest of us to settle issues like this.

What shocks me isn't the number of scams (scams are ubiquitous, and not isolated to bitcoin) but rather, the total lack of due diligence being done on these businesses or individuals before sending them money! People seem so bloody eager to give bitcoin, hand over fist, to complete idiots! And I, to my shame, am guilty of this myself.

The most vital step in the plan!

I posted about some trouble I had with bitcoin7 a few weeks ago in this thread: https://bitcointalk.org/index.php?topic=44390.0. After that sham of a transaction I experienced with them, I wasn't surprised to learn about this today.

They said that they had some bank trouble, and could not locate my funds. A while after, the transaction I sent was returned to my bank account. I suspect their european bank account may have been frozen, and the payment bounced back.

I think "Scrampage" rolls off the tongue more easily.

And yet another exchange goes the way of the dodo, in a highly dubious manner.

I saw this coming a month ago, after I tried lodging €600 to bitcoin7's european bank account. The funds never appeared in my account, and after two weeks of waiting, and exchanging several emails with their "support" staff, they could not determine where my funds went and were unable to help me. Extremely unprofessional.

A few days later, I received a payment of €600 back to my bank account. I have no idea how, why, or where it originated from. Perhaps they made some mistake, dismissed my complaints, then realized what happened and sent the money back without contacting me. I don't know.

That was my first, and thankfully last, interaction with bitcoin7.

I don't have a problem with open source software whatsoever.

My point was that an e-wallet service should not be using blogging/publishing software as their frontend, because this is not what wordpress is designed for. I know it can be customized, but it does not inspire much trust in an intermediary if their business does not have the technical and programming proficiency to create a system of their own, without the need to use third-party frontends.

Wordpress is a fantastic CMS, but it not designed to be used for the purpose of facilitating a secure e-wallet platform.
I'm sure your site is safe, however, I would not trust my money with such a service.