Ok, so it would be best to issue a bond got it. The long term plan assuming all the shares are sold would be to purchase 3 SC rigs for 3k gh. But that is a bit optimistic I think considering GLBSE's attitude toward customers. So will just use the equipment on order already to mine with until we reach the first threshold (2560 shares roughly) to put in the first order for the SC rig. So raising only 4000btc wouldnt be bad as we would have our first order placed at that point and working on another already. As I will be taking a portion of the profits the electricity is already going to get paid regardless by me by my job (I work for the company who provides my bandwidth so thats not an issue.) The only real fixed expense is electricity and I will be paying it anyway so will accept that expense. But thanks for pointing that out will update it when I am done with this post.
The contract, I dont know how to write one up, I pmd someone already to see if they could write it since glbse does not have any requirements posted or templates I can use as a guide. I will see what CHM says.
How would it be stated for the buybacks to make the contract acceptable? I would like to make sure I have that written out correctly. Basically I want to begin buybacks after I get the first ASIC running I will use my portion of the profits (Assuming anything is left after any unforseeables) to buy back bounds as I go. What is a fair buyback rate generally?
I'm happy to help a bit..or at least throw in my 2cents.
First, regarding the
plan:
I'm assuming this is a..bond? Not quite clear, but usually for company equipment purchases Bonds are used over Stock. I don't have an issue with Mining Bonds like others do (and not because I have my own IPO out there). Mining Bonds are notoriously low risk when implemented correctly, mainly since mining is predictable (you can figure out how many BTCs you'll get at a certain difficulty, etc).
One thing the plan is missing, however, is
detail. You're looking for 8,000 BTC ($100,000USD) for ASIC devices, but for how many? Where are your financials that show how purchases will be made, Buybacks/Dividends paid, timeframe on how everything will happen, etc. What if you only raise 4,000 BTC, how does your plan change?
What about electricity requirements, insurance costs, bandwidth costs, or other fixed expenses?
Regarding the
contract:
Like the plan, you need
detail, detail, detail. Contracts are legally bind agreements that link you to your investors. Be as detailed as you can when creating a contract. Tell us how everything will play out when I invest my 1 BTC with you. Where will that coin go? When can I start to see I return? What happens if everything fails?
These are just starter questions of course, but remember that the biggest thing you can do for investors is
transparency. Let us know exactly what you
want to do with our money, let us see
where our money goes, and show to us that you can
maintain a ridged scheduled payback (Buybacks if bonds, dividends if stock).
Oh, and..
Due to headaches with attempting to get assistance from customer service at GLBSE, [...] I am asking the forum to help me to iron out any problems so I dont simply "donate" my BTC to GLBSE.
+1 good sir...I'm starting to feel the same way, but I keep hoping things will turn around soon.
You can check out my current layout here:
https://bitcointalk.org/index.php?topic=112232.0I've got a Google Doc that leads to my finances (two pages, one of data, the other of my actual 15 month financial plan).
It's not perfect (and feedback is always appreciated), but it should still help out a bit.
Show Posts
