Hey guys, I've got something brewing and I need to get a bit more BTC to put me over the top. https://btcjam.com/listings/2830I'm offering a great rate, 2x your investment over 12 months pegged to mtgoxUSD. I'm pegging the rate because part of these funds will go for USD expenses related to this potential business (lawyer, etc) but I'm offering a 12%/month rate (resulting in an effective APR of ~100%) to make it attractive among pure BTC loans. You can also be more certain of the payback since it will not balloon like some BTC debts have which is causing defaults and late payments for some. As a further incentive I will buy a drink at the Bitcoin 2013 conference in California for any lender of 3 BTC or more, pony up 10 and I'll make it dinner! If you can't make it to the conference the offer stands, if the opportunity presents itself. As always, all payments will be on time or early, communication will be made for any unexpected issues, and I will treat your money as dearly as my own, no matter the size of your support. I've finally decided to pull the trigger on a business idea that will be in stealth mode, but I need more BTC to start it up.
Eliminate exchange rate risk and lock-in a crash-proof cashflow with this loan.
Each month I've been putting part of my salary in bitcoins, but I feel strongly enough about this opportunity to be willing to take a 50% hit to my planned savings (in $) and share it with some lenders each month in order to get a larger stock of BTC up front. This money will be used for private business investments that I hope will emerge from stealth by the time of the Bitcoin Conference (which I will also be attending!)
I realize that I'm taking a risk that BTC will crash or slump again in the future, but since the payments on this loan are 100% covered by an existing savings plan and income source, the risk is 100% mine and really only exists between payday and loan payment.
I have taken out over 200 BTC in loans and made every payment in a reliable fashion, including 20BTC repaid today. I'm a business professional and will treat you with respect and am dedicated to maintaining a spotless reputation.
As always, I'll respond to questions here, or on the forum crosspost here:
Please help me start something special, and cover your own backside a bit in the process!
https://btcjam.com/listings/2830Thanks again in advance for helping out, I really appreciate it! Scrybe |
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0.9 something, we use bitstamp though
You need to absolutely up-front with your customers about any fees or differences from public exchange rates on the card, the card description on partner sites, as well as on your website. "Hidden fees" will get regulators and class action lawsuits crawling up your backside faster than you can spit. When I buy a gift card for $50 I expect to be giving $50 of value, not "about $45." I highly recommend fixing this immediately, and I will not be recommending or buying these cards until users of them (who have not read this unreferenced forum thread) know what they are getting. I really like the concept, but this issue has to be fixed. |
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Ok I'm dying to order physical bitcoin gift cards but I can only seem to find digital ones on the website. Is there a different link or did I check the wrong box on the order form? Thanks Also I got my original order redeemed online and was very impressed with the customer service. How long did yours take to arrive in your email? I've been waiting 30 minutes and am starting to get itchy... Apparently my orders failed because I went over a $250/day limit that I didn't realize existed. So not for large or cheap bitcoin orders... |
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Ok I'm dying to order physical bitcoin gift cards but I can only seem to find digital ones on the website. Is there a different link or did I check the wrong box on the order form? Thanks Also I got my original order redeemed online and was very impressed with the customer service. How long did yours take to arrive in your email? I've been waiting 30 minutes and am starting to get itchy... |
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Well, I started selling before the update... not sure anymore what to do  Sell SOME |
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I didnt suggest to scam the shareholders, only to save the money and give it out as dividend later. I only know that there are people that fear 51% attacks regardless if it would make sense to attack or not. And i only wrote this to fight these fears because i trust friedcat and his team very much. He proved that they are trustworthy so i wouldnt fear any loss if he would handle it this way to circumvent the fear of some people.
But ok, one could feel unease about this. Bitfountain most probably wont ever get to this point.
You came very close if you did not. This is Business Ethics 101, don't lie to your customers/shareholders, even if it is "for their own good." You implied (and came very close to stating) that it would be OK for ASICMINER to build up more than 50% (after all, it's an "over 50% attack, not a 51% required) of the network without telling anyone if they just keep the proceeds until the >50% danger is over. This would do absolutely nothing to prevent ASICMINER from acting badly with their network majority, AND would ensure that stockholders and the public are uninformed that there is a potential attack on the network. We would all find out later that there WAS a >50% situation, and the resultant panic (IMHO) would not be that different that that which would happen if the public/shareholders were informed of the situation. As a mining company, there is a moral (and contractual in most cases) obligation to tell your shareholders the truth about the amount of ore coming out of the ground (as well as the quality) and if they try to hide a pile of good ore in the tailings (in case of hard times) then they are defrauding their shareholders and the management should be replaced. I realize you made the suggestion in good faith, but the implications of it fail the business ethics sniff test. Personally I would much rather see reliable and accurate updates that can be matched against the public record (so we can validate the ongoing honesty of the operation) and then if ASICMINER starts to approach 50% they should either delay implementing new hardware (actively attempting to avoid >50%) and announce the delay, or sell hardware to another party in sufficient quantity to ensure that they cannot gain >50% share. Either way, you are correct that the planning for this scenario is important, so that the resultant policy can be shared and used as (a critical) part of the valuation of the company. Similar plans for fire/flood/power outage and other disasters should happen at some point too, but I'm willing to wait 3-6 months for them to hit their stride with "production" hardware before I start insisting on answers to these and other issues. After all, the company needs to survive before it can protect itself or us. Having two exchanges do it is great for us - as it forces them to compete both on terms and on price: they both want to attract users more than make a profit on ASICMINER, so we get pass-throughs at no cost (BitFunder) or very small cost (BTC.CO).
Better yet, don't pick one exchange, diversify across both and you will reduce your risk in the case of another GLBSE-style event. |
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In case that you get near 51%... just in case... i would suggest to partly mine solo in a hidden way. I mean its hard or even impossible to really find out who is solomining. So if it comes so far i would simply save the money earned for later times and pay out dividends for the rest. So that no one feels the fear of an 51% attack. The money wouldnt be lost and could be turned into dividends later, when the hashrate of the whole net is bigger.
But i doubt it will come near that point soon.
I would prefer that the businesses I deal with are honest and do not use fraudulent accounting practices, if they are willing to defraud the entire community AND their investors they don't deserve anyone's trust. |
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Well this thread made me feel a little better. I've been using bitfunder and watching the price plummet was disheartening. Why do you think the price will go back up when mpex is online?
Because the sell price on Mpex is .00588400, it's just that most folks don't know it. When driving blind it's often a bad idea to jerk the wheel around, but some folks panic anyway and run off the road. (Ohio had great winter storm driving on Wednesday) |
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I think mtgox or bitcoincharts.com had some issues.
yep, working again now |
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The Bridge quit working for me at 7PM Eastern US last night, is something wrong/changed?
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Confirmed on my Test and Dividend!
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Nice work  I like how the shares are transferred into a new account and locked for the duration of the loan. Thanks  Do dividends still flow properly to the owner, or do they pay to BTCJam? Are they held in Escrow? If so can the loan be paid from the escrow? Is collateral released as the loan progresses, or is it all locked away until repayment? What happens if the value of the collateral declines? Nothing? Forced Sales? Loan Acceleration? How about if the collateral appreciates significantly? Are mining bonds and other asset classes guaranteed to depreciate discounted based on the loan period? EDIT: added more questions, there are plenty unanswered, but as a lender and a borrower I'm excited to see some collateral! |
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Money in existence should not be confused with money flow.
By your logic we should have consumed all the water on the planet long before now. There is a lot of truth in your argument, but it does not come together for me.
The limit on the amount of BTC that could flow through SDICE in a month is very very large and it involves everyone betting everything over and over while the house cashes out coins as fast as they can to other folks that want to try their luck. >21m BTC bet in one month is possible, because winnings (and spent dividends) can be spent again every hour (month for dividends.)
I actually expect the dividends to go up again in the longer term, or at least enjoy a few big dividends a year based on a massively increased number of potential players, and like you will not be disappointed if the sdice growth lags the rest of the bitcoin economy as long as the delta is not too large.
If you want to boost it a lot, I was thinking you could modify a bitcoin checkout to do a side-bet on sdice at purchase to effectively give the buyer a double-or-nothing checkout experience. If any developer wants to boost business, PM me and we can chat about details.
I was actually agreeing with you, but maybe I misunderstood your statement. You mention that SD "cashes out coins." I was under the impression that the profits were reinvested and distributed as dividends. Since Voorhees doesn't pay himself a salary, the only money that would be converted back into fiat would be whatever bets are paid out and cashed out by betters, and the miniscule amount paid to host the site. As profitable as the site is, it can't accumulate all the bitcoins in the universe. At a certain point, diminishing returns kicks in, but at that point, the value of bitcoin will also be increasing by a proportionate amount. That is all I was saying. Watching the sheer number of bitcoins profit decrease over time is deceptive, but it must happen as long as bitcoins are being adopted by the masses. I realize we are agreeing on some point, I may have misunderstood the point you made about a limit on the number of bitcoins bet every month, but I was laying out an extreme scenario that would certainly exceed 21M coins/month betting, but by no means did I intend it to be a realistic case. Of course it would not suck in all the bitcoins, but it could cycle as many as folks are willing to spend, and many of those coins will reenter circulation. ALL 100M shares receive dividends, so the shares that Eric and other private holders own must pay them handsomely every month. Dividends happen equally to all stockholders after the company management (usually a board of directors, but not in this case) after any expenses and reinvestment. ~ BTC18,000 were distributed to private holders last month according to the public books (profit - MPEX shares = other dividends. The liquidity that the company has would be built up at the expense of ALL shareholders if it needs to rise, which is why there was no dividend for October and it was covered in November before profit calculations. |
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especially considering each bitcoin bet could have bought so much more other things on average this month than it could have in Jan. THIS I know S.dice work in BTC, profits in BTC, shares in BTC, but it's relevant to put in parallel with the USD/BTC rise ! JAN = 20K @ 20$ FE = ~15k @ 30$ Finishing that thought with accurate math (including weighted average prices from bitcoincharts): Jan. 1 Dividend = 0.00017206 @ $13.34 = $0.00229528/share
Feb. 1 Dividend = 0.00020007 @ $20.73 = $0.00414745/share
Dividend if Today = 0.00012643 @ $29.74 = $0.00376002/share
Estimateed Mar. 1 = 0.00014874 @ $33.00 = $0.00490845/share So overall we are looking to see slightly more fiat based earnings this month, even if we don't hit the same BTC earnings. Of course I would like to see the BTC value maintained, but I'll take modest fiat earnings growth over a slump any day. EDIT: Added December earnings for comparison, WOW! This should be expected too. As an extreme example, if satoshidice took in 1 million bitcoins a month, obviously it would be limited very quickly by the number of bitcoins in existence, and it would start bringing in less and less each month. The good news is, as this happens, bitcoins value increases in relation to fiat currencies. Satoshidice plays an important role in the scarcity and hoarding of bitcoins to this end. I just hope people think about this when they start seeing SD's profits, denominated in bitcoins, "decreasing" each month. They really aren't. Thanks for pointing this out. Money in existence should not be confused with money flow. By your logic we should have consumed all the water on the planet long before now. There is a lot of truth in your argument, but it does not come together for me. The limit on the amount of BTC that could flow through SDICE in a month is very very large and it involves everyone betting everything over and over while the house cashes out coins as fast as they can to other folks that want to try their luck. >21m BTC bet in one month is possible, because winnings (and spent dividends) can be spent again every hour (month for dividends.) I actually expect the dividends to go up again in the longer term, or at least enjoy a few big dividends a year based on a massively increased number of potential players, and like you will not be disappointed if the sdice growth lags the rest of the bitcoin economy as long as the delta is not too large. If you want to boost it a lot, I was thinking you could modify a bitcoin checkout to do a side-bet on sdice at purchase to effectively give the buyer a double-or-nothing checkout experience. If any developer wants to boost business, PM me and we can chat about details. |
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especially considering each bitcoin bet could have bought so much more other things on average this month than it could have in Jan. THIS I know S.dice work in BTC, profits in BTC, shares in BTC, but it's relevant to put in parallel with the USD/BTC rise ! JAN = 20K @ 20$ FE = ~15k @ 30$ Finishing that thought with accurate math (including weighted average prices from bitcoincharts): Jan. 1 Dividend = 0.00017206 @ $13.34 = $0.00229528/share
Feb. 1 Dividend = 0.00020007 @ $20.73 = $0.00414745/share
Dividend if Today = 0.00012643 @ $29.74 = $0.00376002/share
Estimateed Mar. 1 = 0.00014874 @ $33.00 = $0.00490845/share So overall we are looking to see slightly more fiat based earnings this month, even if we don't hit the same BTC earnings. Of course I would like to see the BTC value maintained, but I'll take modest fiat earnings growth over a slump any day. EDIT: Added December earnings for comparison, WOW! |
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So, 65782.98530102(feb 23) - 53139.67029635(jan 31) / 100M = 0.00012643 per share, not accounting for the next 5 days ? It looks too much to me.
Updated with better numbers... FYI, this means we are at 63% of the January dividend right now, and that is without the whale (well, for most of the month at least.) |
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rf9gutfmGB8CH39W2PCeRbLWMKRauYyVfx
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16*5 = 80 chips for 22GH/s => 275MH/chip @ 2.5W.
BFL should do around 6GH/chip @ 13W
Maybe someone already did this math but i still find it interesting.
Fewer devices, smaller feature size, way less power. Let me just use this 1970's pocket calculator to verify that (THUMP) |
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give mtred some hashes, stratum without fee!  How long will it stay up though? |
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