Brace yourself, "where are my dividends?" posts are coming!  Yup. 122GH/s (in hand) divided by the bonds sold (~26,000) is about 4.7 MH/s per bond. This Saturday's payout will be next to nothing. However, good news for investors. This will probably anger some people, and they'll sell off some bonds for cheap. I'm already waiting to buy them up.  Surely people can't be that stupid, can they? There were never going to be dividends for a long time, surely even the most stupid out there realise that 0.00001>0 no? |
|
|
|
I'm just fire-fighting as I expect a lot of people to be waving burning torches soon saying "You guaranteed XXX MH/bond" when the first dividends are paid out v. soon, when in fact what they should be saying is "it's only small but boy is it sooner than I expected, and much better than nothing at all!"
+1 grnbrg. Brace yourself, "where are my dividends?" posts are coming! |
|
|
|
However, the full hashrate per bond will not be paid until all the hardware that was bought with the money raised by those bond sales is online, which will be many weeks from now. Things are starting to ramp up, and there may well be a decent amount of power coming online soon, but the full amount per bond (forecast to be ~350MH/s) won't be paying dividends until many (read >6) weeks from now.
Yes, we are saying the same thing. That is the only point I was trying to make. That the minimum hashrate dividends per bond will not be met until the hardware is installed and hashing for two weeks. What that value is, is based on what bonds have been sold to that point, and what hardware is operational. Sorry, we are indeed in agreement then! I'm just fire-fighting as I expect a lot of people to be waving burning torches soon saying "You guaranteed XXX MH/bond" when the first dividends are paid out v. soon, when in fact what they should be saying is "it's only small but boy is it sooner than I expected, and much better than nothing at all!" |
|
|
|
Well the details of the bond indicate that it's a minimum of 100Mh per share and dividends will be paid out after the end of the 2nd full week of mining (so I take that to mean after 3 full weeks of mining with the 3rd week being the revenue-generating hashrate).
I don't read that at all. It possibly will be less than the 100Mh minimum per share until fully operational. Look at the 2nd Sentence. " If the entire 100,000 bond IPO is not sold immediately,bonds will represent an equivalent portion of the processing power included in the operation at that time." Dividends/Bond Value – Each bond will receive a minimum of 100MH/s* worth of mining profit in dividends/returns (all dividends are intended as contractual returns based on investments and may simply be referred to as dividends for future purposes) on a weekly basis. The first payout will be at the end of the second full week mining. If the entire 100,000 bond IPO is not sold immediately, bonds will represent an equivalent portion of the processing power included in the operation at that time. If it occurs that multiple installments of hardware are required to fulfill the IPO’s expected hardware, the earnings of each installment will begin to be paid out in dividends on the second full week of each installment. Dividends will be paid out on Saturdays ~12 noon Eastern Time(UTC -0500.)
You are right that it won't be 100MH/s per bond until fully operational, but your reasoning is wrong. As grnbrg says, the number of bonds sold doesn't make a huge difference (other than a few economies of scale, hence the small increase if large numbers are sold), as unsold bonds do not earn dividends. However, the full hashrate per bond will not be paid until all the hardware that was bought with the money raised by those bond sales is online, which will be many weeks from now. Things are starting to ramp up, and there may well be a decent amount of power coming online soon, but the full amount per bond (forecast to be ~350MH/s) won't be paying dividends until many (read >6) weeks from now. |
|
|
|
I am rather dissatisfied with the random downtime on Eligius over the past 48 hours. Due to this fact I have switched over to EMC. I would rather have a more stable miner with less visibility. You will see the stats hit https://eclipsemc.com/top_miners_pie.php over the next week or 2. The company hashrate should hit ~95GH on Wednesday or Thursday depending on how reliable USPS is. This is currently enough to be placed on the top miners list. I will likely be implementing API connectivity with my website in the near future, but for the time being this will have to suffice. Are you planning on using a commercial pool long term or are you thinking of setting up a private pool (or p2pool -- I think OgNasty, ADDICTION, pyraminning asics-only are using p2pool so they control their own nodes, are DoS protected, and only pay a ~1% donation to the developer) I have access to a private pool that I'd like to mine in, but transparency is rather important, so I may use EMC with this private pool as a backup. It's no fee and by invitation only, therefore DDoS protected. It's also extremely stable. In the months I've mined there I have experienced 0 downtime. I don't see the stats on EMC. Does it require an account to view? Did you consider using Bitminter yet? It's super easy to get going, and stats appear to be available for non users to see. LRM's hashing is fast enough to be in the top 50. See here: http://bitminter.com/livestats/bigStats aren't public on EMC, but I think what Lab_Rat is saying is that he/we should be on the high-scores list soon, which is public |
|
|
|
PS: Report those PM's when you see them - we make sure to ban them and censor the links. (like the one above)
TY for the tip, I hadn't seen the "Report To Admin" link in the message. Just clicked it anyway, in case nobody else had done so already. You seem to be one step ahead of the scammers already though - thanks for the good work! |
|
|
|
|
UPDATE: His trust rating has gone down from 0 when I posted above to -5 thanks to Tomatocage, so probably no need for further action. Thanks Tomatocage!
|
|
|
|
To anyone looking at the graph on Eligius, that little hiccup in the graph was not the miner going down, it was Eligius going down. LRM has many back-up pools in place for such an occasion. The pool it failed over to is private, but you will still be receiving dividends for that time.
I will not be tearing down the company unless certain circumstances are met and one of the only real reasons I could ever see myself tearing down this company is if the government decided to rip the equipment from my cold dead arms.
I believe in Bitcoin and in the event of a serious legal battle I will defend Bitcoin and all related businesses to the bitter end.
As mmmerlin stated, the more I grow this business the more I will make in the long run. Why would I sell the hardware?
The only question that remains unanswered, in my eyes, and without wanting to be too morbid here, is what happens in the event of your death. I know it's not really a nice question for you to contemplate, and an understandable attitude from your point of view might be "give a shit, I'll be dead", however, companies with a single point of failure, (i.e. you), are risky by definition, and it is important to have a plan in place should the unthinkable happen. I know of big companies who have backed out of investing in smaller companies for this very reason, and having that scenario covered to mitigate the damage is important for potential investors confidence (IMHO). Sorry to be grim, and apologies if it seems tactless, but there is no easy way to cover this point... |
|
|
|
I would really appreciate being whitelisted. It's in place to prevent bots, spammers, and scammers. I'm none of the above and have a previous account that I no longer wish to be associated with. Going through this process a second time is not enjoyable.
Is anybody curious as to whom Lab_Rat's previous username was, one he has great reason for distancing himself from? I'm pretty sure his identity is known by several here. And I doubt it's Tom, unless he's using a fake name in his private emails. From what little correspondences I've had with him, he's seems legit at what he is doing. Perhaps, the only thing that bothers me is that it seems he could possibly pull the plug on everyone and keep the hardware. Afterwards, who could do anything to have a case against him? Where's your agreement? So, there appears to be that nagging risk. I'd like to know that if he was to liquidate the company, that he'd pay out to bond holders the proceeds of the mining hardware sales. You're right, his identity is known by several here. Also, if he is Tom, he's taking playing the long game to the extreme. This thread is run in parallel on the BFL forum, with identical posts appearing from Lab_Rat in both when he makes announcements. His account on the BFL forums has been continuously maintained and in excellent rep for a very long time now, so it would therefore have to have been Tom on the BFL forums all this time, so this really doesn't seem plausible. Also, his writing style is very different, and Lab_Rat showed no signs of meltdown when Tom was losing it towards the end. They are clearly not the same person, nor is there any reason to suspect that they are. WRT pulling the plug, I don't think this is issue. People would have a case against him as contracts and lawyers are involved, and there are contractual obligations with respect to keeping the company running unless certain thresholds are passed in the market (minimum BTC value in the case of a crash etc), so I don't see a real risk here. Besides, I don't think this is the kind of thing he would be want to do, growing the business will be more profitable in the long run anyhow. Nobody's saying this is going to be the new ASICMiner, but there is no reason this company can't make good money long term. |
|
|
|
Just got a message from a user called "hpski" - message included below: -------------------------------------------- Hi, I received a message about a bot last week. I was curious so decided to give it a try, Auto trade feature works great and now I use it at all times day and night. Acnee, the owner of the program offers .1 bitcoin for every person that I refer to the program that end up purchasing. You can use this bot for 7 days trial or you can buy it for .2 BTC from here http://www.(malware)/ Thanks! -------------------------------------------- The forum automatically parses out the address to (malware) which means he's unlikely yo have much success, but I thought I should post it here so that someone more official can either warn or kick him, or give him a scammer tag, whatever is appropriate, I don't know the protocol. FWIW, the link would have been to http://www.btceexchangebot.us if it hadn't been censored by the forum. (It doesn't get censored in the email notifications that get sent out) Merlin |
|
|
|
Sorry for this mini threadjack, but is there anyone still buying BFL chip credits? I'm trying to get rid of mine for like $10. Send me a PM so it doesn't interrupt the thread.
a) this really isn't the place for this and b) the going rate is much much less than that... EDIT: Unless I misread that, and it was supposed to imply that you're selling multiple credits for ~$10, in which case that's about right if the number is >4 |
|
|
|
aren't the non-public shares already issued to the owners? with companies going public there are no longer "private shares". so for example all the shares that Mark Zuckerberg had are considered public now even though they were private before. when a company goes public all shares are converted to "public shares". you can't have a public/private hybrid. so all the shares that labrat has issued to itself are all actual shares (in the real world). it just hasn't sold those shares to anyone, yet.
another example is AsicMiner where bitfunder's ownership is taken into account when considering market cap
Yeah, it is clear now that the misunderstanding is in the use of the term "shares". They really do function more like bonds/mining contracts, so this line of reasoning does not hold as Lab_Rat will not receive dividends from the bonds that are unsold. |
|
|
|
do you guys know what market cap MEANS? market cap is based on all shares issued (even to owners) that might not be "tradeable" yet. it's not only the shares that are released to public. if you guys don't understand what market cap is or what it implies than be ready to lose your money or btc.
The misunderstanding here arises from the fact that these are not "shares" in the traditional sense; the shares which Lab_Rat holds on the exchange that are not sold will not be paying dividends, therefore for market cap it is only fair to evaluate on the shares that have actually been sold. Furthermore, if all the "shares" that are yet to be sold are sold, then my understanding is that more will simply be created in order to let the company expand. This does not dilute other investor's holdings as it would with a normal share because these function more like bonds. as far as hardware goes. personally i can purchase any hardware that labrat can purchase. i understand this may be different for others. however, they may consider a groupbuy as an option too. pointing out that the current market cap is 15 million is very relevant for people who understand what that means.
I don't know that this is necessarily true. He has managed to negotiate some BFL preorders, and some BFL units that are in hand, for reasonable prices, and due to his purchasing power is in the process of securing a deal with BitFury that wouldn't be available to the general public (I believe, though I stand to be corrected on this). Perhaps you have enormous purchasing power, I don't know who you are, but 99% of people, even ones who can afford expensive units, cannot purchase hardware in the way LRM can. |
|
|
|
Well... A guaranteed 300MH/s / share sweetens the deal a LOT! Heh. Only another 3k or so left in the initial 20,000 bonds at 0.15... grnbrg. Given that 17k sold when they were 100MH/s shares and their value has just tripled, I can't see these lasting long...  |
|
|
|
Well... A guaranteed 300MH/s / share sweetens the deal a LOT! |
|
|
|
|
Hi Gary,
I'm afraid it now looks like I'm not going to be needing it after all, though it could change. Just thought I'd let you know, and I'll certainly keep you in mind should things change again...
Cheers,
Merlin
|
|
|
|
Hmmm, that sounds perfect expect for the USB ports... I'm going to be connecting 6 USB devices, plus keyboard and mouse, so I really need 8 ports. Does it have any spare PCI slots for a USB expansion card in it? Also, full disclosure, I'm now a little less sure that I actually need it, but it'll take a few days before I find out for sure either way. Really sorry to mess you around but you won't be surprised to know that, through a long chain of events, all the uncertainty and doubt stems from BFL... |
|
|
|
|
PS I should add, I am happy to escrow but am also willing to trust you if you don't think it's worth it for such a small value item, and I have much more rep over on the BFL forums than I do over here.
|
|
|
|
|
I'm interested but could do with some more specs please.
If you could post the following then I will come back with a bid.
CPU model?
RAM quantity?
Graphics? (Or just stating they're on-board if no GPU present)
Number of USB ports (this is important for me)
Wifi card? Or only ethernet?
Also, will there be a working Win7 installation on it when it ships, or will it be wiped and only the license key provided?
Many thanks,
Merlin
|
|
|
|
as far as im aware you cant mix and match ATI cards without having a screen or dummy plug on the 2nd card you could always try making your own dummy plug with a DVI to VGA adapter but with the 2 cards being from different series of card its the only way i know of to get it to work the way you want
That's great, thank you! Just knowing it's not me being silly and this being the only known work around is great as I now know it can't really be improved upon. It may be worth noting though that a real screen can be used temporarily, so you plug it, the card wakes up, and will then stay awake/enabled until the next reboot. This means you can use a real screen and don't have to trick it with some sort of active adapter. |
|
|
|
|
Show Posts
