Congrats Dogie, you've just paid 7 BTC for 1% of a 65 ghash Avalon.

Profmac, I think using one posting thread to hold partial auctions of 10% of an Avalon is much too confusing for anyone to sort through.  Even if someone reads the entire thread, there have been too many edited changes that no one knows what they are bidding on.

I do like using the blockchain, but this thread now holds your initial fixed price auction, your partial auction for 10% of your Avalon for 3 winners, and now for 1 additional winner.

It would seem to be easier to stop the auction and create a new thread and new address for the remaining 6%. 

Looks like that SMT line is operational.

He was unable to produce anything for me.

So now you have 2 modules for sale?

Uh... What just happened here? I won this auction....

Please send proof of identity, address, and order.

I will not require escrow.

21

Ok, I will kick things off.

1 batch 2 Avalon module for 15 BTC.

Bid is contingent on proof of identity, address, and order.

Since there is no set auction end time, my bid will expire 1 days after date quoted in the post above.

I will not require escrow.

When does the auction end?

I think it's a fairly brilliant idea using the blockchain for auction purposes.

Can you explain the "partial auction" concept? I think it would be confusing for people who are just now seeing your auction to understand from the blockchain that the first 3 bids have already been won. 

Why not end the entire auction at a specific block number, and then start a new one if you wish to issue more shares?

If anyone has shares of a Batch 2 they want to sell me... LMK.

The reason nzhang has to hire a security detail is due to the perception in China that he is raking it in, not necessarily due to the fact.

In our hallway conversation with Yifu after his talk, I believe he mentioned that Batch 2 was a break even to money losing proposition (someone else who was there can confirm).  This was why the price of Batch 3 went up.  SMT lines aren't cheap.

Very interesting.

I'll go 3 shares @ 3BTC

Didn't see the 15min, but a lot of shares exchanged hands much lower than where the price is now.  Should provide good support.

Note the huge volume spike at 12:00 (63,511)

Chipd:  pm me if you would like more shares.  Thanks!

re: mining, the question is:  when is the income recognized?

If I start a mining business, I am expensing the hardware and the electricity, pool management fees, etc.

If I keep all the coins I've mined for two years, there would be no income generated by my mining business until I actually decide to exchange it for fiat.  My business would be showing a loss for those years.  I am recognizing the income when I sell off my BTC.

If I report the current value of BTC when they are generated as income, I would pay tax once, and then once again on any gains if the value of BTC were to appreciate.

What approach is everyone else taking?

70% of the shares have already been bought at a fixed price.  The transaction log is here 17Pq8oPtk8rikxZhF1wENFqR9YtDyLyr8E.

This auction is for an additional 10% share.  The 10 highest bids in this auction will each get 1% share, after which 80% will have been sold. 

My understanding is:

Money sent to this address represents 10% of a Batch 2 Avalon.

Each bid put in represents 1% of output regardless of how much the bid is.

Only the top 10 bids will each get 1% of output.  The rest will get refunded.

Auctioning off this 10% is a way to value the investment of the original offer, where people paid .8683 BTC per 1% share.

I sent in my dollar.  Hopefully that will kick things off.