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Author Topic: [CLOSED] S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx  (Read 315719 times)
Deprived
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June 13, 2013, 03:47:41 AM
 #1761

Let me step back a bit here.

My last few posts were unprofessional. I apologize for the tone. Having a bad day dealing with government bureaucracy =/

I absolutely should have disclosed that there was a betting pool, and that this pool consisted of the loan from me. The reason I did not was because I figured since there was a liability (the loan) and an asset (the 6100 btc in the wallet) the two cancelled out and needn't be mentioned. Obviously this was retarded of me. Again, I apologize. And I understand why such disclosure is so important even if the asset remains there - for situations like this!

I understand also that as a shareholder, being asked to forgo a month of dividends in order to replenish a fund which you didn't know existed is upsetting. I should have recognized this before I posted.

I'll continue with the last plan I mentioned. My dividends for June will be retained by the site for the betting pool. S.Dice holders will receive dividends as normal. I'm sorry for the drama today, I can see it was largely because of me and how I approached the issue and responded to you guys.

Back to work.

If s.dice goes into the red more than collected in the pool will you let it die or will you make a new loan? if you let it die people will come after you with pitched forks.

Also your new plan seems to be in violation of the contract. 100% has to be paid out.

Of course I wouldn't let it die.

The new plan is not in violation of anything. I can pay myself my dividend, and then send that amount to the SD wallet pool. Everyone else will get their dividends like normal, I'm just sending mine back in.



What you've proposed is 100% fine - can only assume goat didn't read it correctly.
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June 13, 2013, 03:51:41 AM
 #1762

Let me step back a bit here.

My last few posts were unprofessional. I apologize for the tone. Having a bad day dealing with government bureaucracy =/

I absolutely should have disclosed that there was a betting pool, and that this pool consisted of the loan from me. The reason I did not was because I figured since there was a liability (the loan) and an asset (the 6100 btc in the wallet) the two cancelled out and needn't be mentioned. Obviously this was retarded of me. Again, I apologize. And I understand why such disclosure is so important even if the asset remains there - for situations like this!

I understand also that as a shareholder, being asked to forgo a month of dividends in order to replenish a fund which you didn't know existed is upsetting. I should have recognized this before I posted.

I'll continue with the last plan I mentioned. My dividends for June will be retained by the site for the betting pool. S.Dice holders will receive dividends as normal. I'm sorry for the drama today, I can see it was largely because of me and how I approached the issue and responded to you guys.

Back to work.

If s.dice goes into the red more than collected in the pool will you let it die or will you make a new loan? if you let it die people will come after you with pitched forks.

Also your new plan seems to be in violation of the contract. 100% has to be paid out.

Of course I wouldn't let it die.

The new plan is not in violation of anything. I can pay myself my dividend, and then send that amount to the SD wallet pool. Everyone else will get their dividends like normal, I'm just sending mine back in.



So your dividend (whatever its amount) becomes a new loan? What if its not enough to run the SD betting pool? What if your dividend is, oh, say 6100BTC? (unlikely, but you never know)

SD is paying back your 6100BTC loan, just to take out another loan from you?  or you are personally GIVING SD your dividend? (that doesnt sound like a good deal for you) ?


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June 13, 2013, 06:01:03 AM
 #1763

Still no GPG key for demonstablty proving the authenticity of the announcment? (Even after the first time round)

Still no word on the overdue 'announcemnt' or the various suspect arbitrary costs...Instead of answering you introduce more bad news. When are you going to address these issues.

Still no mention of why you've even hired a PR that is never present.

..And your proposed plan to recoup the 'lent' funds (That are arguably not even yours. - You got the IPO BTC, in exchange for the creation and managment of SD. A portion of those funds genereated should have gone to the payment pool as a means of enabling SD to become somewhat self sufficent. But whatever...)

You've left SD looking like this;

Reasons to use Sdice:
----------------------------------------------------------
It's the only website for gambling btc you know.
It has the largest pool / payout ability
I Love using a new age currency on the 1990s style platform.
-----------------------------------------------------------

Hypothetically, if you did get an accountant to manage that shitstorm of documents that you've made, into a professional format holding a higher level of integrity... Would you be passing this cost on despite it not falling under either development or Marketing costs. Just pointing that out before you try to...

Your last few posts also demonstrate the ability of others misunderstanding and criticisms effect on raising ones tone in posting. Please keep this in mind where you are met with it. (However yours are only due to your own oversights, so we're still not quite yet on equal footing.)

also @Chaang Noi (Goat) ช้างน้อย, Just because SD has a position of power within the MPOE does not mean they should leverage that to act above the law and common decency. Said it a few pages back... But to think that coercion is a good business model to stand upon..Just, no.
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June 13, 2013, 07:00:25 AM
Last edit: June 13, 2013, 07:40:21 AM by Jonny Heggheim
 #1764

Wow lots of drama as always.

I totally understand and agree on how you view the money in the pool. I support the decision, since I have wondered why you have been giving loans on bad days (and they were only mentioned in loss carryover). Thanks for lending the money.

2 lines in assets sheet could also explain clearly:

Code:
Wallet pool:  +6100
Private loan: -6100
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June 13, 2013, 10:45:06 AM
 #1765

Unreal.  The point of an IPO is to provide capital to run a company.

100% of the betting pool must be provided by IPO proceeds.

If not, S.DICE is just another bitcoin scam, albeit a more complex and profitable one than most.

Way to squeeze the last drop out of this lemon, Erik.
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June 13, 2013, 10:58:08 AM
 #1766

Unreal.  The point of an IPO is to provide capital to run a company.

That is not correct.

An IPO is simply the public sale of private shares. These can be:

1. Existing shares sold by owners to raise money for themselves.
2. New shares issued by the company to raise additional funds for the company.

It is often the case that an IPO consists of a mixture of both types. The exact nature is required to be clearly stated in the prospectus on a 'normal' regulated exchange.
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June 13, 2013, 10:59:37 AM
 #1767

Unreal.  The point of an IPO is to provide capital to run a company.

100% of the betting pool must be provided by IPO proceeds.

If not, S.DICE is just another bitcoin scam, albeit a more complex and profitable one than most.

Way to squeeze the last drop out of this lemon, Erik.
Erik was selling off his own shares, not newly issued shares.
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June 13, 2013, 11:46:28 AM
 #1768

2 lines in assets sheet could also explain clearly:

Code:
Private loan: -6100
Funds raised by IPO tier 1: +35,000

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June 13, 2013, 11:52:52 AM
 #1769

Quote
Funds raised by IPO tier 1: 0

Do you understand that selling your own shares of a company is not raising capital for the company?
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June 13, 2013, 12:07:31 PM
 #1770

It seems pretty clear here.......posted before the IPO date......

This is a legitimate question and I'm happy to respond.

As per the prospectus, 10% of the raised funds will be going to a high-profile print media campaign in European gambling/casino publications.  

The amount shown in the prospectus of the "nominal value" (10k btc) will be held and not spent, so that if there is some breech or insolvency it can pay back investors at that promised amount.

The rest goes to me. The vast majority of it I'll be holding as BTC because as you know I love Bitcoin more than anything.  Other than that, I'll be using some of the funds on two other startups I have in mind, but these are secret Smiley  Some money was spent on the new website, but those costs were already paid so this capital won't be going to that specifically.

Basically, I'm trying to bring a fraction of my future earnings of SD into the present as a lump sum.
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June 13, 2013, 12:10:18 PM
Last edit: June 13, 2013, 12:50:05 PM by RationalSpeculator
 #1771

Let me step back a bit here.

My last few posts were unprofessional. I apologize for the tone. Having a bad day dealing with government bureaucracy =/

I absolutely should have disclosed that there was a betting pool, and that this pool consisted of the loan from me. The reason I did not was because I figured since there was a liability (the loan) and an asset (the 6100 btc in the wallet) the two cancelled out and needn't be mentioned. Obviously this was retarded of me. Again, I apologize. And I understand why such disclosure is so important even if the asset remains there - for situations like this!

I understand also that as a shareholder, being asked to forgo a month of dividends in order to replenish a fund which you didn't know existed is upsetting. I should have recognized this before I posted.

I'll continue with the last plan I mentioned. My dividends for June will be retained by the site for the betting pool. S.Dice holders will receive dividends as normal. I'm sorry for the drama today, I can see it was largely because of me and how I approached the issue and responded to you guys.

Back to work.

Thank you Erik, I value you taking ownership for the mistake you made.

About the pool, it looks like we will continue to be very dependent on your generosity in case it comes short due to a very unlucky month. Generosity that at any point in the future can be justly denied by you. Say sdice ends up with a loss of 15k btc. And you cannot or do not want to lend those extra funds, then every shareholder will have to provide capital or new shares will have to be issued, otherwise it will go broke. I see a potential big drama unfolding.

Wouldn't it be in the interest of all shareholders to withhold some % of the dividend to build up a stronger capital base, owned by the company? Or is above scenario unrealistic?


(unrelated, if sunnankar is correct there should be still 3450 btc in reserve for a marketing campaign, owned by the company, maybe these funds can be used instead to start building a stronger capital base/pool, owned by the company? that way you solve 2 problems in 1 go)
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June 13, 2013, 12:25:06 PM
 #1772

Hello everybody!

I don't want to disturb the main discussion but I think I missed the post with the explanation why There was no SD ividends in 06.06.2013. Well, at least I expected the date to be a date with dividends on bitfunder since the history of dividends paid told me so.
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June 13, 2013, 12:28:06 PM
 #1773

Hello everybody!

I don't want to disturb the main discussion but I think I missed the post with the explanation why There was no SD ividends in 06.06.2013. Well, at least I expected the date to be a date with dividends on bitfunder since the history of dividends paid told me so.

https://bitcointalk.org/index.php?topic=80312.msg2334099#msg2334099
No benefice for Sdice on May soo no dividend...

Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.
it has lots of buttery taste..
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June 13, 2013, 12:35:59 PM
 #1774

Wow, that's unexpected! How about some good news for a change?

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June 13, 2013, 12:45:09 PM
 #1775

Wow, that's unexpected! How about some good news for a change?

4000BTC for this month already !! but Erik payback himself for a 6000BTC loan huhuhu

Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.
it has lots of buttery taste..
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June 13, 2013, 12:46:39 PM
 #1776

Thank you very much for the link. If I understand this right SD went slightly down in May but is running pretty good right now B)
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June 13, 2013, 12:47:47 PM
 #1777

Wow, that's unexpected! How about some good news for a change?

4000BTC for this month already !! but Erik payback himself for a 6000BTC loan huhuhu
can you explain the loan thing pls or link to a post? Ty
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June 13, 2013, 12:50:42 PM
 #1778

https://bitcointalk.org/index.php?topic=101902.msg2452138#msg2452138

Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.
it has lots of buttery taste..
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June 13, 2013, 12:52:54 PM
 #1779

Ok thanks. I think I have to do my homeworks in this thread Wink
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June 13, 2013, 02:27:58 PM
 #1780

Well last months neg profits will eat into this months...So It'd be pretty nice if this month went well.
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