SCAM IPO [Bakewell] - Finally, a 'transparent' investment that will 'grow'!

[LoweryCBS]

... BAKEWELL is not some grand scheme to make a quick buck ...

Ian,

Just wanted to say, as I lurk this thread, that I'm pleased with the way you handle and conduct the management of this asset.

I was approached by someone wanting to borrow GLBSE assets to short, and I presented a screen-shot of my current holdings.

They weren't interested in shorting BAKEWELL.

[1714768938]

1714768938

[btharper]

... BAKEWELL is not some grand scheme to make a quick buck ...

Ian,

Just wanted to say, as I lurk this thread, that I'm pleased with the way you handle and conduct the management of this asset.

I was approached by someone wanting to borrow GLBSE assets to short, and I presented a screen-shot of my current holdings.

They weren't interested in shorting BAKEWELL.

+1 for something a lot more solid than I have.

Even with the startup troubles going on, they are temporary and will pass. Bakewell is gathering steam and will be a hell of an asset to have soon.

Now if only I can find more coin to throw in...

[Intention]

I agree with Deprived's post.  I think it is in everyone's best interest ultimately in the end to only have shares that reflect the rigs we have + funding a new one.  Releasing everything at once only serves to devalue what existing holders have..

[Carnth]

What do you all think is the best way to come up with a NAV for BAKEWELL.

Do not do a NAV.

NAVs are for assets funds like BMF and MOVE.TO (things that are a compilation of other things).

Stocks (like BAKEWELL) have Market Capitalization, Price/Earnings ratios etc.

You can give the investors a list of all company owned assets (like the 2 rigs you just bought) and left over BTC. This will give us a number, but it doesn't give us a true valuation of the company. How you use those assets, your plans, and your ideas help increase (or decrease) the value. This is how a company stock price can rise (or tank) when a new CEO takes over--even though the rest of the company hasn't changed.

So, the only way to really figure out a market capitalization (and price per share) of a company stock is find out what people are willing to pay for it on the market. If the market thinks the company will succeed, then the price will rise. If not, then the price will fall.

The more people that are confident in a company, the stronger the price will be.

Of course there are things you can do to help the price. (See my opinion)

As an investor, there are two ways to make money on a stock in the long run: Growth and Dividends.
- Growth is allowing the share price to.. uh, well... grow. The classic buy low, sell high.
- I'm sure we all know what dividends are (paying out company profits to shareholders).

My opinion:

It's very very difficult for a company to do both (growth and dividends). So I would focus on one or the other, and it looks like you already have everything ready for dividends. I think everyone here would prefer dividends as well.
The best course of action is to:
Maintain the price by keeping the company strong and issue dividends on a regular basis.
Taking down the huge ask wall is a good start. There is simply not enough BTC going around to fill that wall (liquidity crunch). So the share price will never rise above it. I agree with deprived on that issue.
Release shares in smaller batches is the way to go.

[Bitcoin Oz]

Everyone is quiet because once I figure this out we are going to crush it  

Reaching out for help, let's make a deal here, many of you are experienced in finance and accounting, far beyond what I could learn in a little time on the net.
Hit me up in PM, or just feel free to go over my numbers openly in the thread here, I post everything.

I would love one of those fancy live google spreadsheets, building one is a skillset I do not have. Anyone good at making those? reach out to me.

Linear depreciation over a reasonable timeframe for each type of equipment (somewhere beetween 1-5 years, this is where I lack some expertise, probably a linearization of Moore's law on ASIC gear)

This has a few people talking, the ASIC stuff is only warranty for a few month
With gpu I don't think many people worried about depreciation, you eat a little loss, but for the most part they take a beating and resell fine.
ASIC is an entirely new game.

It would be interesting if you could raise USD for a mining company somehow, rather than btc.

Then all your accounting is in USD and bitcoin is simply used as the transport protocol to get the USD to you.

Bitcoin is also the transport protocol to get the usd back to investors as dividends to save paypal and bank fees.

[btharper]

I have had a few people reach out in PM offering help - thank you.
No clue how to choose who to help or what I should do / offer to compensate.
 Anyhow, hopefully over the next few days things will develop to the point we have some solid accounting practices in place and a restructured share release plan

For the lurkers:
Do not be shy, jump in the thread, let us see what you got / what you think. I really do appreciate it.

Well, let's start with the obvious, you want a Google docs spreadsheet. What info you do want in it?

[johnjay3000]

I am not sure what to display. What is important to you guys?

As an investor, taking a look at a mining setup like BAKEWELL, what do you need on a dashboard?

These questions probably sound elementary but I want to provide what the shareholders want / need.
Im cool with just going through the thread for history, and working with BAKEWELL every day I have a good idea of where everything is at
 but I definitely understand the value of presenting it all in a snapshot and in detail
How to properly do that, I am confused on.

Every good example I have found so far is for a fund like structure, holding a portfolio of other shares, not something that would fit for mining
Seems like I would just need to make a list of hardware / BTC and provide income stats.  

Personally I would like to see where money is being spent (i.e. transfer fees, equiptment, etc.) and where money is coming from (i.e. mining, share sales). However I would be more than happy with just a basic covering of incoming and outgoing.

[Charles Bass]

Yeah - we should start with a cash-flow and add other features later.

+1
and +1 for johnjay3000

Lets start with a basic Cashflow, later we can expand this thing...

[niko]

Yeah - we should start with a cash-flow and add other features later.

+1
and +1 for johnjay3000

Lets start with a basic Cashflow, later we can expand this thing...

Fine by me. Add average hashing rates for each rig, too.

[btharper]

Yeah - we should start with a cash-flow and add other features later.

+1
and +1 for johnjay3000

Lets start with a basic Cashflow, later we can expand this thing...

Fine by me. Add average hashing rates for each rig, too.

Ian, where is all the different information so far? From my count there is asset creation fee, transfer fee on private sales, cash in from asset sales, cash out for asset redemption (at a lower price than sold), btc -> usd transfer, and rig purchase, cpa contract in and out. Anything else?

[Carnth]

Are the rigs built?
Are we mining yet?

[Bitcoin Oz]

So I came home to a bunch of mail about the GLBSE. Wow, this sucks. Hopefully it's all good, and we just lose a few days trading.
I understand many of you are concerned about the share you have in BAKEWELL and what my plans are.

Well, hopefully it's all good 

The other side:
I read about the SEC, etc. and shrugged it off. Now I am not so sure with the GLBSE. Saturday shall be interesting.
I spoke with a couple lawyers this evening and have a meeting tomorrow to clarify a few things for me, should anything end up coming down the pipe.
See what that turns up.

I have already tried to recreate/create my own shareholders list by going through my mail and writing down the private transfers.
I do not have everyone, but I have a decent portion.
One of the problems with my list, is much like I sent you the shares, you could have sent them to someone else. now what claim do I reward?
So some interesting questions arise should the glbse just disappear. Worst case scenario style. I dread this upcoming shitstorm.
I have the same homepage you all have as far as any info from Nefario.

Should Nefario provide me with a claims list, and pending the advice I get legally, I will definitely do everything I can to facilitate BAKEWELL.

Should I be told I gotta drop this due to legality,
I will liquidate and try to give everyone a refund more or less, at this size it is just not worth the trouble of going black and getting a .onion

One of the other exchanges might facilitate a transfer in  the best case scenario.

[niko]

Have you started mining? In case you need to liquidate, few coins can be added into the pile.

If these problems are really due to a legal action (goat, SEC, whatever), I would imagine Nafario would eventually be able to continue trading or at least close the shop and facilitate transfer of the share ownership information. It is not likely that this information would remain hidden forever. Wishful thinking, I know.

[Puppet]

if GLBSE closes, I imagine there will be a claim code system similar as when Goat was delisted, so you will know who your shareholders are.

Frankly, Id more more worried about the potential consequences of running an unregistered security. You are not alone in that of course, but you are far from anonymous and you might want to talk about that with your lawyer.

Before securities, like stocks, bonds and notes, can be offered for sale to the public, they first must be registered with the Securities and Exchange Commission (SEC). Any stock that does not have an effective registration statement on file with the SEC is considered "unregistered." To sell or attempt to sell a financial security before it is registered is considered a felony.

Read more: http://www.investopedia.com/ask/answers/08/unregistered-securities.asp#ixzz28PML2jew

[johnjay3000]

In other news... Have we got the rigs hashing yet, how are they going?

Ultimately there is noting we can do right now, so we should continue with ensuring we have everything else under control, i.e. Get a google docs spreadsheet up with accounting info.

[Bitcoin Oz]

I have noticed an uptake in people talking about exchange platform development lately.
I am sure many options will present themselves moving forward.

https://bitcointalk.org/index.php?topic=115553.0 something like this to run your own security on ?

[pyrkne]

The group will never lose out due to me taking time in my personal life.

So admirable. Can we clone you and have the clones run other assets? 

[niko]

Assuming a delisting process will take place with the help of GLBSE staff, we have several options. Bakewell can get re-listed on Havelock, cryptostocks, or any other similar platform. Alternatively, Ian may simply collect the claim tickets and pay dividends based on that. I definitely suggest him not to offer any trading or order books. Things are grey enough already. If you wish to "trade" your share, make arrangements with other users directly.

[Charles Bass]

We can make a Transparent Board of Trustees, wich handle the trades an "shares".
Bakewell should not be a normal share for speculation, it should be an longtime invesment like a Rig owners club...

greets Chuck

[niko]

Do not engage in P2P trading of BAKEWELL

Many people are panicking and offering P2P trades of GLBSE assets.
While it may be tempting to pick up cheap shares, at this time noone has any way to confirm holdings and trades.

I do not care if you both message me, and it is known you bought in on a private sale, etc.
I will not recognize or facilitate anything outside of what officially comes from the GLBSE at this time.

Just to clarify: what I meant was that Bakewell should only recognize whatever comes from GLBSE, and investors can then make arrangements between themselves. Ian, if you are comfortable spending time managing share transfers between investors, that's great. I was thinking that it might be too much (for both logistic and legal reasons), so  investors can make arrangements between themselves and not bother you at all. You just keep paying dividends according to the GLBSE information.