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

[niko]

Anyone have opinions on cryptostocks, therocktrading, havelockinvestments, mpex, or anywhere else they would like to mention?

Just want to make sure we take a look at everything and hear everyone out.

I've been happy with Havelock Investments for many months now, and that is exactly why I would not like to see BAKEWELL migrate there... I don't want all of my eggs in one basket. Btct.co seems interesting, not least because of the cautious approach to legal questions.  It appears that, the way they are set up, they couldn't do much damage other than run away with whatever funds they are holding at the moment.

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[1714750167]

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[Icoin]

Anyone have opinions on cryptostocks, therocktrading, havelockinvestments, mpex, or anywhere else they would like to mention?

Just want to make sure we take a look at everything and hear everyone out.

Well my expirience with Cryptostocks is just awesome

[001sonkit]

one vote for cryptostocks

[niko]

Also, does anyone know the equation I would use to work out how much BTC should have been earned if mining 24/7 with 2400Mhash/s from Oct.3 until now (@ 50btc so with a 3% fee)?

This is not trivial. I don't see much historical data provided by 50btc except the list of blocks solved. There is no total hashrate available, so we can't tell what fraction of those blocks' rewards belongs to us.
Alternatively, we could rely on historical Bitcoin total hashrate, which is easily accessible, but this may be problematic because of variability ("pool luck"). My understanding is that, due to 50btc being the largest, error would be low, but someone more versed in statistics should confirm or refute this. If confirmed as ok, I'll pull out nethash data and make a spreadsheet with expected daily earnings.

[Carnth]

Also, does anyone know the equation I would use to work out how much BTC should have been earned if mining 24/7 with 2400Mhash/s from Oct.3 until now (@ 50btc so with a 3% fee)?

this may be problematic because of variability ("pool luck").

I thought 50BTC (ironic name now) is a straight PPS pool. Wouldn't this make calculating daily payouts easier as a there is no variance on PPS pools?

[btharper]

 It looks like we solved our first block last night! (30.11 17:31 000000000000002fd8edc2c445189351c1f2c6133d587a1ccd688718f911c45e BAKEWELL)
This is one of the mini milestones in my head, solving a block / earning 50BTC

Hate to spoil the fun, but that's block 210354 and was only worth 25BTC. Still a solved block though!

[niko]

 It looks like we solved our first block last night! (30.11 17:31 000000000000002fd8edc2c445189351c1f2c6133d587a1ccd688718f911c45e BAKEWELL)
This is one of the mini milestones in my head, solving a block / earning 50BTC

Hate to spoil the fun, but that's block 210354 and was only worth 25BTC. Still a solved block though!

And still earned almost 50btc, per post you quoted.

[niko]

Shouldn't have done this. A newbie might come across this image, and get the idea that you can literally mine coins with those rigs.

[btharper]

Hate to spoil the fun, but that's block 210354 and was only worth 25BTC. Still a solved block though!

Haha yeah, I was really hoping that we would have banked BTC50 and solved a block before the halving, it was one of the goals in the back of my mind. Ah well, came in pretty close
---

The Litecoin community seems small but is growing, and with the litecoin stock exchange, a possibility of spinning off a BAKEWELL subsidiary (BAKEWELL-LTC?) group exists.
Not sure if much demand would exist for a LTC clone of BAKEWELL tho. Just something that crossed my mind while thinking about asic on the horizon and liquidating the rigs.
We are sitting on BTC170 (44 earned from mining and should be dividended, but maybe retaining for purchase due to time raising funds lost, is better)
  ... so we will be able to place an asic order when they hit the market. Then its just what we want to do with the rigs. Sell them or spin them off.
(spin off gives us LTC we can convert to BTC as well, its just not a total liquidation, we would leave some equity behind in return for the ownership stake in BAKEWELL-LTC)

Thoughts & Opinions?

Might be a good way to use the machines you've built after the big rig gets purchased. However with the halving and ASICs coming out there's some thought that a number of people may end up doing just that, so it's a bit of a gamble. Also I'm not sure how stable the BTC/LTC price is long-term as I don't think Litecoin has achieved the same acceptance from merchants. Interesting  though.

[Carnth]

The Litecoin community seems small but is growing, and with the litecoin stock exchange, a possibility of spinning off a BAKEWELL subsidiary (BAKEWELL-LTC?) group exists.
Not sure if much demand would exist for a LTC clone of BAKEWELL tho.
[snip]
(spin off gives us LTC we can convert to BTC as well, its just not a total liquidation, we would leave some equity behind in return for the ownership stake in BAKEWELL-LTC)

Thoughts & Opinions?

Many miners (predicatively) switched to Litecoin when the Bitcoin reward halved.
This, in turn, skyrocketed the Litecoin diff to more than double--overnight. As miners found out that Litecoin is not profitable because of the high Diff, they are now leaving.

The Litecoin community is a up-and-coming scene (full disclosure, again: I am a Global Mod at LitecoinTalk forums).

To be honest though, the few mining assets on the Litecoin Global Exchange are not performing well. BUT this is for the same reason that Bitcoin mining bonds stopped performing well... they are mining bonds.

BAKEWELL-LTC would be the first Litecoin mining company in which shareholders own the equipment as well. This would be a boon to investors.
 
The fact that BAKEWELL can mine with free electricity is a huge benefit. It allows for mining possibilities that other setups couldn't possibly consider.

I would definitely consider BAKEWELL-LTC. Numbers would have to be run to see potential profits and the ability/feasibility to expand operations. But I have a good feeling overall. If you were to do a BAKEWELL-LTC I would keep everything LTC. Burnside might even have a way to "import" shareholders from BAKEWELL if you plan to spin-off operations.

[Carnth]

Nefario has sent me shareholder information over the last few days.

I have compiled the lists sent to me and compared them against the private sales that were made and the shareholders claims that came in.
As of today all shares are accounted for on the lists Nefario sent me.

This is great news.

I will be pursuing a resisting at https://btct.co/

This is even better news! 

I'm glad to see the operation continuing. And I will offer my help with the transition, if you need it (I'm sure you won't).

On a personal note, it was "not cool" when you locked the thread. With the history of open communication that you have had here, I was surprised that you would just give up, and quit.....

I must inform you that at this time you should probably consider the GLBSE listed asset BAKEWELL a loss.
You all have my apologies.

... instead of continue your open dialogue here.


Anyway, keep us informed on the progress. And thanks for looking out for all your shareholder's interests.

[LoweryCBS]

Nefario has sent me shareholder information over the last few days.

I have compiled the lists sent to me and compared them against the private sales that were made and the shareholders claims that came in.
As of today all shares are accounted for on the lists Nefario sent me.

I will be pursuing a resisting at https://btct.co/

Very pleased! 

I look forward to the reincarnation of Bakewell, especially on BTC.CO

[Deprived]

you should be able to find BAKEWELL here now: https://btct.co/security/BAKEWELL

I am just waiting on burnside to get back to me on how to import the list.
Then we can start to hammer out a contract revision that makes more sense considering where things stand today, and start moving forward again!

Details of the import process are here : https://bitcointalk.org/index.php?topic=127215.0

You need to get moderator approval for the share before he'll do the import - so finish contract up as it is then unlock it for voting.

You'd need to have the list imported before you change contract anyway - as distributing the shares is pretty much a prerequisite to hold a vote to apply any contract changes.

When you PM burnside don't forget to ask for your 5 BTC registration fee back.

[Carnth]

BAKEWELL is now approved and listed in the marketplace. https://btct.co/security/BAKEWELL

I will be forwarding the shareholders list I received from Nefario to burnside this morning so the import can begin.

This is great! Things seem to be progressing very smoothly. And I can't believe how fast it was approved. 


I'll be waiting for my email from btct.co.

[Carnth]

BAKEWELL import complete.

If you held BAKEWELL and went through the GLBSE claims process, you should now have an email in your inbox.  Please check your spam folder before reporting missing emails.

BAKEWELL support thread here: https://bitcointalk.org/index.php?topic=104489.300

Thank you all for using BTC-TC!

This email was caught in my spam folder.

Also,
I just want to let everyone know that once you log in to the "conversion" account that was automatically created and verify your shares, you can log out and create a new account on btct.co, perhaps with a username that you prefer.

After you create a new account, you can transfer any shares from the "conversion" account to your account for free. Then you can forget about the "conversion" account.

[Charles Bass]

Is it planed to pay dividends next few days?

[Deprived]

BAKEWELL import complete.

If you held BAKEWELL and went through the GLBSE claims process, you should now have an email in your inbox.  Please check your spam folder before reporting missing emails.

BAKEWELL support thread here: https://bitcointalk.org/index.php?topic=104489.300

Thank you all for using BTC-TC!

Of the 5916 shares that were in the wild at last count, 5486 were on the GLBSE list.
All of the shareholder claims that were made with me were accounted for on the GLBSE list. Please PM me if you are experiencing difficulty with your claim.
The remaining 430 shares went unclaimed and have been returned to the BAKEWELL treasury.


I will not be placing an ask wall.
I may take advantage of selling into appropriate bids should they arise. I have made the BAKEWELL holdings public, you can see them here: https://btct.co/portfolio/f7s3
Some of you may remember the issues we were working on before the fiasco, we need to have a conversation about how to structure the share sales, etc.
We got ported over on the old contract, but it definitely needs to be tuned up.

Coupleof points on this, to avoid problems down the line:

The unclaimed shares should be transferred to a seperate account on btc.co (this procedure is described in the thread about migrating to btc.co).  It's not safe at this stage to assume they'll never be claimed - some may be people who were away, or ones where nefario screwed up, or people who couldn't get the GLBSE 2fa working to register a claim etc.  They need to go in a seperate account -so their share of any dividends paid gets held for them.  Also, do bear in mind that the shares held for management/growth would need to be adjusted if you ever do return shares to treasury.  My recommendation would be that you don't treat any shares as totally unclaimed until the point is reached where nefario stops providing further updates on GLBSE.

Second point is that you really shouldn't be selling any new shares at all - no matter how high the bid - until you've disbursed the back-logged dividend (or voted to apply it to growth).  Those funds are due to the investors who held shares whilst GLBSE was down, not to anyone buying new shares now.  This is a pretty trivial point really - but basically you have to get finances up to date before selling new shares.

Not sure what you're proposing to do going forward, but my recommendation is that the very first thing you need to do is work out a pretty good valuation of the company's current assets: the hardware presumably now has a lower resale value than you bought it for (exchange-rate change for one thing).  Then you need to work out what price shares would sell for NOW if that is what funds were being raised for.  That's complicated a bit by the management/growth shares - you'd need to leave those out when calculating value per share (as I assume those wouldn't count for division of assets if there was liquidation).  TBH I heartily dislike artifical shares like that - as they pollute valuations and votes plus can be abused if a manager tries to close down and keep a share of company value equal to them, when all they really are is a lazy way of splitting profit and not an equity share.

Reason you need to revalue shares is otherwise if you try to sell at original price then you just won't be able to sell much - as new investors will be being asked to help pay for dividends and losses already received/made by existing investors.  That's a problem faced by lots of mining companies - where asset value decreases.

[LoweryCBS]

...points...

+1

[001sonkit]

It may have been in your Spam box, search in there. I got mine ended up there

[Charles Bass]

I see the Motion but where ist the Vote, or yes or no button?

greets