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

[Capital One Corporation]

When you investing a mining company you should take the management fee factor into consideration. And this Ian charges for 20% of this mining company by receiving free shares. It is too high compared to other mining stocks.

And he placed your BFL orders too late. Investing your mining company will not be profitable.

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[puffn]

When you investing a mining company you should take the management fee factor into consideration. And this Ian charges for 20% of this mining company by receiving free shares. It is too high compared to other mining stocks.

And he placed your BFL orders too late. Investing your mining company will not be profitable.

Disagreed on both counts. Care to try again? 20% is standard for this sort of contract. His bfl orders will still be profitable. He will probably end up waiting less than most of the first guys who ordered.

[niko]

When you investing a mining company you should take the management fee factor into consideration. And this Ian charges for 20% of this mining company by receiving free shares. It is too high compared to other mining stocks.

And he placed your BFL orders too late. Investing your mining company will not be profitable.

Disagreed on both counts. Care to try again? 20% is standard for this sort of contract. His bfl orders will still be profitable. He will probably end up waiting less than most of the first guys who ordered.

Also, he'll get to choose the best ASIC product based on actual performance, not promises.

[Carnth]

BMF has invested for 300 shares of BAKEWELL.

This is great. BAKEWELL is starting to take off.

5. The issue is insured by an independent third party.

This made me chuckle. Usagi, I know you wear many different hats... but, um. I'll just leave it at that.

20,000 shares put aside for a founders stake. ... 2500 of these are going to initial investors who purchase 100 shares or more. This knocks me down to 17,500.
Then the dividends I receive on those 17,500 shares, 50% , are going into a shareholder protection fund. So initially, I only take 8.75%.

Just to clarify for those of you who tr;dr the thread:

If you want to get in right now, Ian will give you 10% more shares for free if you PM him and buy 100 shares or more.
These 10% extra shares come from Ian's "Founder Shares" aka, his management fee shares. He is giving these shares away to not only help get this first rigs up and running, but to also thank early investors.
Remember, the 10% bonus shares will only be matched for a total of 25,000 shares set aside for this special offer, and ONLY in you request it through a PM to ianbakewell.
I repeat, the shares for sale on GLBSE do not qualify for this offer, but are a great way to purchase shares if you can't afford 100+.

If there are any other fund managers considering BAKEWELL, really take a look at this offer.


@Ian,
You might want to look at getting that first rig up and running sooner than later. Getting any kind of dividend paid (not matter how small) will get a lot more investors to buy. It will show that BAKEWELL can generate income and is not "all talk."

[Carnth]

Quick share sales update:

Currently in the wild: 1337

OK. I'll make the comment:

HA!  Leet

-- I am working on getting those first 2500 sold as quickly as I can.
Still in the process of reaching out to fund managers.

My fear is that selling those last 500 shares (of the first 2500) will be very, very difficult. As I said earlier, please try to get a dividend as soon as possible.
This could be holding up some investors and fund managers. It shows the complete process of having actual equipment and generating income.
183.75 BTC is more than enough to get a rig going (with 1 GPU). Plus you can add more GPUs as additional capital comes in.
And, don't forget to take rig pr0n photos. Those are always fun. 

Also, tell Nefario to update your BAKEWELL verification. You posted that you submitted verification over a week ago. What gives?

[nameface]

I'm in for 110 shares.
Let's get that first rig up and running

[btharper]

More good news, there are currently several buy orders in above Ian's 0.125. So even before the first rig is up liquidity is improving.

[Carnth]

Just opened a new support ticket at the GLBSE (#358)

I'm just trying to remove any roadblocks that any potential investor might have.
Verification and paying a dividend are the last two major hurdles.

We are getting closer.
Keep up the good work.

[niko]

Just opened a new support ticket at the GLBSE (#358)

I'm just trying to remove any roadblocks that any potential investor might have.
Verification and paying a dividend are the last two major hurdles.

We are getting closer.
Keep up the good work.

To me the last road block (now successfully cleared) was simply the fact that all my play dough was tied up in other projects.  I suspect this is the case with most interested investors at this moment. Other than that, it seems to me that Bakewell is among the most transparent and least risky opportunities out there - and after meeting Ian in person last week, I feel even more strongly so.

[Carnth]

Possible mining pool idea:

Horrible Horrendous Terrible Tremendous Mining Pool

Forum | Website

This is a PPS pool made by fireduck (the programmer behind SatoshiDICE).

His pool allows you choose how much of a fee you pay based on the difficulty of the shares you submit. You can get all the way down to near 1%.
His theory is that every share submitted adds a load on the pool and put additional strain on the database.
If you submit less shares (and don't clog up the pool as much) you get charged a lower fee.

So, if you choose to submit difficulty 32 shares (the default) the pool charges a 2% fee.

His pool also features no sign up, and auto payouts.

Here is a chart of the various fees:

Code:

Diff	Fee
2	17 %
4	9 %
8	5 %
16	3 %
32	2 %   <--- default
64	1.5 %
128	1.25 %
256	1.125 %
512	1.0625 %
1024	1.03125 %
2048	1.015625 %
4096	1.0078125 %
8192	1.00390625 %
16384	1.001953125 %
32768	1.0009765625 %

[Carnth]

Currently in the wild: 2437

Woo!  Getting close to our first rig!

[Carnth]

Always some drama in this little niche of the internet  

[...]

Butterfly Labs has always been an ... interesting ... company

[...]

*popcorn*

* Carnth sits back and watches drama.

This is why we (the investors) pay the operators of mining companies (like Ian) a fee or a percentage.
It's Ian's job to look out for all of our best interests in BAKEWELL.

Keep us updated just like you have on everything else. There are other ASIC companies out there.

[Carnth]

we have now passed the 2500 sold mark. I will withdraw the BTC from the glbse this weekend and begin converting to fiat.

Woot!

I will be balancing in now: M&G will be given 1500 shares, 748 will be sent to my personal portfolio.

Please put these numbers and hardware inventory in a public spreadsheet.


Awesome.

[niko]

Glad to see we are making progress, and looking forward to first dividends!

[nameface]

Always some drama in this little niche of the internet  
--- So the most recent news seems to be: Butterfly Labs CEO 25 Million USD Mail Fraud — A Concise Summary of Evidence
Some shareholders have asked me how this pertains to BAKEWELL as we mentioned pursuing the purchase of BFL products.

Butterfly Labs has always been an ... interesting ... company to work with, and while they have provided our community of some of the best mining equipment, they are not without downfalls.

I included this provision in the BAKEWELL contract to deal with those downfalls;

*Reserve the option of purchasing equivalent ASIC technology from a BFL competitor should that become a better option for us

With many other competitors in the wings, I am not to worried.
It will be interesting to see how this develops, particularly considering some of our competitors are heavy on the BFL pre-orders.
Depending on how this turns out, and the speed of the other ASIC companies, we may have just gotten some extra gpu time as well...
*popcorn*

I say (as a shareholder) that BAKEWELL should avoid BFL. Have any opinions on https://bitcointalk.org/index.php?topic=110090.0?

[001sonkit]

hi Ian bakewell

Do you have any clues about how much Mh/s will be generated per share?

[nameface]

I am currently watching many developments;

https://bitcointalk.org/index.php?topic=110090.0

https://bitcointalk.org/index.php?topic=79637.0

https://bitcointalk.org/index.php?topic=108375.0

https://bitcointalk.org/index.php?topic=91173.0

etc etc

As far as I am concerned, they are all vapourware ;p
Let them do what they do and we will assess the available offerings when they start to hit the market.
This way we get hard peer reviewed numbers, not a marketing pitch.

In the meantime our gpu rigs will pump out the mhash and hold equity until we are ready to sell and switch.

Nice I think the high resale value of GPUs is a really important factor right now.

[Carnth]

The 7970's are to act as a stopgap while we wait for asic to actually hit the market. While we lose mhash/$ going with gaming rigs, I think we will gain in ease of resale and retention of equity.

My only fear is: the person who purchases the rig expects any kind of warranty. If no warranty is given, then resell price could be hurt.

[niko]

The 7970's are to act as a stopgap while we wait for asic to actually hit the market. While we lose mhash/$ going with gaming rigs, I think we will gain in ease of resale and retention of equity.

My only fear is: the person who purchases the rig expects any kind of warranty. If no warranty is given, then resell price could be hurt.

The store would still honour any manufacturers warranty, as far as the store is concerned, they warranty/insure the hardware, not the customer.
Would cost a small premium but 2 years of same day swap in store insurance is available for purchase, and is transferable as well.
The insurance service also permits a reset to factory settings(clean os install) and a virus scan a couple times a year.
This will help with any concerns our customer would have.

Yes. I can vouch that Gigabyte cards are covered under 3-year manufacturer's warranty, based on serial number. Reselling is not a problem.

[johnjay3000]

I see we're now at 5006 in the wild!

When do we expect to have our first rig up and running?

Also, does anyone else think it may be a good idea to have a spreadsheet documenting where money is spent and recieved from?