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

[strello]

Has Bakewell stopped paying dividends?

[wisard]

Seems like the last dividend was paid on 28 Jan - so its still paying dividends.
Would love to know the plan moving forward however... when and how it'll purchase ASIC mining equipment...

[Charles Bass]

Has Bakewell stopped paying dividends?

No, One of the best Thing is the Dividend payout. Its every Time prompt...

[Peter Lambert]

How much is currently in the growth fund? Is it enough to buy one of the Avalon asics?

[Deprived]

I do not know if any of you are aware of a user here at bitcointalk, organofcorti , but they are an analyst/math type who's posts have always intrigued me.
Anyhow, here is some interesting reading material they just put out regarding expected ASIC returns:

http://organofcorti.blogspot.ca/2013/02/98-asic-choices-avalon-update.html

Those results are in line with what I'd estimated - that only those getting very early ASICs will really make bank on them.  In his graphs by late batch 2 the Avalons will be struggling to pay for themselves.  And he doesn't seem to have even counted ASICMINER's haspower in (should be 12 TH/s coming online in next few weeks and the production run of chips for a much of bigger batch has already started).

[Peter Lambert]

What is up with the bid order 1 satoshi less than the lowest ask order? Did somebody mean to lower the ask but accidently put in a buy instead?

[Deprived]

What is up with the bid order 1 satoshi less than the lowest ask order? Did somebody mean to lower the ask but accidently put in a buy instead?

There's someone around do does that a bit on Bitfunder and BTC.CO.

I'd guess they're a GLBSE refugee who hasn't realised the fee structures are different.  GLBSE had a maker/taker structure - where the person filling the order paid the whole fee.  So there it made sense if you wanted to buy in a tight range to bid 1 satoshi under ask and wait for it be filled - rather than actually fille the order (you saved yourself 0.4% in fees).  Fees don't work like that on Bitfunder (or BTC.CO) but maybe this guy doesn't know that?

That's my guess anyway.  Either that or someone trying to force the price up (i.e. someone with an Ask up) without actually buying any (haven't looked - but if it's a very low quantity bid that could be the case).

[wisard]

Hi,

I invested in Bakewell a few days back because I like what I've read on this thread.

I like the fact that you took a short term loan instead of issuing new equity for that 20btc.
However, if the loan terms are too bad, I can help.
(I don't know what "shark tank deal" means - does that mean we received a sweet deal, or was the loan giver the shark?)

I have 20 bitcoins I can loan out - with 0.1BTC total interest, without a time frame (so its not 0.1BTC interest per month - its total interest whether the loan is repaid in 1 day or 6 months). The only criteria being the loan has to be paid before dividends are restarted (which you seem to be already offering to the current loan giver.)

[wisard]

However that brings me to the need of working out a better system for offering new shares to the market.
Things I am thinking about are: Private sales worked well, I do not want to put up a huge ask and cap upward movement, how to determine price to offer at, how many to put up on offer at a time, when to go about balancing in, etc...

Here is what I would do:

1. I believe that existing shareholders should be given the first right of refusal to maintain their position in the company. I should be given the chance if I want to maintain ownership of x% of the company or not. So take an average of the stock price over the last X days and discount it by 15%. And determine the number of shares Bakewell will need to sell for further growth - based on that price. And then send an email to the existing share holders offering them the first right to buy shares equivalent to their current position at that rate. For eg: if I own 60 shares (1% of the company) - and 3000 more shares are issued - I should be given an option to buy 30 more shares at the determined discounted price.

2. For any shares that haven't been sold yet, you make an "auction". Where people can list the price they will be willing to buy the shares at. And you let existing share holders know about this auction before others. Let the market determine the price.

I dislike the idea of creating an Ask wall with new equity. Because this screws the existing share holders who want to sell (as it happened to Satoshi Dice shares this past few days.)

[wisard]

One other thing that has popped into my mind while preparing to rewrite the description for BAKEWELL is how bakewellfund makes use of BTC it holds.
Any rule suggestions on how to go about purchasing new equipment, making investments with idle coin, how to deal with monthly expenses should they begin to incur, etc etc

Investing in other companies on bitfunder or other marketplaces is too volatile. And not as liquid as we would want. So investing idle coin elsewhere is a bad idea. If we have a surplus, then the best investment is buying back stocks.

What we should ideally do is have this goal: 30% dividend that G&M earns should pay for 1 new hardware every month (and eventually buy 1 new hardware during every dividend payment).

Until we reach that stage, we could make use of loans to meet the goal. And then every 3 months, sell new stock to pay these loans off.

[Charles Bass]

Someone calculated how high the dividend per Share will be if the asics arrive?

[Peter Lambert]

Ian,

When do you estimate dividends will resume?

[nameface]

Why do you choose 50btc pool?

[bitcoinbear]

We have paid back BTC7.92 so far and continue to pay with 2600mhash x 50btc.com pps rate

So you have paid back 7.92 btc in 18 days, or .44 btc/day leaving 12.08 btc which at that rate should be paid back in about 28 days which would put us somewhere around march 20th, correct?

This will, of course, be affected by any increase of difficulty caused by all the other ASICs coming onto the network, or if we get the ASICs we ordered, correct?

[nameface]

We have paid back BTC7.92 so far and continue to pay with 2600mhash x 50btc.com pps rate

So you have paid back 7.92 btc in 18 days, or .44 btc/day leaving 12.08 btc which at that rate should be paid back in about 28 days which would put us somewhere around march 20th, correct?

This will, of course, be affected by any increase of difficulty caused by all the other ASICs coming onto the network, or if we get the ASICs we ordered, correct?

It'll be slower than this. The rig should be earning 0.35 BTC per day at best. 12 BTC to go = ~34 days, maybe a few more days due to difficulty increase.

[Peter Lambert]

What is the plan for the old rig once the new one arrives?

[wisard]

Hi Ian,

Was part of promoter's stake sold?

[usagi]

Ian,

When do you estimate dividends will resume?

I was wondering the same thing, I once again find myself with a stake in BAKEWELL. When will dividends resume now that the ASICs have been paid for?

Edit: Ahh, found this:

Dividends are currently suspended.

I was preparing to order the Avalon ASIC on the morning of the 31st... The total of the funds raised from the transitional tranche alongside the growth fund brought us up to just over BTC130
...I could use 75 to order one box, and sit on the rest... or I could take a loan to kick us up to 150 and order two.

I found a shark tank deal for a BTC20 loan. To repay this loan BAKEWELL will direct 100% of its hashpower to our creditor @ 50btc pps rates against our debt until the BTC20 is paid back.
Once the initial BTC20 is paid back BAKEWELL regains its hashpower and will resume dividends on the regular schedule.
Then the BTC received on the growth fund will be forwarded to our creditor for a short time in order to cover their profit for the loan.

I guess then that's what you meant by BTC7.92 paid back.

Hmm, at ~0.31/day thats gonna be 35-40 more days. So essentially not until the ASICs arrive :/

[iCEBREAKER]

Hi Ian,

Do you ever check to see if y/our 7970s are more profitably used for altchains?

7970s have very fast memory, a feature utilized only by scrypt.

I check http://dustcoin.com/ daily to optimize my returns.  Sometimes LTC and NVC are much more lucrative than BTC.

This will become even more important as ASICs drive up BTC difficutly.

[usagi]

Ian I know this thread isn't regarding your loan but you locked your loan thread.

You're three days overdue on your BTCjam loan, and now one full day overdue on your promise to pay according to https://bitcointalk.org/index.php?topic=146689.0.

I'll be honest I was suspicious due to the large amount of money and shares you had borrowed from the community. It looked like a cash out. The comments on BTCjam state that you intended to pay on the 8th (yesterday) but that time has come and gone.

Due to the large amount of money you've borrowed would you mind providing an update on this the next time you log in? Thanks.