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creativex
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btt
December 15, 2012, 04:44:28 PM
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............................................................                           

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creativex
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December 15, 2012, 04:45:06 PM
 #2

A more detailed list of assets owned by bASIC-Mining is being prepared for posting to the homepage. Until this is prepared here is a summary:



6950x1
6870x1
6850x1
6770x2
5830x1

All GPUs are currently mining Litecoins at present on Ozco.in as this is currently more profitable than BTC mining. mining BTC at bitparking.com.

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December 15, 2012, 04:50:43 PM
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So at a full sale 6250 shares will be out of which 1250 will belong to Eric Corlew. At 0.33BTC you value the entire company at 2062.5 BTC or approx $28k at today's exchange rate.

Also on the 4:1 distribution base I think it is unlikely more shares will ever be issued if a majority of shareholders is required to agree.
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December 15, 2012, 05:10:21 PM
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So at a full sale 6250 shares will be out of which 1250 will belong to Eric Corlew. At 0.33BTC you value the entire company at 2062.5 BTC or approx $28k at today's exchange rate.

Also on the 4:1 distribution base I think it is unlikely more shares will ever be issued if a majority of shareholders is required to agree.

I intend to issue only 5000 shares in this IPO including the shares issued as a founder's stake. I apologize if this was unclear. I have fronted the capital for the pre-ordered bASIC01 and all mining hardware. It's difficult to determine the future earning potential of this hardware as it's not yet available and there are many variables affecting it's potential future revenue(difficulty, time to market, future BTC price, etc...). A now closed batch 1 bASIC01 has the potential to earn many times it's purchase price over it's serviceable lifetime.

Funds raised by the IPO are to be used for the bulk purchase of more ASIC hardware, that would then be owned collectively by shareholders. I realize this is a significant pooling of resources that is why I've included my personal information.

Thanks for posting.

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December 15, 2012, 05:58:33 PM
 #5

I've successfully launched and manage two funds currently([LTC-GLOBAL]LTC-DMF and [CRYPTOSTOCKS]AGLTC), but this is my first stock. If there is something that is unclear in the contract or someone has a suggestion that would provide additional clarity I'd be happy to hear suggestions. The stock is not open for trading or moderator approval at this time. This is the time to work these things out.

btcash
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December 15, 2012, 06:13:41 PM
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I've successfully launched and manage two funds currently([LTC-GLOBAL]LTC-DMF and [CRYPTOSTOCKS]AGLTC), but this is my first stock. If there is something that is unclear in the contract or someone has a suggestion that would provide additional clarity I'd be happy to hear suggestions. The stock is not open for trading or moderator approval at this time. This is the time to work these things out.
When are you planning on unlocking the asset? When you receive the asics?
Looking forward to invest in bASIC. I hold a few DMF shares at the moment and I really like the transparency. If you continue that with bASIC it should be a successful stock.

PS: You should fix the profile links.
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December 15, 2012, 06:26:46 PM
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I've successfully launched and manage two funds currently([LTC-GLOBAL]LTC-DMF and [CRYPTOSTOCKS]AGLTC), but this is my first stock. If there is something that is unclear in the contract or someone has a suggestion that would provide additional clarity I'd be happy to hear suggestions. The stock is not open for trading or moderator approval at this time. This is the time to work these things out.

When are you planning on unlocking the asset? When you receive the asics?
Looking forward to invest in bASIC. I hold a few DMF shares at the moment and I really like the transparency. If you continue that with bASIC it should be a successful stock.

PS: You should fix the profile links.

I'm hoping to unlock it for approval this evening and begin trading as soon as it's approved. As I'm a miner and have been for 1.5ish years I have a modest revenue stream to share until BTCFPGA ships bASIC units. In fact due to the way in which I've structured the IPO and the fact that expenses come only from dividends on my own shares I will be in the red for some time as revenue from the GPUs will no longer be paying the electric bill. Smiley

Thank you, I've enjoyed creating and running LTC-DMF, and one of the first thoughts I had with regard to creating bASIC-Mining was that I would be unable to add it to LTC-DMF's portfolio due to the obvious conflict of interest. I intend to manage bASIC-Mining in the very same transparent fashion.

I had no idea there was a problem with the profile links. What happens when you click them? I believe you have to be logged into BTCJam to view profile information, I don't know a way around that, other than a screenshot.

Edit: Profile links fixed.

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December 15, 2012, 09:16:40 PM
 #8

Unlocked for moderator approval.

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December 16, 2012, 05:00:51 AM
 #9

This comment was posted anonymously by a moderator on btct.co:

Anonymous voted YES with comment:

Quote
The buyback at 105% of the 7d average price is a much better option than some of the others I've seen which can buy back at the IPO price whenever they feel like it regardless of the current trading price. I feel it would be fairer if additional offerings don't follow this 4:1 ratio scheme. Good luck with getting the stockholders to approve any issues following this scheme.

I added the bolding

I thought about this for some time prior to writing the contract and the primary reason I chose to maintain this ratio for all offerings is because I'd like to keep investor shares unencumbered and it's not difficult to envision a scenario where expenses could grow significantly. While ASICs are efficient compared to GPUs they still use power, PSUs & cooling systems croak and have to be replaced, etc. I also wouldn't feel comfortable hosting a large number of ASICs owned primarily by others without insurance & additional security. I agree it's a tough sell down the line, but if we're all making money, then who knows where this thing could lead.

Thanks for the vote and the comments. 

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December 16, 2012, 05:44:22 AM
 #10

The hardware already owned + the already pre-ordered ASIC.  Are they being GIVEN to the company by you?  SOLD to the company by you (If so, for how much?), loaned to the company by you? 

Imagine a scenario where you only ever sell 100 shares.  Do those 100 shares (and your own 25) then own the hardware (plus the cash from the 100 sold shares)?  If not, what relevance does the hardware have to the offering?

After how you started DMF (for those who don't know it was given a small portfolio of shares before sales even started - adding great value to the IPO), wouldn't surprise me if you were giving them - and hoping that would generate enough sales that your 20% would cover it - it sure worked well for DMF.  But would like to be sure.
creativex
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December 16, 2012, 06:54:36 AM
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The hardware already owned + the already pre-ordered ASIC.  Are they being GIVEN to the company by you?  SOLD to the company by you (If so, for how much?), loaned to the company by you?

These items are being given to the company and will be 100% owned by shareholders.

Quote
Imagine a scenario where you only ever sell 100 shares.  Do those 100 shares (and your own 25) then own the hardware (plus the cash from the 100 sold shares)?  If not, what relevance does the hardware have to the offering?

I've imagined such a scenario, though it's not my favorite version. Smiley I don't expect that to happen once my commitment to this endeavor is demonstrated.

Quote
After how you started DMF (for those who don't know it was given a small portfolio of shares before sales even started - adding great value to the IPO), wouldn't surprise me if you were giving them - and hoping that would generate enough sales that your 20% would cover it - it sure worked well for DMF.  But would like to be sure.

I choose to look at it as a long term commitment to a business startup. Businesses require initial funding, as well as effective management to succeed, I'm committed to providing both of these things.

Thank you for providing an opportunity to clarify this point.

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December 16, 2012, 08:45:23 AM
 #12

The hardware already owned + the already pre-ordered ASIC.  Are they being GIVEN to the company by you?  SOLD to the company by you (If so, for how much?), loaned to the company by you?

I love how due diligence is significantly up these days.

Thank you for providing an opportunity to clarify this point.

Right answer.

Holy hell, we've grown as a community?!

My Credentials  | THE BTC Stock Exchange | I have my very own anthology! | Use bitcointa.lk, it's like this one but better.
creativex
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December 16, 2012, 01:55:44 PM
 #13

...
Should management be unable or unwilling to continue operations of bASIC-MINING, a suitable replacement, designated by management, will be sought out. If none can be found, all outstanding shares of bASIC-MINING will be bought back at a price no less than 105% of the 7d Avg price.

Since the hardware is owned by the shareholders, shouldn't you be saying that the hardware will be liquidated and the proceeds will be distributed to the shareholders? What about the 30% of mining revenue held in reserve? Or, do you intend to keep it?

You are absolutely right. This language was added to LTC-DMF's prospectus prior to trading, but failed to make it into this contract, this has been corrected. Thank you for bringing this to my attention.

Quote
Though, I don't know how you can guarantee to pay 105% of the 7d Avg price. How do you ensure that the 7d Avg price is not manipulated. For example, if people found out that you are shutting down, they would buy as many shares as possible beforehand in order to drive the average price up as high as possible. On the other hand, you could counter that by dumping all your shares onto market to drive the average price down. This could be a problem.

Likely I'd simply halt trading prior to announcing closure. Closing down can be a messy business, someone is surely to be unhappy regardless of how it's handled, I simply chose the way that seemed most fair.


creativex
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December 16, 2012, 04:22:59 PM
 #14

Unlucky post count +1. Cheesy

Close call.

Deprived
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December 17, 2012, 02:27:56 AM
 #15

One more minor clarification needed.

Contract says:

"For every four IPO shares of bASIC-Mining sold one share will be paid
to bASIC-MINING management as a founder?s stake."

The issue not addressed is what happens if the company itself buys back shares.  Two options I see:

1.  Company not allowed to buy back shares.
2.  If share bought back then 1 founder share returned for each 4 bought back.

I'm sure you can see why one of these two is needed.
creativex
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December 17, 2012, 06:18:28 AM
 #16

Approved and open for trading! Thanks to all LTC-GLOBAL moderators.

creativex
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December 17, 2012, 06:34:43 AM
 #17

One more minor clarification needed.

Contract says:

"For every four IPO shares of bASIC-Mining sold one share will be paid
to bASIC-MINING management as a founder?s stake."

The issue not addressed is what happens if the company itself buys back shares.  Two options I see:

1.  Company not allowed to buy back shares.
2.  If share bought back then 1 founder share returned for each 4 bought back.

I'm sure you can see why one of these two is needed.

Interesting point. You must stay awake thinking this stuff up. Smiley

It's not inconceivable that a situation could develop in which it would benefit shareholders sufficiently to justify the buy back of shares. As such I wouldn't care to rule out the option entirely, particularly as it's mentioned in the contract in the event of closure. If such a scenario did play out, I think it only fair that the same ratio apply, and those founder shares be returned as well.

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December 17, 2012, 09:05:37 AM
 #18

How many BTC a week do you expect to be generated?
creativex
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December 17, 2012, 12:57:45 PM
 #19

How many BTC a week do you expect to be generated?

At which point? You mean following delivery of the company's bASIC01 or prior?

I can only speculate as obviously future difficulty is well...difficult to predict, but a 72Gh/s bASIC01 at current difficulty would be expected to mine 75BTC in 7 days.

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December 17, 2012, 02:58:45 PM
 #20

Just a quick update.

5 of 6 GPUs are mining BTC, current hashrate is 1417.993. One of the 6770s is cranky this morning and I cannot attend to it at this time, so I've taken it down. I'm expecting a shipment of risers and will reconfigure some hardware upon receipt. The hashrate shortfall will be paid out of pocket until the vacationing card can be put back to work.

As there are now 15 outstanding shares of bASIC-MINING, daily dividends will begin this evening.

I'm preparing some wizardry to add more hours to the day. If successful I will use the additional time to work on the spreadsheet and get some more detailed financial info posted here:

https://docs.google.com/spreadsheet/ccc?key=0ArTS7AD--9SWdDNfb0lRNElqS1k1eGRoWEw2TGM4NlE#gid=0

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