btt

[burnside]

Yeah, we're going to have to do something before too long.  I don't think there's a limit on the dividends displayed yet.  It just displays them all.

Mostly cuz of me prolly. I know there have been days in which I've issued several dividends to LTC-DMF investors and now daily with bASIC-MINING shares. Guess I just figured there were others that felt as I do that it's better to have your funds to do with as you please ASAP. Lemme know if I can render any assistance, no doubt you have your hands full.

Yeah, I love your approach.  Been thinking about doing it with LTC-GLOBAL myself.  An auto-dispersal feature has been on the todo list for a while, which would be a great complimentary feature.

I just need to figure out how to handle it in the interface.  You really should be able to access ALL of the dividends somehow.  Just not all on the initial load.    Time to sharpen my ajax skills a bit.

[creativex]

Yeah, we're going to have to do something before too long.  I don't think there's a limit on the dividends displayed yet.  It just displays them all.

Mostly cuz of me prolly. I know there have been days in which I've issued several dividends to LTC-DMF investors and now daily with bASIC-MINING shares. Guess I just figured there were others that felt as I do that it's better to have your funds to do with as you please ASAP. Lemme know if I can render any assistance, no doubt you have your hands full.

Yeah, I love your approach.  Been thinking about doing it with LTC-GLOBAL myself.  An auto-dispersal feature has been on the todo list for a while, which would be a great complimentary feature.

I just need to figure out how to handle it in the interface.  You really should be able to access ALL of the dividends somehow.  Just not all on the initial load.    Time to sharpen my ajax skills a bit.

That would be very handy indeed. Any way a modifier could be assigned to incoming dividends so that it could automatically dispense a fixed percentage as soon as it was paid to an asset issuer's account?

[creativex]

Daily dividend paid.

I've added some extra hashes from my file server over the last 20ish hours to include a little something extra to say thank you to bASIC-MINING shareholders. *This will not affect the bASIC-MINING balance sheet in any way.





Merry Christmas to all!

Edit: Oops...I guess that's  not really true as 30% of the bonus went to the growth fund, so the balance sheet was affected, just not in a negative way.

 

[strello]

Thank you!

Merry Christmas, and here's to a great New Year!

[creativex]

Update:

Daily dividend of 0.16041962 paid!

I've updated the OP with some figures. Also I found this post on Xmas eve by BTCFPGA PR frontman Dave Carlson on BTCFPGA's forum:

In any case I wanted to update you all on progress.  Since you didn't get your bASICs for Christmas, the least we could do is get you some good news.

Tom has been pushing hard - nothing but riding the engineers to the finish line.  We will be in production very soon.  I have also seen the hashing performance stats on a working pre-prod unit!

I hope to have more solid info next week - Tom says we will be in great shape by Jan 1.  We are *almost* there folks!

Tom especially wants to extend his thanks to all of you who have stood by us, and to wish you a Merry Christmas and Happy Holidays!

https://www.btcfpga.com/forum/index.php?topic=680.0

Sounds like things are going well and we should see our bASIC01 next month.

[havoc928]

Just purchased a few Shares, looking forward to this Investment and good luck with everything

[creativex]

Thank you for investing! We've already raised enough to fund a second bASIC01.   

[havoc928]

Do you have any kind of Estimated projection of an increase of the BTC/Share payout once the BASIC hardware gets shipped?

[Deprived]

Do you have any kind of Estimated projection of an increase of the BTC/Share payout once the BASIC hardware gets shipped?

There's no way to do that - as to do that would need to know network hash rate then.  And that depends on if BFL and ASIC-MINER ASICs are already going and how many of their units are in operation.

[creativex]

Do you have any kind of Estimated projection of an increase of the BTC/Share payout once the BASIC hardware gets shipped?

There's no way to do that - as to do that would need to know network hash rate then.  And that depends on if BFL and ASIC-MINER ASICs are already going and how many of their units are in operation.

It's exactly so. I can tell you what projected hashrate bASIC-MINING will be at when our pre-order arrives(73.6 Gh/s), but as I do not know what future network difficulty will be, I'm unable to tell you what payouts will look like. Since bASIC-MINING's hashrate will increase by a factor of 45, it's reasonable to conclude that daily dividends will be significantly higher than they are at this time. 

[Carnth]

Thank you for investing! We've already raised enough to fund a second bASIC01.   

This is great news!

I hope bASIC makes good.

[creativex]

Thank you for investing! We've already raised enough to fund a second bASIC01.

This is great news!

Indeed! I appreciate the trust my fellow shareholders have placed in me, I won't let you guys down.

I hope bASIC makes good.

Yeah, the waiting is tough, and I'm a pretty patient feller. I scan their forums regularly for any scraps of information. I spoke with Dave Carlson of BTCFPGA about preferential treatment for hardware purchases in bulk prior to creating bASIC-MINING and was assured we'd get some form of VIP treatment depending on the size of the order we can generate. He and Tom are good eggs, very affable gents.

[creativex]

I'm considering raising a motion, probably something I should've had the foresight to write into the contract anyway. The motion would simply be to suspend contributions to the reinvestment fund until the bASIC01 pre-order arrives and to instead distribute the funds as daily dividends. This would increase daily dividends by 30%.

Thoughts? It's a little tough to see a downside for shareholders on this issue, but I thought I'd ask prior to initiating a vote.

[strello]

That would be fantastic, but only if you are sure that you are covered for operating costs, repairs, breakdowns of equipment, and, of course, that you are making enough out of this venture to stay as committed to it.

I must say it's a pleasure to see someone running things so well, professionally and with so much attention to the wellbeing of their shareholders.

As you well know, others around here are not!

Thanks.

[creativex]

That would be fantastic, but only if you are sure that you are covered for operating costs, repairs, breakdowns of equipment, and, of course, that you are making enough out of this venture to stay as committed to it.

I must say it's a pleasure to see someone running things so well, professionally and with so much attention to the wellbeing of their shareholders.

As you well know, others around here are not!

Thanks.

Thank you for the kind words. It's a learning experience, so I'm likely to gaff here and there.

Operating expenses are deducted from my shares, so an increase in dividends would actually increase reimbursement of power costs and breakdowns. The reinvestment fund belongs to us all and is simply there to ensure that bASIC-MINING can continue to grow to keep up with the growth of the BTC network, rather than stagnating like a fixed rate mining bond. The contributions are rather small just now however as there's only so much juice that can be squeezed out of six GPUs.   I think the funds are probably better allocated rewarding early investors and encouraging more investors at this juncture. Encouraging more investors could help us generate a larger bulk ASIC purchase and potentially lower purchase prices and/or increase future hashrate, thus increasing contributions to dividends and the reinvestment fund...etc.

In the future I expect the reinvestment fund to be a vital working part of our company's structure, but just now it's not enough to really justify the reduction in dividends.

I'm going to open a motion so we can all weigh in on this, thanks for the input.

[creativex]

Motion to suspend Reinvestment Fund payments until the company's bASIC01 arrives has passed. Results are:

434 Yay 0 Nay with 434/471(92.1%) of votes counted.

As a result of this vote I've paid out 100% of earnings over the past 24 hours and will continue to do so until such time as the company's bASIC01 arrives.

Daily dividend is 0.23124148/463 = 0.00049944 per share.

Daily yield = 0.15134595%

Annual Percentage Yield(APY) = 55.241%

Thanks everyone for voting. Enjoy your weekend!

[creativex]

Daily dividend was a little late today and as a result slightly larger than average at 0.24381336(.00051765/share).

I've begun updating the OP with investment data. Although I probably won't be able to update it every day, I won't let it get too far out of date. As always you can get information about bASIC-MINING at the homepage/spreadsheet which has also received more detailed investor data:

https://docs.google.com/spreadsheet/ccc?key=0ArTS7AD--9SWdDNfb0lRNElqS1k1eGRoWEw2TGM4NlE&pli=1#gid=0

As the google shared spreadsheet is much easier for me to update, it will likely be a better source of up to date information than the front page here.

If anyone has any requests for financial data that they'd like to see detailed I'm open to suggestions and will attempt to incorporate them into future updates.

Happy New Year!

[creativex]

I've been contacted by multiple potential investors, interested in buying shares, but concerned that a GLBSE like default could occur at BTC-TC leaving bASIC-MINING shareholders in limbo. I'd like to assure everyone that BTC-TC has been set up in such a way that a complete loss of shareholder data is not possible. Asset issuer accounts are automatically emailed updated shareholder lists every 12hrs. These lists contain the email address of record and number of shares held by each investor in bASIC-MINING.

I receive these lists and they are stored in an outlook data file, which is backed up once/week on my file server. I've also created a hard copy of this information and filed it away for safe keeping(I'm a meticulous record keeper) and I'll update this copy once/week. Please rest assured that every precaution has been taken to avoid a repeat of the disastrous GLBSE default. If contact with BTC-TC is lost for a contiguous 72hrs I will retrieve the most recent shareholder list and begin confirming holdings via email, 48hrs after that if contact with BTC-TC has not been restored I will begin collecting payment addresses from confirmed shareholders so that manual payments may resume within 7 days. Any shares that cannot be matched to a payment address will have their share of dividends set aside until such time as payments can be resumed.

Thank you and please be assured that although investing will always entails some measure of risk, this particular risk has been all but eliminated.

I've become so comfortable with the LTC-GLOBAL/BTC-TC platform that I sometimes forget it's been around for a relatively short time frame and many are still unaware of it's existence or safeguards. I've quoted my above comments on the front page.    

[Deprived]

I've been contacted by multiple potential investors, interested in buying shares, but concerned that a GLBSE like default could occur at BTC-TC leaving bASIC-MINING shareholders in limbo. I'd like to assure everyone that BTC-TC has been set up in such a way that a complete loss of shareholder data is not possible. Asset issuer accounts are automatically emailed updated shareholder lists every 12hrs. These lists contain the email address of record and number of shares held by each investor in bASIC-MINING.

I receive these lists and they are stored in an outlook data file, which is backed up once/week on my file server. I've also created a hard copy of this information and filed it away for safe keeping(I'm a meticulous record keeper) and I'll update this copy once/week. Please rest assured that every precaution has been taken to avoid a repeat of the disastrous GLBSE default. If contact with BTC-TC is lost for a contiguous 72hrs I will retrieve the most recent shareholder list and begin confirming holdings via email, 48hrs after that if contact with BTC-TC has not been restored I will begin collecting payment addresses from confirmed shareholders so that manual payments may resume within 7 days. Any shares that cannot be matched to a payment address will have their share of dividends set aside until such time as payments can be resumed.

Thank you and please be assured that although investing will always entails some measure of risk, this particular risk has been all but eliminated.   

At present if the site vanishes then using the methodology described above you'd have data that was 0-12 hours out of date (which means it likely wouldn't be wrong by much - but there's a good chance it WOULD be inaccurate.  You can already pretty much eliminate that by polling the list via an API  call - a cron job running curl with output to a file should do the job if using linux.  Think there'll be a website tracking trading before too long - which will mean an easy way to find out if a list IS still up to date.  And a windows tool to grab the list regularly wouldn't exactly be hard to write.

[creativex]

Indeed, it wouldn't be up to the minute, but I have my own count of outstanding shares that I maintain and update regularly, so there'd likely be only a small number of shares that would need to be accounted for. These shares would have their portion of revenue set aside until communication could be resumed or proof of ownership could be established. A little deductive reasoning might be necessary to account for 100% of outstanding shares if such a scenario came to pass, but I think it's safe to say we're pretty well protected against large information loss at this point.