[BTC-TC and BF] MININGCO.ETF - Closed

[miTgiB]

Cognitive currently has motions open to readjust its ASIC device purchases, including ordering a ASICMINER Blade 10GH device. At ~50 Bitcoins, it's expensive.
Avalon looks to be shipping batch 2. This will help GMP and later bASIC-MINING.

Cognitive is a dog with fleas of our assets, I've said it before, saying it again, all the motions they've presented have only destroyed shareholder value. Avalon batch 2 is confirmed shipped, are GMP and bASIC-MINING in that batch?

[creativex]

Cognitive currently has motions open to readjust its ASIC device purchases, including ordering a ASICMINER Blade 10GH device. At ~50 Bitcoins, it's expensive.
Avalon looks to be shipping batch 2. This will help GMP and later bASIC-MINING.

Cognitive is a dog with fleas of our assets, I've said it before, saying it again, all the motions they've presented have only destroyed shareholder value. Avalon batch 2 is confirmed shipped, are GMP and bASIC-MINING in that batch?

bASIC-MINING's batch 2 order was placed on Feb 3, the 2nd day batch 2 was open.

[Carnth]

all the motions they've presented have only destroyed shareholder value.

I agree that Cognitive should stick with what they got (BFL pre orders). That's why MININGCO.ETF has voted "no" on the motions. And the 10GH Asicminer Blade for BTC50 is just extortion. Freidcat knows this and can get away with it because no one else on the planet is currently selling a competing product.

MININGCO,ETF has companies that are heavy in BFL (Cognitive, Nasty) and Avalon (bASIC-MINING, GMP). As long as someone somewhere gets an ASIC device, we will be in a much better position. All the latest news indicates that this will be happening soon.

[Carnth]

wisard recently put a group-buy of 4 Avalons (batch 3) up on Bitfunder

https://bitfunder.com/asset/Win.Avalon

If the equipment is ever sold in the future, proceeds from it will be divided amongst all existing shares equally.

This might fall under the category of a Mining Company.

Shares issued via BitFunder do not represent equity ownership in any real-world business entity.
The shares are solely a distribution mechanism for rights to profits.

But this does not.


I would like to get opinions from everyone. Would MiningCo.ETF benefit from including Win.Avalon?

Original topic.
https://bitcointalk.org/index.php?topic=194793.0

[miTgiB]

I would like to get opinions from everyone. Would MiningCo.ETF benefit from including Win.Avalon?

Original topic.
https://bitcointalk.org/index.php?topic=194793.0

Seems the initial offering is going to be priced much higher than the cost of equipment, maybe not terrible, but I don't get a warm fuzzy feeling reading the posts. My biggest concern is someone else being paid 10% of income to maintain the equipment.  People should be paid for their time, but something like creativex has setup for bASIC-MINING retaining a share for every 4 sold allows him to participate with the shareholders just seems fair, and would rather participate with those doing the work, not someone contracting the work out like Win.Avalon

What about ASICMINER-PT? Or maybe the fractional pass-throughs are better vehicles for the fund. I know you felt it was overpriced back at 0.75, and has since doubled, and then some and has maintained a higher than others dividend. The income has increased noticeably each week while all other issues decline.  The NAV has surged over time in anticipation of ASICs to arrive, and 50% of our issues will have Avalons next week it seems. BFL will ship right after the cows come home, and I am waiting along with them for a single as well.

I understand the desire to seek new issues that fit the objective of the fund, I just feel without some exposure to ASICMINER it will be a never ending battle against difficulty.

[Carnth]

I just feel without some exposure to ASICMINER it will be a never ending battle against difficulty.

Unfortunately, mining is a never ending battle against difficulty. That's why most of our underlying assets have "growth funds."

Regarding ASCIMINER, I would like to hear other opinions about including it in our fund.

[miTgiB]

I just feel without some exposure to ASICMINER it will be a never ending battle against difficulty.

Unfortunately, mining is a never ending battle against difficulty. That's why most of our underlying assets have "growth funds."

Regarding ASCIMINER, I would like to hear other opinions about including it in our fund.

Maybe I am mistaken, but I thought we had this discussion a month or so ago, you had suggested putting a motion forward, which ultimately wasn't needed, and the end result was you felt ASICMINER was simply over valued and I had pointed out lack of funds anyway to open a position.  With the micro pass throughs opening a position is not a difficult task any longer.

Maybe ASICMINER is over valued, but as it has risen 200-300% since your declaration, exposure might not have been terrible even in the smallest exposure.

My goal is not to rock this boat, if it was I'd add in a long dribble again about Cognitive, but maybe instead of new funds being used to maintain the allocations we currently hold, it go to opening a position in some ASICMINER security, my hope would be either direct ownership or the Burnside passthrough, but the TAT micro passthrough would be acceptable as well.

[Garr255]

Hey all,

According to the current vote tallies, it looks like the Cognitive motions are going to result like:
Sale of two SC Singes - yes
Purchase of Avalon chips - yes
Purchase of 50BTC "Blade" - no

With the recent addition of Cognitive's growth fund, the asset is set up to do just that: grow. Dividends and share value alike.

COG.F contracts have been selling like hot cakes these last few days, due to the purchases of hardware being soon.

With the proceeds from the SC Single auctions added to the current Cognitive reserve, we should have over 400 coins to invest in new hardware with.

If you ever see anything you disagree with in how I'm operating Cognitive, please bring it to my attention as I only want to keep improving, and external input just expedites that process

Cheers,
Garrett

[Carnth]

Total dividends of 0.05672046 (management fee waived) will be paid this week.
I waived the management fee this week to try to help our dividends as much as possible.

This week all underlying assets have improved on the news of ASICs being delivered. GMP has had a recent sell-off.
We now own a share of ASICMINER-PT.

This has caused the NAV per share to decrease to BTC0.72


Future Outlook - My guess as to what's to come.

With ASICMINER I hope we can increase our dividends for next week. And let's get those Avalon's shipped for even more dividends.



MiningCo.ETF is available on BTCT.co and as a pass-through on BitFunder.

[Carnth]

Hey all,

According to the current vote tallies, it looks like the Cognitive motions are going to result like:
Sale of two SC Singes - yes
Purchase of Avalon chips - yes
Purchase of 50BTC "Blade" - no

I think the sale of two SC singles is a big mistake. I think the only reason these should sell is if you think BFL will not deliver sometime this year (which is possible with their current track record). Having such a low order number (which we can only assume means to be shipped before higher orders) is a huge benefit.
I don't understand the how selling your best advantage to raise BTC to buy very expensive equipment that will be shipped after everyone else get's there's first can benefit to Cognitive.

I can understand the purchase of Avanlon chips. This is exactly what the growth fund in Cognitive should be used for... if Garret can get them on a board and hashing.

[miTgiB]

We now own a share of ASICMINER-PT.

Very slick buying prior to the dividend payout today

[Carnth]

We now own a share of ASICMINER-PT.

Very slick buying prior to the dividend payout today

You caught that didn't you. 

[Carnth]

The Bitcoin wallet address for the fund has been changed to 1Mining6y9NFU1cWxBgExYykwgCCoqoW8X.
Because, who doesn't like vanity addresses.

This change has been reflected in the second post and on the asset spreadsheet.

[Carnth]

Total dividends of 0.0650103 (management fee waived) will be paid this week.
I waived the management fee this week to try to help our dividends as much as possible.

While GMP continues to falter this week, bASIC-MINING, Cognitive, and ASICMINER-PT have taken off. Nasty Fans holds steady.

This has caused the NAV per share to increasse to BTC0.78


Future Outlook - My guess as to what's to come.

Currently, bASIC-MINING has a motion to purchase ASICMINER-PT. This would once again help our dividends. But getting ASIC devices in any of our underlying assets would help even more. Frustration levels are rising.



MiningCo.ETF is available on BTCT.co and as a pass-through on BitFunder.

[bitzox]

I just stumbled upon this thread and am really excited but what you are doing here. Keep up the good work!

[Carnth]

Total dividends of 0.14994327 will be paid this week.


bASIC-MINING has passed on purchasing ASICMINER-PT shares itself. This puts us in the unusual position of owing ASICMIER-PT shares ourselves and additional shares via bASIC-MINING.
This should dramatically increase our dividends.
GMP has recovered from last week's falter. All other assets are holding steady pending the arrival of ASIC mining equipment.

This has caused the NAV per share to increasse to BTC0.83


Future Outlook - My guess as to what's to come.

There are so many companies out there that are now trying to sell ASIC devices. With our underlying assets having "reserve funds," there is money available to purchase equipment. But is this the right time? It is very difficult to tell the legit ones from the scammers. All of our underlying asset managers have tough choices to make in the days to come.



MiningCo.ETF is available on BTCT.co and as a pass-through on BitFunder.

[bitzox]

Just my 2 cents but it might be worthwhile to start posting dividend yield as a percentage in addition to the actual dividend amount. You could do it as simply as dividing the dividend by the current share price. Since your fund is a closed end fund you could also divide by NAV, which would probably be more accurate. You could also calculate an annual dividend % based on dividends issued so far and a weighted average price/NAV but that would require more financial/excel knowledge and time to implement accurately.

Obviously anyone who holds your shares could do this calcualtion themself, I do it for all my BTC securities, but I feel if you included it in your weekly update it will just be one more think that makes your index fund more reputable/more like most funds traded on traditional securities markets.

All and all keep up the great work! Innovative products like yours are only helping BTC

[Carnth]

Just my 2 cents but it might be worthwhile to start posting dividend yield as a percentage in addition to the actual dividend amount.

I haven't posted dividend yields because btct.co does it for you:
On the MiningCo.ETF asset page, click on the history tab. Is what you are looking for on the top-right?

All and all keep up the great work! Innovative products like yours are only helping BTC

Thanks for the kind words.

[bitzox]

Just my 2 cents but it might be worthwhile to start posting dividend yield as a percentage in addition to the actual dividend amount.

I haven't posted dividend yields because btct.co does it for you:
On the MiningCo.ETF asset page, click on the history tab. Is what you are looking for on the top-right?

All and all keep up the great work! Innovative products like yours are only helping BTC

Thanks for the kind words.

That's exactly what I meant I was also referring to adding to your weekly update posts on this forum (ie this weeks dividend was 10.0% unannualized) but like I said its simple math and anyone can do that given that you already post the NAV.

[Carnth]

That's exactly what I meant I was also referring to adding to your weekly update posts on this forum (ie this weeks dividend was 10.0% unannualized) but like I said its simple math and anyone can do that given that you already post the NAV.

It's one of the reasons I manage the fund openly. The spreadsheet has all the numbers anyone needs to make any calculation regarding performance.

I'll see about adding some more numbers on next week's update. And if I forget, just remind me.