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

[Carnth]

Who ordered from KnC?
Interesting distribution of preorders though.

Glari Mining Project has KnC pre orders.
http://glari.ch/node/17

Shares can be transferred between BTCT.co and BitFunder. 10 share minimum. PM Carnth for details.

Is that new?

Transferring shares between the exchanges has been around for a while, but I never advertised it until now.

[ffwong]

Who ordered from KnC?
Interesting distribution of preorders though.

Glari Mining Project has KnC pre orders.
http://glari.ch/node/17

Shares can be transferred between BTCT.co and BitFunder. 10 share minimum. PM Carnth for details.

Is that new?

Transferring shares between the exchanges has been around for a while, but I never advertised it until now.

Is there any charge to the transfer?

[Carnth]

Transferring shares between the exchanges has been around for a while, but I never advertised it until now.

Is there any charge to the transfer?

There is no fee for the transfer as long as it is over 10 shares. I reserve the right to start charging a transfer fee at any time.
This is a completely manual process and it takes my time to complete the transfer.

I'll charge a fee if you feel the need to go back and forth between the exchanges.

Here is the process:
To get started, send a PM to me.
Explain how many shares you want to transfer and from which exchange. Make sure to include your usernames for your account on both exchanges. For example:

"I want to transfer 10 shares from btct.co -> Bitfunder. My account name on btct.co is Carnth. My BitFunder account name is Carnth."

After I get your PM, I'll reply where to transfer your shares. Do not transfer shares until you get this PM from me. Any shares you transfer to my personal account, "Carnth," will be considered a donation.
When you send the shares, I'll credit the shares to your account on the other exchange. Done.

Please remember, this is a manual process and I'm not online 24 hours a day. After you send your PMs, please give me some time to respond.

[Carnth]

Total dividends of 0.67381118 will be paid this week.

This is about 0.00027280 per share with an instant annual dividend yield of 18.03%

This week, our underlying assets continue to feel selling pressure.

This has caused the NAV per share to decrease to BTC0.0787


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

While we continue to wait for next gen ASIC gear, our dividends continue to wane.
There has been a lot of controversy over at LABCOIN. They claim to be hashing, but no proof can be found.
This is the problem with new mining companies, its difficult to tell who is doing what they promised and who is blowing hot air.


MiningCo.ETF is available on BTCT.co and as a pass-through on BitFunder.
Shares can be transferred between BTCT.co and BitFunder. 10 share minimum. PM Carnth for details.

[Carnth]

Total dividends of 0.66172686 will be paid this week.

This is about 0.00026791 per share with an instant annual dividend yield of 20.07%

This week, our underlying assets continue to feel selling pressure.

This has caused the NAV per share to decrease to BTC0.0694


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

As the difficulty continues to rise, more and more miners are feeling the pressure of dwindling returns. If you don’t have a plan to increase your hash rate then you will be left behind.
This has been brought up in the bASIC-MINING thread. Smaller (recreational) miners are being pushed off the network because they can no longer afford to mine due to aging and in-efficient mining gear. New and more efficient mining equipment costs are astronomical; leaving only large mining companies (or the rich) available to purchase.

This is concerning because the economics of mining is forcing a certain "centralization," where only large groups with enormous hashing power are mining. This is discouraging because Bitcoin is supposed to be about decentralization.

ASICMINER had a good idea with releasing USB ASIC devices--smaller units for the recreational miner. However, its initial price didn't reflect a "recreational" value.

I ask that ASIC mining fabricating companies consider the small miner and produce mining equipment that is affordable and at a price point that makes sense.

Let’s keep Bitcoin decentralized.



MiningCo.ETF is available on BTCT.co and as a pass-through on BitFunder.
Shares can be transferred between BTCT.co and BitFunder. 10 share minimum. PM Carnth for details.

[OgNasty]

Would be great if we could get some shares for sale at the NAV on the exchanges so this fund could grow.

[Ashitank]

BTCT Shutdown , what to do next for share holders stuck on btct because of Panic sell , how to transfer shares to Bitfunder ?

[Carnth]

BTCT Shutdown , what to do next for share holders stuck on btct because of Panic sell , how to transfer shares to Bitfunder ?

MiningCo.ETF is in a position to easily shift operations to Bitfunder. This will happen in an orderly fashion. But not at this exact moment.

The only thing that causes me concern is the panic sellers. There is no reason to panic. Burnside has always made it easy for asset issuers to maintain complete lists of all shareholders on btct.co.
These lists can easily be imported in to another exchange where the asset can continue on. MiningCo.ETF will be doing that.

I will also be in touch with our underlying assets that are also on btct.co (bASIC-MINIG, Cognitive, ASICMINER-PT). After I hear from them I will provide our options for moving forward.

[iCEBREAKER]

BTCT Shutdown , what to do next for share holders stuck on btct because of Panic sell , how to transfer shares to Bitfunder ?

MiningCo.ETF is in a position to easily shift operations to Bitfunder. This will happen in an orderly fashion. But not at this exact moment.

The only thing that causes me concern is the panic sellers. There is no reason to panic. Burnside has always made it easy for asset issuers to maintain complete lists of all shareholders on btct.co.
These lists can easily be imported in to another exchange where the asset can continue on. MiningCo.ETF will be doing that.

I will also be in touch with our underlying assets that are also on btct.co (bASIC-MINIG, Cognitive, ASICMINER-PT). After I hear from them I will provide our options for moving forward.

Did you score any cheap shares for us during the Great Panic of 0' 13?   

Last: ▼5@0.01  Dang, wish I'd had some skunk bids in place.

If there ever was a time for a share buyback, this would be it!

[Carnth]

Did you score any cheap shares for us during the Great Panic of 0' 13?   

Last: ▼5@0.01  Dang, wish I'd had some skunk bids in place.

If there ever was a time for a share buyback, this would be it!

Short answer: yes.

[Carnth]

Total dividends of 0.54973158 will be paid this week.

This is about 0.00021823 per share with an instant annual dividend yield of 19.54%

This week, our underlying assets succumbed to intense panic selling due to btct.co announcing its shutdown.

This has caused the NAV per share to decrease to BTC0.0581


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

Wow. btct.co.... gone.



MiningCo.ETF is available on BTCT.co and as a pass-through on BitFunder.
Shares can be transferred between BTCT.co and BitFunder. 10 share minimum. PM Carnth for details.

[Mytche]

Did you score any cheap shares for us during the Great Panic of 0' 13?   

Last: ▼5@0.01  Dang, wish I'd had some skunk bids in place.

If there ever was a time for a share buyback, this would be it!

Short answer: yes.

I would buy more shares from the fund at current NAV if you think you could use the liquidity.

[OgNasty]

Did you score any cheap shares for us during the Great Panic of 0' 13?   

Last: ▼5@0.01  Dang, wish I'd had some skunk bids in place.

If there ever was a time for a share buyback, this would be it!

Short answer: yes.

I would buy more shares from the fund at current NAV if you think you could use the liquidity.

+1

There should always be more shares to buy at the NAV.   

[Carnth]

MiningCo.ETF to change Fund Managers.

After careful consideration, I have decided to cease managing MiningCo.ETF. I am involved with other projects in the crypto world that are taking my time and feel that I can not perform my duties to the fullest extent to make this the best fund possible.
However, I am open to a new manager stepping in to completely take over operations.
OgNasty has offered to take the helm of MiningCo.ETF and manage it with the openness that I had and with the fervor that he manages Nasty Mining.

At this point, I will start a shareholder motion. Your choices are:
-Assign a new manager to MiningCo.ETF
-Shutdown the fund.

I am officially giving 30 days notice that the fund will shut down if a new manager can not be chosen.

If anyone else is interested in managing the fund, this thread is the best place for a public debate. Please post that you want to take over managing the fund, why and what approach you will take. And be prepared to answer questions.
Do not post on behalf of someone else or say "I think X should do it." Instead, show them this post.

Thank you everyone who invested in MiningCo.ETF. I know this last week has been difficult. Changing the management of this fund will make it more so. But with careful planning and open discussion, we can get through this together.

[iCEBREAKER]

IDC about BTCT shutting down, esp after their green-lighting ScamCoin but refusing Deadterra's IceDrill.

This ETF shutdown is another story.  I bought it as a safe, stable asset and now you announce it's the opposite.

Assuming no new operator, how does liquidation commence when BTCT is closed?

Will you dump our shares at low prices or wait for assets to find new homes?

May individual investors have their ETF shares' underlying assets transferred to them?

Why just not stay on Bitfunder, where all my shares are already?

Look at Gamma Fund's template for this sort of thing if you need guidance.

[Carnth]

This ETF [snip]  I bought it as a safe, stable asset

Thank you, that was my goal.

and now you announce it's the opposite.

Actually I said:

After careful consideration, I have decided to cease managing MiningCo.ETF. I am involved with other projects in the crypto world that are taking my time and feel that I can not perform my duties to the fullest extent to make this the best fund possible.

I am taking responsibility for not doing my absolute best to manage this fund. To fix this, I am trying to find someone else who has the time to do a better job. This is what I'm really announcing.

MiningCo.ETF will only shutdown if the shareholders vote to do so.

Assuming no new operator, how does liquidation commence when BTCT is closed?
Will you dump our shares at low prices or wait for assets to find new homes?

Assuming that a new manager is voted against by shareholders, I won't dump all at once. Liquidation could take a while.

May individual investors have their ETF shares' underlying assets transferred to them?

This is actually a interesting idea and will be considered... assuming that shareholders vote to shutdown MiningCo.ETF.

Why just not stay on Bitfunder, where all my shares are already?

The plan is to stay on BitFunder and to move all existing shares from btct.co to BitFunder.
Under a new fund manager, BitFunder is to be MiningCo.ETF's new home.

iCEBREAKER, I ask: How would you vote? Find a new manager or close the fund?

[iCEBREAKER]

Hi Carnth,

I prefer your light touch to riskier aggressive styles, despite my previous whining about not rebalancing.   

OgNasty means well, but his asset is in debt and AFAIK he's in the USSA.

Given a choice between gradual liquidation and transfer to an indebted American, I'm neutral and vote 'Meh.'

Need more info/candidates to get off the fence.

[Carnth]

Need more info/candidates to get off the fence.

I think more candidates would be good too. If you know anyone who would be up to the challenge, please refer them to this thread.

[OgNasty]

OgNasty has offered to take the helm of MiningCo.ETF and manage it with the openness that I had and with the fervor that he manages Nasty Mining.

Just wanted to say that this is true and I have offered to manage this fund as opposed to it closing.  I have been a fan of this fund since the beginning and do not want to see it close.  

First thing is first...  This fund holds shares of NastyFans, which I am a large part of.  This is an obvious conflict of interests, but one that I will manage well and remain open to criticism from those of you willing to remain onboard with this fund.

As far as my thoughts on how I would manage this fund...  I think Carnth did an excellent job selecting assets from trustworthy members.  I have no plans to change this fund into a yield chaser, or invest in assets offered by those who have not proven themselves to the community.  One thing I will change is that I believe there is plenty of demand for this fund, but rarely good entry points (Carnth touched on this by saying he does not have the time to manage this fund as it should be).  I think shares need to be listed for sale and adjusted regularly to account for the NAV.  I also plan to have the MININGCO.ETF thread show you all the info you need to know with automatically updating statistics showing our exact number of holdings and the fund's NAV.  This will be similar to the way I list holdings in the NASTY MINING thread.

I think there are currently lots of opportunities available for a fund like this to take advantage of, and I would look forward to the challenge of exploiting those opportunities for the profit of the fund.

If you have any comments, good or bad about me managing this fund, please feel free to share.

Given a choice between gradual liquidation and transfer to an indebted American, I'm neutral and vote 'Meh.'

Need more info/candidates to get off the fence.

An indebted American is not an accurate description of me.  While NASTY MINING is in debt as you say, our 5.8TH/s will quickly erase that debt and continue to return profits to NastyFans as I have done for well over a year.  This fund would never take on any debts of any kind, so I think that observation is moot.  I have no problems at all with regards to more candidates and if you can find someone trustworthy with more experience managing assets than I have, I urge you to ask them to offer their services on this thread.

[iCEBREAKER]

Thanks for addressing my FUD.

Sorry for the unkind characterization Og, I needed to Devil's advocate this for due diligence reasons.

Based on your informative and professional response, I'm changing my 1000+ 600+ votes to 'Go Nasty!'  

Carnth, will you still be a shareholder and available to offer us occasional guidance post-transfer?