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

[Carnth]

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

Yes, I will still be a shareholder, but that's all I would be. I can offer guidance, but do not think that I would co-mange.
This would be a complete transfer of management.


This is not just iCEBREAKER's thread. I welcome any comments, questions or concerns for me or OgNasty.

[Carnth]

Total dividends of 0.51421449 will be paid this week.

This is about 0.00020173 per share with an instant annual dividend yield of 22.67%

This week, our underlying assets continues to suffer becuase of btct.co closing.

This has caused the NAV per share to decrease to BTC0.0463


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

With btct.co closing, many of our underlying assets are wondering "where should we go now?"
All of our underlying assets have pledged to continue on. MiningCo.ETF will continue on as well, by moving to BitFunder.

One thing will change, I will be stepping down as the asset/fund manager. Please see this post for information about it.
However, I will not force a new manager on you. Every shareholder has the choice: change managers, or the fund will close.
The motion to vote is open NOW, so please vote.



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.

[ffwong]

Total dividends of 0.51421449 will be paid this week.

This is about 0.00020173 per share with an instant annual dividend yield of 22.67%

This week, our underlying assets continues to suffer becuase of btct.co closing.

This has caused the NAV per share to decrease to BTC0.0463


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

With btct.co closing, many of our underlying assets are wondering "where should we go now?"
All of our underlying assets have pledged to continue on. MiningCo.ETF will continue on as well, by moving to BitFunder.

One thing will change, I will be stepping down as the asset/fund manager. Please see this post for information about it.
However, I will not force a new manager on you. Every shareholder has the choice: change managers, or the fund will close.
The motion to vote is open NOW, so please vote.



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.

Thanks Carnth for your management so far. I have voted for continuation of this ETF, especially during this period of time. One thing I hope the new manager can do is to include more mining companies as there are more competitors appearing. I think this is important for this ETF to continue its growth.

Since moving MININGCO.ETF from btct to bitfunder has to be done for every shareholder, is there any announcement of detail steps for all shareholders to follow?  e.g. matching the btct account name with that on bitfunder?

[Carnth]

Since moving MININGCO.ETF from btct to bitfunder has to be done for every shareholder, is there any announcement of detail steps for all shareholders to follow?  e.g. matching the btct account name with that on bitfunder?

For now, there are still a few hours of market trading left. As I have said, I will let trading on btct.co continue until Burnside shuts it off.

After that, I ask that everyone wait on "standby."  I will work out a plan to transfer shares to BitFunder. Remember, I will have a list of shares and which email and Bitcoin address they belong to.
I am trying to come up with an easy way to transition to BitFunder for both shareholders and myself. The plan I have right now (based on my NASTY-PT transfer plan) is effective, but is very time consuming and laborious for me. If I can't find an easier way, then we'll just go with that.

[ffwong]

Since moving MININGCO.ETF from btct to bitfunder has to be done for every shareholder, is there any announcement of detail steps for all shareholders to follow?  e.g. matching the btct account name with that on bitfunder?

For now, there are still a few hours of market trading left. As I have said, I will let trading on btct.co continue until Burnside shuts it off.

After that, I ask that everyone wait on "standby."  I will work out a plan to transfer shares to BitFunder. Remember, I will have a list of shares and which email and Bitcoin address they belong to.
I am trying to come up with an easy way to transition to BitFunder for both shareholders and myself. The plan I have right now (based on my NASTY-PT transfer plan) is effective, but is very time consuming and laborious for me. If I can't find an easier way, then we'll just go with that.

Will BitFunder new policy on US citizens affecting our transfer? Or affecting the operation of this ETF?
I am not a US citizen, so it does not hurt me except the share price.
Our NAV will drop further, at least temporarily.

[Ashitank]

We getting hammered from every corner lolz , but that's life every storm shall pass & life shall continue

[Carnth]

Will BitFunder new policy on US citizens affecting our transfer?

Yes.

Or affecting the operation of this ETF?

Yes.


I have always managed this fund in an open and honest manner. And I will continue to be open and honest to the end of this fund.


BitFunder closing it's doors to US citizens affects MiningCo.ETF drastically. I am a US citizen. As such I will not be able to manage the fund.
This also excludes OgNasty taking over as a fund manager.

I have reached out to other people since the end of September, asking if they would be interested in managing the fund. They are either US citizens themselves or have declined.


This leaves only one choice: shutting down the fund.


There is a potential problem: Liquidation of some of the underlying assets.

We have 5 underlying assets in the fund. Here is the current information that I have on each:

ASICMINER
MiningCo.ETF will get direct shares. These can be sold on the forums.



bASIC-MINING
CreativeX manages bASIC-MINING and has not made a determination of where it will go. I can't do anything with our bASIC-MINING shares until creativex makes a move.
CreativeX is a US citizen


Cognitive
Garret mannages Cognitive and is in the same boat as creativex. No determination has been made where Cognitive will go. Garret is a US citizen.



Glari Mining Project
GMP is on cryptostocks and has avoided all of the exchange issues. These shares can be liquidated.


Nasty Fans
Nasty Fans is on its own proprietary platform. The shares can be liquidated; although the market there can be slow.


To help speed up liquidation, I will look to offer direct sales of underlying assets; however btct.co transfers are currently not working.
So, if you want to make an offer for assets, send a PM. (When sending a PM, please understand that this is an extremely busy time for me.) Be advised, I may post your offer publicly in this thread as part of my open and honest policy (for example: Got an offer for 5 shares @ 0.11 each).

If anyone has any suggestions to help make this process go smoother, please post I am willing to listen to any ideas.

[ffwong]

I have always managed this fund in an open and honest manner. And I will continue to be open and honest to the end of this fund.


BitFunder closing it's doors to US citizens affects MiningCo.ETF drastically. I am a US citizen. As such I will not be able to manage the fund.
This also excludes OgNasty taking over as a fund manager.

I have reached out to other people since the end of September, asking if they would be interested in managing the fund. They are either US citizens themselves or have declined.


This leaves only one choice: shutting down the fund.


There is a potential problem: Liquidation of some of the underlying assets.

We have 5 underlying assets in the fund. Here is the current information that I have on each:

ASICMINER
MiningCo.ETF will get direct shares. These can be sold on the forums.



bASIC-MINING
CreativeX manages bASIC-MINING and has not made a determination of where it will go. I can't do anything with our bASIC-MINING shares until creativex makes a move.
CreativeX is a US citizen


Cognitive
Garret mannages Cognitive and is in the same boat as creativex. No determination has been made where Cognitive will go. Garret is a US citizen.



Glari Mining Project
GMP is on cryptostocks and has avoided all of the exchange issues. These shares can be liquidated.


Nasty Fans
Nasty Fans is on its own proprietary platform. The shares can be liquidated; although the market there can be slow.


To help speed up liquidation, I will look to offer direct sales of underlying assets; however btct.co transfers are currently not working.
So, if you want to make an offer for assets, send a PM. (When sending a PM, please understand that this is an extremely busy time for me.) Be advised, I may post your offer publicly in this thread as part of my open and honest policy (for example: Got an offer for 5 shares @ 0.11 each).

If anyone has any suggestions to help make this process go smoother, please post I am willing to listen to any ideas.

Is it possible to turn BOTH this fund and all its underlying assets into direct shares and continue to run this fund by OgNasty?

I think people like me purchasing this ETF is targeting for more long time investment and do not mind to continue receiving dividend even this fund is running in the form of direct share.

I think it is a bad timing to sell at this moment. The valuation of the underlying asset will be very low.

[Ashitank]

I agree , I am facing 1.5 BTC loss right now , I am in for continuation of this asset as direct shares.

[supermono]

I agree , I am facing 1.5 BTC loss right now , I am i for continuation of this asset as direct shares.

+1

[Carnth]

Total dividends of 0.30730925 will be paid this week.

This is about 0.00012056 per share with an instant annual dividend yield of 14.96%

btct.co market trading is closed. BitFunder is excluding US customers.

This has caused the NAV per share to decrease to BTC0.0419

The NAV is based on the last price for btct.co assets.



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

Last week's vote to continue on with a new fund manager is now moot. BitFunder closing to US customers is devastating, especially to MiningCo.ETF. There is no one to continue managing the fund.
The question has been raised "Can we move to 'direct' shares." And the answer is: Yes. This looks like the only alternative we have at this point as liquidating will take longer than the time allotted to us.
Do not mistake that moving to direct shares means that the fund will continue. It simply gives us time to liquidate in a more orderly fashion (as opposed to selling off at fire sale prices).

If we go to a "direct" share system, dividends may be less frequent--such as biweekly or monthly, or even stop.
Dividends may stop altogether and be collected and disbursed when the fund is totally liquidated. I would like to discuss this.

Please make sure to set a Public Withdraw address in your btct.co account. You need to have this. DexX7 (who manages CipherminePT) has a great "how-to" post here:
https://bitcointalk.org/index.php?topic=283947.msg3233637#msg3233637

I will continue to listen to any other ideas brought up in this thread.

[AlanX]

I would prefer to keep the fund under management some how some way.

But if that just isn't possible, I am assuming you will liquidate to my public btct.co bitcoin address?

[ffwong]

Total dividends of 0.30730925 will be paid this week.

This is about 0.00012056 per share with an instant annual dividend yield of 14.96%

btct.co market trading is closed. BitFunder is excluding US customers.

This has caused the NAV per share to decrease to BTC0.0419

The NAV is based on the last price for btct.co assets.



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

Last week's vote to continue on with a new fund manager is now moot. BitFunder closing to US customers is devastating, especially to MiningCo.ETF. There is no one to continue managing the fund.
The question has been raised "Can we move to 'direct' shares." And the answer is: Yes. This looks like the only alternative we have at this point as liquidating will take longer than the time allotted to us.
Do not mistake that moving to direct shares means that the fund will continue. It simply gives us time to liquidate in a more orderly fashion (as opposed to selling off at fire sale prices).

If we go to a "direct" share system, dividends may be less frequent--such as biweekly or monthly, or even stop.
Dividends may stop altogether and be collected and disbursed when the fund is totally liquidated. I would like to discuss this.

Please make sure to set a Public Withdraw address in your btct.co account. You need to have this. DexX7 (who manages CipherminePT) has a great "how-to" post here:
https://bitcointalk.org/index.php?topic=283947.msg3233637#msg3233637

I will continue to listen to any other ideas brought up in this thread.

I fully understand the heavy workload for frequent dividend distribution. And it seems not worthy to have such workload if the dividend is low. May be we can have a new mechanism for dividend distribution, something like automatic payout at mining pools

- Each week we still have REPORT of (cumulative) dividends on the googledoc (any online spreadsheet)

- The dividend will be accumulated but not be distributed, and also not for further investment
   Until one the condition being satisfied:
  a) the cumulative dividend reaches a threshold (e.g. 0.001 BTC per share or whatever appropriate)
  OR
  b) the day is the last dividend day of each month (i.e. at least we get dividend once per month). I am open to whether it is monthly or even bi-monthly

I hope with this new mechanism, we can save the time of the fund manager.

[Carnth]

I would prefer to keep the fund under management some how some way.

I would like to keep the fund going with a new manager too.
But as I have said...

I have reached out to other people since the end of September, asking if they would be interested in managing the fund. They are either US citizens themselves or have declined.

There is no one else to manage the fund. If anyone knows someone who would like to take over, please ask them to post here in this thread.

But if that just isn't possible, I am assuming you will liquidate to my public btct.co bitcoin address?

This is the current plan. But Liquidating is a tricky situation. You don't want to sell to fast and take a huge loss, but you also don't want to wait around for a long time.

- Each week we still have REPORT of (cumulative) dividends on the googledoc (any online spreadsheet)

- The dividend will be accumulated but not be distributed, and also not for further investment

That is my plan.
I will continue to keep the spreadsheet updated. Dividends will be kept as cash and distributed in a lump sum with all other proceeds from liquidated assets.


I would like everyone's thoughts about this. I am trying to keep things fair for everyone involved.

[Carnth]

I would like everyone's thoughts about this. I am trying to keep things fair for everyone involved.

No one has contacted me about managing the fund. At this point I am moving forward.

No one has made any other suggestions so, I am going to start the "direct" share plan.
Moving to a "direct" share plan is the only way that I can think of that will allow us time to liquidate our underlying assets post btct.co/Bitfunder.

Moving to "direct" shares will require everyone to "register" your shares with me and I will keep a record of which public address has how many shares.
Part of the registration process will involve signing a message with your public Bitcoin address. This proves that you own the address.
This also means that you need to use and address from a wallet where you have access to the private keys. Some examples of wallets that would work are: The standard Bitcoin wallet; Multibit; blockchain.info/wallet. If you need to change your public Bitcoin address in your exchange account (on btct.co or BitFunder) do it right now.
Remember, it doesn't have to be an address that you use for your coins, but it will be where your liquidated proceeds are sent.

Both btct.co and BitFunder MiningCo.ETF shares must be converted to direct shares in order to receive your liquidated proceeds. Any shares that are not registered by the deadline will be considered a donation to me.


I will start the direct share plan and have more details within the next couple of days. For now, please ask questions, or post your comments about this plan. Two way communication is the best way to keep this open and fair for everyone.

[Carnth]

No dividends will be paid this week. Instead, we are moving to direct shares.


We are moving to direct shares for liquidation.
All shareholders on both exchanges are required to participate in order to get your shares registered for liquidation proceeds.

Here is the process:

Make sure your account has a public withdraw address.
On BitFunder, this is most likely already done.
On btct.co, please follow the instructions in this post.

Make sure you know how to sign a message using Bitcoin.
Instructions for signing a message can be found in the same post, under the section "How can you be sure that you are able to proof the ownership of your withdrawal address?"

Using your client wallet, sign a message with your public Bitcoin address and save the signature. This will verify that you own the shares.
Sign this message: miningco.etf
Make sure there are no spaces before/after above or below.

Fill out the Direct Share Transfer Form.
https://docs.google.com/forms/d/19_46azDkyRbQaD8i2cnZNTPiOvrdP5trpMAiu5jdBeo/viewform
If you have shares on both exchanges, register twice--once for each exchange and the number of shares you have there.

Check that your shares are transferred.
After I verify the Bitcoin signature of each submission, shares will be tied with that public address and posted in the official share spreadsheet:
https://docs.google.com/spreadsheet/ccc?key=0AqLxDN0JzEUNdHNONWVCUFM3ekZFN3ZYd0FycTh3N0E

Shares in the exchanges will no longer hold any value.
Do not buy or sell any shares on the exchange. If you submit a transfer request that does not match the number of shares on the exchange, I will reject it.

Going through this transfer process is required to receive liquidation proceeds.
Any shares not transferred will not receive anything--these proceeds will be evenly distributed to those that have registered.

Start your share transfer process now.
If you have any questions, post them in the the BitcoinTalk forum, or send an email.
https://bitcointalk.org/index.php?topic=134389.240



Summary:

All shareholder fill out this online form: https://docs.google.com/forms/d/19_46azDkyRbQaD8i2cnZNTPiOvrdP5trpMAiu5jdBeo/viewform


Check for your shares here: https://docs.google.com/spreadsheet/ccc?key=0AqLxDN0JzEUNdHNONWVCUFM3ekZFN3ZYd0FycTh3N0E


The above has been posted as "News" items on both exchanges
Please reply with questions or comments.

[iCEBREAKER]

No dividends will be paid this week. Instead, we are moving to direct shares.


We are moving to direct shares for liquidation.
All shareholders on both exchanges are required to participate in order to get your shares registered for liquidation proceeds.

Here is the process:

Make sure your account has a public withdraw address.
On BitFunder, this is most likely already done.
On btct.co, please follow the instructions in this post.

Make sure you know how to sign a message using Bitcoin.
Instructions for signing a message can be found in the same post, under the section "How can you be sure that you are able to proof the ownership of your withdrawal address?"

Using your client wallet, sign a message with your public Bitcoin address and save the signature. This will verify that you own the shares.
Sign this message: miningco.etf
Make sure there are no spaces before/after above or below.

Fill out the Direct Share Transfer Form.
https://docs.google.com/forms/d/19_46azDkyRbQaD8i2cnZNTPiOvrdP5trpMAiu5jdBeo/viewform
If you have shares on both exchanges, register twice--once for each exchange and the number of shares you have there.

Check that your shares are transferred.
After I verify the Bitcoin signature of each submission, shares will be tied with that public address and posted in the official share spreadsheet:
https://docs.google.com/spreadsheet/ccc?key=0AqLxDN0JzEUNdHNONWVCUFM3ekZFN3ZYd0FycTh3N0E

Shares in the exchanges will no longer hold any value.
Do not buy or sell any shares on the exchange. If you submit a transfer request that does not match the number of shares on the exchange, I will reject it.

Going through this transfer process is required to receive liquidation proceeds.
Any shares not transferred will not receive anything--these proceeds will be evenly distributed to those that have registered.

Start your share transfer process now.
If you have any questions, post them in the the BitcoinTalk forum, or send an email.
https://bitcointalk.org/index.php?topic=134389.240



Summary:

All shareholder fill out this online form: https://docs.google.com/forms/d/19_46azDkyRbQaD8i2cnZNTPiOvrdP5trpMAiu5jdBeo/viewform


Check for your shares here: https://docs.google.com/spreadsheet/ccc?key=0AqLxDN0JzEUNdHNONWVCUFM3ekZFN3ZYd0FycTh3N0E


The above has been posted as "News" items on both exchanges
Please reply with questions or comments.

I changed my address and filled out the form.

Where/when in this process do we transfer the shares to you?

edit: Did you buy back any CHEEP SHAERZ^tm when it crashed?

[Carnth]

So far, the transfer to direct shares has been going fairly smoothly. Just a few bumps here and there.
After you submit your shares, I have to manually process your request, check your Bitcoin signatures, etc. So the process is a little slow on my end.

You can check your results on the Direct Share spreadsheet:
https://docs.google.com/spreadsheet/ccc?key=0AqLxDN0JzEUNdHNONWVCUFM3ekZFN3ZYd0FycTh3N0E

Remember, it takes a little while for me to process the transfers, so you will not see your results right away. It may take up to a couple of days, but usually less than 24 hours.

How to interrupt the results:
Search for your submitted Public Bitcoin address, if it's there and has a number of shares next to it. You are done! You now have direct shares.
If your Public Bitcoin address has no shares listed and is highlighted in red color, then there is a problem. Where possible, I have tried to leave notes/hints so that the problem can be corrected. After the problem(s) are fixed, please submit again.
If your Public Address is not there, then I haven't processed your request yet. Please wait a couple of days. If it's still not there, then feel free to send me a PM to check the status.

The most common problem I have seen is an invalid Bitcoin Signature. This is most likely due to putting a space before, after, above, or below text.
An invalid signature can also be caused by Capital letters... Signatures are very sensitive, one thing wrong will cause the signature to be invalid.
This is the only text that should be in the box when you sign:

Code:

miningco.etf

For more help on how to sign, here is a Youtube video that I found:
http://youtu.be/3oxM9_OCQKM?t=35s

After you create your signature, make sure to check it! Go to this website:
http://brainwallet.org/#verify?vrMsg=miningco.etf
Paste in the signature that was generated, click "verify message" and make sure your Public Address appears. If any other Bitcoin address appears, then the signature is invalid.

I changed my address and filled out the form.

Where/when in this process do we transfer the shares to you?

Do not transfer any shares to the Fund's exchange account. Shares on btct.co will "go away" when the site shuts down.
Shares on BitFunder will be destroyed after a deadline we need to agree on.

There must be a deadline for transfers to direct shares. Everyone, how long should this be?
I can't pay any proceeds until all shares are transferred.
Any shares not transferred to direct shares simply lose out.
What is the best balance of being fair to everyone?

I suggest 1 month from my direct share announcement, which was made on this forum and on both exchanges on 16 Oct.

Did you buy back any CHEEP SHAERZtm when it crashed?

The fund has not traded since I announced that I would be stepping down in prep for a new manager. Someone got lucky.

But, if there are shares left over that do not transfer to direct, it would accomplish the same thing without having to actually buy back shares.

[supermono]

1 month from October 16 sounds good to me. Or if all shareholders get their shares transferred to direct before then, then we would be ready sooner.

[Carnth]

1 month from October 16 sounds good to me. Or if all shareholders get their shares transferred to direct before then, then we would be ready sooner.

It would be great if all shareholders converted to direct before the deadline. Based on my past experience, this won't happen. And I'm sure there will be some who never convert and will lose out.

Speaking of which:

We still have just under 600 shares still unaccounted for. Please make sure to register! You will not get paid your share of the liquidation proceeds unless you register.


Now on to liquidation.

All dividends will be accumulated and paid out with all proceeds after all underlying stocks have been liquidated. This will keep Bitcoin network fees to a minimum. Unfortunately, this means our coins are just sitting there for now.
All data on the spreadsheet will be kept up to date. As shares are sold, the proceeds will be moved to the fund's public Bitcoin address: 1Mining6y9NFU1cWxBgExYykwgCCoqoW8X
There is a small amount of coins in the Fund's cryptostocks account that are not in the public Bitcoin address. I haven't moved them yet because cryptostocks charges a huge 0.01 BTC withdraw fee.


I have already listed our GMP shares on crypto-stocks. Ironically, GMP just got their KNC ASICs going and dividends from them have increased dramatically. But this should help with the price as well.

I want to offer anyone reading this first chance at Nasty Fans and ASICMINER.

We have:
152 Nasty Fans seats
17 ASICMINER shares.

If anyone would like to make an offer for some shares, please send a PM to me. Minimum purchase is 5 ASICMINER and 10 Nasty Fans.


Cognitive shares are still on hold while Garret finds a new home.

bASIC-MINING is a different story. CreativeX has been on hiatus and no one can seem to get in contact with him.


This is the reason we had to move to direct shares. I knew it would take a while for some of our underlying assets to sort themselves out.


In summary:

• Register your shares
• Make an offer for Nasty Fans and ASICMINER