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

[Carnth]

Checking in with an update:

Dividends (where still being paid) are being collected. I still keep the spreadsheet updated with all dividends collected.
Most dividends are paid directly to the MiningCo.ETF's public Bitcoin address. All dividends are being collected and will be distributed along with all liquidated proceeds.

bASIC-MINING and Cognitive are the only two underlying assets that have stopped paying dividends. While Garrett (who runs Cognitive) has been vocal on the forum, creativex (who runs bASIC-MINING) is missing-in-action.
Garrett promises that all dividends will be caught up when Cognitive moves to a new exchange, which he also promises will be soon. The lack of any communication by creativex is disconcerting.

Liquidation is going much slower/worse than I thought. I know that times are tough right now for mining stocks, but I haven't had any buyers at what I feel is a fair price.

Again, if any of you would like to purchase Nasty Fan or ASICMINER directly from MiningCo.ETF, please send a PM.


The deadline for registering for direct shares is Nov 16. You must be registered as a direct share holder in order to receive liquidation proceeds. Anyone who does not register by Nov 16 will lose their shares.
There are a couple of people who are registering using a Bitcoin address that is different than the public Bitcoin address used on the exchange. You must use the same public Bitcoin address that you setup in the exchange. Your public Bitcoin address is the way I match your account with your shares. Your public Bitcoin can be different than your withdraw address... so make sure to use your Public Bitcoin address.
If you need help, please send me an email or a PM. My email address is the same username as my forum account @gmail.com

[Carnth]

Checking in:

We sold 11 of our 48 shares of GMP for a total of 4.942575 including the sales fees. This is about 0.449325 per share.
I think we might have to sell future shares at a lower price.
The proceeds from these sales and previous dividends from GMP that were accumulating at CryptoStocks have been withdrawn to the public Bitcoin address.
There is an additional 0.01 fee for each withdraw on CryptoStocks, so I will keep withdraws to a minimum.

Cognitive looks like it is closer to listing on an exchange. Usually when this happens, there is a huge sell off to start. I will be holding the shares until the price normalizes.

bASIC-MINING is still in limbo. bASIC-MINING has a lot of cash and some decent equipment. Even if it were to cease, the assets it holds are worth something. The longer that there is no word from creativex, the more grim the situation looks.

It looks like I might have to put our ASICMINER and Nasty Fans shares up for auction. I really don't want to do this, as I have no idea what the market would be willing to pay.
Another alternative is to deposit AM shares on Havelock and sell there.
Please let me know your opinion on these matters. Would you want to put AM and Nasty shares up for auction on the forum?


If you have not registered for direct shares, you need to do it now.
You also need to check the direct share list and make sure that you successfully submitted your shares. Some people are not signing the Bitcoin message properly or are using a different withdraw address used on the exchange.
If you have any problems, and need help, contact me via PM or email. Don't be afraid to contact me; I'm willing to help you.
If you do not have your shares properly registered, you will be excluded from any liquidation proceeds.

This post has all the instructions.
I also made an additional post that offers extra help.

Deadline is in 10 days: Nov 16

[supermono]

There is an additional 0.01 fee for each withdraw on CryptoStocks, so I will keep withdraws to a minimum.

I think CryptoStocks has lowered its withdrawal fee to 0.005 now. (Still too high IMHO--I think 0.001 like Havelock does would be more reasonable.)

[Carnth]

There is an additional 0.01 fee for each withdraw on CryptoStocks, so I will keep withdraws to a minimum.

I think CryptoStocks has lowered its withdrawal fee to 0.005 now. (Still too high IMHO--I think 0.001 like Havelock does would be more reasonable.)

True. This must have changed within the last week.

BTC: Minimum withdrawal is 0.02, maximum withdrawal is 20000000.0, withdrawal fee is 0.005 BTC

[iCEBREAKER]

Hi Carnth!

Over on the BASIC thread, there is a posse being formed to track down CX.

I'm sure you could contribute something to the effort.

LMK if you guys need beer/guns/money/lawyers...   

[Carnth]

Over on the BASIC thread, there is a posse being formed to track down CX.

I'm sure you could contribute something to the effort.

LMK if you guys need beer/guns/money/lawyers...   

I have been keeping up with the thread. I have spoken up because I don't have anything new to contribute that hasn't been brought up by other people.

I honestly don't know what is up the creativex. He seemed like a smart guy and knew what he was talking about. It doesn't fit his character profile to just vanish like this.



In Cognitive news, they have re-listed on Havelock and I can confirm that all our shares have been transferred.

The share price is a tad low and the volume is not there yet. I'll begin liquidating when things pick up.



This is you last chance to register your shares. There are still 500+ shares unaccounted for.
There are also a number of shares that failed during the submission process (invalid Bitcoin signature, etc.)

Check to make sure you are on the list:
https://docs.google.com/spreadsheet/ccc?key=0AqLxDN0JzEUNdHNONWVCUFM3ekZFN3ZYd0FycTh3N0E

If you are not, you will not get any proceeds from the Liquidation.

[iCEBREAKER]

I have been keeping up with the thread. I have spoken up because I don't have anything new to contribute that hasn't been brought up by other people.

I honestly don't know what is up the creativex. He seemed like a smart guy and knew what he was talking about. It doesn't fit his character profile to just vanish like this.

CX was getting pretty rabid and unhinged in some of his last posts.

He got way too egotistical and cocky because his picky zero-risk Goldilocks approach worked so well for a brief period, but then couldn't handle being slapped down (in ego and share price) when the mining situation began to change dramatically.

My guess he assumed the good times would last forever and got in over his head while drunk on his own success.

[fk1]

Since I missed bitfunders closing: any last options for my shares to change in btc?

[Carnth]

Since I missed bitfunders closing: any last options for my shares to change in btc?

Yes, follow the instructions in this post:

https://bitcointalk.org/index.php?topic=134389.msg3351025#msg3351025




For everyone else. I'll allow a little extra time, you'll have until the end of the weekend.

If you need help, send me a PM, or email me: Carnth
at gmail

I am willing to work with you to get you your shares. But after this weekend it will be too late. I have to move forward.

[fk1]

Hi,

I don't want to make another account on direct shares I want to get out of bitcoin networks. somebody willing to buy my 100 bitfunder shares?

[Carnth]

With BTC at new highs, and just being listed, our underlying assets are looking lower. Worse, creativex is still nowhere to be found.

As a group we need to make a decisions.

Do you want to drag this on and on, or should we cut our losses and payout.  The whole point of moving to direct shares was to give us a little extra time to sell off at a steady pace. But I don't want to keep this going forever. I need to shut down MiningCo.ETF permanently.

This begs the question: If we sell of everything quick cut our losses with bASIC-MINING, payout and end the fund... then a month later creativex suddenly makes a comeback and the bASIC-MINING shares are active again, who will get these proceeds?


Should we ask if there would be someone that would be willing to pay for the bASIC-MINING shares? What prices should we accept? Should we wait? For how long?



Someone please help this guy:

I don't want to make another account on direct shares I want to get out of bitcoin networks. somebody willing to buy my 100 bitfunder shares?

[fk1]

carnth the only guy who still cares about customers. my whole other asset just a real pain in the ass, same game for bitfunder. lost 35 btcs with diff assets and manipulating bitfunder bitchmove in blocking us citizens etc. but those who want to succeed need to be able to fail i guess

[Findus]

Hi Carnth,

I own 77 shares, and if you sell everything now, I will be left with 1 or 2% of my investment.

In the art of investment, cutting a loss is about letting it go when you lost 10, 20, maybe 50%, even though you have some hopes the asset will go up some day.
But when the loss is 99%, cutting your loss doesn't make much sense. Even if the chance of recovery (for example the chance of creativex coming back) is slim, say 5%, it makes more sense to wait a few months.

On the other hand, I understand that you wish to get it over with because this whole story has become painful.
But you could just forget about it and let your shareholders do your job, couldn't you? I mean, as soon as there is good news on any front (Nasty, Cog, BASIC, GMP or AM), one of us could let you know in this thread and in a PM that now is the time to sell. I'm willing to take the responsibility for Cognitive, which I follow closely. Any volunteers for the other ones?

What do you think?

[Carnth]

On the other hand, I understand that you wish to get it over with because this whole story has become painful.
But you could just forget about it and let your shareholders do your job, couldn't you? I mean, as soon as there is good news on any front (Nasty, Cog, BASIC, GMP or AM), one of us could let you know in this thread and in a PM that now is the time to sell. I'm willing to take the responsibility for Cognitive, which I follow closely. Any volunteers for the other ones?

I'm not trying to get it over with because just because it is "painful" (although it is). I am trying to "get it over with" because I don't have time to operate it. Now, I'm just trying to end it because I'm holding funds that don't belong to me.

I want to make that final payout. I want all shareholders to have their coins. Like I said, I don't have time to make small dust payments from the occasional asset sale or dividend. We're saving up to go out with a bang. 


Having you guys looking out for good prices can help move things along. Send a PM.

I also gave a choice to just cut our losses and sell now (and forget bASIC-MINING altogether). I'm conflicted because, I too, own shares.

[iCEBREAKER]

On the other hand, I understand that you wish to get it over with because this whole story has become painful.
But you could just forget about it and let your shareholders do your job, couldn't you? I mean, as soon as there is good news on any front (Nasty, Cog, BASIC, GMP or AM), one of us could let you know in this thread and in a PM that now is the time to sell. I'm willing to take the responsibility for Cognitive, which I follow closely. Any volunteers for the other ones?

I'm not trying to get it over with because just because it is "painful" (although it is). I am trying to "get it over with" because I don't have time to operate it. Now, I'm just trying to end it because I'm holding funds that don't belong to me.

I want to make that final payout. I want all shareholders to have their coins. Like I said, I don't have time to make small dust payments from the occasional asset sale or dividend. We're saving up to go out with a bang. 


Having you guys looking out for good prices can help move things along. Send a PM.

I also gave a choice to just cut our losses and sell now (and forget bASIC-MINING altogether). I'm conflicted because, I too, own shares.

As a long-term investor, I don't need divs paid very often.

After the Gamma experience, my capacity for patience has expanded a hundred-fold.

CipherTrade promises to automate those pesky dust-outs, BTW...

[Carnth]

22 shares of Cognitive sold on Havelock over the weekend @ .12 each.


After fees, a total of BTC2.62844 has been added to the public address.

[shmoula]

This spreadsheet does not look fresh. Do you have newer one, or are you planning to actualise at least list of underlying assets? Thanks!

PS as Findus wrote - waiting for the best time may be better. For example asicminer - there is plan to release 3rd generation on January 20th, so that can boost the price up; also now is auction opened with almost 1% of all AM shares, which drives price down. So maybe you should really wait a little more.

[Carnth]

This spreadsheet does not look fresh. Do you have newer one, or are you planning to actualise at least list of underlying assets? Thanks!

That spreadsheet is current and show exactly how many shares we own of each underlying asset; the BTC we have; and the dividends collected.
I keep this updated when there is a change in any of these numbers.

I will admit, the 7-Day Avg price per share has gotten stagnant. This is a result of the lack of time that I have mentioned previously; and I consider it a low priority.

[Findus]

22 shares of Cognitive sold on Havelock over the weekend @ .12 each.

That's reasonable, thank you.

I for one do not care about dust dividends, updated 7day Avg prices and detailed dividend list.
Just publish the dividend addresses, and the balances can be automatically updated by the following command
=ImportData("http://blockchain.info/q/addressbalance/"&A71)/100000000

where A71 contains the address.

Then you shouldn't have to spend much time on management.
And us shareholders will ring you when it's time to wake up (now is an ok time for Cog but you already know that).

[fk1]

Hi,

I don't want to make another account on direct shares I want to get out of bitcoin networks. somebody willing to buy my 100 bitfunder shares?