Own a part of a 3d printer! CREATE on [BTC-TC]

[Garr255]

Hey all,

After rereading this thread and thinking about whether this would work, I've concluded that while it would be a fun project, it would not succeed as a business, or as a security on an exchange like this. As some have pointed out: the profit margin simply isn't advantageous enough to produce enough revenue to make it worthwhile.

So, I am returning all funds to shareholders via a dividend scheduled for noon today. And I'll just eat the 5btc asset creation fee.

Thanks to everyone who supported this despite its rough start. I've learned from this that I should get a diverse opinion before jumping into something. I'll always be on the prowl for new projects and businesses!

Best,
Garrett

Shares are now trading! https://btct.co/security/CREATE[/s]

Hey all,

Let's face it: 3d printers are cool. I've wanted to own one for a while but I just don't have the extra money laying around. Surely some others have this same problem, or maybe you just don't want to deal with the technicalities of the machine, and you just want something that you can say you created. Either way, I am offering a solution via the BTC-TC exchange!

10,000 shares of the asset CREATE will be, apologies for my redundancy, created. I will keep a 10% stake in the project (as I have with my mining company Cognitive) and the remaining 9,000 shares will be sold at 0.04BTC each, which will raise roughly 350 coins. With this capital, one MakerBot Replicator™ 2X along with all of the base colors of ABS plastic wire for the printer will be purchased. Remaining funds will be held for future expenditure, whether it be for repairs, additional wire, etc.

And here's the fun part: At any time, you can trade me 200 shares plus 200 * kg of wire used shares (I suspect this will be under 0.5kg for an average project) in exchange for a 3d printout of your own, mailed to you. This includes the shipping and other fees only if in the USA.

Additionally, something for the future: I am considering creating a web site for this project, where people could purchase our printing power, and profits would be distributed as dividends. This would be brought up in a motion in the coming weeks.

Why are we choosing this printer? Many people including myself believe it is the best available within our reasonable price range. Here are a few advantages it has: http://www.makerbot.com/faq/

The MakerBot Replicator 2 Desktop 3D Printer is the easiest, fastest, and most affordable tool for making professional quality models.  The MakerBot Replicator 2 sets a new standard in resolution and accuracy (true-to-life models) and build volume (size of model).  Constructed with an industrial strength pressed steel frame, which has advantages for both form and function: the machine looks perfect in an office, lab, workbench, and even the living room and is durable enough to withstand high 3D printing speeds. Top features include:

• 100-micron layer resolution.
• Very large build volume: 410 in3 (11.2 L x 6.0 W x 6.1 H in) / 6691.0 cm3 (28.4 x 15.5 x 15.2 cm).
• No-curl, no-shrink MakerBot PLA Filament, a sturdy, renewable bioplastic.
• Professionally engineered and expertly built for speed.
• Pop-out build platform for convenient print retrieval.
• New MakerBot MakerWare software that speeds the 3D printing process.
• Brand new look and feel.
• Responsive, expert customer support.

As always: comments, questions, and criticism are welcomed.

Cheers,
Garrett

[Garr255]

Updates:

Jan 16: Application for BTC-TC security will be submitted tonight. Done, waiting for moderator approval.

Jan 17: Asset approved, shares will be sold this morning (before noon PST) for the specified 0.4 coins each.

Jan 17: Shares are up for sale! https://btct.co/security/CREATE

[🏰 TradeFortress 🏰]

Hey all,

Let's face it: 3d printers are cool. I've wanted to own one for a while but I just don't have the extra money laying around. Surely some others have this same problem, or maybe you just don't want to deal with the technicalities of the machine, and you just want something that you can say you created. Either way, I am offering a solution via the BTC-TC exchange!

10,000 shares of the asset CREATE will be, apologies for my redundancy, created. I will keep a 10% stake in the project (as I have with my mining company Cognitive) and the remaining 9,000 shares will be sold at 0.04BTC each, which will raise roughly 350 coins. With this capital, one MakerBot Replicator™ 2X along with all of the base colors of ABS plastic wire for the printer. Remaining funds will be held for future expenditure, whether it be for repairs, additional wire, etc.

And here's the fun part: At any time, you can trade me 200 shares plus 200 * kg of wire used (I suspect this will be under 0.5kg for an average project) in exchange for a 3d printout of your own, mailed to you. This includes the shipping and other fees only if in the USA.

Additionally, something for the future: I am considering creating a web site for this project, where people could purchase our printing power, and profits would be distributed as dividends. This would be brought up in a motion in the coming weeks.

Why are we choosing this printer? Many people including myself believe it is the best available within our reasonable price range. Here are a few advantages it has: http://www.makerbot.com/faq/

The MakerBot Replicator 2 Desktop 3D Printer is the easiest, fastest, and most affordable tool for making professional quality models.  The MakerBot Replicator 2 sets a new standard in resolution and accuracy (true-to-life models) and build volume (size of model).  Constructed with an industrial strength pressed steel frame, which has advantages for both form and function: the machine looks perfect in an office, lab, workbench, and even the living room and is durable enough to withstand high 3D printing speeds. Top features include:

• 100-micron layer resolution.
• Very large build volume: 410 in3 (11.2 L x 6.0 W x 6.1 H in) / 6691.0 cm3 (28.4 x 15.5 x 15.2 cm).
• No-curl, no-shrink MakerBot PLA Filament, a sturdy, renewable bioplastic.
• Professionally engineered and expertly built for speed.
• Pop-out build platform for convenient print retrieval.
• New MakerBot MakerWare software that speeds the 3D printing process.
• Brand new look and feel.
• Responsive, expert customer support.

As always: comments, questions, and criticism are welcomed.

Cheers,
Garrett

Sounds pretty interesting although this seems more like an interest free loan.. where you then pay if you want to use the 3D printer.

I'd suggest giving everyone a free printout (only charge for materials + shipping) once a month or so. [/list]

[Deprived]

Certainly a novel IPO.

If people trade in shares for a print-job is the plan to then resell the shares, to use it as a means to gradually buy the printer for yourself or some mix of the two (depending on your cash situation at the time)?

[Garr255]

Sounds pretty interesting although this seems more like an interest free loan.. where you then pay if you want to use the 3D printer.

I'd suggest giving everyone a free printout (only charge for materials + shipping) once a month or so. [/list]

I like that idea. How about something in the contract like:
If you own 500 or more shares, you may choose to order one printout at-cost every thirty days.

Sound good?

Certainly a novel IPO.

If people trade in shares for a print-job is the plan to then resell the shares, to use it as a means to gradually buy the printer for yourself or some mix of the two (depending on your cash situation at the time)?

The plan is to eventually own the printer myself, either via people ordering prints or just buying back the shares. (But do not confuse this with a forced buyback. To clarify: There will NOT be a forced buyback clause for this company, and I will never perform one. As stated in the contract: I do have the ability to liquidate the assets and distribute the company's holdings among shareholders.)

Thanks to both of you for the input.

[nebulus]

One print job per month? Sorry, but... lol

[Garr255]

One print job per month? Sorry, but... lol

I don't want to spend all my free time printing things for people So this seems reasonable to me, considering I'm giving free labor here!

And to clarify, you can order as many prints as you want, and as frequent as you want when you purchase the print in exchange for shares.

[nebulus]

Aw, why not?

[Garr255]

Aw, why not?

If you're going to try to troll me, make it either funny, or stealthy enough for it to bypass my troll detector lol

[420]

so where's the listing?

[Garr255]

so where's the listing?

It didn't show up for me at first, so I manually went to https://btct.co/security/CREATE and was able to vote. For those unfamiliar with the BTC-TC platform: that's the URL that it will trading on after five moderators have approved it.

Cheers,
Garrett

[hanzac]

It's quite interesting, you'd better advertise it in your city or near, I'm sure that many people will need this convenient service. Because 3D printers are still rare, I think. It is quite useful to make tools or decorate home.

[Garr255]

It's quite interesting, you'd better advertise it in your city or near, I'm sure that many people will need this convenient service. Because 3D printers are still rare, I think. It is quite useful to make tools or decorate home.

For sure. I'll also be adding this to the list of things I bring up in bitcoin conversations haha.

How much of the printer can the printer replicate? .... I have an idea here I think

Probably not much. I think you have the RepRap in mind. It's a much lower grade printer, but it is almost entirely self replicable.

[Kluge]

How much of the printer can the printer replicate? .... I have an idea here I think

Could you imagine a company going to VCs and saying "we really want to make a printer so versatile and powerful, it can replicate itself entirely, and for 1/10 of what we'll be charging!" I think it'll take a 3d printer company advertising it's able to replicate another company's printer to set that clusterfuck in motion... 

Without proof-of-concept, I'm having trouble imagining what kind of dividends the project could bring in. If an "average" project were to take .5kg of wire, wouldn't that indicate the fee to print is effectively ~$170? At a minimum, it'd cost 200*.04=8BTC, or ~$120, which is effectively just the service fee for you to print something. Will you be charging non-shareholders more for this service? My imagination's fairly limited and I haven't looked through the databases of open-source designs. What could be produced by the Makerbot justifying a $170 price tag?

I'd suggest # of shares owned corresponds to a discount in using the service, up to some maximum. So, if you owned, say, 1k or more shares, you get a 100% discount on the service fee (but not material costs). 500 shares would equal a 50% discount, 100 shares 10% discount, and so on. Alternately, perhaps you should have to pay the company to personally use the makerbot at the same rate you'd charge them. When a shareholder pays 200 shares as a service fee, are those profits distributed to the shareholders as a dividend?

[odolvlobo]

You need to have a provision in case you can't sell enough shares to buy the equipment. Something like, "if 9000 shares are not sold by 2/28/13, all shares will be bought back for the IPO price, and the security will be delisted." This will assure people that you aren't going to keep their money forever if the project doesn't get off the ground.

[pieppiep]

How much of the printer can the printer replicate? .... I have an idea here I think

Could you imagine a company going to VCs and saying "we really want to make a printer so versatile and powerful, it can replicate itself entirely, and for 1/10 of what we'll be charging!" I think it'll take a 3d printer company advertising it's able to replicate another company's printer to set that clusterfuck in motion... 

Ofcource not! That's like saying a company would sell a device that can make enough money to return your investment!

[Garr255]

You need to have a provision in case you can't sell enough shares to buy the equipment. Something like, "if 9000 shares are not sold by 2/28/13, all shares will be bought back for the IPO price, and the security will be delisted." This will assure people that you aren't going to keep their money forever if the project doesn't get off the ground.

I agree, so I added a similar statement:
If adequate funds to purchase the specified printer are not raised by March 30th 2013, all shares will be bought back for the IPO price, and the security will be delisted.

How much of the printer can the printer replicate? .... I have an idea here I think

Could you imagine a company going to VCs and saying "we really want to make a printer so versatile and powerful, it can replicate itself entirely, and for 1/10 of what we'll be charging!" I think it'll take a 3d printer company advertising it's able to replicate another company's printer to set that clusterfuck in motion...  

Actually, don't quote me but I think we could print out RepRap clones with this printer haha!

Without proof-of-concept, I'm having trouble imagining what kind of dividends the project could bring in. If an "average" project were to take .5kg of wire, wouldn't that indicate the fee to print is effectively ~$170? At a minimum, it'd cost 200*.04=8BTC, or ~$120, which is effectively just the service fee for you to print something. Will you be charging non-shareholders more for this service? My imagination's fairly limited and I haven't looked through the databases of open-source designs. What could be produced by the Makerbot justifying a $170 price tag?

I'd suggest # of shares owned corresponds to a discount in using the service, up to some maximum. So, if you owned, say, 1k or more shares, you get a 100% discount on the service fee (but not material costs). 500 shares would equal a 50% discount, 100 shares 10% discount, and so on. Alternately, perhaps you should have to pay the company to personally use the makerbot at the same rate you'd charge them. When a shareholder pays 200 shares as a service fee, are those profits distributed to the shareholders as a dividend?

I like your idea. Will edit the contract accordingly when I get a chance this morning. Shares will be for sale by noon PST!

Thanks to everyone for your interest and feedback

[Garr255]

Alright, the contract has been revised, and I'm ready to list the shares. There's a BTC-TC database error preventing me from viewing the issuing account's portfolio, so as soon as Burnside fixes that the shares will be listed.

Cheers,
Garrett

[burnside]

Alright, the contract has been revised, and I'm ready to list the shares. There's a BTC-TC database error preventing me from viewing the issuing account's portfolio, so as soon as Burnside fixes that the shares will be listed.

Cheers,
Garrett

Query error is fixed.  The ask order is up. 

Cheers.

[Peter Lambert]

Sounds interesting.

Will this be generating income, so just holding the shares will yield a dividend, or is the only reason to buy shares if you want to get a printinting?

Will you allow people to order printings by paying with btc, or is the only way to get printings to purchase and turn in shares?