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Author Topic: [BTCTC][[ASICMINER-PT]] - Public trading of ASICMINER shares  (Read 74293 times)
burnside
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March 02, 2013, 10:19:47 AM
Last edit: May 09, 2013, 02:34:08 AM by burnside
 #1

For up to date asset information, please visit the asset page on btct.co here: https://btct.co/security/ASICMINER-PT

Transferring shares to the ASICMINER-PT on btct.co

Quote from: burnside
The process is:

1) Let me know you'd like to be transferring shares into the passthru.
2) Send friedcat an email (if you have shares, you know his email address) and cc me (burnside \\\ kattare.com) with roughly the following content:  (fill in XX, YY, and ZZ!)
Quote
Please, transfer XX of my shares to burnside to be traded on his ASICMINER-PT.

My bitcoin address on file with ASICMINER is: ZZ
burnside's bitcoin address on file with ASICMINER is: 1DXyYV4oxehn828ZnRSvuziArPoJLQq7SM

When the shares have been transferred please send a confirmation to (burnside \\\ kattare.com).

(burnside, my BTCT.CO account login is: YY.)
3) Once I receive confirmation from Friedcat I will credit your shares on the exchange by transferring shares from the ASICMINER-PT to your BTCT-CO account.



Transferring shares out of the ASICMINER-PT on btct.co

Quote from: burnside
The process is:

1) Send your ASICMINER-PT shares on the exchange to "BurnsideAsicminer".
2) Send me an email or PM containing your preferred ASICMINER BTC address and email address, along with a confirmation of the number of shares you are moving.
3) I will then compose a message to Friedcat requesting the transfer.



ASICMINER-PT - issued by burnside

burnside is currently a 90% stakeholder of BTC Trading Corp.

burnside also operates LTC-MINING on BTC-TC and LTC-MINING.LTC on LTC-GLOBAL

burnside built this exchange so that LTC-MINING would be able to continue operation when GLBSE failed.  Such is his commitment to his shareholders.

burnside can be contacted via PM on bitcointalk.org or forum.litecoin.net



This asset is a pass-through for ASICMINER, the ASIC MINING company.

Terms

    For each ASICMINER-PT, one ASICMINER will be held on file with Friedcat until such time as ASICMINER is listed on a public exchange.
    Once ASICMINER is listed on a public exchange, one ASICMINER will be held on such exchange for each ASICMINER-PT.
    As long as burnside owns 51% or more of BTC Trading Corp there will be no management fee.
    If burnside's ownership of BTC Trading Corp drops below 51%, A management fee of 0.5% will be levied on each dividend payment.
    Payment of dividends is to be made within 2 weeks of their issuance from ASICMINER.
    Dividend payments made more than 72 hours after their issuance from ASICMINER will be paid 100% of the original ASICMINER dividend.
    Each share has no voting rights.
    More pass-through shares can be issued, provided there is sufficient backing.  For example, if there is sufficient demand, the issuer may attempt to contractually secure more call options for ASICMINER purchases.

Transfer

Transfers in and out of the passthru are supported.  Such transfers can take some time, due to the manual nature.

One transfer OUT OF ASICMINER-PT will be processed free once per month per account.  Subsequent transfers within the same month OUT OF ASICMINER-PT are subject to a fee of 0.25 BTC for transfers of 49 shares or less.

Transfers OUT OF ASICMINER-PT are always free for any transfer of 50 shares or more.

Transfers IN TO ASICMINER-PT from elsewhere are free for any size transfer.

Asset Termination

Should the issuer of ASICMINER terminate the asset, any funds received through this asset termination will be distributed in full without any fee taken.

During the IPO process should we become unable to secure ASICMINER shares to back ASICMINER-PT the asset will be terminated and all ASICMINER-PT shares will be bought back at the IPO price.

The issuer reserves the right to close down the asset with a 30 day warning.  Should this right be exercised, every reasonable attempt will be made to transfer the assets into the direct control of the ASICMINER-PT shareholders using the methods described in the Transfer section above. (but with no fee)  Any shareholders the issuer is unable to contact or unable to transfer the shares for within a 90 day window will receive a forced buyout at market prices at the end of 90 days following the closure.

Should the issuer of ASICMINER choose to list ASICMINER on the BTC-TC exchange this asset will be terminated and the ASICMINER-PT shares will be automatically redeemed on the exchange for ASICMINER shares.

Exclusion of Guarantees

This pass-through makes no further guarantee shall any issues arise with ASICMINER's issuer. Should ASICMINER issuers requires any fees/process to claim shares arising from any issue/event, fees will be paid in full in the name of the pass-through holders from future dividends.


What happens if burnside gets hit by a bus?  (Quoted from https://btct.co/faq)

Arrangements have been made with trusted people for emptying the cold wallet into the hot wallet so everyone can withdraw their coins.

Here is how to trigger their involvement:

    Email manpaz \\\ gmail.com and/or ssamee \\\ yahoo.com, point them at this page, ask them if I am dead.
    Once verified I am dead or incapacitated, they will need to open "when_i_die.txt" on my backup drives...
        Log into my desktop. (They can hack their way in.)
        Plug in the /srv volume. (They'll know what this means.)
        Open up "when_i_die.txt", follow the instructions... roughly:
            Spin up litecoind and bitcoind.
            Send all of the litecoins in the ltcexchange wallet to the exchange hot wallet. (litecoind listaccounts to get [balance], then litecoind sendfrom [account] [address] [balance])
            Send all of the bitcoins in the ltcexchange wallet to the exchange hot wallet. (bitcoind listaccounts to get [balance], then bitcoind sendfrom [account] [address] [balance])
            For ASICMINER-PT: Spin up my mail client. Locate the most recent email titled "BTC-TC Shareholder Report for: ASICMINER-PT". Forward it to friedcat, let him know I am gone.
    Once this is complete, everyone will be able to withdraw their coins from the exchanges.
    Eventually the sites will get shutdown due to non-payment, but the guys at support@kattare.com will be able to assist if there are any crashes that prevent withdrawals.

I hate to say it, but the LTC-MINING and LTC-MINING.LTC bond holders will be mostly out of luck. Thankfully the damage there will be minimal.

The asset issuers already have all the data they need to move to another exchange.
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TradeFortress 🏕
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March 02, 2013, 10:27:31 AM
 #2

Sounds cool. IPO price?

Oh, and there's a sane 0.5 BTC fee instead of Havelock's with their S.DICE PT.
burnside
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March 02, 2013, 10:34:30 AM
 #3

Void your neutrality by running your own asset..


You have a very good point.  However;

- I've been running LTC-MINING since the beginning.  Rolled out the exchange to be able to run it.
- I've tried to get several other ASICMINER shareholders to operate this asset with no luck.   Undecided

So... it had to be done.

If you don't trust me, that is fine.  I'll be as transparent as I reasonably can, but I do not expect everyone to trust me.

Cheers.

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March 02, 2013, 10:37:25 AM
 #4

Void your neutrality by running your own asset..


You have a very good point.  However;

- I've been running LTC-MINING since the beginning.  Rolled out the exchange to be able to run it.
- I've tried to get several other ASICMINER shareholders to operate this asset with no luck.   Undecided

So... it had to be done.

If you don't trust me, that is fine.  I'll be as transparent as I reasonably can, but I do not expect everyone to trust me.

Cheers.

Actually, I don't really see any problem with you running this PT since it follows the normal approval process (I thought you automatically approved it) so nevermind Smiley

Through, are you going to pay out the asset registration fee to shareholders?
burnside
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March 02, 2013, 10:40:44 AM
 #5

Actually, I don't really see any problem with you running this PT since it follows the normal approval process (I thought you automatically approved it) so nevermind Smiley

Through, are you going to pay out the asset registration fee to shareholders?

Absolutely.  I listed it using the same page everyone else uses.  The 5 BTC is in the exchange's wallet now.
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March 02, 2013, 10:43:09 AM
 #6

Question:

"The issuer reserves the right to close down the asset with a 30 day warning.  Should this right be exercised, every reasonable attempt will be made to transfer the assets into the direct control of the ASICMINER-PT shareholders using the methods described in the Transfer section above"

Would you still charge the 0.5 BTC fee?
burnside
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March 02, 2013, 10:44:31 AM
 #7

Question:

"The issuer reserves the right to close down the asset with a 30 day warning.  Should this right be exercised, every reasonable attempt will be made to transfer the assets into the direct control of the ASICMINER-PT shareholders using the methods described in the Transfer section above"

Would you still charge the 0.5 BTC fee?

Good question.  Definitely not.  I'll update the contract to reflect that.
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March 02, 2013, 10:45:00 AM
 #8

I'm glad you're adding this.  I've been wanting to get some ASICMINER shares, but the various individual threads about buying/selling shares all seem a bit haphazard.  I'll be jumping on this for sure.

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March 02, 2013, 10:46:40 AM
 #9

Great asset. But why is there no asset news announcement. I thought they are automatic. Or ist that only on LTC-Global.

Quote
Awaiting Approval (1)
Is that a bug?
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March 02, 2013, 10:47:12 AM
 #10

Great asset. But why is there no asset news announcement. I thought they were automatic. Or ist that only on LTC-Global.

Quote
Awaiting Approval (1)
Is that a bug?

Why? It's not approved yet (only 2 YES votes) but it certainly will be

Oh yeah there's still SILVER.
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March 02, 2013, 10:53:40 AM
 #11

Great asset. But why is there no asset news announcement. I thought they are automatic. Or ist that only on LTC-Global.

Quote
Awaiting Approval (1)
Is that a bug?

Yes, that's definitely a bug.  hmm.  Will look into it.

Edit/Add, ok, it turned out to be a fairly minor one.  The Awaiting Approval tab counter is programmed to ignore any assets I create.  (up until now, they've all been test assets...)

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March 02, 2013, 11:04:37 AM
 #12

Void your neutrality by running your own asset..


You have a very good point.  However;

- I've been running LTC-MINING since the beginning.  Rolled out the exchange to be able to run it.
- I've tried to get several other ASICMINER shareholders to operate this asset with no luck.   Undecided

So... it had to be done.

If you don't trust me, that is fine.  I'll be as transparent as I reasonably can, but I do not expect everyone to trust me.

Cheers.




This is an excellent idea. I didn't think anyone would try doing this.
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March 02, 2013, 11:07:32 AM
 #13

Void your neutrality by running your own asset..


You have a very good point.  However;

- I've been running LTC-MINING since the beginning.  Rolled out the exchange to be able to run it.
- I've tried to get several other ASICMINER shareholders to operate this asset with no luck.   Undecided

So... it had to be done.

If you don't trust me, that is fine.  I'll be as transparent as I reasonably can, but I do not expect everyone to trust me.

Cheers.




This is an excellent idea. I didn't think anyone would try doing this.

I thought of doing it first but I got the information that a board member was making their own PT Tongue
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March 02, 2013, 11:15:35 AM
Last edit: April 27, 2013, 05:18:14 AM by burnside
 #14

Couple of quick updates.  I added the following to the Asset Termination section:

Quote
Should the issuer of ASICMINER choose to list ASICMINER on the BTC-TC exchange this asset will be terminated and the ASICMINER-PT shares will be automatically redeemed on the exchange for ASICMINER shares.

I also had some good questions come in via the private messages in the voting system:

- The starting price will be around 0.65 BTC.  I still need to do some more math, but this is roughly what it will need to be to satisfy my purchase contract (premium + strike), asset creation fee, and transaction fee costs.

- Yes, ANY ASICMINER shareholder will be able to import their shares into BTCT via three-step process:
  1) Publicly notify Friedcat of the transfer to me, wait for Friedcat to acknowledge.  (edit: you can PM him, cc "burnside")
  2) Pay the 0.5 BTC fee per the ASICMINER-PT contract.  (edit: free now)
  3) I will transfer you shares of ASICMINER-PT on BTCT 1 to 1 for your ASICMINER shares.


Cheers.
burnside
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March 02, 2013, 11:25:03 AM
 #15

I thought of doing it first but I got the information that a board member was making their own PT Tongue

There will likely be several that crop up after this.  Friedcat has his hands full running the business and passthru's like this will take a bunch of the pressure off the in-forum trades until he gets his own exchange going.

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March 02, 2013, 01:41:54 PM
 #16

Why the 2-week delay on dividend payout?

Also the isn't the .5BTC fee to import shares excessive if the PT keeps 5% of divs already?
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March 02, 2013, 02:11:23 PM
 #17

This is a lovely exercise in free markets. Asicminer dropped the ball on handling their shares? Ah well, the market will route around it. Will it be messy? Sure. Will it blow up? Maybe. Whose fault is it going to be if it does? Bitfountain's.

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March 02, 2013, 02:33:08 PM
 #18

Great asset. But why is there no asset news announcement. I thought they were automatic. Or ist that only on LTC-Global.

Quote
Awaiting Approval (1)
Is that a bug?

Why? It's not approved yet (only 2 YES votes) but it certainly will be

Oh yeah there's still SILVER.

Yup, still waiting for that one. The LTC-GLOBAL mods need to take another look, because some of the comments such as identity escrow and personal liability no longer apply, and I should have YES votes from (at least) those two moderators now. The other comments need to be changed as well since we've been operating on another exchange for a couple of months already, and DeaDTerra is providing oversight and has already audited our books.

Anyways, although I'd like to get approved, I wouldn't trade the security for at least another couple of months unless I can get approval from our "comptroller" -- he's the one that approves or disapproves whether or not we can trade on any other exchange than BitFunder.
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March 02, 2013, 02:42:59 PM
 #19

I think they learned the lesson of listing on 3rd party exchanges pretty hard when they trusted GLBSE.

I was at a party one day, and this older guy was telling about his car misadventure. He got in the car one day, tried to start it. Everything seemed fine except the car wouldn't move. The engine worked, the lights, everything he said, but the car wouldn't move. He kept revving it until smoke came out of the engine. Eventually he had to have it towed, he said. At the garage they discovered that he had the parking brake on. He revved that engine to the point of soldering the transmission.

He closed the story by pointing out that he had learned his lesson right then and there: "Never use the parking brake ever again", he said.

Y'know?

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March 02, 2013, 05:37:21 PM
 #20

Why the 2-week delay on dividend payout?

So that I can go on vacation places where cell phones cannot.  Wink

Also the isn't the .5BTC fee to import shares excessive if the PT keeps 5% of divs already?

Havelock's fee is 10 BTC on S.DICE, and that's one automated exchange to another.  This is a manual process.  I'll definitely consider reducing it when it becomes easier to execute.


I think they learned the lesson of listing on 3rd party exchanges pretty hard when they trusted GLBSE.

I was at a party one day, and this older guy was telling about his car misadventure. He got in the car one day, tried to start it. Everything seemed fine except the car wouldn't move. The engine worked, the lights, everything he said, but the car wouldn't move. He kept revving it until smoke came out of the engine. Eventually he had to have it towed, he said. At the garage they discovered that he had the parking brake on. He revved that engine to the point of soldering the transmission.

He closed the story by pointing out that he had learned his lesson right then and there: "Never use the parking brake ever again", he said.

Y'know?

I'll add to this that on BTC-TC the shareholder lists are open to the issuers.  The issuers get lists twice daily via email, and have access to a json api endpoint to download them at any time.  It's the only safe way to roll.  Wink  If BTC-TC shuts down, I'd give it less than a week before Ukto has everyone up and running on Bitfunder.  Conversely, the issuers are not locked into BTC-TC.  they stay because they like the platform, not because they're handcuffed.

Cheers.
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