[BTCTC][[ASICMINER-PT]] - Public trading of ASICMINER shares

[burnside]

Quick reminder to all ASICMINER-PT shareholders to get your votes in on the three motions that are up at:

https://btct.co/security/ASICMINER-PT  (motions tab)

They're all to your benefit. 

Cheers.

[1714243022]

1714243022

[1714243022]

1714243022

[1714243022]

1714243022

[GuiltySpark343]

Well I'm game. Just bought 1 share in ASICMINER-PT. Now let's see if I can dice up my share into small derivatives, roll those into like 100 different packages, and resell them on Wall Street. Oh wait, didn't someone do that with subprime mortgages already? [/sarcasm]

I do think buying shares of a mining corporation, and collecting dividends may be the future of BTC as ASICs slowly trickle into the hands of a select few. Too bad I'm only owning a pass-thru share, so someone already skims a bit off the top. But if BTC can be split into 0.00000001 pieces, why not shares of pass-thru? Then why not shares of the pass-pass-thru, and resell, and resell ... you get the idea.

[ThickAsThieves]

Well I'm game. Just bought 1 share in ASICMINER-PT. Now let's see if I can dice up my share into small derivatives, roll those into like 100 different packages, and resell them on Wall Street. Oh wait, didn't someone do that with subprime mortgages already? [/sarcasm]

I do think buying shares of a mining corporation, and collecting dividends may be the future of BTC as ASICs slowly trickle into the hands of a select few. Too bad I'm only owning a pass-thru share, so someone already skims a bit off the top. But if BTC can be split into 0.00000001 pieces, why not shares of pass-thru? Then why not shares of the pass-pass-thru, and resell, and resell ... you get the idea.

This is already sorta happening  

I have a fractional version of the ASICMINER passthrough up for vote on BTCT.co. It is also already available one one of the other exchanges too!

[penta]

any updates on mining units for board seats?

[burnside]

any updates on mining units for board seats?

Nothing for board members yet.  I can confirm that we have our board position.  I get the board member mailing list email now.

Cheers.

[burnside]

Results of last week's motions:

Contract Change - Improve and Clarify Management Fees

* As long as burnside owns 51% or more of BTC Trading Corp there will be no maintenance 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.

YES: 7538 - NO: 25 - ABSTAIN: 239 - OUTSTANDING: 12818 (7538/12579 = 59.9% Approval)



Contract Change - Improve and Clarify Transfer Fees

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.

YES: 6920 - NO: 15 - ABSTAIN: 34 - OUTSTANDING: 12818 (6920/12784 = 54.1% Approval)


Contract Change - Remove IPO Terms
YES: 3870 - NO: 465 - ABSTAIN: 145 - OUTSTANDING: 12818 (3870/12673 = 30.5% Approval)

I'm bummed to see the cleanup motion to remove the ipo terms failed, but that's not a big deal.  Most likely people didn't understand that those were terms only valid during the initial 1 week IPO period.  The other two motions will have a positive impact on everyone involved!

Cheers.

[SebastianJu]

Results of last week's motions:

Contract Change - Improve and Clarify Management Fees

* As long as burnside owns 51% or more of BTC Trading Corp there will be no maintenance 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.

YES: 7538 - NO: 25 - ABSTAIN: 239 - OUTSTANDING: 12818 (7538/12579 = 59.9% Approval)



Contract Change - Improve and Clarify Transfer Fees

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.

YES: 6920 - NO: 15 - ABSTAIN: 34 - OUTSTANDING: 12818 (6920/12784 = 54.1% Approval)


Contract Change - Remove IPO Terms
YES: 3870 - NO: 465 - ABSTAIN: 145 - OUTSTANDING: 12818 (3870/12673 = 30.5% Approval)

I'm bummed to see the cleanup motion to remove the ipo terms failed, but that's not a big deal.  Most likely people didn't understand that those were terms only valid during the initial 1 week IPO period.  The other two motions will have a positive impact on everyone involved!

Cheers.

Where can one see how many share you own?

[burnside]

Where can one see how many share you own?

Users can see their share counts on the portfolio page.

If you mean me personally, I would love to be able to share my portfolio.  (BTC-TC supports flagging your portfolio as public for just this purpose.  It's in the Account: Settings section.)  However... as the exchange operator if I share my portfolio it'd be an unwitting promotion/demotion of the assets I hold and/or do not hold.  So I'll just tell you, right now I hold 190 shares and I voted YES on all three motions.  

Cheers.

Edit: It occurs to me that if you are truly concerned, and you promise to not share it, I can give you the URL to my public portfolio page.

[SebastianJu]

Where can one see how many share you own?

Users can see their share counts on the portfolio page.

If you mean me personally, I would love to be able to share my portfolio.  (BTC-TC supports flagging your portfolio as public for just this purpose.  It's in the Account: Settings section.)  However... if I share my portfolio it'd be an unwitting promotion/demotion of the assets I hold and/or do not hold.  So I'll just tell you, right now I hold 190 shares and I voted YES on all three motions.  

Cheers.

Sorry, i was a bit unclear in my wording... i meant the first change in rules. The fee comes into game when your owning of shares drops below 51%. But for determine if a fee will apply one needs to know whats the status there isnt it?

[burnside]

Where can one see how many share you own?

Users can see their share counts on the portfolio page.

If you mean me personally, I would love to be able to share my portfolio.  (BTC-TC supports flagging your portfolio as public for just this purpose.  It's in the Account: Settings section.)  However... if I share my portfolio it'd be an unwitting promotion/demotion of the assets I hold and/or do not hold.  So I'll just tell you, right now I hold 190 shares and I voted YES on all three motions.  

Cheers.

Sorry, i was a bit unclear in my wording... i meant the first change in rules. The fee comes into game when your owning of shares drops below 51%. But for determine if a fee will apply one needs to know whats the status there isnt it?

Ahhh!  Right!  There'd be a big announcement and a mass email if/when that ever changes, along with enough warning that you could shift your shares out if you really wanted to.

I will be honest and state that LTC-GLOBAL is open to investment and I am not set on keeping a controlling percentage.  I feel like it'd be better for the exchange, the other shareholders, and bitcoin in general if we could distribute ownership across people in several offshore countries.  Nothing is currently in the works though.

Cheers.

[ThickAsThieves]

Where can one see how many share you own?

Users can see their share counts on the portfolio page.

If you mean me personally, I would love to be able to share my portfolio.  (BTC-TC supports flagging your portfolio as public for just this purpose.  It's in the Account: Settings section.)  However... if I share my portfolio it'd be an unwitting promotion/demotion of the assets I hold and/or do not hold.  So I'll just tell you, right now I hold 190 shares and I voted YES on all three motions.  

Cheers.

Sorry, i was a bit unclear in my wording... i meant the first change in rules. The fee comes into game when your owning of shares drops below 51%. But for determine if a fee will apply one needs to know whats the status there isnt it?

Ahhh!  Right!  There'd be a big announcement and a mass email if/when that ever changes, along with enough warning that you could shift your shares out if you really wanted to.

I will be honest and state that LTC-GLOBAL is open to investment and I am not set on keeping a controlling percentage.  I feel like it'd be better for the exchange, the other shareholders, and bitcoin in general if we could distribute ownership across people in several offshore countries.  Nothing is currently in the works though.

Cheers.

I think there might be some confusion about 51% ownership referring to ownership of AM PT shares versus ownership of the actual exchange.

[burnside]

Where can one see how many share you own?

Users can see their share counts on the portfolio page.

If you mean me personally, I would love to be able to share my portfolio.  (BTC-TC supports flagging your portfolio as public for just this purpose.  It's in the Account: Settings section.)  However... if I share my portfolio it'd be an unwitting promotion/demotion of the assets I hold and/or do not hold.  So I'll just tell you, right now I hold 190 shares and I voted YES on all three motions.  

Cheers.

Sorry, i was a bit unclear in my wording... i meant the first change in rules. The fee comes into game when your owning of shares drops below 51%. But for determine if a fee will apply one needs to know whats the status there isnt it?

Ahhh!  Right!  There'd be a big announcement and a mass email if/when that ever changes, along with enough warning that you could shift your shares out if you really wanted to.

I will be honest and state that LTC-GLOBAL is open to investment and I am not set on keeping a controlling percentage.  I feel like it'd be better for the exchange, the other shareholders, and bitcoin in general if we could distribute ownership across people in several offshore countries.  Nothing is currently in the works though.

Cheers.

I think there might be some confusion about 51% ownership referring to ownership of AM PT shares versus ownership of the actual exchange.

Wording in the contract is "burnside's ownership of BTC Trading Corp".

[ThickAsThieves]

*I'm* not confused, but SebastianJu might have been.

[burnside]

*I'm* not confused, but SebastianJu might have been.

Aye.    Sorry, that was a short reply.  Working on projects at work. 

[ThickAsThieves]

No problemo! 

[ex-trader]

I'm bummed to see the cleanup motion to remove the ipo terms failed, but that's not a big deal.  Most likely people didn't understand that those were terms only valid during the initial 1 week IPO period.  The other two motions will have a positive impact on everyone involved!

Cheers.

Why did the motion fail?

Standard corporate law is that a motion passes by Ordinary Resolution if 50% of THOSE THAT VOTE approve, not 50% of all shares. If shareholders choose not to vote they are disregarded. The rule is designed as this was since many companies have large amounts of shareholders that never vote.

The only reason why you would require 50% of all shareholders to approve if it it was written that way in the articles/constitution of the company but that would be highly unusual! Is that the case?

[Rant2112]

Is the site super slow for anyone else?

I've been unable to put in a trade.

[parseval]

I'm noticing the same, it seems sporadic though.

[ThickAsThieves]

The site will sometimes hang if someone is filling an order at the same time that you are refreshing or also instigating an order somehow.

If it hangs, simply wait a sec and refresh, then it will load quickly.

[Caesium]

Also noticing it, site seems pretty much unusuable. Also have yet to see a deposit show up in my balance despite having 7 confirmations.